I happened upon this study a few days ago upon referral to a friend who just moved to Europe. He’s living in Spain, where he has a new job as an economic analyst for a Madrid firm.
Pubished two months ago, the article lambasts American economists who have critised the euro common currency and all that it entails for Europe. In light of the U.S. “monetary unification, ” the authors call it “surprising” that American economists have been, and continue to be, so skeptical of European monetary unification (a false equivalency if there ever was one). They state: “The euro is one of the most exciting experiments in monetary history.”
Most of all, the authors deride the U.S. near-consensual claim that the euro is a political project first and foremost, and political leaders were ignoring economic fundamentals. They mock the belief that Europe would face major adjustment problems, that no authority for centralized fiscal redistribution exists, that monetary policy takes no account of employment or growth and is therefore unequipped to deal with interregional or wider asymmetric shocks.
But to my friend, and I concur with his opinion, that is exactly what is happening in Europe right now. The economic shocks have come, and the euro is unequipped for survival. Spain, for example, is being absolutely battered by recession and high unemployment (shooting towards 20%), and Standard and Poor’s has recently downgraded Spanish debt leading to a 3% drop in the Spanish stock market. Spanish leaders need to keep announcing that “Spain is not Greece,” which only leads investors and residents to worry, “Spain might be the new Greece!” In Spain international business and international investment are shirking away quickly. Spain money is flowing towards offshore international business companies, offshore banking, and offshore investment opportunities at a quickened rate.
The future of Spain looks like the future of Europe: economic turmoil and ongoing recession. The euro compounds (if not creates) problems, ant the euro’s financial tool belt explicitly forbids the necessary financial tools to solve these problems. More trouble awaits. My source in Madrid receives queries everyday such as, “where can I hide my money overseas? “how can I evade taxes?” and “what is an international shelf company?” If you are in Spain asking, “where is my money safe?” look no further than Belize. When it comes to legal tax-exempt environment, confidentiality, and political stability, Belize offers a safe haven for your money. Belize offshore companies are known as one of the best homes for your money, whether it be through a Belize international business company (IBC), offshore bank accounts, offshore investment, offshore trusts, offshore foundations ,and Our IBCs, for example, can be opened quickly and cost-effectly. At our legal firm (legal know-how is a must), our staff speaks Spanish and is waiting to help you today.
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