The euro is heading for disaster - The final unwinding of the disastrous single currency

The Marxist vision of society has been disproved many times, always at epic human cost. However, his doctrine is invaluable for an understanding of the current predicament of the European Union. It elegantly explains why European Monetary Union was destined to fail. The state socialists and former communists who invented the euro never got to grips with this aspect of Marxist thought. Only Conservatives with an intelligent appreciation of economics and history grasped that the EMU would collapse under the weight of its own contradictions, and that it was folly to construct a single currency before the political conditions were in place.

Meanwhilehe European elite who advocated the euro ignored all warningsIt is impossible to exaggerate the arrogance, the bone-headed stupidity and above all the brutality and callousness of these Europhiles. Their demented attempt to impose a new economic model on an unworkable political structure has already caused untold suffering. Their experiment has caused depression across much of Europe.

This is getting worse. The Italian economy is moribund, social cohesion has vanished and Italians are starting to turn venomously on immigrants. The Greek economy has shrunk by 30 per cent, and one quarter of the population is out of work. Youth unemployment in Spain stands at an unspeakable 50 per cent. We are talking about tens of millions of ruined lives, and busted dreams. This reality has already brought about a convulsion in Europe. Entirely new political parties have emerged, from the far-Left and far-Right, brought into existence by a common scream of despair against a broken system...

That it has survived so far is thanks to a series of financial confidence tricks, of which the latest example is Juncker’s implausible scheme to convert €21 billion of equity into a €315 billion slush fund to relaunch the European economy. Things cannot go on like this, and this month we have witnessed a series of telling signs that the eurozone has turned back into a danger zone. The ECB is racking up worthless sovereign debt and bank loans in its doomed battle to save the eurozone..

[link to www.telegraph.co.uk]