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sk1939
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reply to skeechan

Re: Soak the rich!

said by skeechan:

I just asked which countries were doing "great". I don't see any doing "great". What I see is the African Union squandering an opportunity to be an economic superpower.

So, you want the African Union to attempt to become econonmically unified? It's working so well for the Europeans after all.


skeechan
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It's the unified currency causing the issues in the EU and there is no reason why an economic union would require a single currency. If Greece didn't use the Euro, they would simply print money and have higher inflation than say Germany. The Greek problem is the same as California's problem...they over-promise but can't print their way out of it like the Fed can. The AU members have their own currencies now, but they could work closely together on free trade agreements and economic resources, pooling their efforts for economic development. But that won't happen so long as corruption is rampant.

sk1939
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said by skeechan:

The AU members have their own currencies now, but they could work closely together on free trade agreements and economic resources, pooling their efforts for economic development.



Not going to happen, since most will not pull their own weight, and have ongoing internal issues that need to be resolved like internal terrorism, civil war, genocide, border disputes with neighboors, etc.

said by skeechan:

corruption is rampant

That dosen't help either.

said by skeechan:

no reason why an economic union would require a single currency

There is plenty of reason for it, it allows for simpler currency markets, promotes trade with neighbors, and allows for simpler currency regulation. However the downsides are evident.