A coin of a nation is not only an instrument of financial transaction, but it represents much more, and more importantly it is a symbol of a nation’s sovereignty; that means the ability of a nation to control its destiny. Not all nations are equal – not equal in their natural resources or human resources – does not mean one is better than the other, but they are simply DIFFERENT.
European Union was, and to a large extent continues to be, a magnificent peace project. Just enough union to keep themselves together to share enough common value with enough mechanisms, so as to avoid unnecessary wars. However, the uber-monetarists in their utopian vision choked the air of the Union. Monetary union without fiscal and political union was seen by many thoughtful people as tyranny of the few powerful economies. Sadly, at present this peace project of the European Union is on the verge of outright conflict.
Economic resources, economic ethos, political histories and financial infra-structures of different nations vary greatly. It takes many generations to build healthy financial infra-structures and economic ethos. The compulsion for social-engineering, a product of Enlightenment, drives the dominant entities to re-make others, at enormous tragic costs and pain as per their master-engineering plans. At present AUSTERITY is seen as the panacea.
This is what is going on with Greece at the moment. The dominant European countries are hell-bent on a massive social-engineering plan to re-make the Greeks in the mold of the Teutonic population, with total disregard to its history, geography, climatic ecology, natural and human resources.
The Euro experiment has been predicted by thoughtful people from across disciplines that it would be not only unsuccessful, but will create the very tensions that the European Union project tried to avoid.
Nations by surrendering their coin to a no-home EURO, they surrendered their control over their financial destiny to distant institutional technocrats. Economy is people – people with lived and living experience, and not mere numbers, or some highfalutin economic theories, or some cold statistics.
Greece, Portugal, and maybe Spain, and even Italy must plan an orderly exit out of EURO-zone, while they remain part of the European Union project.
United Kingdom made a wise decision not to surrender their coin – pound. Every country has unavoidable and necessary economic cyclical ups and downs, and sovereign nations with their own coins can address with their respective political processes a viable solution at every turn.
Social-engineering of human beings, although a fantasy of the powerful, is not the solution and will not work.