Yes, the Financial Times legit platforms Ms. Lagarde and her euro-nonsense.
We are witnessing a profound shift in the global order: open markets and multilateral rules are fracturing, and even the dominant role of the US dollar, the cornerstone of the system, is no longer certain.
"the shift under way also offers opportunities for Europe to take greater control of its own destiny and for the euro to gain global prominence."
It's better money, she says, listing off some benefits
- lower borrowing costs
- reduced FX exposure
- insulation from sanctions (say, what?!)
As in previous periods, today’s concerns about the dominant currency are not yet triggering a major shift towards alternatives. Instead, they are reflected in a rising demand for gold.
LOL. Yeah, I know of an alternative you'd do well to check out...
Oh, and here's some lovely creative accounting: "The euro’s global standing rests on Europe’s role in trade. The EU is the world’s largest trader — it is the number one partner for 72 countries, representing almost 40 per cent of global GDP."
Not that the euro is 40% of the world's GDP, or that its trade/GDP is 40% of GDP, but that euro bloc countries are the number 1 trading partner for countries consisting 40% of the world's economy, LOL. My guy, what retarded intern thought up this metric.
And apparently that 40% magic number is also what the nutheads at the ECB conjured up in a conveniently released working paper: "the euro's share of global export invoicing, at more than 40%, remains as large as the share of the US dollar, in line with the euro area’s larger trade openness relative to that of the United States"
I don't know what kind of financial hopium one must smoke to convince oneself that the euro rivals the dollar somehow. Jeez.
Also, don't make me laugh, Museum/Fort Europa:
Europe is undergoing a major shift towards rebuilding its hard power, which should also help bolster global confidence in the euro.
Europe's gone NONE of those three, lol
...and I don't even know what to do with this sentence:
Strategic industries, such as green technologies and defence, should be supported through co-ordinated EU-wide policies. Joint financing of public goods, like defence, could create more safe assets.
- those are not "strategic," they're barely even "industries"
- they def shouldn't be "supported" by EU-wide policies or join financing
- public goods are fake and a myth
- financing them wouldn't create "safe assets"
- we don't need publicly issued safe assets.
Jezes, fuck, lady needs a slapping to wake up.
And, I'm sorry there's some tension between these two paragraphs, eh??
When you think you've seen it all... there's some more nonsense to endure.
In her honor, I've renamed my euro-bank account "Lagarde's Bitch"—yeah, I'm rebellious like that. (my preferred pronouns, if you like.)