Sunday, Jun 06, 2010
Pros and cons
Telegraph: Euro 'will be dead in five years'
The euro will have broken up before the end of this Parliamentary term, according to the bulk of economists taking part in a wide-ranging economic survey for The Sunday Telegraph.
Posted by dill @ 10:00 AM (978 views) Add Comment
9 Comments
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1. ant said...
Agree. But it has been pretty much obvious for some month. So what's the story?
2. holyroller said...
Not much, it says some think it will survive but change, some don't know and some think it won't survive. Well at least that covers all the options lol.
3. enuii said...
I always thought from the moment it was launched that it would eventually drag its wealthier members down to the lowest common economic denominator and that would be its downfall.
4. miken said...
There's already signs of significant funds moving to sterling. Currently £1 = €1.2 . Highest since Dec 2008. This is sticking the finger up at all
those pessimists who have driven the value of the pound down over the past 5 years. Many economic journals said the pound was over sold and this is just proving the point.
5. techieman said...
Funny how you hear this stuff when the currency is under pressure. However not many folks predict this when the Euro is riding high at 1.60 to the Greenback. Then it was the $ is doomed....
Not that i disagree with whats being said, just it seems to me that we are due a strong move back up relatively soon. This kind of sentiment only adds to confidence that this is getting closer. Close but probably no cigar.. well not quite yet.
6. ant said...
@miken: I would not be that upbeat: first euro, then pound and US dollar at the end. Currencies of countries in debt are on a verge of collapse. READ this: http://gregpytel.blogspot.com/2010/06/kill-your-saviour-currencies-crisis-is.html
7. drewster said...
I'm not sure I agree with this. A survey of six economists five years ago would have told you that there was no risk from subprime mortgage lending, and any damage would be limited. Financial innovation was leading the world to ever-stronger economic growth. So much for what economists know.
Besides, how many economists would have predicted a Euro breakup twelve months ago? The nice thing about economic forecasts is that you can change them as often as you like.
8. techieman said...
Drewster - agreed. When you realise that most economists dont see the turns in the market you realise that we will carry on making the same mistakes. Thats why this stuff needs to be taken with a pinch of salt. Having said that i think the Euro wont die, i will just be on a two tier system. Actually i think its more likely that France and Germany will maintain it and eventually we might join that "premier league" of the Euro with something else in place for the first and second divisions!!
But before then lots of pain and upheaval.
9. the number cruncher said...
Fundamentally the Euro zone is in better shape than the dollar and pound, IMHO. I have a feeling this is just the bubble cycle of the speculators seeking justification from the economy hacks