Will we have to kick the states like Mass and Kalifornia out of the union due to Greece-like Profligate spending?
They are, after all, devaluing our dollar much like Greece (and others) have done to the Euro….and by the exact same mechanism: spending more than they have, and especially on government handouts and pension programs….
Expect the dissolution of the EU and the Euro soon:
“What was once deemed unthinkable is now, I believe, inevitable: withdrawal from the eurozone of one or more of its member countries. At the bottom end, Greece and Portugal are favourites to be forced out through weakness. At the top end, proposals are already being floated in the Frankfurt press for a new “hard currency” zone, led by Germany, Austria and the Benelux countries. Either way, rich and poor are heading in opposite directions.”
When asked on Sky if, in five years’ time, the euro will have the same make-up as it does today, Jeremy Stretch, a currency analyst at Rabobank, the Dutch financial services giant, told me: “I think it’s pretty unlikely.” The euro was a boom-time construct. In the biggest bust for 80 years, it is falling apart.”
Will we do the same to those states like Kali and Mass and perhaps cities like Chicago who are Greece like in their monetary policies?