We forget but the "Euro" has been tried once before during the times of the Hanseatic guild, when everyone effectively came up with minting trade coinage of the same weight and same denomination in order to facilitate trade.
The problem is that Europe has never had the ability to regenerate lost resources which have been lost through the endless wars that have been fought in Europe. And they don't have the ability to generate trade amongst themselves that is sufficiently profitable to improve their fiscal situation.
Europe has had to consistently rely on foreign trade, but the only two nation-states that have been successful in being able to rely on foreign trade have been France and Germany. None of the European nation-states have ever been successful because in effect, particularly in the Southern and Benelux states, they have never really mechanized and thatâ€™s true to this day.
It's true that the European nations became colonizers and builders of empire because that was the only way they could survive. But even as empires they were never particularly prosperous because they still attempted to rely on what's called an imperial or close trading system. When that all fell apart in the last century, Europe was never in a position to compete in a global market -- and still is not to this day.
Also they won't give up on the fantasy and therein lies the real problem, certainly in the last century and a half. They refuse to give up on the utopian fantasy of social welfarism.
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* AL MARTIN, author of "The Conspirators: Secrets of an Iran Contra Insider," is an Independent Political-Economic Analyst with 25 years of experience as a trader on NYMEX, CME, CBOT and CFTC. He is also currently trading the commodity futures market day and night and has a teleconferencing service to facilitate transactions in the markets. This is a service for independent experienced traders.
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