The Bilderberg Group’s plan to rescue the eurozone and preserve future plans for a global currency is in tatters, as the Greek debt crisis spirals out of control and the return of national currencies to replace the euro becomes a real possibility.
Bilderberg were successful in achieving their objective of saving the single currency from collapse following last year’s conference in Spain, but their efforts this year appear to be in vain, with economic analysts increasingly predicting the demise of the euro and a return to national monetary sovereignty.
Writing in the Financial Times, economist Nouriel Roubini predicts that the eurozone is heading for a break up, forecasting a return to national currencies and the death of the euro following a period of five years.
“The way to restore competitiveness and growth for members on the periphery, said Roubini, would be to abandon the euro, restore their national currencies, and “achieve a massive nominal and real depreciation.” While some may doubt the prospect of countries abandoning the euro, such as scenario “may not be so far-fetched five years from now, especially if some of the periphery economies stagnate.”
The European Central Bank’s exposure to struggling European economies could send the ECB into bankruptcy, especially if Greece defaults on its debt which many see as a likely scenario. According to ratings agency Moody’s, “Greece is 50% likely to default on or restructure its debts in the next five years.”
As the official Bilderberg Meetings website reported last week, one of the key topics of discussion at this year’s conference in St. Moritz was, “The Euro and Challenges for the European Union,” a typically euphemistic title that serves to downplay the reality of the fact that these were no less than crisis talks aimed at salvaging the great European Project thatBilderberg itself formulated in the 1950′s. Indeed, Bilderberg-chairman Étienne Davignonbragged last year that the single currency was a brainchild of Bilderberg.
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