The Euro is a fucking great and well intentioned idea, and one which facilitates a lot of good activity. However because it ignores both the evidence and the theory it’s also one which fucks things up on an outrageous and indefensible scale (brÃ³n orm, Ã‰ire, Î£Ï…Î³Î½ÏŽÎ¼Î·, Î•Î»Î»Î¬Î´Î±).
Greece is suffering the same mistakes as happened in Argentina 10 years ago. They were screwed by the IMF which was set up as a lender for development, but became a creditor demanding privileges. In the same way, the Euro project was all about helping each other out, but has (predictably) turned loan-shark. It’s not currently in our social psychology to help out others who are so distant from our tribe.
So in the UK, if traders would like to accept the Euro, they should be free to do so, but it should not be compulsory. And in Greece traders should be free to continue to use the Drachma, just as a Spanish town has reintroduced the peseta.
The way we have chosen to structure money is no longer the best system we can think of. Like a flat Earth and Newtonian physics, it has served us well for a while, but we should update it if we are to minimise future problems.
Do check out these links. They’re fucking good and frequently important reading since they tell the future. And if you read only one, make it this one.