I can’t help but wonder if the European Union has totally lost its collective mind. A tax on bank deposits to save the banks! That can only cause a run on the banks. Then, there is this whole austerity thing when the economies need stimulus not an anchor. The government of the EU is destroying the economies of its borderline countries.
Italy, Greece, Spain, Cyprus and Portugal should get out of the Eurozone. Their problem is that they can’t because they need the bailouts. The European Union is an excellent idea. The Euro is only good for the strong economies. Britain should be in the Eurozone. The countries mentioned above should get out.
Hong Kong and Argentina provide excellent examples of the benefits and pitfalls of currency fixes. The Hong Kong dollar is pegged to the US dollar; so when the Hang Seng crashed, the entire Hong Kong economy did not collapse. The Argentine peso was tied to the US dollar and when they had problems, the dollar peg made things worse. Why does this happen? Come back and read “The Europe Trap part II)
David Segrest is an International REALTOR in Charlotte, NC. His email is david@segrestrealty.com , His webpage is http://davidsegrest.com , and his international real estate blog is http://dointernationalrealestate.blogspot.com/
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2 comments:
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