08 December 2011

I Was Wrong, I Apologize

For those of you have followed my blog for a while, I started it in May of 2007, I have been suggesting that the Euro was likely to supplant the US as the world's reserve currency.

Well, I missed a couple of things:
  • The fact that the Euro was drawn up by a bunch of neoliberal (which means conservative) economists who has been railing against regulation and the welfare state, which, as the past few years have shown to be an unmitigated disaster.
  • That the Germans, would be … well … Germans.
Now, I'm inclined to believe that, absent a German exit from the Euro, that the unified currency is doomed, and the EU may be as well.

Unlike my hairier brother,* I do not think that another war in Europe is inevitable, though I think that an EU breakup has a potential of leading to some shooting, or, more likely, some sort of a "Cold Peace."

*The Indians call him "Carpet who walks".


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