Thursday, December 22, 2011

The Still Enduring Evil of the EU and its Euro Currency.

Nine years ago today, I posted on the Financial Times discussion forums on the topic of "Will the stronger euro hurt eurozone recovery"

"As to the long term outlook for the Euro, I remain in the extreme pessimist camp, however it could survive for many decades in a pan-european, autocratic, siege-economy superstate with foreign travel restrictions and rigid controls on personal liberties and freedom of movement. But why wish for that, let the Euro die speedily and lets get on with enriching our lives with all the great things the continent of Europe still has to offer."

It is almost as if Euro Group leaders have dug out that post and with their proposed new treaty and actions in Greece and Italy are following it to the letter as a blueprint rather than the warning intended!

Yet there is more, for later that same day, nine years ago today, I also included the following paragraphs in a posting to the same forum as follows:

"Eurosceptics as we realists are repeatedly called wish for an equally happy and prosperous continent as those of you who write as if all virtue flowed from the EU and its institutions. Because we disagree about the route to travel does not mean we cannot agree on the destination.

Similarly, to report on something happening does not mean one either welcomes it or willed it. When I earlier predicted Eurozone stagflation and possible recession I was pilloried. Now it has occurred I am accused of having willed it upon the economies involved.

My hope is for a prosperous Europe where individual freedoms and liberties remain unthreatened for all its citizens. I question whether the path we are on will take us to such a destination.

As things are now deteriorating so rapidly it is occasionally tempting to take refuge in the 'worst is best' scenario I used some weeks back. The fact that I can still be plunged into almost total despair over such idiocies as Friday's fisheries agreement without clutching that straw, demonstrates that I have not totally lost faith in Europe coming to its senses.

Ther touching speech by the Danish Prime Minister Rasmussen at the conclusion of the European Council's Enlargement summit just over a week ago, was almost enough to make one weep, such obviously sincere misplaced idealism from a seasoned politician of a small country. Boy! Is someone going to enjoy having Denmark for lunch, if they keep electing leaders like him!"

A good account and enjoyable read of the long road to our present sorry state is also on John Redwood's Diary blog today, linked here.



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