Margaret Thatcher was spot on when she warned that Britain would not join the Euro for the covert maneuvers behind the scenes was to create the federalization of Europe – their real dream to be the United States of Europe. Thatcher was betrayed by her own cabinet because some members also were dreaming to federalize Europe.
Most people have no idea that the idea of creating the euro actually took place back in 1985 and was proposed as well as supported by the the United States. The idea was put forth at the Plaza Accord when the birth of the G5 was established. The idea was that the dollar was too high and that its strength was because it had emerged as the only major world currency. The idea was born that if Europe created a single currency, there would be a rival to the dollar. This was really hatched in France. Germany saw this as a means to an end to expand its own exports throughout Europe by eliminating the currency risk for its manufacture base. Make no mistake, the United States wanted a strong euro to reduce the US trade deficit. The participating countries were USA, Germany, France, Britain, and Japan.
This post was published at Armstrong Economics on Sep 9, 2016.