Comments on: Is the euro history? http://blogs.reuters.com/edward-hadas/2011/11/16/is-the-euro-history/ Wed, 07 Oct 2015 17:23:32 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Reyalf http://blogs.reuters.com/edward-hadas/2011/11/16/is-the-euro-history/comment-page-1/#comment-192 Thu, 17 Nov 2011 16:41:42 +0000 http://blogs.reuters.com/edward-hadas/?p=74#comment-192 Any economic union is only as strong as its weakest link (read . . . all the economically failing nations). Many of the above comments cite the US as a successful example of “E Plurubus Unum”, even as the US’s current politics show themselves as more extreme and bitter than anything in recent memory. The liberal northeast US has little in common with the conservatives in Texas. Like the industrious Germans have little in common with the socialist Greeks. The US does have an edge on Europe in one fashion however . . . that of time. They have had two centuries of learning how to get along with each other. It wasn’t that long ago that Europe was ablaze over cultural and national differences. I’m not sure how this will play out, but I think the deck is stacked against Europe, and the US is running a recent series of bad hands.

Good luck to us all.

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By: Darmesh http://blogs.reuters.com/edward-hadas/2011/11/16/is-the-euro-history/comment-page-1/#comment-191 Thu, 17 Nov 2011 16:04:59 +0000 http://blogs.reuters.com/edward-hadas/?p=74#comment-191 Highly sharp, If so, the crisis can be resolved relatively simply: lenders would accept the losses caused by their past mistakes and errant governments would promise to play by the fiscal rules henceforth.

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By: seaking http://blogs.reuters.com/edward-hadas/2011/11/16/is-the-euro-history/comment-page-1/#comment-190 Thu, 17 Nov 2011 15:50:55 +0000 http://blogs.reuters.com/edward-hadas/?p=74#comment-190 In the article the statement: “The anti-euro case is based on one of the strongest forces of the last few centuries – nationalism. The sentiment is sometimes expressed in economic terms,” is made. I would claim that this statements has got things backwards. Economics is the prime mover and Nationalism is but a result.

Nations joined the euro for one reason and one only: they figured one way or another there would be economic gain. Now that that gain is threatened the euro no longer looks good. Ergo, the euro may collapse.

Nationalism is just a trumped up excuse to make it seem reasonable to leave the euro. However sophisticated or simplistic it is economics that drive our lives. It is roof over the head, food on the table and a car in the garage that count.

Personally, I think the euro should stay and be made to work. Some of the euro’s rules need to be reworked to combat threats of financial irresponsibility.

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By: True_Value http://blogs.reuters.com/edward-hadas/2011/11/16/is-the-euro-history/comment-page-1/#comment-189 Thu, 17 Nov 2011 14:24:00 +0000 http://blogs.reuters.com/edward-hadas/?p=74#comment-189 Is there an owner of Euro?

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By: BajaArizona http://blogs.reuters.com/edward-hadas/2011/11/16/is-the-euro-history/comment-page-1/#comment-188 Thu, 17 Nov 2011 12:21:09 +0000 http://blogs.reuters.com/edward-hadas/?p=74#comment-188 Nice job Europe. You were warned as far back as ’93 that imposing one currency on so many disparate political entities without a central bank was a prescription for disaster. Like so many warnings before great European blunders, you ignored it. Now you are dragging the world economy down with you for no other reason than sheer fecklessness. Yet you think to look down your noses at the rest of the world.

What exactly have any European governments contributed to the well being of the world? You have slashed your defense budgets, content to force the US to protect you while you shower your citizens with benefits and funnel money to corruption. You stood by and watched (literally) as the worst genocide since WW2 broke out in Europe and didn’t act until the US intervened. You ran out of missiles a few weeks into a limited air campaign against a rag-tag Libyan mercenary army. And you expect to be taken seriously?

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By: MarkHutt http://blogs.reuters.com/edward-hadas/2011/11/16/is-the-euro-history/comment-page-1/#comment-187 Thu, 17 Nov 2011 10:03:47 +0000 http://blogs.reuters.com/edward-hadas/?p=74#comment-187 Intriped, it’s interesting that you see Italy and France so different, as looking from Finland they are rather similar. Sure, Italy’s debt is bigger, and it has poor south.

I think emerging of euro was received like a new magical toy, a present to get into German standards of living, to poorer countries. Low interest rates, so why not taking more debt? We see today how huge mistake that was.

One more obstacle to euro: Wall Street and London City – Anglo’s in general – “the markets” are playing against euro all the time. They want it to brake, as they see it as a threat to their dominance of financial markets.

I’d like Finland to get out of euro, if it could be done in orderly fashion – (economy is so sound that there would not be bank runs, no devaluation of new currency etc.) but I realize it looks impossible. We should not have to pay for that lunacy of mediterranean borrowing from German, French, UK, Austrian, etc. banks, but the logic seems to be that we have to pay what ever Germany agrees to pay. It’s not a good feeling for Finnish tax payers paying for mistakes of others.

Braking up eurozone looks like something even more drastic has to happen to brake EZ down, what has happened this far. Political will is so strong.

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By: MarkHutt http://blogs.reuters.com/edward-hadas/2011/11/16/is-the-euro-history/comment-page-1/#comment-186 Thu, 17 Nov 2011 09:47:05 +0000 http://blogs.reuters.com/edward-hadas/?p=74#comment-186 Intriped, it’s interesting that you see Italy and France so different, as looking from Finland they are rather similar. Sure, Italy’s debt is bigger, and it has poor south.

I think emerging of euro was received like a new magical toy, a present to get into German standards of living, to poorer countries. Low interest rates, so why not taking more debt? We see today how huge mistake that was.

One more obstacle to euro: Wall Street and London City – Anglo’s in general – “the markets” are playing against euro all the time. They want it to brake, as they see it as a threat to their dominance of financial markets.

I’d like Finland to get out of euro, if it could be done in orderly fashion – (economy is so sound that there would not be bank runs, no devaluation of new currency etc.) but I realize it looks impossible. We should not have to pay for that lunacy of mediterranean borrowing from German, French, UK, Austrian, etc. banks, but the logic seems to be that we have to pay what ever Germany agrees to pay. It’s not a good feeling for Finnish tax payers paying for mistakes of others.

Braking up eurozone looks like something even more drastic has to happen to brake EZ down, what has happened this far. Political will is so strong.

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By: Harderwijk http://blogs.reuters.com/edward-hadas/2011/11/16/is-the-euro-history/comment-page-1/#comment-184 Thu, 17 Nov 2011 07:39:15 +0000 http://blogs.reuters.com/edward-hadas/?p=74#comment-184 It’s tempting to speak of ideas like Europe in absolute terms. But the intensely personal human experience is necessarily subject to context. Europe can only be a place in a very limited sense. In Dutch, the United States (Verenigde Staten) takes a plural verb, whereas the United Kingdom (Verenigd Koninkrijk) does not. Nevertheless, both ideas sound unified. But we are too small to identify with such large entities, if indeed that’s what they are. We can claim to identify ourselves with and feel pride and loyalty for an entire country or indeed a confederation like Europe, but only under highly specific circumstances. For example, at a sporting event. Otherwise, a citizen of the United States may only ever identify thus when abroad. Within a country we tend to identify with one State and within that State we orient ourselves on our home town, down to the neighbourhood, a club or church, our street and finally the extended family and household. But even within a club or family there is ample opportunity for fierce rivalries. So what is place? Context is everything. This chair is a place, but only as long as I sit in it. Without my incumbency it becomes just another piece of furniture. To me. But not to another person sitting in it. I cannot live in all of Europe – but only a tiny piece of it. So what does the European Union mean to all those so-called united ‘Europeans’? And precisely how is that different for the rest of us?

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By: Intriped http://blogs.reuters.com/edward-hadas/2011/11/16/is-the-euro-history/comment-page-1/#comment-181 Thu, 17 Nov 2011 04:01:33 +0000 http://blogs.reuters.com/edward-hadas/?p=74#comment-181 The Euro Currency is on it’s way down to earth. The approach of one currency fits all was and is not sustainable in terms of Sovereign Domain . Another words if Italy and its GDP were the same as France no major problems would publicly exist. But to say that Italy’s future is as bright as France is a stretch, hence not one currency fits all.

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By: swips88 http://blogs.reuters.com/edward-hadas/2011/11/16/is-the-euro-history/comment-page-1/#comment-177 Thu, 17 Nov 2011 01:10:25 +0000 http://blogs.reuters.com/edward-hadas/?p=74#comment-177 Your closing statement:
“Supporters of the euro and of “more Europe” might look to the French revolutionary call for liberty, equality and fraternity.” – etc.

…assumes all EU citizens are equally productive, equally altruistic and none exhibit selfishness.

What we are seeing is a realization that this experiment cannot succeed without political integration of EU states. This will of course result in the disintegration of a major strength that independent European nations have as compared to USA – that is a homogeneous population that agrees on many principles of gov’t and lifestyle. For instance, acceptance of a certain (higher) level of taxation to subsidize social welfare of themselves and their neighbors.

Perhaps the USA example may provide insight as to what to expect from melding disparate populations. Can an EU Super-Nanny-State really survive and which peoples are willing to adapt first or most?

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