End of the Euro?

While the financial trouble in Greece is a valid topic that many engineers will wish to discuss, I fail to see the link to Drives or motion control. I guess the blog owner of Drives wishes to discuss Greece and the European Union.

As for Greece, I see that they have two choices. Negotiate a plan with the other EU countries and possibly the World Bank for a path back to solvency or leave the EU. The EU will have difficulty I expect booting Greece out of the EU if they become inflexible to EU remedies, but I suspect that it can be done. This is why I think a third party to act as both a mediator and collaborator with the resources and experiences of the World Bank maybe helpful.

the question is, who will be this third party that will be unbiased. elected or appointed? by the EU? ? similarly like the US supreme court

this is one of the biggest problems or issues having this organization of country's with different economy dependencies

p911

Hi,

any rich country has its poor regions, just have a look on a map.

So the problem is not the conglomerate of states with a common currency but the unrestricted spending of some (or all) of these.

So there are some solutions:

A. Restrictive means to spend not more than available plus ?%.

B. Spend indefinitely more and more until a drastic cut will be necessary: either inflation or a "new money" with any old bank-notes no longer valid.

C.: New taxes on high incomes until the very rich flee to Jersey or Cayman or Monaco and the not so rich think more about tax evasion than about money earning.

D. New measures against hedge-fonds and similar organisations that live from and make big money out of these state problems.

E. A real European Union where a central government has the power to bring local political criminals into jail and restrict deficit spending.

All this may happen partially. Wait and see.

Most important question: will the system collapse until they learn? If so, which type of collapse?

RHABE

Agree with post #1. Absolutely no idea what this has to do with drives.

Greece got itself into this mess, of course they tried to blame the Germans for all of their woes but the problem is that Greece is being run by corrupt politicians (the use of the adjective is actually unecessary in this instance). They need to sell a bit more Feta in order to get out of this mess.

So far, every paper currency in history has failed, except the us dollar, and if you look at the real numbers, the us paper currency is failing now. The amount of us currency in circulation is far lower than the total of us bank accounts. Every christmas season, over half of the available supply of paper money is drawn out of the banks. If everyone here decided to take out their savings account in cash, there is not enough printed to cover it. Banks would close, and peoples money would be gone, except for what was insured by the fdic, who wouldnt be able to pay in cash. The reason the US constitution said money is to be coined from gold or silver is so this would never happen. There isnt enough gold and silver in this country to get us into this much financial trouble. In 1913, i believe, the federal reserve paper note began production. The federal reserve is no more a part of our government than federal express delivery company is. The fed reserve is controled by the major world banks, and they draw interest in the form of taxes on every dollar printed. The last time the united states tried printing its own money, not tied to the federal reserve money was in 1963, with the red seal $2 bill, introduced by president kennedy. He was shot. The United States $2 bill stopped production, and the federal reserve bankers took control of the currency supply again. Another interesting fact in history, when the titanic took its maiden voyage, all influential people who were against the federal reserves idea to start printing paper money were given free tickets to the titanics maden voyage. After the titanics wreck, the federal reserve started printing our paper money and loaning it to the united states and its banks. Take that how you will. But it happned.