tag:blogger.com,1999:blog-2761684730989137546.post1895392069139854463..comments2024-03-29T02:19:19.866-04:00Comments on Mike Norman Economics: The UK's debt crisis is going to be unique. And not in a good way. — Philip Pilkingtonmike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2761684730989137546.post-92090313195487090572022-10-26T14:08:14.763-04:002022-10-26T14:08:14.763-04:00The Eurozone is a monetary union, but not a fiscal...The Eurozone is a monetary union, but not a fiscal union. There is no central authority to issue debt-free euros. All euros are ultimately lent into existence by banks, like most people falsely think happens in the USA. Therefore euro-zone countries with trade deficits (e.g. Greece or France) must go continually deeper and deeper into debt, while countries with trade surpluses (e.g. Germany) suck euros from the weaker nations.<br /><br />Now the USA is working to make Europe suffer to the point of giving up euros altogether and using U.S. dollars. This will make Europe a debt slave of the USA, which can create infinite dollars out of thin air. <br /><br />The UK has its own currency (pounds sterling) but it too will be forced to start using US dollars. The UK and Western Europe will buy its food and fuel from the USA and its allies, priced in US dollars.Konradhttps://www.blogger.com/profile/01739209449391854796noreply@blogger.com