Europe has had a long history of succumbing to futile lords after achieving great strides in wealth creation, if that be philosophically or financially. Its Whiteness is one of blinding light, where memories of past broken trusts were forgotten in favor of promised future gains. Europe is the epitome of why not to trust private banks. A society can accumulate wealth, and reinvest for the future, but if the proxie government is in charge of the funds, and usury is being used to compound growth, then the result will be failure, because along the way the system will pick the pocket of the first investor. Banking is nothing but a ponzi scheme. Loans can facilitate growth, but when those in charge are most concerned with making profits for themselves, there will be nothing left for the initial investors.
The governments of Europe have consolidated many interests into one objective- a united front. Yet this united front has many characteristics, and agreement is few and far between for the group of States. The various lands have different assets, and therefore different opinions. The last thing Europe should have been concerned with was uniting these vastly differently lands economically.
A promise to pay is an IOU, and this is what the finance system of Europe owes the people. The money invested in the banking system was spent, thus why the bailouts were needed. Since Europe bailed the banks out, the people own the large share of the bankrupt banks. If saving the banking system was the goal, the goal was short lived, as the system was filled with holes. Europe has spent its future on saving a boat that will inevitably sink.
The world of finance has been treading water with the appearance of growth thanks to steady inflation since the inception of the dollar. Along the way, various banking industries under the guise of States have developed like fiat currencie. These currencies accumulated wealth and spent it out on goods that have no long term value. Their value has steadily eroded as inflation took its immanent toll on the fiat. The Euro is a prime example because like the dollar, it holds no value, and any movement spent on maintaining its stability is one of waste. Europe has been and is wasting its future trying to hold up a system based on the fiat ponzi lie.
As of now, value of various currencie is judged by comparing one fiat to another. This is a logical fallacy, as they are all worthless. The comparison keeps the world of finance turning, but once the truth is unveiled, and that is fiat is only a debt instrument and not a store of wealth, then the ponzi will get crushed once and for all. Europe is all in on the game, and this bet will turn European finance on its head.