Even before Greece’s landslide “no” vote yesterday, anti-euro forces were gaining momentum all over Europe …
In Austria, more than 260,000 citizens signed a petition urging their government to leave the European Union and dump the euro currency, exceeding by more than double the legal threshold required for the first steps toward a referendum.
In Italy, the anti-euro front did the same, presenting over 200,000 signatures to the Senate. “We're sick of this Europe of the bureaucrats, we're tired of this German Europe,” said an anti-euro spokesperson.
In Spain, the much-strengthened Podemos party vowed to persuade Spaniards to exit the euro, announcing that the disaster “isn't Greek, it’s European.”
In France, a founder of the Left Party denounced the “methodical, systematic strangulation of Greece by the Eurogroup to make it an example so people fear financial catastrophe in their own countries.”
Even in Germany, anti-euro forces were gaining remarkable strength.
Everywhere around Europe, both left- and right-wing parties have rallied to the cause …
“Greece has been impoverished by euro membership for too long,” said a prominent right-wing politician in support of the Greek leftist party. “This crisis has now become an opportunity. The Greek people need freedom to prosper."
“This Europe is a disaster,” said another. “The European rules are disastrous, the European treaties should be reviewed one by one, the single currency is a mistake. So, before dying of starvation and unemployment, we'd be better off stopping and reviewing it all, start again from the beginning.”
And everywhere on the continent, what we’ve been saying all along is now becoming obvious: The entire euro experiment was built for failure.
It’s a cockamamie system in which the purse strings are controlled by individual states but the currency is controlled by the central government in Brussels.
Imagine the chaos if Albany, Sacramento, Tallahassee and every other state capital in the Union decided independently on what to spend on its Social Security or military, while Washington continued to impose its will on what to do with the U.S. dollar, the nation’s money supply and interest rates!
Yet, that’s how it’s done in the eurozone. That’s why we’ve said, from day one, that the euro experiment would fail. And that’s exactly what’s beginning to happen right now.
Now, can you see why I say trillions of dollars in flight capital is headed this way? Many wealthy individuals and institutions on the continent now have only one objective: To get themselves and their money away from the fallout. And America, despite its own problems, is perceived as the safest “safe haven” on the planet.
This is why the U.S. dollar is soaring against just about every other currency on the planet: Frightened investors are in a dead panic to get their money to safety. Initially, they will rush to the safety of U.S. Treasuries as equities suffer a correction.
From the recs of an advisor.
No comments:
Post a Comment