There seems to have been little else in the news of late – but it seems the world’s finance ‘experts’ (the ones who failed to predict any of the last three market crashes) – have been spending a lot of their time dissing the Euro. Predicting the end of the monetary union and financial melt-down across Europe.
The British press and Eurosceptic politicians have been gobbling up this BS as if to say ‘see – we told you so!’ while handily avoiding a few facts:
- while the Euro might be worth less to the dollar now than it did a couple of years ago, the same could be said of the pound to the Euro
- when the Euro was first launched, it was worth less than a dollar, dropping to around 85 cents at one point, now however it currently trades at around 1 dollar 20 cents
- since the crisis the pound as strengthened against the Euro by an unimpressive 2 cents! Still miles away from it’s pre-VAT cut levels.
- Greece might be a basket case – but then so is California (the eight largest economy in the world)
- 300 million people use the Euro in cash form across Europe, and there is some 790€ billion in circulation – so even the likes of George Soros aren’t going to make the slightest impact on it’s long term value, even if they dump their entire fortunes on the market
Calm down dear – it’s only the largest currency in the world.