The Euro is on its last legs. The day we have all known was coming is just around the corner. The Greeks will exit and become the first domino to fall in a crisis that will see many lose everything.
Finland has largely sat on the outside of the struggle to save the Euro. With a reasonably stable economy and not nearly enough money to help prop up other countries, Finland has been little more than an observer. Now though they appear ready to be an active participant and, at least according to their Foreign Minister, they are preparing for the end of the currency.
“We have to face openly the possibility of a euro-break up. It is not something that anybody — even the True Finns— are advocating in Finland, let alone the government. But we have to be prepared.”
“Our officials like everybody else and like every general staff, have some sort of operational plan for any eventuality.”
said Erkki Tuomioja.
“It’s interesting that in this relatively stable time, relative for the Euro of course, that Finland would come out and make statements like these. I mean they haven’t had much to contribute since this whole Euro collapse rumor began, or maybe they have and they have been ignored.
In recent comments the prime minister of Finland has called for European leaders to end the “panic mentality” in the financial markets that has driven Spain and Italy’s borrowing costs to record highs in recent weeks.
Speaking after a meeting with Italian Prime Minister Mario Monti in Helsinki on Wednesday, Jyrki Katainen said bond yields in certain countries were unfairly high and the next step in the crisis must be a “Europe-wide” solution to the non-functioning markets.
“The overall situation is so serious that financial markets do not give the full value for what a country has done in the past, or will do in future,” said Katainen. “We need the market economy to work again in financial markets.”
The meeting, at the Finnish leader’s summer retreat, called Kesäranta comes a day before the European Central Bank‘s eagerly awaited meeting where it may announce new measures to stem the crisis. Expectations are high, after European Central Bank president Mario Draghi pledged last week to do everything in his power to preserve the euro.
Asked what he hoped to hear on Thursday afternoon, Monti gave a clear signal that he would be delighted if his compatriot announced a new bond-buying programme.
“I believe the statements of the president of the ECB last week were interesting, bold and appropriate,” said Monti. He was “particularly impressed by the clarity” with which Draghi had talked about excessive differences between interest rates undermining the effective transmission of monetary policy.
Monti hailed Finland’s recovery from a severe banking crisis two decades ago, saying Europe needed to “learn fast” from the Finns.
This all comes as we see what looks like confirmation of a Greek exit from the currency but how would this work?
Imagine for a moment you live in Greece.
- You wake up one morning to the news your country is no longer part of the eurozone.
- You were meant to buy groceries and pay bills today, but what happens to your money now?
- You may feel a glimmer of hope, or you may actually be in the middle of a “financial holocaust”.
If Greece exited the eurozone, there would be several advantages, but experts say the move would also catapult the country into a chaotic abyss.First, they say Greece would go into lockdown. It would close its borders and freeze its entire banking system. It would also be impossible for Greek businesses to trade internationally.
Then an emergency currency would be brought into effect. This would hold Greece over until it could print enough drachmas – Greece’s former currency – to replace the old euro. A tsunami of economic effects would roar across Europe. All euro notes and coins which originated in Greece would no longer be legal tender, and Greece’s debt would potentially double.
A Greek exit from the eurozone would be a nightmare, and economically, the consequences would be dire.
The more we move along the unfolding time line of the crisis the more I see what looks like design. The collapse may have been managed and may be wanted by those at the top. Why?
Two reasons I can think of are to enable them to move troops onto the streets in order to crush our civil liberties, control movement and the populace. Gifting them access to a huge work force, who would be willing to labor for the necessities of life.
Evidence of this is all around us we have seen rioting in many European cities this would only get worse. Many people comment on the militarizing of police in the US and that this is being implemented for the dollar collapse. I think they are linked the dollar and the euro are bedfellows. We could well see and exchange of forces US troops/police into Europe, Europeans into America. This would help them solve the “troops firing on their own countrymen” problem.
The second following being once they have gained total control they would abolish the use of cash.
We would move into a cashless society and the perils that would bring are mind boggling.
A cashless society is on its way?
People are using less cash than they have in the past. Some places refuse it and other places have made its use illegal in certain transactions. Debit cards and credit cards are the accepted form payment by most merchants for them a cashless society is very popular.
Ned Smith has reported for BusinessNewsDaily “More Americans Favor a Cashless Society.”
A new survey has suggested that we may be heading towards a cashless society. Already most everybody is using less cash than they did a decade ago.
MasterCard conducted a poll of more than 1,000 adults they were quizzed on their views and attitudes toward the increasing use of electronic payments three out of four Americans (73 percent) say they use less cash today than 10 years ago. The members of Gen X, who are aged 30-39, appear to be in the forefront of the drift towards a cashless society.
Carlos Menendez, group executive of global debit at MasterCard Worldwide, has said “Commerce has changed dramatically over the past decade, thanks to the Internet and e-commerce, and this survey underscores that Americans are already shifting towards a cashless society. It’s clear that people want better ways to pay, and we’re inventing them at MasterCard. As a technology company that’s a key player in the payments industry, we’re constantly coming up with new innovations — like mobile and contactless payments — that, simply put, are designed to make life easier.”
And so it appears we may be headed towards a cashless society.
The ease factor maybe a good thing but the cost of that convenience maybe great.
I for one am against the idea of becoming a cashless society. Others are certain that it would bring positive change they give examples:
- Reducing robberies
- A fall in Muggings and other crimes of opportunity
- Solve tax related problems
- Allow for new growth
Ease of use
A cashless world would need an alternative which would most likely be a smart card or an account linked digitally to your handheld device. Using a smart card or biometric technology instead of cash for all transactions would be the new norm.
The problem I have?
Who has control of the data when your money becomes virtual?
You do not control it, you have handed that power to the company or government that controls the technology. You become a slave to them (more so than we already are) your everyday needs can be controlled payment of bills the purchase of luxury items all the way down to the essential of food.
The system wins out. If you cannot purchase items, if your entitlement to use this new cashless system is taken away (for a reason that the managers of the system see as fit) what will you become?
This is would be a huge control system we would lose the little freedom we have left. The elite would have found their final solution and created a global Gulag.