10 reasons why the euro crisis may be incurable
As in “1984” we should prepare ourselves for bleak times.
Those times are going on already for years, haven't they noticed it yet?
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The late German economist Rüdiger Dornbusch told us that a crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought.
The point is that the euro EURUSD -0.0768% saga can persist for a while yet. History shows how unstable equilibrium can last surprisingly long periods. During the First World War the Western Front of mud and murder was frozen into the terrain for 3 1/2 years. The Cold War between the Soviet Union and the U.S. lasted 40 years. For four decades, Greece was part of the Ottoman Empire.
Perhaps we should give up all hope of a solution. A long period of further confusion lies before us, similar to the continuous, inexplicable, unwinnable conflict among Oceania, Eurasia and Eastasia in George Orwell’s “1984” novel of a war-torn totalitarian state.
There are 10 reasons why the crisis may be incurable.
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