A New Monetary System

“Never have so many been fooled, for so long, by so few”

Eduardo Belgrano

This is a very interesting read. I have included part of the Introduction for peeking inside the book. I like books that won’t let me stop reading…

Excerpt from Introduction!

The proposal to create a renaissance in the Eurozone which I describe here in this short monograph is not one to which “mainstream economists” will warm up. I hardly expect it to be seriously considered as a solution to the euro muddle, not because it is not a good solution, but because it goes against economic tenets rabidly upheld by the ruling class in the Eurozone, however wrong and misguided these tenets are. The mere thought of introducing a 100 percent reserve gold currency such as the new supranational money I am proposing should be enough to cause any mainstream economist a severe case of intellectual apoplexy.

Mediocre politicians seeking to leave a legacy with the help of enabling mainstream economists originally created the failed euro concept. Mainstream economists have also utterly failed in our time in their quest to find a solution to the current mess, which was unquestionably bound to happen. It would seem they would rather see the Eurozone descend into Dante’s inferno and chaos, than introduce a real long-term solution, albeit outside their cherished mainstream economic theories.

Monetary systems, such as those based on the gold standard or any other system related to them, are a definitive no-no to mainstream economists. During the time I studied economics in Germany and in the course of my research work I used to visit quite often two of the five government economic think tanks. One friend of mine, a researcher at one of these government institutions, told me in unequivocal terms that he believed in what is known as the Austrian school of economics, but would never even entertain the notion of stating so much in front of anyone at the institute. He added further that doing so could lead to being ostracized and even to the loss of his job. Economic theories dissonant to the mainstream order are not very well tolerated; intellectual Hobbesian hells are alive, well and kicking.

The main objective of writing this booklet is to inform those suffering from the “slings and arrows” wrought by the failed concept of the Euro, that there is indeed a solution to their plight, albeit not easily enacted. To start with, it would require the concerted effort of the population of most Eurozone country members to vote out of office the failed politicians running the show.

The Euro has proved to be a failure as it has neither fulfilled the long- term expectations of the founders of the system nor of those of the politicians who currently continue to believe it can still succeed. The Euro is a dead proposition which was bound to fail from the very beginning, due to the fact that Europe is made up of different countries with different governments and very different economies hence, having different needs at different times. The much talked about economic “Convergence” as a condition all members would have to adhere to was, still is and will forever be an utterly utopian concept, as unrealistic as is to think that the creation of the United Nations would prevent the occurrence of wars. The Euro currency was and is a sort of procrustean bed proposition dictated by Brussels acting as some sort of Damastes, compelling victims of all sizes (read Euro members) to fit in his “economic convergence” iron bed.

The Euro is Dead; Long Live the Solid!: A Proposal for a New Monetary System for the Eurozone by Eduardo J. Belgrano

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