Euro “Will Collapse” As Is “House of Cards” Warns Founder of Euro

GoldCore's picture

The Euro "will collapse" as it is a"house of cards" warned Otmar Issing, the founder and creator of the euro in an extraordinary interview on Monday.

euro_drachmaPaper currency - Euro paper notes and Greek drachma note

In the explosive interview with the journal Central Banking, Professor Issing, said "one day, the house of cards will collapse”  as the European Central Bank (ECB) is becoming dangerously over-extended and the whole euro project is unworkable in its current form.

The founding architect of the monetary union has warned that Brussels' dream of a European superstate will finally be buried amongst the rubble of the crumbling single currency he designed.

“Realistically, it will be a case of muddling through, struggling from one crisis to the next. It is difficult to forecast how long this will continue for, but it cannot go on endlessly," he told the journal Central Banking in a remarkable deconstruction of the EU project.

The respected economist launched a withering attack on so called eurocrats and German Prime Minister Angela Merkel, accusing them of betraying the principles of the euro and demonstrating scandalous incompetence over its management.

And he savaged the whole idea of a federal "United States of Europe", saying the attempt to push through federalisation in a stealth manner "by the back door" has turned the very foundations that the currency was built on into a complete mess of patchwork legislation, into which it is sinking fast.

As is frequently the case when there is substantive damaging criticism about the EU and ECB from respected and authoritative sources, the interview was treated in quite an Orwellian manner. It completely ignored and not reported by most state run media in Ireland, the UK and EU.  Most state run media is overwhelmingly pro-EU and continues to ignore the serious problems and growing risks posed by the single currency and the undemocratic EU to the citizens of Europe. Nor was it reported in most corporate media in the EU which also tends to ignore all reasonable criticisms of the EU, ECB and especially the euro.

The explosive interview has been covered extensively in the more "right wing" euro "skeptic" media in the UK in papers such as The Telegraph and The Mail which means that most people in the EU will not even be aware of Otmar Issing's very real and reasonable concerns and the growing risks posed to the currency they use in their lives every day and their very way of life.

gold in euros_2016Gold in Euros - 5 Years

The coming collapse of the euro is seems inevitable. The question is when rather than if. It gives us no pleasure to say so as the collapse of the euro  will be financially painful for family, friends and people and companies in all EU nations.

The euro has even greater challenges than sterling which has collapsed more than 43% against gold this year. It is only a matter of time before market participants and foreign exchange traders' focus, moves from sterling to the 'not so single' euro. Then the euro will see a similar depreciation and devaluation in the coming months.

Gold will again fulfill its primary role which is as a hedge against currency devaluation. As it has done in the UK and many other nations in recent months and indeed has done throughout history.

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Gold Prices (LBMA AM)

18 Oct: USD 1,261.65, GBP 1,031.15 & EUR 1,145.33 per ounce
17 Oct: USD 1,252.70, GBP 1,029.59 & EUR 1,139.58 per ounce
14 Oct: USD 1,256.15, GBP 1,028.79 & EUR 1,140.08 per ounce
13 Oct: USD 1,258.00, GBP 1,029.93 & EUR 1,141.76 per ounce
12 Oct: USD 1,255.70, GBP 1,024.53 & EUR 1,139.05 per ounce
11 Oct: USD 1,256.40, GBP 1,021.58 & EUR 1,130.76 per ounce
10 Oct: USD 1,262.10, GBP 1,016.62 & EUR 1,129.71 per ounce

Silver Prices (LBMA)

18 Oct: USD 17.65, GBP 14.37 & EUR 16.03 per ounce
17 Oct: USD 17.40, GBP 14.30 & EUR 15.83 per ounce
14 Oct: USD 17.47, GBP 14.28 & EUR 15.86 per ounce
13 Oct: USD 17.59, GBP 14.40 & EUR 15.95 per ounce
12 Oct: USD 17.44, GBP 14.23 & EUR 15.83 per ounce
11 Oct: USD 17.48, GBP 14.26 & EUR 15.78 per ounce
10 Oct: USD 17.78, GBP 14.31 & EUR 15.92 per ounce

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silverer's picture

He got all that out without a nail gun accident? Pretty good.

Burticus's picture

Certainly, the Eleech responsible for the EU, Euro & Muzzie invasion must be punished for the destruction they have caused.

Start with Otmar Issing vs. Mario Draghi on the sands of the arena.  Refuse to fight and ride the Mare of Steel.


I predicted this over 8 years ago, and it took the architect until now to admit defeat without equivocation. I can't give him any points for the delay, but he does get credit for admitting the failure. He still needs resocialization in the retraining camp in the ship salvaging yards of India. He shall receive the requisite $0.05 per days hard labour, and his daily bowl of gruel or rice.

GRDguy's picture

THEY don't care if the money becomes worthless.  THEY have title, and the debtors can't afford to buy it back. The 1889 book "The Great Red Dragon: Foreign Money Power In The United States" stated that their "goal was to own the earth in fee-simple." How it was to be done remained to be seen. We're seeing it now, loud and clear.

Bemused Observer's picture

Their 'title' is only worth as much as their money they'd BETTER care if it becomes worthless.

That 'title' is only worth something if it can be enforced and defended. In the absence of money, how do TPTB pay for their security and enforcement services? Because you know, they do NOT work for free...Did the book explain that? Also, their MONEY is what gives them their do they retain that if they destroy the money? The owners of vast properties don't profit from exploiting the properties, (that COSTS money) but by buying and selling them to others, (who will use THEIR funds to exploit them...) and by using their market values as do they do that in an economy with no money, and therefore no prices? In such an economy, property would only HAVE value to those who could make full use of it themselves, there would be no point to owning and holding property otherwise, since it would simply drain resources to protect it. It would become a money-loser for the holder, not a measure of wealth. Holding property in excess of what you can actually USE in such a world would be like debt in today's society...simply an ILLUSION of wealth that actually DRAINS one's resources.

DC Beastie Boy's picture

All fiat currencies in the history of the world have collapsed to worthless. 

Every single one.  It's the only thing they've had a 100% success rate with.

RaceToTheBottom's picture

Is he pulling a Greenspam?   Doing the revisionist shuffle?

Shlomo Schwartzman's picture
Shlomo Schwartzman (not verified) Oct 18, 2016 3:19 PM

house of koshers