Yanis Varoufakis on the euro

[His Divine Shadow]

Looking pretty grim:
https://www.youtube.com/watch?v=rhSg9X3q2gc

I also read an article last year that mentioned what he said about Germany already having secret plans drawn up for a euro exit. Oh yes found a link:
https://www.theguardian.com/commentisfr ... we-are-too

I've come to believe ever more firmly as times goes on exactly what Varoufakis says here. The euro isn't a success story, it's not stable and is in fact in a slow process of breaking up infront of our eyes and there are no workable solutions to fix it. I wonder if I should open a german bank account.

[Crazedwraith]

While I'm against Brexit as a whole, it seems keeping us out of the Euro was a pretty decent move by the UK.

[SpottedKitty]

While I'm against Brexit as a whole, it seems keeping us out of the Euro was a pretty decent move by the UK.

FWIW, I don't think it was ever anywhere close to popular up here in Scotland. ISTR at one point there were proposals for us to keep some kind of £ if Them Down South went ahead with joining the Euro.

Whether it would have worked... now that's another question altogether.

[madd0ct0r]

Its a defence department scenario game, not an economic policy forecast. You should read the uk one and its chapter on space warfare.

The main thrust of the scenario discussed in the defence document is that there is declining consent of the population of north europe for greater market integration and transfers to the south.
This is not news, nor is the need for those transfers cos of the euro limiting the south europe coubtries from devaluing their currency. Its by design.

Southern areas locked in low value but stable is (was thought to be) better then southern areas crashing their currency, suffering the same pain but with added speculation and exploitation and turning into aggressive political basket cases.

The geram dod scenario extrapolates what happens if policymakers dont change policy until 2040. Is that realistic?

[Bedlam]

While I'm against Brexit as a whole, it seems keeping us out of the Euro was a pretty decent move by the UK.

FWIW, I don't think it was ever anywhere close to popular up here in Scotland. ISTR at one point there were proposals for us to keep some kind of £ if Them Down South went ahead with joining the Euro.

Whether it would have worked... now that's another question altogether.

I don't think there has ever been a serious suggestion that any part of the UK would take up the Euro. It was an issue in the Scottish Independence vote a few years ago, the SNP just assumed they would get to keep the £ after independence and that joining the EU at a future point (they always seemed to indicate it was a sure thing and would happen a few days after indepence via some sort of magic) wouldn't lead to having to accept the Euro. Where as the UK made it clear that they couldn't continue to print £'s after splitting from the rest of the country.

Although I guess Britexit might make it more likely that the UK would end up with the Euro as they wouldn't be in much of a negotiating positon if we asked to rejoin in the future.

[K. A. Pital]

Its a defence department scenario game, not an economic policy forecast. You should read the uk one and its chapter on space warfare.

The main thrust of the scenario discussed in the defence document is that there is declining consent of the population of north europe for greater market integration and transfers to the south.
This is not news, nor is the need for those transfers cos of the euro limiting the south europe coubtries from devaluing their currency. Its by design.

Southern areas locked in low value but stable is (was thought to be) better then southern areas crashing their currency, suffering the same pain but with added speculation and exploitation and turning into aggressive political basket cases.

The geram dod scenario extrapolates what happens if policymakers dont change policy until 2040. Is that realistic?

Fairly realistic actually, the EU is trapped in the same situation as Japan and will suffer lost decades. Raising rates would not be possible due to practically low inflation, and anemic growth of overindustrialized export-oriented nations (others would not even have that, being a drag).

[EnterpriseSovereign]

While I'm against Brexit as a whole, it seems keeping us out of the Euro was a pretty decent move by the UK.

FWIW, I don't think it was ever anywhere close to popular up here in Scotland. ISTR at one point there were proposals for us to keep some kind of £ if Them Down South went ahead with joining the Euro.

Whether it would have worked... now that's another question altogether.

I don't think there has ever been a serious suggestion that any part of the UK would take up the Euro. It was an issue in the Scottish Independence vote a few years ago, the SNP just assumed they would get to keep the £ after independence and that joining the EU at a future point (they always seemed to indicate it was a sure thing and would happen a few days after indepence via some sort of magic) wouldn't lead to having to accept the Euro. Where as the UK made it clear that they couldn't continue to print £'s after splitting from the rest of the country.

Although I guess Britexit might make it more likely that the UK would end up with the Euro as they wouldn't be in much of a negotiating positon if we asked to rejoin in the future.

Definitely, if the UK actually leaves and then rejoins the EU is going to screw them over big time. By the time anyone realises how good the UK actually had it in the EU it'll be too late and paradoxically will lead to the Brexit Bunch saying "told you so" when the terms of rejoining are revealed.