RANT: the Euro is f***d. And it has been from the start

I wish to state from the outset that I was born and raised in a country that’s been part of the European Union from the start. It wasn’t even called that back then. When I was around 14 years old, we gave up our old currency and switched to the EURO and that’s where the trouble started.


I don’t particularly like the European Union, in fact I am now living outside of it and have been for about a year, but what I really, really dislike is the EURO.


There are many issues with the common currency, chief among which is the fact that the European Union Commission and the ECB are in love with this narrative where they act like they’re in charge of a nation, when they’re not.


This is the biggest flaw – or certainly one of the biggest – of every entity that runs the EU because the European Union is not a country and it will never be one. It is a forum where 27 countries with drastically different interests co-exist.


19 of the 27 countries that compose the EU use the EURO, plus Montenegro and Kosovo that have both unilaterally adopted it and use it as a de-facto currency at a state level.


Leaving these two aside, because they’re not part of the EU so what they do doesn’t matter from a policy-making perspective, those 19 countries have completely different economies.


The Federal Reserve has many, many, many flaws. But at least when it creates new policies and makes decisions, it does that for one country and one country only and that’s the United States. And yes, of course, I’m aware that the 50 countries in the U.S. are also different but it is not the same thing.


Why? Simple. The U.S. is a nation. The European Union is not.


People from California and Texas may dislike each other, and they do, but they share the same nationality, the same passport, the same federal government and institutions, the same anthem, the same national teams and speak vaguely the same language.


People from Italy, Greece, Germany and Ireland (four random examples) have nothing in common apart from the EURO.


The EURO is a failed project. It has been kept on life support pretty much since its inception and it is now falling, almost at parity with the U.S. Dollar, because the ECB and European Commission don’t have the power and the vision to make decisions about it. Not even the wrong ones.


Croatia will join the EUROzone on January 1, 2023 and I predict that the same thing that happened to my country will happen to them. You go to sleep and then you wake up and boom, just like that, your purchasing power has gone down. Your salary is the same, but the price of your groceries has doubled.


They can keep their EUROs, I’ll gladly keep my crypto and my RSD.


Rant over. Sorry. Normal service will be resumed as soon as possible.



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Good luck, Croatia

Last night I was having a drink, mindlessly checking my Instagram when I happened upon a (sponsored) post that caught my eye.


It was from a blue-tick-verified EU account and the caption read: “goodbye Kuna, welcome Euro”.


The Kuna is the soon-to-be defunct official currency of Croatia and it is scheduled to be replaced with the Euro from 2023. It won’t go well.


I was born and raised in the only country in the EU where salaries are lower than they were 20 years ago. This is not a hyperbole, it is a fact.


This is partly due to the unique(ly corrupted) way my country is run but it is also because prices doubled pretty much overnight on the day of the switch from the old currency to the Euro. But salaries obviously didn’t.


We could talk about the treaties and rules that the adoption entails, we can certainly talk about monetary sovereignty but there’s another real-world effect that people often ignore and that has to do with the Euro banknotes denomination.


At the moment, the lowest note denomination is 10 Kuna, and that’s if we ignore the 5 Kuna, which technically exists but it rare. Even so, 10 Kuna is $1.42, which is a lot less than the lowest note denomination of the Euro: €5, equivalent to $5.36.


In a few months, the Kuna will be gone and unfortunately it’ll simply make sense to adjust prices accordingly.


Something that costs 10 Kuna ($1.42) today will end up costing €2 after January 2023. But there’s no €2 banknote and and it’s only a matter of time before 10 Kuna becomes €5. And then €10. It’s gonna happen. It is an absolute certainy.


I’m no fan of the European Union but I really, really distrust and loathe the Euro. Maybe that’s why I currently only hold crypto and Serbian Dinars.



I’ve crossposted this article on readcash, LeoFinance and Publish0x, a social media platform that pays you small amounts to create and/or read content. You need to sign up but it’s 100% free.

Bitcoinea is unsponsored and independent. If you like the content please subscribe to the WordPress website, follow on Instagram it helps a bunch. Also, if you want to support the website with Crypto, any donation in Eth (or any other Ethereum-based token), Btc, Nano, is highly appreciated (see address below) Thank you.

Eth: 0xF8D5df20ed7B80624B02F21661DD0Fd57bf27F0D

Btc: bc1q40wwu2qshpwkpurtyyrhs5t3kq0szrfjlyzmku

Nano: nano_3931o9kgduoqpt6wi6148dbooj8458wzi6djqkiocyqkkfyus71agxbtzg13

Doge: DD7use8x8Zw37XumJcwQxfkiqYR4eo5pjF


Use this link to get a discount on Undone Watches

Use this link to get a discount on your first Glovo order

Use this link to get up to $250 in crypto on your first deposit on BlockFi

Use these links to get free crypto on your deposit CoinbaseCrypto.com or Binance

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