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The Euro, a machine for perpetual destruction

The currency is fundamentally warped and misaligned.

It spans a 30pc gap in competitiveness between North and South.

Intra-EMU current account deficits have become vast, chronic, and corrosive.

Monetary Union is inherently poisonous.

The countries in trouble no longer have the policy tools — interest rates, QE, liquidity, and exchange rates — to lift themselves out of debt-deflation.

Ambrose Evans-Pritchard, September 27th, 2011

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