Quagmire!
Look! The European economy is a quagmire!
Unless European countries want to keep denying unemployment benefits to women who refuse to work as prostitutes, or start learning to enjoy twelve percent unemployment rates, Europe needs to bite the bullet and engage in legitimate economic conduct. The Euro is worth more than the dollar not because the European economy is stronger, but because the European governments artificially inflate their economies. Europeans decry the economic conditions in the United States, and yet they scarcely produce anything worth buying, and their unemployment rates are more than double those of the United States.
Europeans criticize the United Kingdom for not adopting the Euro as currency, but the fact of the matter is that the UK is the only Western European country with even a modicum of fiscal responsibility, and they consistently kick the collective ass of the rest of the European Union on economic matters. If your currency was consistently worth more than fifty cents more than the Euro, would you adopt it? Of course not.
No matter how artificially high the Euro is, it's an absolute house of cards. Unless Western Europe stops sucking at the socialist teat and starts encouraging the growth of businesses through deregulation (or even relaxed regulation), lower taxes, lower interest rates, et cetera, they're going to continue their currently inevitable course of economic decline.
And that's a statement you can take to a Swiss bank.
Estimates for growth in the 12-nation eurozone have been revised down by the International Monetary Fund (IMF).
The IMF cut its forecasts for growth to 1.3% for this year from 1.6%, and to 1.9% in 2006 from 2.3%.
However, the IMF said the European Central Bank (ECB) had been right to keep interest rates at 2% rather than cut them to boost flagging economies.
The IMF also warned that commentators were becoming too pessimistic about the eurozone's prospects.
Government officials in Germany, Italy and Austria have been urging the ECB to bring rates down as their economies struggle to make headway in the face of near zero-growth.
The IMF report came on the eve of an ECB meeting which is expected to leave interest rates at 2%.
Unless European countries want to keep denying unemployment benefits to women who refuse to work as prostitutes, or start learning to enjoy twelve percent unemployment rates, Europe needs to bite the bullet and engage in legitimate economic conduct. The Euro is worth more than the dollar not because the European economy is stronger, but because the European governments artificially inflate their economies. Europeans decry the economic conditions in the United States, and yet they scarcely produce anything worth buying, and their unemployment rates are more than double those of the United States.
Europeans criticize the United Kingdom for not adopting the Euro as currency, but the fact of the matter is that the UK is the only Western European country with even a modicum of fiscal responsibility, and they consistently kick the collective ass of the rest of the European Union on economic matters. If your currency was consistently worth more than fifty cents more than the Euro, would you adopt it? Of course not.
No matter how artificially high the Euro is, it's an absolute house of cards. Unless Western Europe stops sucking at the socialist teat and starts encouraging the growth of businesses through deregulation (or even relaxed regulation), lower taxes, lower interest rates, et cetera, they're going to continue their currently inevitable course of economic decline.
And that's a statement you can take to a Swiss bank.
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