Euro on the rocks?
Posted on June 16th, 2008 at 12:10pm by bile Categories and Tags: Uncategorized, corporatism, currency, economics, euro bank notes, freedom, Germany, Greece, inflation, Italy, liberty, monopoly, politics, Portugal, Spain, United States, your moneyOrdinary Germans have begun to reject euro bank notes with serial numbers from Italy, Spain, Greece and Portugal, raising concerns that public support for monetary union may be waning in the eurozone’s anchor country.
Germany’s Handelsblatt newspaper says bankers have detected a curious pattern where customers are withdrawing cash directly from branches, screening the notes to determine the origin of issue. They ask for paper from the southern states to be exchanged for German notes.
People clearly suspect that southern notes may lose value in a crisis, or if the eurozone breaks apart. This is what happened in the US in the Jackson era of the 1840s when dollar notes from different regions traded at different values.
A group of leading German professors warned at the outset of EMU that the euro would tend to be weaker than old Deutsche Mark, and that it would fuel inflation over time. German citizens were never given a vote on the abolition of the D-Mark, which had become a symbol of Germany’s rebirth after the war.
Many have kept a stash of D-Marks hidden in mattresses to this day. A recent IPOS poll showed that 59pc of Germany now had serious doubts about the euro.
While I’m not sure how justified this action is but I support it regardless. Centralized control of the money supply is one of the most disgusting and insidious forms of theft and economic intervention. If people have lost faith in the money they generally use they should be free to replace it.
