Founder of The Euro Calls For A Break Up of the 'Catastrophic' Currency
Rick Moran * American Thinker Blog
The founder of the euro currency, Oskar Lafontaine, thinks that its time to break up the EU:
Mr Lafontaine said he backed EMU but no longer believes it is sustainable. “Hopes that the creation of the euro would force rational economic behaviour on all sides were in vain,” he said, adding that the policy of forcing Spain, Portugal, and Greece to carry out internal devaluations was a “catastrophe”.
Mr Lafontaine was labelled “Europe’s Most Dangerous Man” by The Sun after he called for a “united Europe” and the “end of the nation state” in 1998. The euro was launched on January 1 1999, with bank notes following three years later. He later left the Social Democrats to found the Left Party.
As if to confirm Lafontaine’s dire warnings, France announced the “end of austerity”:
His prediction appeared confirmed as French finance minister Pierre Moscovici yesterday proclaimed the end of austerity and a triumph of French policy, risking further damage to the tattered relations between Paris and Berlin.
It is unclear whether the EU retreat from austerity goes much beyond rhetoric. Mr Moscovici conceded last week that the budget delay merely avoids extra austerity cuts to close the shortfall in tax revenues caused by the recession.
Read more American Thinker:
http://www.americanthinker.com/blog/2013/05/founder_of_the_euro_calls_for_a_break_up_of_the_catastrophic_currency.html#ixzz2SZa1Utzd
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