Is the end of the Euro really nigh? If so is it REALLY good for Ireland?

Chucky the tree

hatrickpatrick wrote: »

I still hold out hope that the entire worldwide financial system will collapse altogether and banking as we currently know it can be completely eradicated, never to be used again.

Debt based money circulation is a cancer on society.

Well I'm sure most people who have money in their bank accoutn don't want this to happen.

seamus

positron wrote: »

Sorry if this sounds like tinfoil hat stuff, but wouldn't Euro crashing help US Dollar?

Possibly. The main issue there is the EU as a block is the second largest importer of US goods, after Canada. If the value of the Euro was to collapse, the US would see a huge drop in exports as the cost of US goods went up in Europe.

The other issue is US exposure to European banks. I know it's big, but I don't know the scale. I've heard it mentioned if european banks fail, the US will enter another depression.

The only actual winner from a euro collapse is likely to be China.

amacachi

positron wrote: »

Sorry if this sounds like tinfoil hat stuff, but wouldn't Euro crashing help US Dollar? (as they will remain the dominant safe currency for another 200 years perhaps). And the monopoly of trading oil in Petrol etc will remain intact as well.

So, if the above is right, it is in US's interest that Euro fail. So may be they have a share in orchestrating all this? And the franco-germans was looking for, and now have, a perfect storm to put in place their 'Federal Europe' agenda - for instance, I am sure Ireland can't afford to No to a referendum on that issue if one was proposed.

Hmmm, a bit far fetched... right?

You cynic. All I'll say is that it suited the US when Goldmann Sachs went and helped Greece cook the books.

hatrickpatrick

Chucky the tree wrote: »

Well I'm sure most people who have money in their bank accoutn don't want this to happen.

None of that money actually exists. It's all a loan from a central bank, owed back with interest which also doesn't exist. The only way to create it, is to take out another loan - with interest.

It's a perpetual debt mountain, which occasionally leads to collosal f*ck ups like we've just had in the worldwide banking system. The sooner that system is replaced with something which actually works, the better.

positron

seamus wrote: »

...........
The only actual winner from a euro collapse is likely to be China.

But if the euro succeeds, the biggest loser would be US Dollar - once they lose their 'safe bet' status', all the deficit related doomsday prophecies involving USD might just come true to some degree. I mean one theory suggests that they fought Iraq war because Saddam was threatening to trade oil in Euro, and possibly set a precedence that others could one day follow. So with that in mind, and putting on the tinfoil had, I think there are bigger players in action here than a simple case of imprudent financial policies and realignment of wealth.

Galtee

hatrickpatrick wrote: »

None of that money actually exists. It's all a loan from a central bank, owed back with interest which also doesn't exist. The only way to create it, is to take out another loan - with interest.

It's a perpetual debt mountain, which occasionally leads to collosal f*ck ups like we've just had in the worldwide banking system. The sooner that system is replaced with something which actually works, the better.

Let me guess, replace the current monetary system with a resource based system?

Amirani

At present it seems prohibitively expensive for any country to leave the Euro, no matter how big the economy. Bond yields for even the likes of Germany would go through the roof if they were to leave on their own.

http://www.cnbc.com/id/44405106/Leaving_Euro_Would_Cost_Each_German_%E2%82%AC8_000_UBS

Crazy Horse 6

Most ordinary smucks have no idea how bad a state the country is in hense you see most of the money left in bank accounts are average Joe and Jane types. The real money is long gone. We are fcked.

mickydoomsux

Meh. Don't believe everything you read in the misery-porn newpapers.

The EU is in bad shape at the moment but it's all just part of the cycle of rise and fall in the economy. It has happened before in the past and will happen again and every time it does the doomsayers will come out of the woodwork to tell us all how we'll be living like Mad Max in a years time.

atila

The euro exchange rate doesnt suggest anything like the end of the Euro.

McWilliams writes very dramatically with an entertaining blend of conspiracy, shadowy motives, dramatic, time running out, suspense building storylines loosely based on reality.

As a commentator he's worth a read but for me his real talent lies in making some very dull news appear more exciting to the average newspaper reader then it really is.

whitesands

Here's Eddie Hobbs saying it's going to collapse

http://www.youtube.com/watch?v=kzGJWtYnAdE

amacca

hatrickpatrick wrote: »

None of that money actually exists.

doesn't some of that money represent peoples hard work and saving over their lifetime...

what it represents certainly exists.....................to wipe out savers for being prudent and trying to provide for their future in one of the safest ways they know how seems just a teeny bit unfair to me

jacksie66

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