EU Europe

EUROPEAN CENTRAL BANK’S 1ST CHIEF ECONOMIST WARNS SOON HOUSE OF CARDS WILL COLLAPSE…….

This is exactly what Nigel Farage warned about, repeatedly, in the fake EU parliament, and for the last time as well.

Euro ‘house of cards’ to collapse, warns ECB prophet

Issing

Otmar Issing was a towering figure at the euro’s inception CREDIT: AFP/GETTY IMAGES

The European Central Bank is becoming dangerously over-extended and the whole euro project is unworkable in its current form, the founding architect of the monetary union has warned.

“One day, the house of cards will collapse,” said Professor Otmar Issing, the ECB’s first chief economist and a towering figure in the construction of the single currency.

Prof Issing said the euro has been betrayed by politics, lamenting that the experiment went wrong from the beginning and has since degenerated into a fiscal free-for-all that once again masks the festering pathologies.

“Realistically, it will be a case of muddling through, struggling from one crisis to the next. It is difficult to forecast how long this will continue for, but it cannot go on endlessly,” he told the journal Central Banking in a remarkable deconstruction of the project.

More here.

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