QUESTION: Mr. Armstrong, I find it truly enlightening that you told the European Commission from the outset this idea of the euro would fail because of a faulty structural design. Do you think there is any way to save the European system now?
Politicians will not give up power willingly. It just does not work that way. I have tried to stop what we face decades ago. A two-year old with a pocket calculator could have figured out where we are today in the 1980s. You just cannot perpetually borrow year after year with no intention to pay anything back without screwing up the entire future. I met with people back during the Reagan years. They said oh, no problem, they will be paying back with cheaper dollars. Continue reading