And just wait till they finally hear about Bitcoin!

[MoonShadow]

http://www.econlib.org/library/Columns/y2011/Jasaycurrency.html

[PwrLeveld]

Too much word, not enough intrest  . So can someone sumarize this for me please.

[asdf]

Too much word, not enough intrest  . So can someone sumarize this for me please.

tl;dr:

they created the euro, blah blah blah blah, some shit happened, lisbon treaty, blah blah blah blah, here we are today.

[MoonShadow]

Too much word, not enough intrest  . So can someone sumarize this for me please.

The article is largely about how the Euro was intended to unite Europe economicly and politically, and is failing economicly in part because currencies are not political.

[PwrLeveld]

Oh, that makes sense. Honestly, I like that(as far as I know was ineurope around 3 yrs ago) Hungary didn't adopt the euro. It makes them unique as it is their currency and not some generic european currency.

[cypherdoc]

Too much word, not enough intrest  . So can someone sumarize this for me please.

The article is largely about how the Euro was intended to unite Europe economicly and politically, and is failing economicly in part because currencies are not political.

whats going on in Europe is quite relevant to what happens here in the US.  the increasing yields on the PIGS debt is crushing economic activity in these countries and their citizens are getting tired of austerity measures (as they should) inflicted by the IMF/banks (who are the ones who really should be getting austere) as evidenced by today's riots in Greece.  the situation is hopeless b/c GDP's continue to drop and increasingly larger actors are at risk of default (Spain).  this is the problem with debt based money; eventually the interest payments engulf all productive output. bad debt litters the balance sheets of every country.  this is a worldwide system design flaw and stems primarily from letting one private interest group (bankers) control the currency issuance of their respective countries thru their central banks.  as yields rise, GDP falls, forcing yet higher yields, and further economic contraction.  WE HAVE HIT THE WALL in terms of debt saturation b/c the banks refused to take their losses and instead dumped it onto govt's (the people).  this is why small business surveys have been terrible.

the Euro was doomed from the beginning.  trying to force together different cultures, attitudes, and work ethics isn't possible just b/c u fuse the currencies into one.  certain groups will always be lazier than others and will seek to get somethin for nothin.  The PIGs were happy to borrow at the lower rates grandfathered to them by the Northern countries; not only did they build their Club Meds, they actively used them.  the Germans and French foolishly lent them unGodly sums of money to do this (very profitably to the banks) and when the loans went bad just dumped them onto the ppl.  where have we heard this before?  they keep threatening the PIGs as if their countries will break off Europe and sink to the bottom of the ocean when everyone knows eventually the default is coming and its the PIGs only salvation.  CDS are rising again as is my short on the Euro.  i think the flash point will be Ireland, maybe Greece, in terms of who will default first.  even a restructuring is a huge blow to the euro.  its coming and i happen to think its here.

Europe is the reason why i don't believe in a one world currency like the gold bugs espouse.  its just not possible.  we are a diverse world of peoples with different idea and needs.  this is why gold and silver are starting to drop and the stock market will reverse down.  its time.  batten down the hatches.

[FreeMoney]

the Euro was doomed from the beginning.  trying to force together different cultures, attitudes, and work ethics isn't possible just b/c u fuse the currencies into one.  certain groups will always be lazier than others and will seek to get somethin for nothin. 

I think you are right about this.

Europe is the reason why i don't believe in a one world currency like the gold bugs espouse.  its just not possible.  we are a diverse world of peoples with different idea and needs.  this is why gold and silver are starting to drop and the stock market will reverse down.  its time.  batten down the hatches.

But not this. Fiat (as in backed by force, not by consensus) is the mechanism by which some gain at the expense of others. Having a group who can debase your savings is bad enough, as the overlords are farther removed socially they will abuse you worse and worse. But this power just doesn't exist with gold. I'm not talking about a gold standard. A government promise for gold isn't "as good as gold". I'm talking about free people choosing gold.

I don't think they will choose gold now, fwiw, Bitcoin is just better.

[asdf]

Europe is the reason why i don't believe in a one world currency like the gold bugs espouse.  its just not possible.  we are a diverse world of peoples with different idea and needs.  this is why gold and silver are starting to drop and the stock market will reverse down.  its time.  batten down the hatches.

You highlight the flaws in fiat currency then apply them to gold as reasoning why gold can't work as a global currency. Straw man.

Not that I'm for a global currency. The free market should decide what currencies dominate, but we live in a world of state mandated fiat paper which won't let this happen, for now.

[cypherdoc]

the Euro was doomed from the beginning.  trying to force together different cultures, attitudes, and work ethics isn't possible just b/c u fuse the currencies into one.  certain groups will always be lazier than others and will seek to get somethin for nothin. 

I think you are right about this.

Europe is the reason why i don't believe in a one world currency like the gold bugs espouse.  its just not possible.  we are a diverse world of peoples with different idea and needs.  this is why gold and silver are starting to drop and the stock market will reverse down.  its time.  batten down the hatches.

But not this. Fiat (as in backed by force, not by consensus) is the mechanism by which some gain at the expense of others. Having a group who can debase your savings is bad enough, as the overlords are farther removed socially they will abuse you worse and worse. But this power just doesn't exist with gold. I'm not talking about a gold standard. A government promise for gold isn't "as good as gold". I'm talking about free people choosing gold.

I don't think they will choose gold now, fwiw, Bitcoin is just better.

i don't think i articulated this part very well.  i believe that the global elite would wish to impose a one world FIAT currency upon us all as this would be their ideal way of imposing inflation upon the people of the world.  they could devalue that one world fiat currency to their own benefit just as they have the individual currencies to date.  we would all be trapped and not able to escape to foreign currencies b/c there would be none. 

then the choice becomes whether gold or silver would be an escape hatch for the people.  i used to think, before Bitcoin, that this would be a way of saving ourselves from this imposed one world currency which is why i accumulated gold and silver btwn 2005-2008.  but is has always bothered me that i can't transport it with me out of the country or perform long distance (or short distance for that matter) transactions with it.  Bitcoin has lit a bulb in my head over the last 2 mo and i sold several bags of silver at the top and am accumulating btc.  I think that Bitcoin is the new digital gold and has the potential to be a game changer to overthrow the banksters of the world.

[cypherdoc]

Europe is the reason why i don't believe in a one world currency like the gold bugs espouse.  its just not possible.  we are a diverse world of peoples with different idea and needs.  this is why gold and silver are starting to drop and the stock market will reverse down.  its time.  batten down the hatches.

You highlight the flaws in fiat currency then apply them to gold as reasoning why gold can't work as a global currency. Straw man.

Not that I'm for a global currency. The free market should decide what currencies dominate, but we live in a world of state mandated fiat paper which won't let this happen, for now.

well that certainly is the question, isn't it?  can the State prevent bitcoin from becoming THE global currency?  if its as impregnable as we all seem to think, then they won't be able to stop it.

certainly gold did work as a global currency once upon a time.  but i don't think it works in todays world of the Internet.  information and financial tx's are just moving too fast for gold to be practical.  this is why i am bullish on btc.