Thu Oct 27th, 2011 at 02:49:23 AM EST
Once again our "leaders" have taken the euro - and us - to the brink. And there are not a few who are saying that they've already dragged us into the abyss. The most recent dramas in Berlin and Brussels have already been thoroughly analyzed here.
So what's next?
If there's one thing the ET community has demonstrated, it is an uncanny ability to consistently anticipate events three to six months in advance.
It is time to bring this power to bear on the current mess - see below the fold.
So what now? Did the good guys win, or is the euro Doomed?
And, though the ramifications of a failure to construct a viable single currency system are innumerable, some have already been discussed: for instance, there is a consensus here that that failure will condemn the continent to years of contraction, with all the hardship that entails.
But other, more immediate ramifications have not been looked at as closely. Some burning questions would include:
- The euro: dead or alive?
- If the euro is de facto dead, it is certainly not legally over. How soon can countries revert to national currencies (or can they)?
- What will happen to the European treaties of the last 20 years: How much of the rest of the EU structure (Lisbon, Schengen, ...) will remain standing following a euro debacle?
- How badly will the transition process impact individual citizens, and in what ways? Is this enough to undermine citizens' confidence in their money?
These are just some of the questions Europeans will be asking in the coming weeks. What can we tell them? What other questions, in your view, need to be examined?