From its very inception the euro was always doomed to fail, many warned that a currency without a country would not last. One person who warned of the many problems the euro would create was one of the EU’s own economists, Bernard Connoly.Mr Connoly was first told to stay quiet, then intimidated and finally sacked for his consistent warnings of the inevitable future failure of the euro. Sadly, he has been proved right and now the people of Europe are paying for it – and how.
The Greek economy is in tatters and the only way some resemblance of fiscal order in that nation can be resumed is for the Greeks to leave the eurozone and for them, unfortunately, default on their substantial debts.
It is grossly unfair to expect the British people to continue to pump in gigantic amounts of our money to prop up the terminal Greek economy, especially as we are having to make so many substantial cuts to essential services at home, including the closure of care homes and cuts to our police service, among other things.
If this problem, created by the EU’s insistence against all sound advice, is not corrected, then the impact across the financial markets could be devastating. The EU should forget its vanity currency and begin the task of dismantling it allowing the nations of Europe to take charge of their own economies and interest rates once again. Currently, British banks are exposed to the tune of £200billion of eurozone debt and may need further bail-outs if this problem is not tackled.
This has proved that membership of the EU and the implementation of its policies, directives and regulations have been a disaster for Britain and the other member nations. David Cameron needs to begin the process of distancing Britain from the EU rather than issuing platitudes about standing firm on the EU – then caving in. Even one of his own MEP’s Roger Helmer, has commented that the Cameron administration has ceded more powers to the EU in a short period of time than the past pro-EU Labour Government.
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