Jaffo's Euro Predictions Vindicated?
Michael Jaffo Duff
I've been predicting bad things for this currency since its inception.
My predictions APPEAR to be coming true, but it's way too soon to say for sure.
Here's my first set of alarmist predictions, from January of this year:
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http://www.forbes.com/forbes/98/1102/6210114a.htm
I'm not nearly as worried about Y2K as am about this unified European
currency.
Europe is a collection of seriously fucked-up welfare states. You don't make
a collection of cripples healthy by stapling them together. All you get is
one big, ugly cripple.
This article explains how the Euro will pave the way for one giant
Neosocialist economy in Europe.
Wealth is created, and when businesses in Europe stop creating wealth, the
whole world will get poorer.
The next decade could be very tough for Europe and America. We might see a
global recession.
If Y2K doesn't kick our asses, the European currency will.
It'll take about 2 to 5 years for the shit to hit the fan.
The amusing part is by the time everything goes to hell, the guys who voted
for it will all be gone.
Look for economic booms in Greece, Ireland, Spain, and the other European
nations leaning on France and Germany.
Those booms are totally artificial, like the American boom in the 1920's.
The Roaring 20's weren't based on real growth, they were based on permissive
monetary policy. Eventually, the debt will catch up with them, and they'll
have a recession or depression.
The little economies around Germany and France will fall over like dominos.
Then the big boys suffer from trying to bail them out.
This will be an ugly, icky 10 years for Europe, and America could end up in
the same boat if we're not careful.
Jaffo
--
"To gain that which is worth having, it may be necessary
to lose everything else." - Bernadette Devlin