by Martin Armstrong, Armstrong Economics:
The European leaders are pushing for war with Russia because, economically, they are failing. Those in the highest offices of the European Union faced the decline and fall of their dream – one European government that had been attempted many times before, from Charlemagne to Hitler and Napoleon. As I have written before, they came to me when they were creating this project since we were the currency specialists. They attended, taking the entire back row of our London World Economic Conference.
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I warned them back then that the euro would NEVER displace the dollar unless they consolidated the national debts of Europe. I was told that was impossible and they just had to get the euro through and then worry about the debts later. I explained that capital would merely trade one member’s bond against another, the same as in currencies. That was in 1998, and they never addressed the debt issue that is now escalating into a crisis.
It was Chancellor Kohl who blocked the debt consolidation. He admitted he acted as a dictator and took Germany into the euro, denying the German people any right to vote because he knew he would have lost the vote seven to three. Because of that decision, the euro could never replace the dollar, and an institutional investor still had to compare one member state against another. The volatility once in the foreign exchange markets was merely transferred to the individual bond markets.
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The theory behind creating the EU Parliament was that one government would end European wars. Now, the EU is looking for a war to pretend the economic demise of Europe was not because of their gross mismanagement and the failure to design the euro properly. Also, never in history has centralized control succeeded. In fact, this idea of a one-size-fits-all approach has always ended in civil war, for it is tearing the United States apart at the seams as well, just as it did with Communism in Russia and China.
This idea of the EU and a centralized dictatorial government is rapidly becoming ungovernable. Even at a recent debate in Berlin, a German voter criticized Chancellor Olaf Scholz, pointing out that Germany’s government is unable to govern as its ministers are bickering like children fighting over the same toy. The shocking response from Scholz conceded the point. “The truth is: You are right, but what would be your solution? I mean, I’m asking for a friend.”
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