From Bloomberg:
Greece Lays Bare Flaws in European Monetary Union, Soros Says
By Alan Purkiss Feb. 22 (Bloomberg) -- The euro, which was intended to embody a monetary union, not a political one, has been exposed as flawed by the Greek crisis, said George Soros, the billionaire investor.
Writing in the Financial Times, he said that, if European Union member-countries don’t take the next step toward political union, the common currency may disintegrate.
While the latest meeting of European finance ministers pledged to safeguard financial stability in the euro area as a whole, no mechanism has been set up for doing that, Soros said.
The best solution for Greece would be for EU countries to sell eurobonds to refinance 75 percent or so of its maturing debt, provided it meets its targets, leaving the country to finance its remaining needs as best it may, Soros said.
That, however, isn’t politically feasible at present because Germany is unwilling to bail out less prudent partners, and a makeshift solution will have to be worked out, he continued.
For future emergencies, “more intrusive monitoring and institutional arrangements” will be needed, Soros concluded.
Comments:
Slowly, during this so called recovery phase, the true agenda of the elite is coming to light.
With the coming failure of the Euro as merely a monetary union, the solution, according to Fabian socialist George Soros is now a political union.
We examined some of the elite's agenda in the recent post Power Elite Agenda
A recent report shows that the elite have aspirations beyond Europe.
They have also set their sights on North America.
Please consider this article:
From the Raw Story:
Former Mexican foreign minister calls for ‘North American union’, unified currency
By Stephen C. Webster
Tuesday, February 16th, 2010 -- 9:48 pm
Prolific Mexican politician and intellectual Jorge Castañeda believes that a greater North American community -- a "North American Union" -- with economies tied together under a European Union-style system, complete with open borders and a unified currency, is the wave of the future.In a new interview with Web site BigThink.com, Castañeda, Mexico's foreign minister from 2000-2003 and a global distinguished professor of politics at New York University, said that with nearly 11 percent of Mexicans living in the United States, he has stopped seeing his nation as a Latin American country.
"Well, my sense is that we’re moving closer and closer to forms of economic integration with the United States and Canada and conceivably Central America and Caribbean could become part of that in the coming years," he said. "I don’t see Mexico as a Latin American country. Too much of trade, investment, tourism, immigration, remittances, absolutely everything is concentrated exclusively with the United States. So, Mexico has to be part of a North American community, a North American union, which at some point probably should include some type of monetary union along European lines with a free flow of labor, with energy being on the table, etc."
Often demonized as some type of "conspiracy theory" in mainstream American press, the so-called North American Union proposals have actually existed for some time. In May of 2005, the Council on Foreign Relations released a document entitled "Building a North American Community" in which it calls for an EU-like integration of Canada, the United States and Mexico.
While the document does not specifically call for the ceding of sovereignty between the three nations -- as some vocal opponents of the idea have suggested -- it does recommend the formation of a North American Advisory Council and a multinational inter-parliamentary group to facilitate mutual cooperation. Though the group originally set out to achieve this goal by 2010, few in mainstream America are even aware of it today.
Greece Lays Bare Flaws in European Monetary Union, Soros Says
By Alan Purkiss Feb. 22 (Bloomberg) -- The euro, which was intended to embody a monetary union, not a political one, has been exposed as flawed by the Greek crisis, said George Soros, the billionaire investor.
Writing in the Financial Times, he said that, if European Union member-countries don’t take the next step toward political union, the common currency may disintegrate.
While the latest meeting of European finance ministers pledged to safeguard financial stability in the euro area as a whole, no mechanism has been set up for doing that, Soros said.
The best solution for Greece would be for EU countries to sell eurobonds to refinance 75 percent or so of its maturing debt, provided it meets its targets, leaving the country to finance its remaining needs as best it may, Soros said.
That, however, isn’t politically feasible at present because Germany is unwilling to bail out less prudent partners, and a makeshift solution will have to be worked out, he continued.
For future emergencies, “more intrusive monitoring and institutional arrangements” will be needed, Soros concluded.
Comments:
Slowly, during this so called recovery phase, the true agenda of the elite is coming to light.
With the coming failure of the Euro as merely a monetary union, the solution, according to Fabian socialist George Soros is now a political union.
We examined some of the elite's agenda in the recent post Power Elite Agenda
A recent report shows that the elite have aspirations beyond Europe.
They have also set their sights on North America.
Please consider this article:
From the Raw Story:
Former Mexican foreign minister calls for ‘North American union’, unified currency
By Stephen C. Webster
Tuesday, February 16th, 2010 -- 9:48 pm
Prolific Mexican politician and intellectual Jorge Castañeda believes that a greater North American community -- a "North American Union" -- with economies tied together under a European Union-style system, complete with open borders and a unified currency, is the wave of the future.In a new interview with Web site BigThink.com, Castañeda, Mexico's foreign minister from 2000-2003 and a global distinguished professor of politics at New York University, said that with nearly 11 percent of Mexicans living in the United States, he has stopped seeing his nation as a Latin American country.
"Well, my sense is that we’re moving closer and closer to forms of economic integration with the United States and Canada and conceivably Central America and Caribbean could become part of that in the coming years," he said. "I don’t see Mexico as a Latin American country. Too much of trade, investment, tourism, immigration, remittances, absolutely everything is concentrated exclusively with the United States. So, Mexico has to be part of a North American community, a North American union, which at some point probably should include some type of monetary union along European lines with a free flow of labor, with energy being on the table, etc."
Often demonized as some type of "conspiracy theory" in mainstream American press, the so-called North American Union proposals have actually existed for some time. In May of 2005, the Council on Foreign Relations released a document entitled "Building a North American Community" in which it calls for an EU-like integration of Canada, the United States and Mexico.
While the document does not specifically call for the ceding of sovereignty between the three nations -- as some vocal opponents of the idea have suggested -- it does recommend the formation of a North American Advisory Council and a multinational inter-parliamentary group to facilitate mutual cooperation. Though the group originally set out to achieve this goal by 2010, few in mainstream America are even aware of it today.
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