- The Euro is the cause of the crisis in the Eurozone. In a situation where Italy is using their own national currency, the lira, the markets will allow the lira to depreciate to reflect their economic and budget deficit situation. But the Euro is preventing that from happening. It is pricing the Italians out of competitiveness and causing a prolonged depression. Of course, the Illuminists want to sell themselves (and their solution) as saviors. This is propaganda BS.
The euro is pushing Italy into depression!
By Ambrose Evans-Pritchard, http://www.telegraph.co.uk/
Here is the latest money supply chart from the Banca d’Italia. Just look at M3. Horrendous. See page 7 of this report. This speaks for itself. There is no clearer indictment of the dysfunctional nature of monetary union. Italy is being pushed into depression. Criminal.
Obviously, Italy and Germany can no longer share the same monetary policy. Ergo, Germany should leave EMU, pronto. The Banca said Italy’s economy contracted by 0.5pc in the last quarter of 2011. It will shrink by a further 1.5pc this year, with no growth in 2013.
This is a direct result of the misguided pro-cyclical austerity polices imposed by Angela Merkel and the ECB – the infamous Trichet letter – without offsetting monetary and exchange stimulus. This will of course play havoc with Italy’s debt trajectory.