Finally. I have been saying this for years.

"The reason this [European]crisis keeps grinding ever deeper is because the euro itself is a machine for perpetual destruction. The currency is fundamentally warped and misaligned.

It spans a 30pc gap in competitiveness between North and South. Intra-EMU current account deficits have become vast, chronic, and corrosive. Monetary Union is inherently poisonous.” (Source: The Telegraph)

I have bee saying this for years since the union was formed. I am glad to see someone agreeing with me (and Milton Friedman).

The main issue is productivity differential between the countries. We have the same thing here in the USA, but to a much lesser degree.

More details in my The Peter Dag Portfolio and my educational videos on www.peterdag.com.

George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
2009 Market Timer of the Year by Timer Digest

To find out more about my in depth views of the markets and my strategy just visit our website https://www.peterdag.com/ where you can subscribe to The Peter Dag Portfolio. You can also call me at 1-800-833-2782 to discuss your specific investment portfolio.

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