Euro moving towards collapse

Euro is expected to collapse and leave Europe in an economic and political catastrophe, unless its "corrupt" banking system is controlled.

"What you are looking at is the collapse of the euro which is the financial underpinning of the political structure which is called Europe," Rodney Shakespeare, Professor of Binary Economics, said on Tuesday.

"There is a great catastrophe coming and we are just seeing the beginning stages of it," he said.
Referring to the recent debt crisis in Ireland and other eurozone members, Shakespeare argued that financial bailouts are not the solution to these woes.

"These bailouts and financial corrections have nothing to do with the real economy of jobs and ordinary people ... [and] are not adjusting the underlying problem," he said.

Shakespeare attributed the problems to "the interest bearing money created by the banks endlessly."

He said the banking industry, which is inspired by the "Western free market" doctrine, is to blame for "lobbying" to create economic havoc across Europe and the US.

"Right now the governments are attacked and controlled by this doctrine and they just serve the interests of the banks," he added.

On the other hand, the banks "are serving the interests of the military industrial complexes" and "the interests of a tiny group of companies," Shakespeare pointed out.

He warned European governments that, "Unless in fact you can get all the ordinary people productive, so that producers and consumers are the same, you cannot have a true, balanced free market."

Earlier, the Irish government presented a four-year austerity plan seeking to save EUR 15 billion to secure an international bailout.

The plan seeks to reduce Ireland's 2014 deficit to 3 percent of its gross domestic product, the eurozone limit.

The changes come after Ireland decided to accept a multi-billion euro bailout from the International Monetary Fund and the European Union in a bid to save itself from a total financial collapse. 

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