Even today the Euro, the strong currency, has continued its decline, now moving towards parity with the dollar, indeed to surpass it. Nothing seems to be able to stop it, in the wake of increasingly worse news on the economic and industrial prospects of the Euro area. Here are the latest quotes from the Xe.com site
One might think that this is, in fact, a moment of great dollar strength. In reality, the Euro also loses heavily against the Yen, the currency of a country, Japan, which has 260% of the debt ratio and where the Central Bank now owns almost 50% of the government bonds in an attempt, for the truth so far succeeded, to control the interest rate of the reference ten-year bonds. A country which, according to the criteria of the EU solons, should be a financial pariah, but which is performing better than the Euro.
We have made almost 30 years of sacrifices for the Euro, for the single currency that had to defend us, the one that, according to what Romano Prodi promised, would have made us earn as if we had worked one more day, but one day less. The reality is a widespread impoverishment, an energy crisis that will become industrial and a currency that defends nothing, despite, or perhaps for, an ECB that does not know whether to be austere, leading to the breakup of the Eurozone, or soft, "Irritating" Germans.
Meanwhile, I remind you what you have sacrificed, Italian friends, on the altar of the Euro: this is the trend of salaries for employees in the Euro area.
Net of inflation, gross earnings in Italy from 1990 to date have fallen by 2.9%. If we counted the increase in the tax burden it would probably be more . In Germany they increased by 33.7%, in Ireland by 85.5%. We sacrificed our wealth for the Euro, to enter and stay, unwelcome guests even now.
Yet someone still defends it.
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/euro-sempre-piu-giu-e-non-e-solo-una-questione-di-dollaro-ricordatevi-cosa-avete-sacrificato-per-lui/ on Wed, 06 Jul 2022 16:59:16 +0000.