[lbo-talk] Why no world currency?

Nicholas Ruiz III editor at intertheory.org
Thu Feb 22 16:05:44 PST 2007


The idea is not, in case there is a misunderstanding, that 'Europe' is in dire economic distress. The concept is that the Euro is a way for the 'member' nations to consolidate a collective currency presence relative to the other major currencies (e.g. U.S., Japan, China, etc.), as a protective hedge against larger economies and the perceived value of their respective currencies, relative to that of smaller economies...

NRIII

Dr. Nicholas Ruiz III --Editor, Kritikos http://intertheory.org

-----Original Message----- From: lbo-talk-bounces at lbo-talk.org [mailto:lbo-talk-bounces at lbo-talk.org] On Behalf Of Dennis Redmond Sent: Thursday, February 22, 2007 6:07 PM To: lbo-talk at lbo-talk.org Subject: Re: [lbo-talk] Why no world currency?

Dr. Nicholas Ruiz wrote:


> The Euro is more about the protection of the representative value of the
> nations that adopt it, relative to the diminishing value of their
> respective national currencies, fast becoming worthless relative
> to questionable domestic production and profitabiity.

Eurocapitalism is in the pink of health. Profit rates in the EU have risen sharply, EU firms continue to lead the world in sectors ranging from machine tools to telecoms, and rapid growth in Eastern Europe has more than offset slow growth in the West. In fact, it looks like a long wave of accelerated accumulation may be taking off in Eastern Europe and Russia.

-- DRR ___________________________________ http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk



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