If this ‘last chance’ fails, it really will be time to brace for the final crash – Europe – World – The Independent

English: Various Euro bills.Your plane is about to crash. What do you do? a) rebuild the plane in mid-air; b) take avoiding action; c) bailout.

There a few things to bear in mind. The plane has 17 pilots. Some people on the ground are praying you do not fall on their heads. Others are firing missiles at you.

The European summit, which starts in Brussels today, is the 18th “last chance” to rescue the euro. In the last two years, the 17 pilots – and 10 co-pilots – have tried several unconvincing variations of a) and b).

If they fail this week, they may be forced into a combination of c) abandon ship; and d) crash-and-burn.

One thing by now should be clear even to the most diehard euro-fanatics. The euro, in its present form, is a failure – a successful failure in some ways, but nonetheless a failure.

The euro did not cause the international, financial and economic crisis that began in 2007 and 2008. That was caused by the arrogance and greed of many of the same market players who are now divided between praying for the euro’s survival and speculative incantation for its destruction.

But a tree, which cannot withstand a gale is a doomed tree. The euro’s vulnerability to the economic crisis can be blamed on many things: sovereign debt accumulated over decades; Greek insouciance; German arrogance; property gambling by Spanish and Irish banks; computer-enhanced speculation.

Fundamentally, though, the crisis has exposed a crippling design failure in the conception of the single currency. Twelve countries, now 17, decided to create the bloc without the central institutions and rules or the common economic conditions, which govern a national currency and a national economy.

All was well until the crisis came. Then, to simplify a little, our 17 pilots found themselves in a crashing plane with 17 different sets of controls.

via If this ‘last chance’ fails, it really will be time to brace for the final crash – Europe – World – The Independent.

Strange Random Flying Quote:

There is an art, or rather a knack to flying. The knack lies in learning how to throw yourself at the ground and miss. – Douglas Adams, Hitchhikers Guide to the Galaxy

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Posted on June 29, 2012, in Article and tagged , , , , , , , , , . Bookmark the permalink. Leave a comment.

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