things are getting interesting in Europe. The German finance minister wants Greece to “temporarily” exit the European Union…just until they don’t have to pay for the Greek debt. Finland is starting to realize that pulling the ejection handle is a good idea for them, as well: “Though Finland is relatively strong compared to many other EU member countries, it is weaker than its non-euro Scandinavian neighbors, which include Sweden, Norway, and Denmark. Each of these countries still has its own unique currency, and all of them are growing and thriving much faster than Finland, which is bound to a union currency that is constantly being dragged down by Greece, Spain, and other economically-failing countries…” [Italics mine]
So maybe getting rid of Greece isn’t quite the easy answer that Germany was looking for…there’s still the imploding economies of Italy, Spain, Portugal, Ireland, and Iceland. This ship is going sink. It is a mathematical certainty.
Finland’s concerns should be instructive for Scotland, which is eyeing independence in 2014. Attaching itself to a losing proposition is a monstrous idea, and allowing your currency to be controlled by your former English masters is foolish. A better idea is a Scottish currency and tying your economy to the stronger Scandinavian nations that were smart enough to stay out of the Euro. And, of course, there’s always the option of sticking with London, which my English friends assure me is the right course.
While the Fins and some of the Germans have started to come to their senses about the Euro, here in the United States, the main concern is that Greece to remain in the European Union, if only to insulate the American economy from a hit the collapse of the Eurozone would have on Wall Street…until after the election.