Interesting thread because right now when newspapers discuss the Euro here in Canada, the possibility of it being abolished has been raised.
The Talking Heads & Media are not being told what IMF, BIS & Global Central Banks are planning to do.
The reason of course being the Germans don’t want to become the banker of last resort to the weaker members of the union.
What the German’s want & don’t want doesn’t matter.
ECB Vice Chairman A. Weber has spelled it out at Davos:
[I]"Global economic collapse is now inevitable and the bailout of the state debt of the so-called PIIGS (Portugal, Ireland, Iceland, Greece and Spain) will be merely another “bandaid” solution or “sticking plaster” ".[/I]
French, German & Swiss banks are holding the junk papers from the so-called PIIGS on their balance sheets. Liabilities turned into “assets” & restructured with taxpayers money from the Germans, French & Swiss.
There are 8 so-called First Nation [World] countries –
- USA
- Canada
- UK
- France
- Germany
- Switzerland
- Japan
- Australia
Above countries are able to keep this global sovereign debt restructuring process going for the time being.
Once this crisis of debt has infected above nations the end of the road is there.
A sign that we might be nearer to the end of the road than we think & imagine is the plan of the BoE <-> FED <-> BoJ to come to some sort of arrangement for moving sovereign debt of the respective countries in between each other’s balance sheets.
Also we hear rumblings from Italy and France that they would prefer to have their own currencies back and if it came to a vote, they would be out.
A reduction of currencies is wanted [needed] & NOT an increase of currencies.
It seems the only ones happy with the Euro are the small struggling countries.
Germany & France have benefited the most from the EURO & it’s in their interest for the EURO to continue.
Social WelfarISM would have been abonded in those two counties a long time ago if it wasn’t for the EURO.