The Euro Should Not Exist

If a journalist in a newspaper or the host of a radio talk show predicts that a breakdown of the civilization is coming, that the system as it is now can not continue to exist, and that there should be a complete change in the way the financial system of the world works, we may listen with interest, take mental notes, and calmly acknowledge some truth in those statements.

When the largest single private wealth-management organization in the world, controlling almost $3 trillion of assets, says the same things, we better listen. And panic. And take heed. And prepare.

That’s what happened earlier this week. The Union Bank of Switzerland, the largest wealth management company in the world with total assets close to $3 trillion, published a report titled “Euro break-up – the consequences.”

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The report start with, “The Euro should not exist.”

The report ends with, “The only way to hedge against a Euro break-up scenario is to own no Euroassets at all.”

Inside, the report is a detailed analysis of what would happen to Europe if (1) a weak country like Greece leaves; (2) if a strong country like Germany leaves; and (3) if there is a total break up. The conclusion is that there is little hope that the European monetary union will survive. And worse than that: Monetary unions don’t break without civil unrest.

The UBS analysts expect exactly that. They pull no punches and they have no rosy expectations. They suggest certain scenarios to mitigate the situation but the report is pessimistic as to the possibility of anything ever be done. The European monetary union, as the report rightly points out, has no provisions for a peaceful secession by any country, nor for a peaceful break-up. In their arrogance and ambition, eurocrats allowed for no possibility that the monstrous socialist state they were building could be a mistake, and would have to be dismantled one day. Arrogance,just like heavy drinking, has its price: hangover. And the financial hangover for Europe has come.

When $3 trillion speak, we better listen. Europe is on its last legs. The socialist consensus that kept Europe so long in subjection to its leftist political elite is coming to an end. The reality is catching up with the socialist promises for political salvation and earthly paradise; and there is very little hope that Europe will survive without civil unrest, civil wars, and total breakdown of civilization. That’s the logical end of all socialism.

And we in America better take notes.


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