End of the Euro is Certain, Only a Question of Time
February 25, 2010 (LPAC)—The Financial Times' Wolfgang Muenchau talks about the "end of the euro" again in his Feb. 24 commentary for Financial Times Deutschland: "When the emergency brake fails. Some crises cannot be prevented by political means. The end of the euro could be one of these." The emergency brake is what the elites in Germany have so far told you. Muenchau writes: In the end, after all other tricks have been tried out, something would be done to save the euro, because without the euro, there were no European Union.
Well, trying to level out the "imbalances" in the EU through "reforms" like labor market deregulation and currency devaluations will not work, so that in the end, "the likelihood that the euro will move into an existential crisis in the foreseeable future, is very high," Muenchau writes, adding that after Greece and Spain, the eurozone will face even bigger crises. Therefore, he, Muenchau, would not talk "about an end of the euro soon," but he would not bet on the euro to survive, either. At some point, the crisis will be "irreversible, so that a collapse of the system can no longer be prevented—maybe in 10 years. That the monetary union would survive for much longer, I am ruling out—except that people accept other rules.
"Meanwhile, on the financial markets there are serious investors who share this assessment. These are people who because of the policy of imbalances are convinced that the euro will not survive in the long run." Muenchau adds that he would speak out against speculation against the euro for the time being, because it is "a bit early."
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