Goldsnow, I am glad you asked!!
The reason the commie bastards (Russians) invented the euro, at the height of the Korean war is very simple. They (commies) figured Ike would embargo their dollar deposits in American banks to force them to stop supporting the N. Korean commie bastards.
The problem was they wanted to keep their money in US dollars, without the risk of loss. So, within 20 years, a new supranatural money and capital market took off.
It (the euro) is outside and beyond the control of any other central (national) bank, and totally unregulated.
Of course we now have euroyen, euro-swiss-francs, euromark, etc.
All of this in turn made possible the enormous expansion (also Inflation) of world trade, which has been the engine of economic growth and prosperity in the developed countries.
If you find that interesting, the story of commercial paper is almost as good!! |
