What Went Wrong With The Euro?

What Went Wrong With The Euro?

Euro banknotes

Euro banknotes

The details of what went wrong with the Euro aren’t clear. Over a period of time it was corrupted, changing from a convenient single currency for the whole EU, to a kind of control mechanism run by the bankers and Thatcherite/neoliberal politicians. I’ll try to piece it all together, but there will be gaps.

The EU forerunners, the EEC and the EC were criticised by Mrs Thatcher who was against the European single currency and said “We have not successfully rolled back the frontiers of the state in Britain, only to see them re-imposed at a European level, with a European super-state exercising a new dominance from Brussels”. European Commission President Jacques Delors was hated by Rupert Murdoch and his papers, such as the Sun, which printed a front page story telling people to stick two fingers up in unison at a certain time and date and shout “Up yours Delors”. He eventually got a warm welcome from the Trades Union Conference (TUC) in Britain in 1988 for promising to bring back free collective bargaining, although before that they didn’t like him.

The idea of the whole of the EEC, EC, or EU having the same currency is nothing new. It was first planned as long ago as the Hague Summit in December 1969 http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=URISERV:l25007 . The original plan was to implement currency union by 1980. This was suspended in 1971, due to US President Richard Nixon’s abolition of the Bretton Woods system, where the US Dollar was exchangeable for gold and all other exchangeable currencies were indexed to the US Dollar. Communist countries, such as the USSR and East Germany didn’t agree to this or any rival scheme, so their currencies were only worth anything in their countries of issue and they couldn’t be exchanged except in cases of forcing tourists to exchange their “hard currency” for the local currency.

An early name for the European currency, planned by the Dutch, was the Eurogroot, meaning either big Euro, great Euro, or Euro Groat (i.e. a Groat was a medieval English coin worth four pence). Later on, the name of the proposed currency was fixed by treaty as ECU (i.e. European Currency Unit, but probably inspired by the old French coin Écu). After this, in a shock move, that treaty was broken or overridden and the currency was renamed the Euro! Other plans for the currency may have been changed just as easily at about the same time.

The bankers obviously didn’t like the idea of there being fewer currencies for them to speculate in against each other, so they launched runs on the Pound Sterling and the French Franc. I think these actions were instigated and mainly controlled by George Soros, nicknamed “The Man Who Broke The Bank of England”, referring to the currency crisis he caused in 1992 called “Black Wednesday”. The Pound was devalued, forced out of the Exchange Rate Mechanism (ERM) and never rejoined. After this, everyone in Britain, including unemployed and unfit people, as well as pensioners, had to pay price increases for all goods from outside Britain because of what that bastard George Soros had done! The price increases seemed to be about 10%.

George Soros plotting

George Soros plots more financial chaos

George Soros was born in Hungary in 1930, then went to Britain and studied at the London School of Economics when he was almost destitute, but he got a donation of £40 from the Quakers. I’m not sure if the £40 was a one off payment, or a regular thing. The fact it was only £40 indicates how much the bankers have devalued money since then. He had managed to get lots of jobs, including selling seaside souvenirs, but his pure greed wouldn’t let him be satisfied with that. The run on the French Franc weakened it, but it still managed to stay in the ERM and join the Euro. After this, the bankers had a Plan B, on how to make money out of the Euro. They were already getting things more their own way in the USA, where the US Dollar was run to limit public spending to a percentage of GDP, and Federal Income Tax was just to pay the bankers, so they decided to have similar criteria written into The Treaty of European Union, usually called the Maastricht Treaty.

Much later, the Euro was defined in the Treaty of European Union http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:12012M/TXT

This treaty mentions things such as that it seeks to work for “sustainable development of Europe based on balanced economic growth and price stability”, as well as to “promote conditions for stronger economic growth in the European Union”, and even “ free and fair trade” with “the wider World”. These words may have sounded fairly harmless in 1995, but now we’re seeing how people’s ways of life and even their actual lives can be sacrificed to bring these conditions about.

Broken Euro

A broken Euro indicating shattered economic dreams

This has all led to the bankers taking control of Greece, forcing ordinary people into destitution to pay for their luxurious lifestyles. Their other main targets are Spain, Italy, Ireland, and Portugal, but sooner or later they plan to do the same thing to the whole World! Only alternative, interest free currencies, instead of their debt based interest ridden currencies can save us from that fate. More about this soon.


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