Nigel Farage Predicts Euro Crisis

Don't you just love it when libertarians predict things? It shows how credible the libertarian perspective is and how it offers an alternative to the left/right paradigm of mainstream economics and politics.

"Nigel Farage was right"

Nigel Farage is the leader of the United Kingdom Independence Party (UKIP), a party that advocates Britain's withdrawal from the European Union and, of course, the abolition thereof. Domestically, the party also advocates libertarian principles like smaller government and individual freedom. 

It is very reminiscent of the "Peter Schiff was Right" videos up on YouTube. I did talk about monetary freedom a while back and posted that video as well (see Investing in Gold in the Philippines). As I have said, it seems libertarians have a knack for warning against upcoming crises and Keynesians and statists are very skilled at ignoring these warnings (and many times just laughing at them).

Imagine a government on top of all governments, depriving people of monetary freedom and sovereignty, with the power to create a single artificial interest rate for all countries in the EU, and with the power to print money at will and debase their own artificial currency. That is the European Union, justified supposedly by the noble intention of attaining "stability" as Farage mentioned. He is, in fact, correct that this organization should instead be named the Debt Union.

We've seen Eurocrats, unelected by the people of Greece for example, deciding the fate of Greece. It's ridiculous. And not surprisingly, the people of Greece voted just a few days ago to stay in the European Union. And the solution the eurocrats see, as usual, is more printing, more bailouts, more debt. Hair of the dog.

And the same has been happening for other members of the EU. After billions in bailouts, after failures in Portugal, Ireland, Spain, and soon many more, it's obvious that the markets have been demanding that sovereignty be returned to the people of Europe. They can always only inflate too much until their bubble bursts.

And, again Farage points out, many of the members of the European parliament don't have any sort of understanding about economics or why this is all happening. Politics as usual.

And eventually, this concept of getting bailed out whenever they fail will no longer work. People will lose faith in the Euro as a currency for trade and this big government monopoly agenda in Europe will collapse on itself. 

If you liked this post then you might also like:
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3. Deficit Spending of Governments

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