Transcript for Lew Rockwell The Euro and the EU were a mistake YouTube

a crisis in greece will have a ripple effect on the global economy and send

countries spiralling into recession join me now to talk more about this is the

rockwell chairman of the ludwig von my sis institute

how much danger is that the euro and at this point

i hope a lot of incremental two euro goes out of existence the euro was a

mistake

was a centralizing mistake just like the european union itself was a mistake

but i think it's important to clarify what the actual issue is here in greece

in the euro and all that

it's not that any views of the grease is being bailed out world but would like to

be a lot of grease it's the banks that are being bailed out the banks that hold

the great debt

that bought this very risky debt paying a vast interest rates expecting that

they would be bailed out its fifth greece couldn't play

so what business agreement is they want to

harm the greek people

tip of the booed on the neck of the greet people in grad grind them into the

dirt so the big banks can be repaid all that's wrong

uh... we don't want that to happen

uh... if we want to rebuild on some kind of us firm prohibitions of prosperity

not only in europe but in this country

then the banks have to go you cannot keep propping up these banks

it's destroying the euro that's destroying the e_u_ those two things i

think ur good

but it's also destroying the the prosperity love living standards of the

people of europe and of the united states and of other places in the world

so the banks are out of control bank circles never mentioned in any of us we

don't see

we don't hear the banks being mentioned when there are when they're discussing

this

because that's all sort of the secret message

and uh... i think that

now we have to

uh... we have to focus on cool what is the trouble

again also the whole question of contagion

if general motors goes out of existence tunnel leaders have not heard the other

automobile companies they're probably all having a party that they have less

competition

but the banks are all connected together they're all inherently bankrupt

because of their fractional reserve no bank as everybody's money and it doesn't

take a very uh... born number of customers demanded their money

to put any bank out of existence

were it not for central park so bcp in europe

the federal reserve in this country

uh... cause vast damage bring on booms and busts these recessions and

depressions

in order to protect the banks

so we live in some kind of bangkok receipe whether it's in europe or in

this country we need to end that we need sound money we'd honest banking we need

an end to central banking

and by the way it is all happening

they may keep this going a little bit longer in europe

but the banks are so out of control

so will leverage so and death

that uh... there's not enough money in the world really to fix these these are

dangerous and the monstrous institutions

so they have to be reformed we need massive reform

and uh... maybe

this is going to be happening it's it's uh... this

there is an occasion for me more pain were already in paying more in

in a very serious recession in the u_s_

and in europe too

there's no recovery going on were we're getting things are getting worse

so we only have a hope and really over and some kind of good serious reform it

doesn't do the alcoholic any good if you take another bottle of liquor

unveiled its gonna be pain when he stops that's what's necessary

i mean you had mentioned that you know the rally bad news com and not dead for

the year is on there but there is fear that if they don't last year the you're

out

that is that as and said that content is a recession and

what it what's your response to that fear can pick the continent is in a

recession but before better to have for example to deutschmark

back in existence

which was a less crazy currency lesson flip problems of all fiat currencies all

paper currency

but far better to have huge individual country having their own

their own individual currency then this so that this european white currency

there's some people john maynard keynes for example one of the world currency

you one of the bank or

and there are some people want that i would be even worse

so we want to we want political decentralization uh... monetary

decentralization as long as we have a fiat currency

if we had a gold standard but of course gold is exactly the same of the same way

in phineas whether it's in the sri lanka or uh... what some horrible or uh...

venezuela that's actually what we'd like to have if we want real growth some

money

honest money and not uh... the government of the big banks on the other

big institutions affiliated with governments ripping us off silly i sound

like u

we think that your uh... we should be drops uh... just as a currency about

right now the discussion is to dropped grace from the year as though and i am

do you think it's it's that is in the best interest of the arizona said to

give grease the bit

but it is probably in the best interest of greece

another greek establishment but verses par baat often

and uh... threatened i'm sure that would involve a girl was meeting in the g

twenty than on the rack and overturning tricking the woody allen had the thumb

screw on time and all the rest that's

of course the way these people operate but i think it is in the interest of the

people of europe of the individual countries of europe

so that the the beer or go out of existence these country have its own

that so corrected then you have

germany being far sounder luxembourg being for sounder austria being parse

out of than then greece or

roads of portugal and spain whatever's

bubble that could change of course everybody can get sounder

but uh... decentralization of the way this is european central bank controlled

by these bureaucrats in brussels

who've more more setting up an authoritarian regime uh... trying to run

every aspect of everybody's life in every country

disliked by the way the u_s_ government doesn't hear was not a good thing to

have a big centralized government in the u_s_ is not a good thing to have it in

uh... in the european that we need decentralization break-up

freedom

on this money sound money on a spanking

greatly that that is all the time we have that was a little rockwell chairmen

of the ludwig van nieces insincere