Nobel Prize-Winning Economist: “The Euro Was a Mistake”

Nobel prize-winning Harvard economist Oliver Hart told Euractiv Spain:

The Euro was a mistake ….

He explained that that the EU member states are not “sufficiently homogeneous” to be considered one single entity, adding that trying to make the EU-28 into one was an “error”.

If you think that this is heretical, you may not know the real history of the Euro.

This entry was posted in Business / Economics, Politics / World News. Bookmark the permalink.
  • Jul 18, 2016 The European Union: Part of America’s Imperial Project

    The British people’s decision to leave the European Union shocked the political establishment across Europe and around the globe. Now, Professor Michel Chossudovsky exposes the EU as the imperial project that it always was, and the growing movement against EU domination as an anti-imperial movement of world historical importance.

    • zlop

      Fidel Castro Ruz and Prof Michel Chossudovsky got along well.
      What extra insights does that give?

    • Tom

      Interesting that just as the old forms of colonialism became politically untenable, instead of giving up that model the bankers turned it inward against their own nations. Drive a stake through this vampire’s heart, already.

  • Tom

    What’s most astonishing is that even as the euro turns into a flaming wreck, talk goes on unimpeded about a global currency. As if 28 countries, all close neighbors, are too different to share a single currency, but 180 nations scattered over the entire globe won’t be too different. We keep hearing about “artificial intelligence” that can learn from its mistakes, but somehow human intelligence has yet to evolve that ability…

  • With respect to this discussion, I can recommend the work of John Gray (the philosopher). Any of his many books are helpful. Search for copies of his work and avoid buying them from those who are opposed to alternative (real) news. Whether we like it or not, we will all live more locally in the future.

  • hvaiallverden

    Of course, another mans pipe dream dont mean its nescsesery true to the rest.
    The EURO must simply just die, and why on earth is currency suddenly an problem, any iPad wanker can figure out currency, we did that back to the stone age, and now we cant, this is an consensus for the Euro that dont exist anymore than in fairy tales, drooling among Canapees and Shampiss, among morons whom lives in another universe, compared to the rest of us.
    Dont f… tell me, De Gaul was the last f… french man left on this planet, since then degeneration of the French have gone into warp drive.

    I tell you Yankees something to be honest for once.

    I liked F. Castro, in the end, what I have read, thru WRH sites, made him to an man witch I could do nothing else than respect, errors, well, we all have our sins, and let them without sin be the ones that will be throwing, this was an warning, no joke, and despite that, kept his promises about talking for the people, in manners maybe unfamiliar to what is so called generally known.
    Yeah in an sea of blind people, what could one expect.

    He, as said before, will go into History, as one whom left this earth standing as a man.
    Thats it.

    An genuine revolutionary to the end.

    Compare Him to anyone else, and then come back.

    Va-ya con Dias.


  • L Garou

    Is there a Nobel Prize for Hindsight?
    We have a winner!

  • Black Swan

    ” The genius of our ruling class is that it has kept the majority of people from ever questioning the inequity of a system where most people drudge along, paying heavey taxes for which they get nothing in return.” Gore Vidal

  • madrino

    “Nations” of, by and for the people? I think not.
    For those than know the Euro is a fraud of private ownership, paneuropa (.org) a creation of financial interests and high level elites in Europe and the US.
    The US since the Bank of North America, essentially been a corporation, run by special interests. The 3rd Bank of the United States known as the Federal Reserve, run by it’s governors and privately owned, are the owners of the United States. Since the Organic Act of 1871 the US has had a governor. It was broke, is broke but it’s assets are vastly more valuable than the pittance of debt it owes, and it’s payment of interest is simply unconscionable, a law that in a true court, would be thrown out.

    A start of understanding would be to read the book:




    AMERICA, 1781, TO OCTOBER, 1834 :



    On the 3d of January, 1791, Mr. Strong,
    chairman of the committee, reported a bill ” To
    incorporate the Subscribers to the Bank of the
    United States.”

    The clauses
    under which it could be claimed were then reviewed,
    and critically examined ; and it was
    contended that on a fair construction, no one of
    these could be understood to imply so important
    a power as that of creating a corporation.

    ” The clause which enables congress to pass
    all laws necessary and proper to execute the
    specified powers, must, according to the natural
    and obvious force of the terms and the context,
    be limited to means necessary to the end, and
    incident to the nature of the specified powers.
    The clause it was said, was in fact mere declatory
    of what would have resulted by unavoidable
    implication as the appropriate, and as it
    were technical means of executing those
    powers. Some gentlemen observed, that ‘ the
    ue exposition of a necessary mean to produce
    given end was that mean, without which, the
    end could not be produced.’

    ” The bill was supported by Mr. Ames, Mr.
    Sedgwick, Mr. Smith, of South Carolina, Mr.
    Lawrence, Mr. Boudinot, IMr. Gerrv, and Mr.

    ” The utility of banking institutions was said
    to be demonstrated by their effects. In all commercial
    countries they had been resorted to as
    instruments of great eflicacy in mercantile
    transactions ; and even in the United States,
    their public and private advantages had been
    felt and acknowledged.”

    On the 21st of January the House resolved
    itself into a committee of the whole, (Mr. Boudinot
    in the chair,) and the bill was read by paragraphs,
    and no amendments being offered, the
    chairman reported it to the House, which voted
    that it should be read a third time the next day.

    The following were the ayes and nays on the
    final question—” Shall the bill pass.”

    Messrs. Fisher Ames, Mass.
    Egbert Benson, N. Y.
    Elias Boudinot, N. J.
    Benjamin Bourn, R. I.
    Lambert Cadwallader, N.J.
    George Clymer, Pa.
    Thonms Fitzsimmons, Pa.
    William Floyd, N. Y.
    Abiel Foster, N. H.
    Elbrige Oerry, Mass.
    Nicholas Gilman, N. H.
    Benjamin Goodhue, Mass.
    Thomas Hartley, Pa.
    John Hathorn, N. Y.
    Daniel Heister, Pa.
    Benjamin Huntington, Conn.
    John Lawrence, N. Y.
    George Leonard, Mass.
    Samuel Livermore, N. H,
    Peter Muhlenberg, Pa.
    George Partridge, Mass,
    Jerem. Van Rensselaer, N. Y.
    James Shureraari, N. J.
    Thomas Scott, Pa.
    Theodore Sedgwick, Mass.
    Joshua Seney, Md.
    John Sevier, N. C
    Roger Sherman, Conn.
    Peter Sylvester, N. Y.
    Thomas Sinnickson, N. Y.
    William Smith, Md.
    William Smith, S. C.
    John Steele, N. C.
    Jonathan Sturgess, Conn.
    George Thatcher, Mass.
    Jonathan Trumbull, Conn.
    John Vining, Del.
    Jeremiali Wadsworth, Conn.
    Henry Wyncoop, Pa.

    Messrs. John Baptiste Ashe, N. C.
    Abraham Baldwin, Geo.
    Timothy Bloodgood, N. C.
    John Brown, Va.
    Edanus Burke, S. C.
    Daniel Carrol, Md.
    Benjamin Contee, Md.
    Jonathan Grout, Mass.
    William B. Giles, Va.
    James Jackson, Geo.
    Richard Bland Lee, Va.
    James Madison, Jun., Va.
    George Matthews, Geo.
    Andrew Moore, Va.
    Josiah Parker, Va.
    Michael Jenifer Stone, Md.
    Thomas Tudor Tucker, S. C.
    Alexander White, Va.
    Hugh Williamson, N. C.

    Opinion of Thomas Jefferson, Secretary of State.
    ” To prove that the measure was not sanctioned
    by the Constitution, the general principle was
    asserted, that the foundation of that instrument
    was laid on this ground, ” That all powers not
    delegated to the United States by the Constitution,
    nor prohibited to it by the States, are reserved
    to the States or to the people.” To take
    a single step beyond the powers thus specially
    drawn around the powers of Congress, is to take
    possession of a boundless field of power, no
    longer susceptible of definition.

    ” The power of the government then to create
    corporations in certain eases being shown, it
    remained to inquire into the right to incorporate
    a banking company in order to enable the
    more effectually to accomplish ends which were
    in themselves lawful.”

    ” To establish such a right it would be necessary
    to show the relation of such an institution
    to one or more of the specified powers ofgovernment.”
    ” It was then affirmed to have a relation more
    or less direct to the power of collecting taxes,
    to that of borrowing money, to that of regulating
    trade between the states, to those of raising,
    supporting, and maintaining fleets and armies ;
    and in the last place to that which authorizes
    the making of all needful rules and regulations
    concerning the property of the United States,
    as the same had been practised upon by the

    The corporation expired on the 4th of March,

    The amount of capital was refunded to the
    stockholders in the following; instalments,—viz :
    On the 1st of June, 1812, 70 per cent.
    1st of October, 1812, 18
    1st of April, 1813, 7
    3dof April, 1815, 5
    100 per cent.

    On the 28th of February, 1817, a further
    dividend of 4 per centum was made : another
    dividend was to be made, the amount of which
    has not been ascertained.

    On the 4th of March, 1S16, it was stated, that
    of the notes issued by the bank and its several
    branches, there remained in circulation
    of post and bank notes, $76,603
    bank notes, 140,557
    Dollars, 217,160

    Note: The Southern States that had paid for war costs were, under
    Alexander Hamilton’s First Bank, to help pay Northern States that had not paid
    off war costs, thus the split vote of north and south.
    Of the owners, 10% subscription value were the corporation of the First Bank of the United State. Of the remainder, 75% of the subscription value was foreign owned.

  • Mark Durward

    The economies of the northern european states and the southern states can not be compared, on top of that you have the difference in mentality…