Germany's Euro Imperialism

The Bruges Group has released a very interesting paper this morning by leading economist Richard Conquest, the title is "German Economic Policy and the Euro 1999 - 2010" and may be read in its concise 57 pages from this link to a pdf file.

The political elite of the European Union, wedded as it is to an irrational monetary ideology that owes nothing to economic theory or history but much to political Millenarianism, could never admit or allow that monetary causes have added greatly to the malaise of the Eurozone. It is clear that the economic problems of Greece and other Mediterranean-Rim economies, have been greatly exacerbated by a grotesque distortion of monetary policy which takes the form of the Euro itself.

The greatest danger is that to recognise this monetary cause, partial as it inevitably is, would immediately indicate that the Euro is seriously flawed and is unworkable in anything but the short term perspective without serious economic and financial distortions which have already become painfully evident. Because these problems will not be properly addressed then existing financial distortions will continue threatening financial paralysis and the collapse, both politically and economically, of the entire ‘Euro’ edifice. The bond markets are already shouting this from the rooftops – indeed they have been doing this for many months.