By Dimitris N. Chorafas (auth.)
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Additional resources for Breaking Up the Euro: The End of a Common Currency
One of them was the pressure by industry for joining the euro. Another, the illusion that merging a globalized, mass-production economy with nineteenth-century socialism and its nanny state is going to be beneficial to all. The results are shown by the sclerotic and inflexible economic structure these incompatible bedfellows have left behind in Europe. No other political regime than the majority of those running Euroland’s member states has led to so much useless spending5 while structure and infrastructure have become dilapidated.
Yet, clear spirits could see the dangers that at first hibernated but are now are on an explosive course. At the time of the Maastricht Treaty negotiations, Martin Feldman, professor at Harvard and distinguished economist, wrote an article that castigated the agreement leading to the common currency. 2 It did pass and we all know that what followed years later has been a deep European debt crisis that proved Martin Feldman right. A brief flashback will help bring to the reader’s attention the building up of what I will call the El Dorado bubble.
Anyway, it has not been made public. Words, words, and words—leading A PROBABLE “IMPOSSIBILITY” 13 to ever greater instability rather than providing confidence to the common citizen, investors, and the market. This absence of written confirmation may be due to the classical mismanagement of EU and Euroland affairs. But there is as well another hypothesis that cannot be rejected outright. We are entering an era of banksterism, state gangsterism, and too-big-to-jaill policies (chapter 4). History shows that these are softly introduced by little Caesars without even asking parliaments to give an opinion.