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Published: Thursday 10 October, 2013

dresses online shopping dresses online shopping ?Eurozone Sovereign Debt Crisis Sinks U



Europes 800pound gorilla related to the survival of the euro continues to sit on the back of the European Union. Brusselsbased European Union has no answer for the 12yearold experiment with a common currency, hoping, but failing, to promote prosperity across 17 European economies. Frankurtbased European Central Bank cant figure out what to do with Europes growing sovereign debt crisis, where the Eurozones less industrialized countries have collapsed economically, saddling Germany with mountains of bad debt. Its a very tenuous situation, said Rod Smyth, Chief Investment Strategist at Riverfront Investment Group, admitting that hes underweighting his portfoli dresses online shopping os with European stocks. What you dresses online shopping need in Europe is exactly what the Federal Reserve Board did in 2008, fund a lot of bonds, said Smyth, concerned that Germany could secede from the Eurozone.



Word of Germany and Frances banks losing capital reserves prompted a selloff in euros and European stocks, raising disturbing fears dresses online shopping about the survival of the euro. German faces a vote in its Constitutional Court about the legality of the ECB buying more Eurozone sovereign debt, adding more toxic liabilities to its balance sheet. Since the Eurozone began in 1999, Germany was expected the share its wealth with less prosperous nations. Twelveyears into the experiment, Germany doesnt want to bailout struggling European economies. Now that Germanys closer to recession, its doubtful its citizens will agree to taking on more ECB debt. Since the euros value was based largely on the Deutsche mark, it was too expensive currency for less prosperous economies. Given the heavy welfare burden of Eurozone, countries paying benefits in euros was far too costly.



Germany, France, Belgium and the Netherlands all hoped the southern European economies to keep pace with the heavily exporting north. Twelveyears into the common currency, the euro has only worked for Germany, France, Belgium and the Netherlands, whose preeuro valuations were roughly equivalent to the Deutsche mark. Germany now has second thoughts about picking up the bulk of the ECB tab for bailing out Europes failing economies. Burdening Germany with too much ECB debt has dragged the economy closer to recession. German taxpayers have reached their limit of bailing out other Eurozone countries, no longer willing to accept the same austerity measures as more debtridden nations. treasury, the ECB has no revenue stream other that lending out capital at high interest rates.



If the euro experiment ends, world currency exchanges will have no problems revaluing Europes sovereign currencies. Coining money gives sovereign nations the kind of monetary flexibility not seen when forced to borrow money at high interest from the ECB. Currency exchanges use the same criteria for valuing currencies based on Gross Domestic Product to debt ratios. Generally speaking, the lower the debt to GDP ratio, the higher the value of the currency. has been the most notable exception recently, before the Eurozone sovereign debt crisis, the euro held his own against the dollar. Now the Europes debt is back in the headlines, the euro has dropped in value. Despite an initial overreaction, ending the euro would have an overall positive impact on European economies. No sovereign nation should be emasculated by losing its coinage rights.



Looking at the big picture, whatever losses Germany or France expect from ending the euro, it pales in comparison to the resentment and bad will created from playing the heavy in the European debt crisis. As it stands now, the Frankfurtbased ECB has become the enemy of the people. No one likes ECB or Brusselsbased EU dictating economic programs and imposing austerity programs. Whats good for Germany or France doesnt necessarily translate into whats good in less exportoriented economies. Davidson Co. in Lake Qswego, Oregon, explaining Wall Streets downturn. Once the EU decides to junk the euro, foreign markets will eventually stabilize, as currency traders deal in new sovereign currencies. and European central bankers must take a searching inventory of the continued viability of the euro. Once the euro experiment and Eurozone nations return to sovereign currencies, markets will sort themselves out and return to more stability. Unless Europe truly forms one government and one tax base, the common currency cant work without bankrupting Europes less industrialized countries. Debtburdened countries like Greece, Portugal, Spain, Italy, Ireland, etc., need to coin their own currencies and, if needed, devalue their currencies. No sovereign nation should be expected to beg, borrow and steal its currency from a foreign central bank. Sovereign nations need to float their currencies, manage their economies, control their debt and deal with the fallout from currency exchanges. dresses online shopping

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