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British Central Bank Head Accuses Brussels of Creating Depression


"Europe's deep economic malaise is the result of "deliberate" policy choices made by EU elites, according to the former governor of the Bank of England." –UK Telegraph

One of the world's most important central bankers, Mervyn King, has finally decided to tell the world what we've been reporting for years: Europe's agonizing depression is deliberate.

The creation and the implementation of the euro was not in any sense what it seemed to be. In fact, it shows how deep elite schemes run and how cleverly they manipulate the media and "useful idiots" to serve their purposes.

The conversion to the euro was widely celebrated in Europe. Europeans were happy to scrap currencies that had lasted for hundreds and even thousands of years for this new bureaucratic invention.

In retrospect, it must seem like a destructive monetary wind swept over Europe, leaving behind seeds that would bear bitter fruit.

DB readers knew long ago. Here's one of our articles on the subject from early 2012, entitled, "EU's Prodi Admits Leaders Knew Euro Would Cause Ruin but Hoped Political Union Would Follow."

We quoted Euronews as follows:

The Flowers that Launched the Euro … To mark the anniversary of the arrival of the euro in the form of notes and coins, Euronews spoke with Romano Prodi, who in 2002 was President of the European Commission ….

Prodi: "Well, the difficult moments were predictable. When we created the euro, my objection, as an economist (and I talked about it with Kohl and with all the heads of government) was: how can we have a common currency without shared financial, economical and political pillars?

The wise answer was: for the moment we've made this leap forward. The rest will follow …

And so of course, the "rest" did follow. Greece, Spain, France, Italy and other Eurozone countries collapsed in various ways because local governments could not debase their currencies as they'd done in the past.

When the EU converted en masse to euros, that flexibility disappeared. Now the European Central Bank would make inflationary decisions and Europe was split down the middle. Germany especially didn't want a lot of monetary inflation, and Germany was Europe's biggest industrial engine.

And thus Southern Europe, with a different kind of culture and corruption, collapsed into a depression that continues to this day – with all the human agony that such depressions contain.