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Heroes Community > Other Side of the Monitor > Thread: End of the Euro?
Thread: End of the Euro? This thread is 2 pages long: 1 2 · NEXT»
friendofgunnar
friendofgunnar


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posted April 20, 2010 11:44 PM

End of the Euro?

here and here are a couple articles talking about the possibility of Germany leaving the Euro.

The more I read about this topic the more I think the idea of the Euro is untenable.  A currency reflects the fiscal policies of the government that issues the currency. It represents the ability of the government to pay its bills.  If you have two dozen different fiscal policies it creates this strange entity where trust is sucked from some places and poured onto others.  

I predict that Germany will leave the Euro within two years.  This will start a chain reaction whereby some other nations will follow suit, further depreciating the euro.  Within 7 years the Euro will be finished.  By that time a new concept of money will be born, based on technology.  People will carry around cards linked to their identity (retinal scans and other biometric data) that will enable smooth transactions from any currency to any other currency.



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violent_flower
violent_flower


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posted April 20, 2010 11:55 PM

I feel the USA will be part of the, wiping of the currency, because that is the only way in which we can take care of this surmountable debt.
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JoonasTo
JoonasTo


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What if Elvin was female?
posted April 21, 2010 09:16 AM

Euro has always been and will be a limiting issue on Finland and on a lot of other countries industry because trades are often done in dollars while the materials and pays to the employees are done in Euros. So the high course of the euro has been suppressing european economy for some time. It also raised the prices here.
But it has been a major factor in unifying europe. Even though the EU nations' money was linked together even before the Euro it was invisible to most commoners. The Euro was the sign that brought most of the EU together even in normal peoples eyes. The traveling through EU is much easier since you don't have to worry about the money but that's about all the practical use it ever brought. The Euro is more worth as a symbol of unity than it is inpractice.

Conclusion, I don't think Germany will be leaving the Euro. Germany is after all the heart of Euro and Eu and if they would leave the Euro it would go against all they've worked for in the EU for the last 50 years.
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xerox
xerox


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posted April 21, 2010 09:25 AM

I would love to have euro but instead some people still want the stupid "kronor" (atleast rename it to riksdaler or something).

Euro would fit me where much because I travel a lot and then we wont need to exchange money all the time... Plus everything just becomes easier and smoother with euro.
10 sek = 1 euro atm. Perfect time to change currency here.
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Mytical
Mytical


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posted April 21, 2010 09:39 AM

I believe we now have the technology to make perfectly safe and secure digital wireless funds transmission.  Mostly with Biometric safeguards.  Unfortunately some see this as a 'end of days' things.

Take a device similar in size and shape to a iphone, with Biometric safety protocols (with a few options in case something happens..like both finger print or retna scan) and hard code it so that although it sends a signal out to access say bank accounts and such that only by having that specific device and be that person (thanks to Biometrics) can that data be accessed.  I call it a Biometric Digital Currency Exchange device.

This would be able to get access to anything needed, bank accounts, lines of credit (if available), and such.  There would be a lot to work out, but we could see a world wide currency within 5 years if the BDCE was used.

Of course it is not full proof, but it would make identity theft harder and cases of theft less.  As even if stolen the devices would be useless to the thief.  It could then be disabled at leisure by the bank or whatever that issued it. Unfortunately it would have to be handled correctly by all the worlds governments..which means it has about as much chance of happening as Sharks playing Volleyball on Neptune.
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angelito
angelito


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posted April 21, 2010 09:55 AM
Edited by angelito at 09:55, 21 Apr 2010.

Quote:
I predict that Germany will leave the Euro within two years.  This will start a chain reaction whereby some other nations will follow suit, further depreciating the euro.
That won't happen. Why should a strong economy leave such a currency? It is much more likely weaker nations like Greece, or Portugal and Spain will (have to) leave the EURO zone.
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del_diablo
del_diablo


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posted April 21, 2010 10:03 AM

Interesting.
Now lets say they actually drop the euro in favor of a stronger currency, what will the further consequeses be beyond that the euro might die?
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Fauch
Fauch


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posted April 21, 2010 02:13 PM

mytical : you never know what the government would really plan to do with such a technology. officially, it would be to make our life easier. unofficialy, that would be a way to monitor people and big companies would get a lots of information which would likely be used in advertising, in the best case.

what if a dictatorship used such a technology?

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baklava
baklava


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posted April 22, 2010 12:41 AM
Edited by baklava at 00:46, 22 Apr 2010.

Step 1: slowly distance from the rest of Europe
Step 2: remilitarize the Rhineland
Step 3: invade everything
Step 4: lose
Step 5: be sorry
Step 6: wait a while
Step 7: slowly distance from the rest of Europe
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DagothGares
DagothGares


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posted April 22, 2010 12:45 AM

Quote:
Step 1: slowly distance from the rest of Europe
Step 2: remilitarize the Rhineland
Step 3: invade everything
Step 4: lose
Step 5: be sorry
Step 6: wait a while
Step 7: slowly distance from the rest of Europe
Rinse and repeat.
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blizzardboy
blizzardboy


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posted April 24, 2010 08:06 PM
Edited by blizzardboy at 20:06, 24 Apr 2010.

@Angel:

Quote:
That won't happen. Why should a strong economy leave such a currency?


Isn't that the idea?
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Darkshadow
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posted April 24, 2010 08:10 PM

Why is Greece still around?
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angelito
angelito


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posted April 25, 2010 01:51 PM

Quote:
@Angel:

Quote:
That won't happen. Why should a strong economy leave such a currency?


Isn't that the idea?
So if you have a football team, and 2 of the players are below average, it is the best, the better players leave that team?
Isn't it the better way to substitute those "bad" players with better ones?
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mvassilev
mvassilev


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posted April 25, 2010 09:51 PM

Right, so throw Eastern Europe (and Greece) out of the EU.
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JoonasTo
JoonasTo


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What if Elvin was female?
posted April 26, 2010 07:33 AM

You forgot spain
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Darkshadow
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posted April 27, 2010 03:43 PM

Quote:
You forgot spain


I might be wrong but, Portugal is twice as bad as Spain here
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ohforfsake
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posted April 27, 2010 03:52 PM

Unlike a soccer team, EU is a union you're part of voluntarily.
With that I mean, in soccer you want the best team, and in reward for the players to create the best team, you give them money, so the players tries to do their best, because they get money in return.

Here, however, EU is not created for the sake of EU, just like any government is not created for the sake of itself. It's created for the sake of the people, its members in general. That means, in my opinion, the analogy to soccer is not very useable, because a club does not exist for its members (the players), it exists for its fans (or in principle, for profit).

If EU threw out Greece, it'd be much like if USA threw out California or you threw out your kid, because they contributes with less than they give. The problem is of course not the country greece, or the state of california should be hurt in some way, the problem is all the people who're withing those groups who'd get abbandoned. Any type of government is meant for the people, letting economics get in over the people, each and every individual, is the government loosing its purpose for existing.
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Darkshadow
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posted April 27, 2010 05:21 PM

Quote:
Unlike a soccer team, EU is a union you're part of voluntarily.
With that I mean, in soccer you want the best team, and in reward for the players to create the best team, you give them money, so the players tries to do their best, because they get money in return.

Here, however, EU is not created for the sake of EU, just like any government is not created for the sake of itself. It's created for the sake of the people, its members in general. That means, in my opinion, the analogy to soccer is not very useable, because a club does not exist for its members (the players), it exists for its fans (or in principle, for profit).

If EU threw out Greece, it'd be much like if USA threw out California or you threw out your kid, because they contributes with less than they give. The problem is of course not the country greece, or the state of california should be hurt in some way, the problem is all the people who're withing those groups who'd get abbandoned. Any type of government is meant for the people, letting economics get in over the people, each and every individual, is the government loosing its purpose for existing.


From what I know the people in Greece are against any help from EU or IMF, same in Germany, they are against giving € to help Greece
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friendofgunnar
friendofgunnar


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posted June 06, 2010 02:53 AM

more blather about the end of the euro

most of it's from economists though, not the people actually in charge.

Quote:
The single currency is in its death throes and may not survive in its current membership for a week, let alone the next five years, according to a selection of responses to the survey – the first major wide-ranging litmus test of economic opinion in the City since the election. The findings underline suspicions that the new Chancellor, George Osborne, will have to firefight a full-blown crisis in Britain's biggest trading partner in his first years in office.

Of the 25 leading City economists who took part in the Telegraph survey, 12 predicted that the euro would not survive in its current form this Parliamentary term, compared with eight who suspected it would. Five declared themselves undecided. The finding is only one of a number of remarkable conclusions, including that:

• The economy will grow by well over a percentage point less next year than the Budget predicted in March.

• The Government will borrow almost £10bn less next year than the Treasury previously forecast, despite this weaker growth.

• Just as many economists think the Bank of England will not raise rates until 2012 or later as think it will lift borrowing costs this year.

But the conclusion on the euro is perhaps the most remarkable finding. A year ago or less, few within the City would have confidently predicted the currency's demise. But the travails of Greece, Spain and Portugal in recent weeks, plus German Chancellor Angela Merkel's acknowledgement that the currency is facing an "existential crisis", have radically shifted opinion.

Two of the eight experts who predicted that the currency would survive said it would do so only at the cost of seeing at least one of its members default on its sovereign debt. Andrew Lilico, chief economist at think tank Policy Exchange, said there was "nearly zero chance" of the euro surviving with its current membership, adding: "Greece will certainly default on its debts, and it is an open question whether Greece will experience some form of revolution or coup – I'd put the likelihood of that over the next five years as around one in four."

Douglas McWilliams of the Centre for Economics and Business Research said the single currency "may not even survive the next week", while David Blanchflower, professor at Dartmouth College and former Bank of England policymaker, added: "The political implications [of euro disintegration] are likely to be far-reaching – Germans are opposed to paying for others and may well quit."

Four of the economists said that despite the wider suspicion that Greece or some of the weaker economies may be forced out of the currency, the most likely country to leave would be Germany.

Peter Warburton of consultancy Economic Perspectives said: "Possibly Germany will leave. Possibly other central and eastern European countries – plus Denmark – will have joined. Possibly, there will be a multi-tier membership of the EU and a mechanism for entering and leaving the single currency. I think the project will survive, but not in its current form."

Tim Congdon of International Monetary Research said: "The eurozone will lose three or four members e_SEnDGreece, Portugal, maybe Ireland e_SEnD and could break up altogether because of the growing friction between France and Germany."

The recent worries about the euro's fate followed the creation last month of a $1 trillion (£691bn) bail-out fund to prevent future collapses. Although the fund boosted confidence initially, investors abandoned the euro after politicians showed reluctance to support it wholeheartedly.




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Shares
Shares


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I am. Thusly I am.
posted June 06, 2010 10:08 AM

Xerox: Do you know anything about international economy? It's a very complex thing that will change a lot more than just the coins and bills. I'll show you!
With "kronor":
Let's pretend all of Sweden have 1000 kronor (the actual sum doesn't matter). Europe economy goes down. Sweden have 1000 kronor.

With euro: Then Sweden would instead have 100 € (worth 1000 kr). Europe economy goes down. Sweden have 100 € (worth 500 kr).


So Sweden will grow very dependant on the international economy of all countries with the euro, and all the countries they are dependant on. When they go down, we go down. Most expert in Sweden agrees that having the euro under this economic crisis would have been a huge disadvantage. Maybe you've noticed that Sweden barely noticed the crisis(at least not for the average Joe). I could tell you why, but that's Swedish politics, and I doubt any one is interested.
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