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DID YOU KNOW?
THE EURO
No 2- WHY WE ARE
BETTER OUT
[Of course whatever
the so-called advantages of being in the Euro the
main issue is not economic but political. It is a
question of remaining an INDEPENDENT NATION STATE.]
Euro currency fails to meet
objectives
The
Euro as a reserve currency
Rochas former head of the European
Court of
Auditors shows that the global share of the
euro today is less than the aggregated pre-euro
shares of the legacy currencies. And, during
the last ten years, contrary to predictions,
the global shares of dollar and sterling in central
banks' reserves have actually increased (though
shares of the Swiss franc and the yen have decreased
somewhat.). Concludes Rochas :
" if one of the reasons for creating the EURO was a
CHALLENGE to the DOLLAR, the GAMBLE has FAILED".
*
The Euro as a currency of invoicing.
Here, the legacy currencies' pre-euro
aggregate global share was around
23 per cent, compared with a current
euro share of 19%.
Over the ten -year period, the global
share of sterling has almost doubled,
from 4.8% to 8.2%, while the dollar and
yen shares decreased slightly. Concludes
Rochas:
"If one of the reasons
for creating the euro was to challenge
the dollar; the gamble has failed".
[Sounds
familiar-don't you think]
*
Euro and inflation.
Rochas points out that the "fight
against inflation" is the over-riding
objective of the European Central bank,
enshrined in the Maastricht Treaty and
the subsequent "Growth and Stability
Pact". On e would have expected,
he says, that on this criterion at
least, the euro would have been
successful. he compares the
eurozone's inflation performance over
time and against that of other
jurisdictions, concludes that it is
"extremely mediocre"
and that the euro is
"a long way from having gained
credibility in this are".
*
* Fifteen years before Rochas wrote his pessimistic
retrospective article
Eurosceptics in the UK
(this
writer included)
were pointing out the
flaws in the project. Given the
current shambles in the US and UK
economic and financial policy it would
be rash to bet that opver the next few
years the eurozone won't out-perform the
Anglo-Saxon economies. nevertheless the
flaws will amplify. And with
British government's genius for doing
precisely the
WRONG
THING AT THE WRONG TIME
joining the EURO may yet
become OFFICIAL POLICY.
[What we find when the
euro is discussed that ONLY the ECONOMIC
aspects are alluded to and do not
emphasis what we believe is the more
important issue of SOVEREIGNTY - living
in an INDEPENDENT NATION STATE where OUR
DESTINY is NOT DECIDED by 26 member
state of the corrupt, unaccountable ,
undemocratic and satanic UNITED STATES
OF EUROPE.
YOU have
a CHOICE either to be a SLAVE or TO BE
FREE.]
*
eurofacts
28th November,2008
(*Summarised in Global
Britain Briefing Note No 43. "France
Assess Costs and Benefits of EU
membership", 13/10/06,
www.globalbritain.org
*
eurofacts@junepress.com
*
WARNING FROM OUR MAN IN WASHINGTON IN
1996 -EURO DOOMED TO FAILURE
www.worldreports.org
*
DECEMBER-2008
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