drachma

National Bank of Greece: Cash in on Kosovo's Independence

"The Golden Rule".

"He who has the gold, makes the rules".

The short sighed Greek politicians gave up the worlds oldest and longest living currency, the Greek Drachma, for the euro in 2001.

Since then the basic cost of food has increased 800% and the overall real cost of living has increased 600%.

So the NBG stock increase of 700% from 2 to 14 in the chart above is still under performing basic food prices.

Now that the euro is at 1.52 to the dollar (and rising), spreads between 10-year German government bonds and the equivalent debt across the eurozone's Latin bloc have jumped to the highest level since the launch of EMU, reaching 45 basis points for Greece, and 43 for Italy. The spreads on Spanish bonds have ballooned to 28 from 4 last May, reflecting an abrupt change in perceptions as the property boom deflates and investors take a closer look at Spain's current account deficit, now a 10pc of GDP.

The European politicians get richer while the working class is getting poorer. Over in Turkey they still have the Turkish lira, and their economy is growing faster and without the huge inflation price increases Greece and most of the eurozone countries have experienced in the last decade.

It goes back to the Golden Rule. In the past, countries had their own currency and could control growth and inflation. But since the socialists Europeans let their politicians overrule their own people's wishes to adopt the euro they have given away the control of their sovereign rights to print money to foreigners in Brussels.

"Let them eat Viagra"

was the response from the Northern eurozone countries to the Greeks complaining about the price increases and now the need to work until you're 65-70 years old because of the price increases lowered the value of there old age pensions.

Greece is still a sovereign nation and it's about time they acted like one.

It's long past time to scrap the euro and go back to the drachma.