German Business Chief: Dump The Euro..It's Dragging Us Down
German Business Chief Calls for Country to Quit Euro and join New Currency With Austria, Holland and Finland
A top German business leader today called for his country to quit the euro and join richer northern neighbours in a currency block instead..... Hans-Olaf Henkel, the well-respected former head of the country’s main business federation, said his earlier support for the euro was ‘the biggest professional mistake I ever made’..... He called on Germany, Austria, Finland and the Netherlands to quit the euro--ditching struggling economies such as Greece, Spain, Portugal and Italy--and set up a new currency of their own..... Such a move--perhaps the closest thing possible to the return of the Deutsche Mark--would be highly controversial as Germany
Is America dragging us down?
Canada’s economy should be blazing by now. The country this year recouped nearly all the jobs lost during the recession, saw hikes in consumer spending and business investment and had some of the best economic growth in the industrialized world. Things would be going gangbusters, if not for those damn Yankees.
Canada currently finds itself tethered by its southern border to an economic anchor. The United States still grapples with near double-digit unemployment rates, surging foreclosures and sputtering consumer spending. America’s travails slashed Canada’s export market and blocked the chance for “an absolutely rip-roaring recovery,” according to Douglas Porter, deputy chief economist with BMO Capital Markets
Canada’s largest trading partner is dragging it down. But the United States’ economic woes don’t just mean a weak market for Canadian goods. The dismal outlook has inflamed America’s protectionist tendencies. It took more than a year for Canada to negotiate a waiver of the “Buy American” provisions contained in America’s $787-billion stimulus package. Less than a month after that dispute was resolved, 28 members of Congress introduced a bill calling for the scrapping of the North American Free Trade Agreement. The situation is so worrisome that the Canadian Council of Chief Executives has enlisted Gordon Giffin, the former U.S. ambassador to Ottawa, as its envoy in Washington.