Can the Euro Survive?


The current attack on the Euro is getting worse, as currency speculators see a golden chance to make massive profits by attacking "the weakest link" in the Euro system, which is Greece.

Other weak links, like Portugal, Spain, Italy and Ireland, could be next due to their weak economies and high public debts.

Can Europe save the Euro?

According to an article in the Daily Telegraph by Jeff Mandell on May 20, "The Euro as we know it is dead"

As suggested in a post on this blog last month (29 April), Damage Caused by Currency Speculation, a political decision is needed to freeze currency exchange rates for one month to design and implement a new sustainable system.

In the current environment of panic and negative speculation, without such a freeze on exchange rates, not only the Euro may collapse, it may worsen the current global financial mess.

Let's hope this is not the case.

Damage Caused by Currency Speculation

The current economic crisis in Europe which started in Iceland, and currently affecting Greece has lead to strong speculation against the Euro.

Currency speculators have no ethics, and their main objective is to maximize profits regardless of what happens to entire nations. Similar damage happened in Asia more than 10 years ago, when currency speculators caused the crash of a number of currencies in South East Asia, which lead to major economic problems for several countries that lasted for many years and caused a lot of misery for millions of people.

The current system of total freedom of currency speculation is simply not sustainable, and the damage it causes has proven to be much higher than the perceived benefits.

A new system is needed, and I recommend that a political decision is taken to freeze currency exchange rates at their current levels for one month, during which a new sustainable system would be designed, agreed and implemented by governments, which would reduce this danger and offer a just alternative system, which is not at the mercy of few merciless tycoons ...

Wisdom should prevail for the well-being of humanity as a whole

Enough chaos and destruction ...