Roland Dürre
Friday December 17th, 2010

Our Beloved EURO … or … Written in a Hurry

Or even: talked in vain …

Basically, I am fed up with discussing the Euro. Our Federal Chancellor already elaborated so much about it. And now she is busy saving the Euro.

Frau Merkel said several times that the future of Europe rests on the Euro. It seems that her opinion is that the question of war or peace will be determined by the Euro. Consequently, she is willing to do all in order to make the Euro (remain) stable.

I ask myself how she knows all those things. Why does she keep reciting them like a mantra? And how is anybody supposed to go about keeping a currency stable?

To me, this is total nonsense!

After all, the Euro, too, is just a means of payment, a currency. Basically, they are just units facilitating the exchange of commodities. They are primitive economical tools and they come and go. All the currencies of this world together are some kind of global currency system.

And, of course, it is something you can organize in totally different ways. As a matter of facts, it really organizes itself. And, naturally, such a system can also be totally centralized. In the extreme case, there would be only one currency for the entire world. Number of currencies = 1.

The opposite extreme is having one currency for each economical sphere. That would mean: number of currencies = “very huge”.

Today, both can be imagined. Converting the currencies is not very exciting. The computers do all the work.
But we really do not know which system has what advantages and disadvantages. As likely as not, we can never really know for sure. After all, it all depends far too much on political, economical and social developments. And they are all but linear.

I prefer smart, de-centralized systems. That means I would favour many currencies in a flexible combination. But it goes without saying that I have as little idea what is good for the world, for Europe, for Germany, for Bavaria and for Munich as anybody else.

Except: I hate having to listen to these random statements all the time. Dear politicians, please stop giving statements of faith all the time about things you cannot possibly know more about than the rest of us!

RMD
(Translated by EG)

P.S.
I often suspect that all this hysteria about the Euro are just a post-modern age phenomenon. Maybe the Euro is not really endangered at all? According to the motto: delirunt, isti Romani. But common hysteria is also something nice isn’t it? After all, the Euro crisis is something totally different from bird flu or swine influenza. Only: you can make even more money with it. …

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