Compilation of Official Lies And Spins About the Euro

Thursday, August 12, 2010

European news compilation service Openeurope has published a wonderful document containing all key statements about the Euro in the last 15 years. Simply structured into "What they said then" and "What they say now" categories will most likely result in cynical chuckling when reading the twists of politicians and central bankers over time. For a good measure Openeurope has thrown in some quotes from HMSM (hypocrite mainstream media) journalists who don't look all that good in hindsight.
Here are a few teasers that should whetten your appetite:
What they said then:
"There is no bank in the world as independent from politics as the European Central Bank" (1st ECB President Wim Duisenberg in 1998, who drowned in his pool after retirement in 2005)
What they say now:
Against all its vows, and against an explicit ban within its own constitution, the ECB has become involved in financing states. Obviously, all of that will have an impact." (Former German Bundesbank President, Karl Otto Pöhl, in May 2010)
These quotes on Greece will make it irresistible to read the whole document.
What they said then:
“We must enter the euro with a clean sheet on all the criteria”. (Then Greek Finance Minister, Yannis Papantoniou, in 1999)
What they say now:

“The Commission has been provided with incorrect figures for six years. Indeed, part of the responsibility was on Greece, but the Eurozone also lacked the tools to (Greek Prime Minister, George Papandreou, 23 May 2010) 
“We knew that Greece was cheating, it was clear as soon as they joined that there was something wrong [with their figures]”. (EU Commissioner for Trade, Karel De Gucht, 5 May 2010)
And while I am not exactly a fan of senior Chicago boy Milton Friedman, he earns the laurels for the most precise forecast.
“The euro was adopted really for political purposes, not economic purposes, as a step toward the myth of the United States of Europe. In fact I believe its effect will be exactly the opposite”. (Friedman in 2001)
Euro: They Said It

For further reading I recommend these 2 books:
Euro Crash: The Implications of Monetary Failure in Europe
The Birth of the Euro


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