“No one talks of a crisis in Switzerland, Denmark, Sweden, Norway, which retained national currencies” – Alain Bournazel

Via TEAMeurope.info [via Google Translate] – EU mutual loans sharpen the crisis:

The crisis – the worst temptation

Alain Bournazel

What is commonly called the crisis is actually a combination of several crises that broke out simultaneously in several parts of the world. With economies largely globalized attacks on one another, making their resolution more difficult. But be aware classify the problems. The United States is facing a problem of balance of public finances (which is not new). But the U.S. economy has enough resources and the dollar is still strong enough that the United States are doing without too much difficulty. The problem of the euro area is much more disturbing. The countries of the region – apart from Germany – are asphyxiated by public deficits more difficult to fill because their economy is completely anemic by the euro. It also notes that the financial crisis in Europe affects almost exclusively the countries of the euro area. No one talks of a crisis in Switzerland, Denmark, Sweden, Norway, which have retained their national currencies. This reality exposes the canard that the euro would bring us stability and growth. If Greece, Spain, Italy and Portugal were not in the euro area, they could get by with a devaluation that would allow them to put their economies at a competitive level. Locked in the euro area, they have other options than waiting for a massive aid from other countries in the region. But this support weakens the donor countries that are themselves heavily indebted as is the case of France. The pooling of debt in Europe that some are as the cure is actually worse because it undermines the whole. The weakness of one is the weakness of all. To prevent this deterioration, the proponents of the European cause advocate a policy of austerity. While it is desirable that public finances are in balance. It would be possible for France if it put an end to the senseless waste of public money squandered by suspicious and stupid causes. But discipline itself is not a solution because it increases the problems that have no need to be, particularly unemployment. In short, instead of the interminable discussions, now we need a policy for national recovery driving force. The new government that took over the business in June in Finland after the last general election has taken steps to restore order to public accounts. The treatment of ministers has been reduced by 5%. Example to ponder.

This entry was posted in Accountability, Austerity / Cutbacks, Budget, ECB/IMF, Economy, EU, Euro / Sovereign Money, France, Greece, Italy, Spain and tagged , , , , , , . Bookmark the permalink.

One Response to “No one talks of a crisis in Switzerland, Denmark, Sweden, Norway, which retained national currencies” – Alain Bournazel

  1. You know; people laugh at the idea, but why can’t we just print more money? sure it would lead to inflation, but wouldn’t that be good in the present situation. I think we also need to get rid of fractional reserve banking or just private banks altogether. Also, why can’t the EU countries just give bailout grants or interest free loans instead of credit loans (with interest); I thought they cared about solidarity. The vast majority of the fiscal and debt problems could also be solved by just nationalising the banks and well; basically converting the economy to state property, at least temporarily. The whole EU could escape dept if it just banned interest on loans. Agghhrr! I’m so frustrated that nincompoop politicians can’t make important decisions like this! Grrr.

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