At first I thought it was just the furious musings of an imaginative mind but now I am haunted by his insistence that "no other theory can explain the facts before us."Interesting theory flyers!But no question the damage being done now is enormous, first in capital flight but also in collapse of confidence in all institutions. What a disaster.Absolutely. The Euro project is an abject lesson in the unintended consequences wrought by central planning. Many moons ago, one Cassandra warned of the dangers of the single currency:"It was folly to create this system. It will be written about for centuries as a kind of historical monument to collective folly. But it's there and we have to deal with it,..I described the euro as a burning building with no exits and so it has proved for some of the countries in itThose words appear particularly prescient today, with 25% unemployment in Spain, the collapse of the Cypriot banking sector and the inevitable flight of money from the Eurozone, as you cite above......A fundamental principle of monetary union – that the currency is worth the same, wherever it is held and whoever holds it – has been shattered. Some euros, it would seem, are more equal than others. The possibility of capital controls to prevent deposit flight when the banks reopen only further clouds the picture. Free movement of capital is another basic principle of monetary union which the eurozone seems casually prepared to disregard. This is not a proper currency. http://www.telegraph.co.uk/finance/comment/jeremy-warner/995...
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