The markets became jittery from the word go today, overnight in Asia, followed by Europe, and starting off on that footing in the U.S. The main concern seemed to be the Greek situation, and it seems Germany and the Eurozone are now quite prepared to accept a Greek exit, although no nation would like that, and certainly it would not be beneficial at all for Greece.
Perhaps a change of mind set is the remedy in Europe, to dwell on the positive and broadcast what is being done to restore stability and growth, rather than talk about the future as if it is a foregone acceptance that the future will not be so rosy. Such is the illusion and not the reality. No intelligent population is going to stop innovating and adadpting to the new challenges and opportunities availalbe. The governments job is to ensure a secure, stable environment and empower people with licences to start work and production; and the banks to provide the capital to empower people in their dealings.
Government printed notes and minted coins are the legal tender, the accepted IOUs, that all nations have to issue in proportion to their resources, their living standards, and the size of the population. I believe Basel is where they keep the books on the printing and issuance of all national currencies, and those books are constantly updated and scrutinized.
Greece has received some very sizeable bailouts, and of course Mr Antonios Samaras is deserving of sympathy when he says his nation is in a Great Depression. Now is the time for him to show his leadership and pull Greece out of that situation. Under the aegis of the ECB and European Union, his nation has received a lot of help. Similarly with Spain. They have received help of funds recently, so it is alarming to see the strikes and demonstrations in Madrid and Barcelona, which have done little good internationally, pushing up the cost of borrowing for Spain. The leaders and people of these two great nations must restore faith in their economies, and gently guide their people to a path of growth and happiness. Austerity must never be so severe that it is unacceptable, and the wealthier European nations must show their sympathy and accept this fact.
Once all nations are aligned to keeping the Euro in existence and through this maturing phase for what is a relatively new currency, all nations will be able to enjoy the fruits such unification will bring. The Euro is the Mother Currency of 17 European nations, and all these nations must be aligned in favour of it and building its strength. Quite soon, I believe things will turn in favour of the Euro. If the margins are adjusted for the Greek and Spainish Bonds, then favourable results will follow there also. I hope all nations can afford to be generous to these sister nations, these flowers of the same bouquet.