mr president i appear to have been living in some sort of parallel universe here hearing about the success of the euro
let us bring it all down to earth just a little bit shall we
unemployment youth unemployment in the iberian peninsula and many eurozone countries is chronic
it has been at thirty forty for years
nothing to do with the crisis at all
a complete disaster
gdp per capita in the usa is miles ahead of the european union
gdp in the pacific rim is miles ahead of the gdp in the union
no the euro has not been successful at all
it is already failing
it is already crumbling before our eyes
just look at some economic basics
there is no lender of last resort which is why we have this greek crisis and a portuguese crisis round the corner
there is no lender
this is impossible in global in currency management whether it is an optimal currency zone or not
there is no coordinated fiscal policy so it is doomed to failure and it is failing as we speak
let me just remind everybody here about something else if i may
there are two sorts of people wealth creators those people that go out and work in the private sector and create wealth and there are the others who spend wealth which are politicians and bureaucrats and there are too many of us
far too many of us
we are the monkey on the economies back and until these currency zones start cutting down public sector spending it is going to get worse and worse and worse
