Firstly, the book is not about the Euro, it is about the banking system in general and specifically about the creation of money out of thin air, which the “Banks” then lend out and charge interest on.
The “loans” to the “banana republics” were then recorded in (generally) US$ and therefore the “republics” were forced to produce cash crops (bananas) which had to be sold for dollars to repay this “debt” whilst the populations went hungry as the land could not now be used to grow food!
The debt which Italy “owed” was (if what you say is correct) incurred in Lira, which was to an extent under the control of the Italian Govt and could be devalued as per my post above. This appears to have been transferred to Euros – and is now cast in stone and cannot be either devalued or paid without great hardship to the population. Just like those “banana Republics”
Now if you take that as a criticism of the Euro, I can see your point, although it could also be viewed as simply a reflection on the relative GDPs of Italy and the “Big Boys” of the currency.
My view is that the EU is far too diverse and wide for the many different economies of it’s individual countries to be locked together for ever as a single currency without the possibility for adjustment according to prevailing conditions of their local economies. – Hellfire – our whole ethos here is to observe and gamble on precisely those same adjustments for other nations!
Now, I would love to continue this discussion, if it could be split off into another thread, but am well aware that we are digressing from the USDTRY and we both seem to be inclined to think that the “trend” is completing, if not actually over.
I’ll leave it there mate