Sunday, April 30, 2017

Le Pen Is Right About Disastrous Euro Policy

Le Pen Is Right About Disastrous Euro Policy

by Stephen Lendman

Campaigning ahead of next Sunday’s French presidential runoff, Le Pen pronounced the euro currency “dead,” saying:

“We need to control the currency, to adjust it to the economy, because today the single currency is a burden.” It benefits “big companies engaged in international trade.”

It gives Brussels control over French monetary and fiscal policies, harming national sovereignty.

Le Pen wants it restored, intending to hold a national referendum to let voters decide up or down on leaving the EU and NATO if elected.

Emmanuel Macron remains heavily favored to defeat her. Western politicians and media scoundrels one-sidedly support him - wanting no change in dirty business as usual, including  France remaining part of the malignant euro monetary union.

It combines hugely dissimilar countries under a binding monetary/fiscal system. Troubled Eurozone members face a downward economic/financial spiral, at some point risking sovereign debt default.

Greece is already bankrupt, a zombie economy. Euro straightjacket rules destroyed it. Other troubled Eurozone countries face similar problems, worsened by austerity and heavy debt. 

The system is doomed to fail, a hairbrained scheme, fraudulently engineered to look workable. The effects of the 2008 financial crisis linger.

In economist/Eurosceptic Bernard Connolly’s 2008 report titled “Europe - Driver or Driven,” he explained “a global Ponzi game,” responsible for economic crisis conditions.

“Monetary union means greater economic instability,” he said. Europe wants “global issues as excuses to extend its power (and) control over member countries,” Germany the dominant player.

“Manufactured terrorism is a pretext for police state practices, abandoning democratic values and rule of law principles. European monetary union (EMU) is hugely destructive, “the biggest credit bubble of them all,” doomed to burst, said Connelly.

Economies are kept afloat by near-zero interest rates and money printing madness. Greece is the future for weak Eurozone countries.

The late Bob Chapman said failed economic/financial policies only buy time. Europe’s (euro) experiment is “an abject failure.” Ahead is “the end of the period that developed” post-WW II.

In America and Europe, predatory banking giants are running economies into the ground. Inevitable crisis awaits. Hairbrained economic/financial policies assure it.

Le Pen wants France freed from Eurozone tyranny and trouble. Macron’s huge lead in polls, along with French aristocracy and media scoundrels strongly against her, leaves little chance for her triumphing next Sunday.

Stephen Lendman lives in Chicago. He can be reached at lendmanstephen@sbcglobal.net. 

His new book as editor and contributor is titled "Flashpoint in Ukraine: How the US Drive for Hegemony Risks WW III."

http://www.claritypress.com/LendmanIII.html

Visit his blog site at sjlendman.blogspot.com. 


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