– Euro is one recession away from implosion – David McWilliams
– Mismanagement of euro “both laughable and terrifying”
– “When economic negotiations stop making economic sense, you should begin to question the motives of the EU”
– Germany is out of control
– Successful British exit will be model for other countries
– Euro membership is now conditional
– “Countries that don’t play ball with Germany will see their banking system used against their democratically elected politicians”
– Investors and savers need “PLAN B”
McWilliams, who is among the best economics commentators from the only Anglophone nation in the euro – Ireland, warns that we only have a few months to plan an alternative to the disastrous consequences on peripheral nations of what he sees as German hegemony.
He describes the mismanagement of the euro currency as “both laughable and terrifying”.
Marathon negotiation sessions are not conducive to clear headed, rational decision making on the future of a nation or the eurozone. Indeed, it smacks of coercion.
He lambasts the suggestion offered that Greece could have a “temporary euro”, adding, “If the board and management of a public company dealt with problems like this, the share price would collapse. There is quite simply no corporate governance within the euro”.
David McWilliams believes that Germany is out control. France is no longer strong enough to offer a counterweight and Britain is happy to allow the circus to continue as they focus on potentially getting out of the EU.
He describes last weekends negotiations in Brussels as a “teutonic kangaroo court”. Should Britain successfully navigate its way out of the EU, other countries will likely follow rather than exist as provinces of Germany.
Norway and Switzerland have coped just as well from the outside as their EU neighbours.
He makes the obvious, though seldom heard assertion that “when economic negotiations stop making economic sense, you should begin to question the motives of the EU”.
Full article: ‘Plan B’ Needed As Euro One Recession Away From Implosion – David McWilliams (GoldCore)