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Thursday, May 19, 2005



More Euro Woes


[Media Source*]

(Hat Tip: Alpha Patriot)

(Business Telegraph) The euro has begun a long-term slide and could drop below a dollar within 18 months, according to a client note issued yesterday by Morgan Stanley...

"Markets will have to come to grips with the insight that the single currency will not eventually be backed by a single government. This is why the euro will have to trade at a discount to the dollar and why it is unlikely ever to replace the greenback as the world's reserve currency," [economist Joachim Fels] said.

Ironically it seems that the continent has sacrificed wealth in order to gain unity. The euro's strength was in the fact that the currency could be used across the continent in multiple countries. Although this might be viewed upon as a shared blessing, the fact that no single nation backs the euro directly (unless they "all" do) places many of it's members in financial jeopardy.

Meanwhile in France, a nation whose leaders are known for promoting the euro as the "next best thing since sliced bread," are attempting to convince their own doubting citizens that the EU constitution would be beneficial to the nation.
THREE new opinion polls show "No" campaigners have edged into the lead ahead of France's upcoming referendum on the European Union constitution, despite encouragement from the country's main political parties to back the treaty, on 29 May...

The "No" camp is an influential grassroots movement without a dominant figurehead. Both extremes of the political spectrum, from the Communists to the far-right party of the National Front leader, Jean-Marie Le Pen, are backing a "No" vote, along with the Socialist party number two, and ex-prime minister, Laurent Fabius.

With about 59% of the population leaning against the constitution for fear it is too "Anglo-Saxon." Europe may be in for a financial disaster as their continental currency depreciates and the process for ratifying the constitution evaporates.



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By Darnell Clayton • 3:06 PM • Email Post • •

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