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#11
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Jim Ley writes:
That's a very silly statement, a currency (now none are actually backed with real assets) are related to their tradeable value and trust, there's no inherent reason why a multi-nation country should be stronger, there are lots of reasons why it shouldn't - individual countries have a good reason to exploit the currency as the costs of doing so are spread out between the other currencies as an exaample. The different policies of multiple sovereign states have a moderating effect on any shared currency, such that a currency used in common by two dozen states is going to be a lot more stable than a currency used by just one state. The mistakes of one state won't destroy the value of a widely-shared currency, although the wisdom of another state won't necessarily improve its value, either. -- Transpose hotmail and mxsmanic in my e-mail address to reach me directly. |
#12
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On Thu, 02 Jun 2005 04:40:05 +0200, Mxsmanic
wrote: Jim Ley writes: That's a very silly statement, a currency (now none are actually backed with real assets) are related to their tradeable value and trust, there's no inherent reason why a multi-nation country should be stronger, there are lots of reasons why it shouldn't - individual countries have a good reason to exploit the currency as the costs of doing so are spread out between the other currencies as an exaample. The different policies of multiple sovereign states have a moderating effect on any shared currency, such that a currency used in common by two dozen states is going to be a lot more stable than a currency used by just one state. The mistakes of one state won't destroy the value of a widely-shared currency, although the wisdom of another state won't necessarily improve its value, either. You failed to support your original statement that it's "almost guaranteed to be more valuable". -- --- DFM - http://www.deepfriedmars.com --- -- |
#13
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On Thu, 02 Jun 2005 09:38:55 +0200, nitram wrote:
On Thu, 02 Jun 2005 04:40:05 +0200, Mxsmanic wrote: Jim Ley writes: That's a very silly statement, a currency (now none are actually backed with real assets) are related to their tradeable value and trust, there's no inherent reason why a multi-nation country should be stronger, there are lots of reasons why it shouldn't - individual countries have a good reason to exploit the currency as the costs of doing so are spread out between the other currencies as an exaample. The different policies of multiple sovereign states have a moderating effect on any shared currency, such that a currency used in common by two dozen states is going to be a lot more stable than a currency used by just one state. The mistakes of one state won't destroy the value of a widely-shared currency, although the wisdom of another state won't necessarily improve its value, either. The mistakes of Germany and France are destroying the Euro. On CNN yesterday, somebody showed that the wealth of EU Europe and the USA is about the same, however twice as many people have to share the wealth in the current EU. More on this in today's NY Times: Fear and Rejection By DAVID BROOKS Published: June 2, 2005 Forgive me for making a blunt and obvious point, but events in Western Europe are slowly discrediting large swaths of American liberalism. Most of the policy ideas advocated by American liberals have already been enacted in Europe: generous welfare measures, ample labor protections, highly progressive tax rates, single-payer health care systems, zoning restrictions to limit big retailers, and cradle-to-grave middle-class subsidies supporting everything from child care to pension security. And yet far from thriving, continental Europe has endured a lost decade of relative decline. Skip to next paragraph Related More Columns by David Brooks Readers Forum: David Brooks's Columns Western Europeans seem to be suffering a crisis of confidence. Election results, whether in North Rhine-Westphalia or across France and the Netherlands, reveal electorates who have lost faith in their leaders, who are anxious about declining quality of life, who feel extraordinarily vulnerable to foreign competition - from the Chinese, the Americans, the Turks, even the Polish plumbers. Anybody who has lived in Europe knows how delicious European life can be. But it is not the absolute standard of living that determines a people's morale, but the momentum. It is happier to live in a poor country that is moving forward - where expectations are high - than it is to live in an affluent country that is looking back. Right now, Europeans seem to look to the future with more fear than hope. As Anatole Kaletsky noted in The Times of London, in continental Europe "unemployment has been stuck between 8 and 11 percent since 1991 and growth has reached 3 percent only once in those 14 years." The Western European standard of living is about a third lower than the American standard of living, and it's sliding. European output per capita is less than that of 46 of the 50 American states and about on par with Arkansas. There is little prospect of robust growth returning any time soon. Once it was plausible to argue that the European quality of life made up for the economic underperformance, but those arguments look more and more strained, in part because demographic trends make even the current conditions unsustainable. Europe's population is aging and shrinking. By 2040, the European median age will be around 50. Nearly a third of the population will be over 65. Public spending on retirees will have to grow by a third, sending Europe into a vicious spiral of higher taxes and less growth. This is the context for the French "no" vote on the E.U. constitution. This is the psychology of stagnation that shaped voter perceptions. It wasn't mostly the constitution itself voters were rejecting. Polls reveal they were articulating a broader malaise. The highest "no" votes came from the most vulnerable, from workers and the industrial north. The "no" campaign united the fearful right, led by Jean-Marie Le Pen, with the fearful left, led by the Communists. Influenced by anxiety about the future, every faction across the political spectrum found something to feel menaced by. For the Socialist left, it was the threat of economic liberalization. For parts of the right, it was the threat of Turkey. For populists, it was the condescension of the Brussels elite. For others, it was the prospect of a centralized European superstate. Many of these fears were mutually exclusive. The only commonality was fear itself, the desire to hang on to what they have in the face of change and tumult all around. The core fact is that the European model is foundering under the fact that billions of people are willing to work harder than the Europeans are. Europeans clearly love their way of life, but don't know how to sustain it. Over the last few decades, American liberals have lauded the German model or the Swedish model or the European model. But these models are not flexible enough for the modern world. They encourage people to cling fiercely to entitlements their nation cannot afford. And far from breeding a confident, progressive outlook, they breed a reactionary fear of the future that comes in left- and right-wing varieties - a defensiveness, a tendency to lash out ferociously at anybody who proposes fundamental reform or at any group, like immigrants, that alters the fabric of life. This is the chief problem with the welfare state, which has nothing to do with the success or efficiency of any individual program. The liberal project of the postwar era has bred a stultifying conservatism, a fear of dynamic flexibility, a greater concern for guarding what exists than for creating what doesn't. That's a truth that applies just as much on this side of the pond. |
#14
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"Runge" wrote in message ... You're a fine one too ??? "Miss L. Toe" a écrit dans le message de news: s.net... as well as the 'new' EU ? Euro report whips up German storm A political storm has broken out in Germany over reports that the government may be distancing itself from the European single currency. Stern magazine said that Finance Minister Hans Eichel had been present at a meeting where the "collapse" of monetary union was discussed. The government is planning to blame the euro for Germany's economic weakness, the magazine added. The report was dismissed by both the ministry and Germany's central bank. But it comes at a sensitive time for Germany, as the country gears up for a possible early general election following regional poll defeats for Chancellor Gerhard Schroeder's ruling Social Democrats (SPD). The euro dipped sharply when the report came out on Wednesday morning, hitting a seven-and-a-half month low of $1.2230 by 1200 GMT. Struggling economy The mere fact that it has been talked about means that it is a big deal Jeremy Hodges, Lloyds TSB Financial Markets Public dissatisfaction with the government's handling of the economy is one of the greatest challenges facing Chancellor Schroeder. His ruling SPD/Green coalition is widely expected to lose a parliamentary vote of confidence, due to be held by 1 July, which would trigger a general election. The euro is seen as a potential source of political conflict. According to Stern, some 56% of Germans want to go back to the deutschmark. And dissatisfaction with the single currency has proved a potent topic in the campaign ahead of this week's Dutch referendum on the European constitution. 'Absurd' Responding to the Stern report, the finance ministry and the Bundesbank described talk of the euro's demise as absurd. "Finance Minister Eichel and Bundesbank President Weber see the euro as a unique success story and an important step in securing the future of Europe," a Bundesbank spokesman said. Both men said they had not taken part in discussions during the meeting on the problems facing monetary union. "The mere fact that it has been talked about means that it is a big deal," said Jeremy Hodges, head of foreign exchange sales at Lloyds TSB Financial Markets. "I see no reason whatsoever to go against the euro move." Story from BBC NEWS: http://news.bbc.co.uk/go/pr/fr/-/1/h...ss/4599681.stm Published: 2005/06/01 13:52:29 GMT © BBC MMV |
#15
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"Deep Foiled Malls" wrote in message ... On Wed, 01 Jun 2005 23:10:09 +0200, nitram wrote: On Wed, 01 Jun 2005 14:44:18 -0400, Gunter Herrmann wrote: Hi! Miss L. Toe wrote: The euro dipped sharply when the report came out on Wednesday morning, hitting a seven-and-a-half month low of $1.2230 by 1200 GMT. Just wait until EUR 1 = US$ 1 = Yen 100. Then replace EUR and $ by the Globo, replace ¢ (both of them) with the Yen. Just kidding ... brgds -- Gunter Herrmann Naples, Florida, USA Yeah but are pizzas in Naples Fla. better than in Pizza Hut in Milan? There's a Pizza Hut in Milan? Plenty of ****ty Spizzico places, but I don't believe Pizza Hut would show their face here. there is definately a Pizza Hut in Milan :-) http://mmipizzahut.com/milan.php |
#16
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On Thu, 2 Jun 2005 11:59:29 +0100, "Miss L. Toe"
wrote: "Deep Foiled Malls" wrote in message ... On Wed, 01 Jun 2005 23:10:09 +0200, nitram wrote: On Wed, 01 Jun 2005 14:44:18 -0400, Gunter Herrmann wrote: Hi! Miss L. Toe wrote: The euro dipped sharply when the report came out on Wednesday morning, hitting a seven-and-a-half month low of $1.2230 by 1200 GMT. Just wait until EUR 1 = US$ 1 = Yen 100. Then replace EUR and $ by the Globo, replace ¢ (both of them) with the Yen. Just kidding ... brgds -- Gunter Herrmann Naples, Florida, USA Yeah but are pizzas in Naples Fla. better than in Pizza Hut in Milan? There's a Pizza Hut in Milan? Plenty of ****ty Spizzico places, but I don't believe Pizza Hut would show their face here. there is definately a Pizza Hut in Milan :-) http://mmipizzahut.com/milan.php Gosh, how wrong I am! It looks rather empty though... -- --- DFM - http://www.deepfriedmars.com --- -- |
#17
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"nitram" wrote in message ... On Thu, 02 Jun 2005 13:45:59 GMT, Deep Foiled Malls wrote: On Thu, 2 Jun 2005 11:59:29 +0100, "Miss L. Toe" wrote: "Deep Foiled Malls" wrote in message ... On Wed, 01 Jun 2005 23:10:09 +0200, nitram wrote: On Wed, 01 Jun 2005 14:44:18 -0400, Gunter Herrmann wrote: Hi! Miss L. Toe wrote: The euro dipped sharply when the report came out on Wednesday morning, hitting a seven-and-a-half month low of $1.2230 by 1200 GMT. Just wait until EUR 1 = US$ 1 = Yen 100. Then replace EUR and $ by the Globo, replace ¢ (both of them) with the Yen. Just kidding ... brgds -- Gunter Herrmann Naples, Florida, USA Yeah but are pizzas in Naples Fla. better than in Pizza Hut in Milan? There's a Pizza Hut in Milan? Plenty of ****ty Spizzico places, but I don't believe Pizza Hut would show their face here. there is definately a Pizza Hut in Milan :-) http://mmipizzahut.com/milan.php Gosh, how wrong I am! It looks rather empty though... Worse , much worse ... http://www.pizzahut.it/ Not one to buy shares in I suspect. Now if they rebranded their 'product' as fried bread with cheese on top, they might attract some of the British Breakfast crowd. |
#18
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#19
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On Thu, 02 Jun 2005 13:45:59 GMT, Deep Foiled Malls
wrote: On Thu, 2 Jun 2005 11:59:29 +0100, "Miss L. Toe" wrote: "Deep Foiled Malls" wrote in message ... On Wed, 01 Jun 2005 23:10:09 +0200, nitram wrote: On Wed, 01 Jun 2005 14:44:18 -0400, Gunter Herrmann wrote: Hi! Miss L. Toe wrote: The euro dipped sharply when the report came out on Wednesday morning, hitting a seven-and-a-half month low of $1.2230 by 1200 GMT. Just wait until EUR 1 = US$ 1 = Yen 100. Then replace EUR and $ by the Globo, replace ¢ (both of them) with the Yen. Just kidding ... brgds -- Gunter Herrmann Naples, Florida, USA Yeah but are pizzas in Naples Fla. better than in Pizza Hut in Milan? There's a Pizza Hut in Milan? Plenty of ****ty Spizzico places, but I don't believe Pizza Hut would show their face here. there is definately a Pizza Hut in Milan :-) http://mmipizzahut.com/milan.php Gosh, how wrong I am! It looks rather empty though... Next project: American Wienerschnitzel outlets in Austria. ************* DAVE HATUNEN ) ************* * Tucson Arizona, out where the cacti grow * * My typos & mispellings are intentional copyright traps * |
#20
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nitram writes:
The mistakes of Germany and France are destroying the Euro. The euro seems to be doing quite well. On CNN yesterday, somebody showed that the wealth of EU Europe and the USA is about the same, however twice as many people have to share the wealth in the current EU. How is this related to the euro? -- Transpose hotmail and mxsmanic in my e-mail address to reach me directly. |
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