OMFG! Are government economists and mainstream media finally catching up with what The Daily Stirrer and Boggart Blog’s finance expert Phil T Looker (formerly known as John De Roe) has said since we started publishing? Former Bank of England chief Mervyn King has written an article warning that Eurozone deabt problems pose a bigger threat to the EU than a British OUT vote in the referendum being held in June 2016.
The former central banker and staunch Eurosceptic made the prediction in his latest book, The End of Alchemy: Banking, the Global Economy and the Future of Money.
The newly published work, which is being serialized in the Telegraph, calls for tighter Eurozone integration and significant debt write-offs for Europe’s most austerity-stricken states. However, it also acknowledges such a policy path is dependent on stronger EU states’ willingness to bail out their debt-shackled neighbors.
“Only a fundamental rethink of how we…organise our system of money and banking will prevent a repetition of the crisis”, King said when launching the book.
King argues Europe’s monetary union has created a “dangerous” cocktail of conflicts between bureaucratic EU elites and sovereign states.
He predicts that peripheral EU nations will grow weary of the effort needed to sustain membership of the Eurozone, despite the fact an exit could breed chaos and plummeting living standards.
“If the alternative is crushing austerity, continuing mass unemployment, and no end in sight to the burden of debt, then leaving the euro area may be the only way to plot a route back to economic growth and full employment,” he warns.
King’s book examines the future of banking and a range of imbalances in the global economy. The Ex-BoE chief argues that the world will face future financial crises because the issues that created the 2007/08 crash have not been resolved.
All of which you will find in more more readable form in The Daily Stirrer as its associate publications.
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