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Alasdair Macleod: Will Brexit and coronavirus end the EU?
By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, March 5, 2020
The European Union and the euro face a sudden deterioration in economic conditions due to the coronavirus, which seems certain to widen the differences between Germany and the spendthrift Mediterranean members. But a more immediate problem is the increasing likelihood that the European Central Bank will lose control over financial asset prices, particularly those of government bonds.
... Dispatch continues below ...
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In the short term, it seems likely the euro will rise against the dollar as currency and financial distortions, principally in the foreign-exchange swap market, are unwound. However, the eurozone faces a developing financial crisis comprised of the following elements: a collapse in economic activity, escalating payment failures, a drastic contraction of bank credit, and a collapse in bond prices, as well as the medium used to buy them -- the euro.
Eventually, Germany is could go it alone by introducing a gold-backed mark, which will only happen after the European Project is finally abandoned. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/goldmoney-insights/will-brexit-and-co...
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