I really share this guy thoughts. here what he wrote..
Today 06:34 AM
Germany's contribution to Europe has been to let its DM mutate into the Euro giving all users of the Euro the benefit of a strong and solid currency, trusted by the markets.
A currency none of its present users in the countries in trouble wants to exchange for their own old currency, even though this would allow them the easy option of devaluing whenever they lose competitiveness, which is the cornerstone of British economics philosophy, their mantra, but does it really work for them, devaluation and creation of money from thin air?
"The markets" seem to believe that and let them borrow at very favourable rates, or do they? Who actually is buying British bonds at such favourable rates? The BoE, yes, with money created from thin air. Would Italy get away with such a policy or even France? Of course not. "The markets", we must know, are located in London and they do not trust anybody south of Calais. Never did. This is the problem.
So even if Spain went back to the Peseta, what would they gain? Temporary relief due to a devalued currency but dependent on imports and not just exports as they are like the rest of us, they would be worse off, wouldn't you agree?
So we better make the Euro work. Muddle through in tiny little steps as Frau Merkel is trying to do. Stick to her "sink or swim" philosophy, which also worked for Germany. Help those countries to find their character.
There is no option for, contrary to what some nutcases believe, Germany cannot bail out Spain or Italy and has made this abundantly clear. Not from lack of goodwill. From lack of money. Rajoy got the message and so has Monti.
Hating the Germans for something they are unable to do is dumb but .... if it helps you ... let us be your scapegoat. Somebody has to be.
So why not just print it, like the IMF, USA and allegedly the BRICS are demanding. Do as the US and UK do, why not? Because then the Euro would lose its hard currency status and become toilet paper like the other two and we would be worse off competing with them for lower currency rates. Remember the 1920/1930s?