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How the euro has turned things upside down

All those cultural worriers fretting that lots of furriners are grabbing “our” jobs and generally messing up the scenery can rest a little easier. Soon, large parts of Europe will be positively depopulated. The disaster of the euro is helping to drive this trend.

“the story that truly captures the imagination comes courtesy of New York University’s Development Research Institute. It highlights the influx of Portuguese immigrants to Angola – an economy that has been growing by over 10 per cent a year since peace broke out in 2002 – and Mozambique, in a dramatic reversal of roles between erstwhile colony and ex-imperial power. There was a time when poor Africans flocked to southern Europe to better their lives; the opposite is now happening. Five hundred years after Vasco de Gama first landed in Mozambique, impoverished Portuguese are turning up in droves, begging for work permits. Six years ago, Angola issued 156 visas to Portuguese migrants. In the most recent year for which data is available, that number had exploded to 23,787; 100,000 Portuguese have moved to Angola, four times more than the traffic in the opposite direction. Other studies have shown a brain drain of Portuguese to Brazil and of Spanish youngsters – especially skilled graduates – to Latin America.”

“Portuguese workers in Angola now send home more cash to their families than Portuguese workers based in London. For millions of young people, Europe appears in terminal decline, while parts of Africa have emerged as a new Eldorado. The Eurozealots thought the single currency would turn old Europe into a new superpower; instead, it has catastrophically impoverished tens of millions of ordinary folk. It is time for an apology.”

Allister Heath.

14 comments to How the euro has turned things upside down

  • It is time for an apology


    Reuters, Brussels: today there were verified reports of flocks of flying giraffes in formation over Berlaymont for the second day running. And in other news, the Commission issues an apology for…

  • lucklucky

    Red Herring.
    This has nothing to do with Euro except the part of being able to get debt at such low rates with German reputation at start.

    UK have the pound and you are in same boat.
    US the same
    Japan the same.
    They are just kicking the can.
    There are no free launches.

  • RRS

    Is it not just possible that there is another factor at play here?

    The “monopoly” of the authority over what shall be “money” and how it shall be issued and controlled has long been an attribute of sovereignty in Europe (and most of the “West”).

    Now there may be those who think that relationship of money and sovereignty can be reversed, and that by moving all that power over money to a particular entity wiould cause sovereignty to follow in train, moving (if slowly) sovereignty to the “new” entity.

    In fact some are urging that course (wonder me why).

    Things don’t seem to be working out that way, do they? Power over money may stay with sovereignty, but there is no rule that sovereignty goes along with just any kind of money.

  • Eric Tavenner

    I agree, an apology is definitely in order, the old fashioned, very sincere, one that involves a revolver and one round.

  • 2dogs

    The world changed with the GFC. Before capital equipment manufacturers sold 75% of their new product to the developed countries, 25% to developing. Now its 33% to the developed world, 66% to developing.

  • Laird

    Forbes has a somewhat different take on the Euro. I’m not entirely sure their history (or the historical rationale, anyway) is correct. Anyone here have any thoughts?

  • Gerry N.

    Apology, myasse. It should involve wholesale hangings; trees and lamposts are standing there unadorned. It is far past time to get some decorations up.

  • thefrollickingmole

    Im currently flitting between 2 books written in the early 1930’s.

    There is nothing new under the sun.
    The Europeans (in the book) are blaming the Americans for lending them too much easy money.
    They also decry high interest short term loans.

    There 2 biooks have been fascinating, to see comments written in 1935 where a man says ” Herr Hitler doesnt want war, just a just peace”, and the same bloke says “the next war will be decided by air power, Gemany must lose because it lacks the oil”…

  • RRS

    Laird –

    I don’t think that is a Forbes’ take. It is a take of a History Ph.D. which states his views of the “reasons” the Euro was brought into existence, representing the compound debt (and thus credit worthiness, and thus dependent on the productivities) of its subscribers, which he glides over unsaid.

    He writes of a period at which I began to be intensely involved in international finance and with authorities dealing with exchange controls, following closely policies as they erupted. So what he writes does not ring in my memory.

    There was then an ongoing political effort among the collectivist oriented to creat a “European Psyche.”

    Capital moved out of Europe for the same reasons it moved out of Mexico and Brazil, best I recall.

  • Rob H

    That explain why the ones left in Europe are the ones that wnat paying without having to work for it.

  • ErisGuy

    Even the EU can’t force its subjects to live in the hell of their own making.

  • JohnB

    Democracies are driven by popular perceptions.
    Popular perception is established by MSM.
    Those who control are still living as they always did (but were somewhat threatened recently for a short decade or two).

    Europe? Africa?

    It makes no difference if you live in a billion dollar bubble.
    Africa has the resources, indeed.

    In fact the sooner that vast wealth starts sending charity funds to those in the deprived ‘old’ world (which can start incorporating the US and other western “democracies”, the better.

    To those who run things, it all makes no difference.

  • RRS

    John B –
    Echoes (pleasant) of Don Rumsfeldt!

  • Rob

    Follow the people. The evil of Communism was illustrated by the floods of people leaving, and no-one going the other way.