- Jan 18, 2009
- 4,885
Again I do not disagree on this, some EU countries were totally reckless in their borrowing
That is as maybe, however the "system" behind the euro allowed those countries to borrow recklessly in the first place.
This dynamic is not dissimilar to how the UK Govt encouraged reckless lending from consumers and companies in the years before 2008; you can blame the borrower (and rightly so) but you have to equally look at the system that allowed the borrowing to happen.
If a national Govt was responsible for the kind of carnage that was caused by the rank incompetency of the EU bureaucrats/politicians decision to create (and then manage) the euro they would never be elected by an electorate again.
Its little wonder they treat the electorate with contempt.......we deserve it.