Quote Originally Posted by MMI View Post
Sterling is no longer the powerful currency it once was, and the old Sterling Zone no longer exists. There is no reason other than misplaced sentiment for its continued survival, and I suggest that the UK should join the Eurozone as soon as possible, to provide another powerful economy that can bolster the currency's strength PROVIDED ALWAYS (as the lawyers would say) that the whole Eurozone economy is united in all relevant ways - taxation, interest, exchange rates etc - within a short and rigid timescale. Thus the EU can progress towards its goal of peaceful harmony and prosperity and the currency will take its rightful place as the world's principal reserve currency.

Until it is overtaken by the yuan, of course!
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The alternative is that European economies will falter and fall apart. We will then be in the same situation as in the 1930s, giving rise to political extremism and nationalism ... and we all know where that led to. The European Union will have failed in its primary purpose, and the Euro, like the Confederate dollar, will be a footnote in history: a sad reminder of the time when an idea died.
I have a few problems with the quote, and the first being the dollar was not forced on the Americans it was there almost from the birth of America. Yankee or Confederate there is little difference in the wider picture because they were both dollars. All the states were used to handling that type of currency, the politics surrounding either type was dealt with during the civil war. [But if I’m wrong I will stand to being corrected as I have never delved into American history].

The Euro was forced on any country that wanted to join and it was the fiddle that went on with the individual countries treasury that pissed every one off. The only people that wanted the Euro and the single currency were France and Germany, and a few countries that realised if they never voted for it their open cheque would close. The best thing was the UK staying out of it or we would be in the same kind of shit they are in now.

Sterling might not be a strong currency but at the moment it is still stronger than the Euro or the dollar.

Why the hell should the UK join the Euro zone now? Apart from Germany we are paying a lion’s share to the community and getting damn all back in return now, all except a few unworkable laws. That’s a good idea, because then we can kick our austerity into touch and fall down the world hole with the rest of Europe. The only reason the UK received the loan from the banks was because we could be trusted to pay it back. The other reason is because most of the European countries [not all] when added together, owe the UK more than we borrowed. You know the way it goes MMI, you don’t throw more good money away to people that are unlikely ever to repay you. No one can live on a trade deficit if there is no trade.

As for a second currency, I think I have pointed you in the right direction earlier by mentioning the BRIC countries. The only thing stopping it taking place at the moment is the Chinese don’t wish to revalue the Yen until they are ready, meaning the rest of the world won't be.

Be well IAN 2411