OBITUARY FOR THE EURO

The LaRouche Irish Brigade held a wake for the euro. Here is the euro’s obituary:

Ten years ago, in the midst of fireworks, celebratory
speeches, and much rejoicing in the financial
centers of London and New York, the euro currency
was launched. This year, the 10th-anniversary festivities
for the European-wide currency, which had been
heralded as the “symbol of European unity and power,”
were unceremoniously cancelled.
The reason is clear: It is common knowledge in
Europe, and the world financial community, that the
euro experiment is finished. The 17 nations which share
the common currency have spent trillions attempting to
prop up a semblance of financial stability—and that’s
not mentioning the additional trillions poured in from
the U.S. Federal Reserve Bank. The result has been a
dismal failure from any sane perspective: skyrocketing
indebtedness, threats of sovereign default, genocidal
austerity, coups against the democratic process, and
social tensions within and between nations, up to and
including the threat of outright war!
To those who have followed the LaRouche movement,
this outcome should come as no surprise. From
the outset of the proposals for a European Union, sealed
with the passage of the Maastricht Treaty in 1992, both
Lyndon and Helga LaRouche have warned loudly that
the so-called “monetary union” represented nothing
other than a plan for a Europeanwide dictatorship, to be
ruled by the supranational financial institutions based
primarily in the City of London. The explicit plan was
for the elimination of the power of the sovereign nation-
state, which would result, de facto, in conditions
that could only be compared to a new feudalism, or fascism.
And the economic and financial breakdown crisis,
which was pre-programmed with the monetarist destruction
of President Franklin Roosevelt’s Bretton
Woods system, starting in 1971, would not only not be
solved, but would be accelerated.
LaRouche put it this way in his January 2002 webcast:
“The enactment and implementation of the euro in
Europe, a united currency, and the spread of that into
countries in Eastern Europe, ensures a major crisis. Inflation
and tax rises are already on the way in Europe, as
a result of the euro. It can not work, and will not work.
I can safely forecast that the euro, in its present form,
will be a great disaster for all of Europe. Because under
the present Stability Pact, and under the Maastricht
agreements, it is impossible for the governments of
Europe—or unlawful under the present conditions—to
attempt to generate the state-backed credit necessary, in
any case, to revive a collapsed economy from a collapse.”

For the whole article—http://www.larouchepac.com/node/21064

This entry was posted in Austerity & Bank Bailouts and tagged , , , . Bookmark the permalink.

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