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Showing posts with label Eastern Europe. Show all posts
Showing posts with label Eastern Europe. Show all posts

Thursday, February 14, 2013

Jim Rickards: Currency Wars Simulation

Europe: The Last Great Potemkin Village Where "The Rich Get Richer, And Poor Get Poorer"

From Charles Gave of GKResearch
 
On the surface, it would seem that the euro crisis has calmed. Markets have rallied since the summer and, to borrow a phrase from Herbert Hoover, “prosperity is just around the corner.” But outward appearances in Europe are like a Potemkin village. Behind the well-scrubbed facades, Southern Europe is in a death spiral. Anyone convinced that the European monetary union has come through the crisis stronger is a victim of the slickest PR campaign in history.
...
Let’s be very clear here: this is what the euro has wrought. This destruction of the non-German industrial bases has taken place with the active complicity of the European technocrats. They did not even realize that France, the EMU’s second largest economy, for example was becoming hopelessly uncompetitive.

Let's go one step further. According to the official GDP statistics the French economy since the beginning of the euro experiment has done as well as the German economy: