Maud Gilson
Independent Analyst
In this excerpt of our one-hour interview with financial analyst and advisor Martin Armstrong, we ask him about Greece and the Euro.
Before forming the Euro, members of the European Commission came to Martin Armstrong. His advice was to consolidate the debt first, then create the currency. "This is exactly the way the dollar was created": taking in all the debts of all the states and afterwards every state had its own debt but that became the national debt.
"I explained them this is the only way the Euro is going to survive. They understood that. But they felt that they couldn't sell that idea to the Europeans. So they wanted to get through the currency first, and then they would deal with the debts," explains Armstrong.
"Those people left, other people came in... then 'What happened to part 2?'" ironically says Armstrong.
"Politicians do not understand currency. Now they keep yelling at Greece: 'You've got to pay, you've got to pay'. The whole Euro now depends upon countries that can't pay. And if they break, everybody will going to start and sell the Euro because the whole system is just completely bogus!"
At the end of this extract, Armstrong says that "the Euro is in serious trouble and Brussels does not understand what the problem is. All they try to do is defend the Euro, because it's their job. If the Euro goes, then why do you need Brussels?"
Watch our full 1-hour interview with Martin Armstrong.
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