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... but the currency is good

In the periodical 'Die Zeit' (Issue 19, 5.5.2011, Helmut Schmidt, former chancellor and co-publisher of the periodical, claimed "We have no Euro crisis, but a crisis of the European Union".

In his article Schmidt concerns himself with a piece by Jürgen Habermas, who also gave his opinion on the subject of the Euro in the 'Suddeutsche Zeitung' of 07.04.2011. Schmidt attributes Habermas with many accurate comments, but on one point the ex-chancellor differs: Habermas wrote of a Euro crisis. Schmidt does not see this at all.

But there is a crisis, and it is a crisis of the currency, and also a crisis of the countries. A few days before Habermas the polemic Harvard historian Niall Ferguson also wrote about the 'disintegration of the European Currency Union' in the American Newsweek. He asked who it really was that had brought Europe to its knees, and arrived at the conclusion: The German voter was the guilty party. Polemic nonsense, wrote Schmidt in 'Die Zeit'. Yes, as far as the tone is concerned, says Schmidt and unfortunately also as far as the message is concerned. Schmidt claims the Euro is inwardly and outwardly more stable than the American Dollar, the inflation rates are significantly lower, and the exchange rate is high. In the 12 years of its existence, claims Schmidt, the Euro has even been more stable than the German Mark (in its last 12 years). Apart from the fact that two currencies are being compared which are both crash currencies, and in both countries money is in effect being printed, which fuels inflation. The Euro may be more stable than the Dollar, that cannot be undisputed – but this only means that mismanagement in the USA was faster than in the Euro zone, and in particular in Germany.

Attempting to conceal these matters by reputation is nothing other than fraudulent labelling. The task of the press is to inform the public, even if the contents of the message might trigger mass hysteria or be undesirable for a political point of view. Journalists would still have to inform the public, even if the readers were not interested in the subject. Journalists have an obligation to inform, the reader has the right to decide. Besides: Every bank has opening times and means of transferring funds to foreign accounts.
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