Although there’s no reliable way to predict when it will happen, the inevitability of a “Grexit” at some point in the (very?) near future is almost guaranteed. And it will be messy, on both sides of the Atlantic. –Dennis
Even members of the financial elite are losing patience with the single currency
Paul Joseph Watson
Thursday, May 24, 2012
While the global elite are still clinging to the hope that the euro single currency can survive a Greek exit that now looks inevitable, some members of the financial aristocracy have already given up on the entire eurozone altogether.
In an article for the Financial Times entitled, We must break up the failing euro, former Bilderberg attendee Sir Martin Jacomb concedes that all efforts to rescue the euro have been in vain, calling for “all 17 members to decide at once to revert to national currencies.”
Jacomb attended the 1985 Bilderberg Group meeting in New York but has not been invited back to the elitist confab since. No wonder given the fact that he is obviously an ardent skeptic of the single currency that Bilderberg hatched as far back as 1955.
Jacomb, former chairman of Canary Wharf Group, argues that a “five day bank holiday” should be imposed to allow financial markets to absorb the shock of the collapse of the euro.
“Experience shows that currency break-ups, like devaluations, have to be handled so as to avoid anticipatory speculative activity. The essential requirement is a single, unequivocal decision to revert to national currencies, reached confidentially by all 17 governments and announced without prior notice,” he writes.
As we reported last week, most of Jacomb’s contemporaries are still of the mind set that the single currency can ride the storm.
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