Posted on 11/05/2011 8:47:46 PM PDT by bruinbirdman
The chairman of Goldman Sachs Asset Management has said that the need for a German-led fiscal integration in the eurozone would make it increasingly unattractive for all the countries who joined to stay in the single currency.
Jim O’Neill, whose division manages more than $800bn (£500bn) of assets, said that countries as diverse as Portugal, Ireland, Finland and Greece could pull out of the single currency rather than have to operate under a single eurozone treasury.
Yesterday, Angela Merkel, the German chancellor, said the market turmoil could last for a decade and there was still “a chunk of work” to do.
“The Germans want more fiscal unity and much tougher central observation – with the idea of a finance ministry,”
Mr O’Neill said in an interview with The Sunday Telegraph. “That will emerge for those that want to stay in this damn thing, or can stay in.
“With that caveat, it is tough to see all countries that joined wanting to live with that –including the one that is so troubled here [Greece]. If you wind the clock back, it was pretty obvious that economically probably only Germany, France and Benelux of the original joiners were the ones that were ideal for a monetary union.
“For [them] it is not a bad idea – these countries have always had some kind of tight fixing of exchange rates and are very intertwined. For all the rest that originally joined – Spain, Italy, Portugal, Ireland, Finland – it is actually questionable.”
Mr O’Neill said that because Finland and Ireland were adjacent to non-eurozone countries – the UK and Sweden – they might prefer to quit the euro. He said the single currency might be stronger as a result.
Turning to the Brussels bail-out deal, he said that, although
(Excerpt) Read more at telegraph.co.uk ...
Ein volk, ein reich, ein finance ministry
the split up of the euro union
means the delay of endtimes.
Such a stupid idea in the first place!
Jim Willie was saying that more than a year ago.
Wonderland ping.
Thanks bruinbirdman.
Wasn’t it GS that concealed the magnitude of Greek’s debt in order to seal the EU deal in the first place? I believe it was to comply with the Mastrict (sp?) treaty.
Why should we listen/trust them now?
Deutsch bank, Deutsch bank über alles, über alles in der Welt.
(yeah, I probably screwed up gender or case badly enough to make my high school German teacher cry, but there was no way to make Deutsche Bundesbank fit in the song.)
“It will be easier to be called up with the church than attempt to be saved during the Tribulation”
It will be far, far easier...
Chairman of the supervisory board of China Investment Corporation, Jin Liqun said, "I think if you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of their worn out welfare societies . . . the labour laws are outdated – the labour laws induce sloth, indolence rather than hard working. The incentive system is totally out of whack."
yitbos
Ice could melt on a hot summer day.
Just saw the post of another 5.6 quake in OK. Wake up bell being rung loud and clear. I am just saying to those who do not hear, time is short friends. Time is short. In the Twinkling of an Eye and it is over here.
I’m glad I’m not on dial-up.
Ken,
There will be no delay. We are in the end times now. And not in some general “some day” sense - we are in the end times now. Here are some specifics:
1) The European Neighborhood Program Instrument (ENPI) runs from January 1, 2007 to December 31, 2013. Expect to see a “stopping” of the daily sacrifice “in the midst” of this time frame according to Daniel 9:27.
2) The “stopping” of the daily sacrifice kicks off a 1260 day window at the end of which begins The Great Tribulation. Ref. Daniel 12:11
3) The “stopping” of the daily sacrifice also kicks off a 2300 day window within which occurs attacks against Israel, The Great Tribulation, The Second Coming, and Armagaeddon. Ref. Daniel 8:13-14.
As an Italian newspaper asked: “Will Italy be giving up our sovereignty to the conceptual new “Europe” or, in reality, “Germany”?
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