MD Forman & Son Lance Forman wants an end to the single currency row
PUBLISHED: 09:52 18 February 2015 | UPDATED: 10:16 18 February 2015
Since it was first mooted that there should be in single currency in Europe back in the ’90s I have always believed this to be dangerous step, where an economic policy misadventure would ultimately end in political peril for the people of Europe.
Very simply, by failing to allow countries, which need the flexibility of their own currency, to develop at the pace appropriate to their economy one creates an unhealthy dependency culture where weaker nations become dependent on the strongest and the strongest feed off the weak.
Without being able to devalue a currency countries become dependent on hand-outs, bail-outs and what’s worse, those bailing them out, ie Germany, start to set ever stricter terms in exchange for such support.
Those countries who are stuck in the middle find themselves having to bail out others when frankly they cannot afford to give. Resentment and extremism grows.
One can only hope that the Greek people will realise that being in the single currency is the cause of their woes. Once they pull out and revalue their new Drachmas (which incidentally is an anagram of “mad crash”) to a level in tune with their economy they will undoubtedly bounce back.
When they do, one has to hope that the Portuguese, followed by the Spanish, then Italians will see how having one’s own currency is beneficial and will pull out too and we will eventually see the end of this disastrous Euro experiment.
Let Greece lead the way.
Grexit, Pexit, Sexit.
If you value what this story gives you, please consider supporting the Newham Recorder. Click the link in the orange box above for details.