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Greece, Euro, and schadenfreude,

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girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
20/02/2010 15:24

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Message 1 of 5 in Discussion

For those who embark in schadenfreude over the recent Eurozone problems and think we are smarter than the rest of Europe for staying out. Just had this sent,

http://www.citywire.co.uk/personal/-/news/money-property-and-tax/content.aspx?ID=383431&re=8507&ea=242833

Maybe the reason we didnt try to enter the Euro in the last few years was not because we were smart,but because our situation was same as Greece ,The powers that be knew the reality of our position and didnt want to lie. Basically both Greece and UK are in the same boat but we are honest about it,, and know we cannot or couldnt pass economic tests for entry,without ,like some others, lying.



Ah, devalued good for exports, I hear you say. How come biggest exporter in the world, Germany, doesnt use that tool, Again maybe were smarter,but doesnt matter ,we actually import more than export. So if we were in Euro our trade deficit would have been 60 billion last year instead of actual 81billion.



kibsolar


Joined: 14/09/2008
Posts: 552

Message Posted:
22/02/2010 11:55

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Message 2 of 5 in Discussion

Germany, biggest exporter in the world (now 2nd) cannot use that "devaluation tool" as they are in the eurozone. and that is what the "euro-tool" is all about --- stabilization at least within the EU.

The EU leaders "begged on britain" to join, in 2000/2001 britain also fulfilled nearly all aspects... just... they didnt want. why? because they had some plans for the future, you know. some plans where this "non euro, but EU" and this "affinity to the american banking sector" played an important role... eg with "special laws for the financing sector"...London... the biggest market place in the world.... The UK pays for Greece because they cannot afford a euro going down too much (and STG up) as they couldnt sell a piece of chocolade to the rest of europe...despites the fact that in europe nobody wants chocolade from the UK anyway...



girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
22/02/2010 12:51

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Message 3 of 5 in Discussion

In and out of the Euro doesnt make much difference.UK would still have a c---p economy with non existant industry just as Germany would still be where she is if she wasnt in the Euro.Same as Greece's basic problem is not to do with the Euro its to do with how her economy operates. It appears they have as many, if not more tax dodgers than us.

You are right about the Banks ,we opposed what France and Germany and Obama wanted to do to control the bankers.Then again, its easy for them to want to curb the bankers excesses they can rely on manufacturing exports to sustain their economy whereas we are completely at the mercy of Financial sector for huge percentage of earnings, which leaves us open to the Bankers blackmail .Cant blame the UK ,they are powerless.



As for out the Euro giving us financial independance .It certainly doesnt on interest rates. Believe in black Wednesday we had about 15 minutes of"independance" before we had to follow what Bundesbank did.



kibsolar


Joined: 14/09/2008
Posts: 552

Message Posted:
22/02/2010 18:56

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Message 4 of 5 in Discussion

Of course it makes a difference to join the Euro or not.... and that was the reason why the rest of europe wanted the UK to join... because the strong finacial sector of britain would have "be glued together" with the better producing industry in other EU countries. one will, one currency, one europe.

The money earned from that Britain would have had to be "shared" with the other Euro countries and also the ECB "demanded" to act "as one" against other sharks. ... in return the Eurozone offered... stabilization.

but Britain decided for the "other way".... more or less the same some EU countries said to the US: "...dont go to Iraque, you have to pay on your own....".

now the US have to pay on their own....and Britain too.



girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
23/02/2010 00:56

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Message 5 of 5 in Discussion

kibsolar.

I accept it is in Europes interest as a whole to have one currency for stability.

I meant, in the Euro or out does not dictate how a country performs economically.The UK decided to put all its eggs in one basket ,getting rid of manufacturing and relying mainly on Financial services.We would have done the same whether in the Euro or not.For that reason I say it made no difference to us strategically.The Banks control the UK and therefore we have to do as they say,ref the unchallenged bonuses.

Germany would have opted to manufacture high quality export goods as her economic strategy whether she was in the Euro or not.

Thats why I say Germany and others in Europe and America can afford to take harder action . Should Bundesbank bosses say they will leave Germany for Hong Kong if their greed is not allowed to be satiated, the German stockmarket would hardly notice,as long as BMW, Bosch,Siemens etc are exporting.

EU agreed to UK's soft approach only to harmonise action



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