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The Back Side of the euro

Since the very beginning of the first use of money, people had to believe in its value, in order to accept money as pay..

For example, a soldier's pay, originally came in the form of rape and loot. Which in practice meant that everything won by conquest was destroyed. That which the soldiers could not take with them was burnt, so that any avenging army sent in pursuit, found scorched earth to support them.

Amongst the ashes of torched cities, would be gold that had merely melted, but remained intact. And so it came to pass that gold was used as pay and could be taken forward to the next conquest. Rape alone would suffice the soldier, when he had his pieces of gold.

The value of gold was obvious, it was pretty.

For any form of money to act as a means of exchange, its value must be obvious.

The value of your credit card becomes obvious, at the checkout.

Therefore it is quite acceptable to everyone, to say that money is a means of exchange, which will stand proxy for that which is being exchanged.

Money is an idea backed by confidence in its value.

Therefore when we say the euro is a one sided coin, its backside on which confidence depend is missing. The euro is in truth a one-sided coin, it has no backside.

It is impossible to estimate the value of the euro in the market place, save only for that which is locally produced. Otherwise the value of the euro is determined by the money markets, where its value is measured with a piece of elastic, called the pound or the dollar or the yen.

In which case the value of the euro in the local market place, becomes meaningless, although it is the only real and valid assessment.

Hence the single common currency for Europe reveals itself to be a nonsense. Make a note of that fact, because the plan, to have Britain in the euro, is merely delayed by two NO's and is not discarded.

Doctor Edward C Hamlyn MBChB