Money Woes to Cause European Union to Break Apart
The following article presents proof that social cohesion and global unity are impossible so long as money exists.
The European Union is a great idea in theory- as would be the union of all nations beneath a global tent of innovation and human progress. However, so long as the crippling effects of money exist, man will forever be held back from achieving his ultimate destiny which is to spread his wings and to venture out into the cosmos from whence he came.
Grant J. Kidney
LONDON (Reuters) – Countries in the euro zone will find it increasingly unattractive to stay in the single currency, if there is a German-led fiscal integration, the chairman of Goldman Sachs Asset Management said in a Sunday Telegraph interview.
Portugal, Ireland, Finland and Greece could all pull out of the euro zone rather than operate under a single treasury, Jim O’Neill, whose division manages more than $800 billion (500 billion pounds) of assets, was cited as saying.
He also called on the European Central Bank (ECB) to show more leadership to reassure “worried investors.”
“The Germans want more fiscal unity and much tougher central observation — with the idea of a finance ministry,” O’Neill said.
“With that caveat, it is tough to see all countries that joined wanting to live with that – including the one that is so troubled here (Greece).”
He added that only countries such as Germany, France and Benelux, were suited for a monetary union because their exchange rates were closely linked. But for others, it was questionable.
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