Poland is legally obliged to switch its currency to the euro under the terms of its 2004 EU entry. Nonetheless, Poland has continually demurred amid the Eurozone’s financial woes and voter opposition to exterminating the zloty, its national currency. Killing the zloty will only bring massive inflation to Poland and serious harm to its economy. Its national debt will be converted to Euros and therein will be the real crisis. The Euro has failed to benefit member states of the former Soviet possessions as well as Southern Europe.
Politicians are lawyers who know how to write laws and assume that is they are entitled to a dictatorial power as their right. They do not understand the subject matter that they pretend to control no less currency or what it even is. In my own case, here is paragraph on page five of the criminal complaint. It illustrated that the government failed to understand currency then as they do today. Our notes were in Japanese yen not dollars. These people did all their calculations in dollars without comprehending the yen moved from 75 to 147 during that period between 1995 to 1998. Whatever came in yen during 1995 that converted to say $1 million was repaid in yen plus the 4% with a dollar cost of about $500,000. Here they assumed I paid them more than I was suppose to (not cheat them) to entice them to buy more. The contracts were in yen – not dollars. What Has Government Do... Best Price: null Buy New $2.99 (as of 11:35 EST - Details)
The government people in New York were totally lost in the stupidity of their own mind having no understand of foreign exchange. This then became the basis of their allegation that I manipulated the world economy and the Japanese yen since the Japanese refused to sign a criminal complaint when they were paid in whole in yen terms that they thought was 50% less in dollars and thus a fraud. So I obviously had to manipulate the world to make them “think” they made money. You just cannot make up this level of stupidity and then you have to try to explain to morons who are incapable to comprehending currency when judges only rule in favor of government even if they ever understood. It is like you have entered Alice in Wonderland. Nothing you can say penetrated their think skull for that would mean they were wrong. That just can never be an option.
The Case Against the Fed Best Price: null Buy New $2.99 (as of 11:15 EST - Details) This is the same problem of a total lack of understand of currency with Brussels right now illustrating that lawyers should never be allowed to dabble with finance or economics. Everyone in Southern Europe converted their debts to Euro and then the Euro rose from 80 cents to $1.60. They blame Greece as if that government functions any different from the rest of governments. They cannot comprehend that whatever the Greek debt was in drachma since World War II suddenly doubled and they could not pay. Brussels is destroying the Greek economy and wiping out the next generation preventing even job formation. Now the Greek government, elected to leave the Euro, just does whatever Brussels says and is not outlawing paying for anything in cash with more than 70 euros. They are strip-mining their economy to support the bondholders.
The bankers sold throughout Eastern Europe Swiss loans telling everyone they would save interest without warning them there was a currency risk. All the people who listened to the bankers and borrowed in Swiss now owe 30% more. This is the same exact problem behind the Euro.
If you kill the zloty and adopt the Euro, you personal debts will change. Brussels is only looking for power to support their own careers. They have no concept what they have created, but if the Euro goes, there goes their jobs. This was to be a trade union – free trade. The assumption that a single currency will eliminate trade costs is absurd. It has converted a trade issue into the United States of Europe without a single culture or language. Now they want a European army to function under the power of Brussels.
Keep the zloty. Why should Poland lose everything as has Southern Europe. Our computer is also projecting the same timing targets of June/July and then September.
Reprinted from Armstrong Economics.