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24 February 2012

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Geoffrey Ashby FCA

One could write a book on the subject of full integration but since America is often cited it is worth remembering that over there there are enormous taxation differences between States - Florida with no personal State Tax vastly differing State Taxes and, with all this, California managed to become bankrupt!
Germany wont be able to shoulder the burden of poore Nations in the EU forever because they are making the mistake of relocating manufacturing Overseas thus causing unemployment. A few years ago many of their local authorities were bust but I don't know the current situation. I cannot see how unity could work because there is and will be huge unemployment in certain countries with consequewnt deficits - why would Germans wish to subsidise that? Personally, I am sick and tired of the UK contributing around £9 bn in excess of what it takes out - why should I pay even higher taxes to reduce the consequently higher deficit?

Terry Smith

To Geoffrey Ashby,

I cannot see what the UK derives for the £50m per day it contributes to the EU.

Geoffrey Ashby FCA

My memory and knowledge of History are both now pretty sketchy but I seem to recall that Monetary Union is not a new thing - there was the LMU (Latin Monetary Union) from around 1860 until around the time of the first World War. Being based on Gold it operated quite well - individual Countries having their own insignia on Coins but due to being Gold based, values were kept in order. England refused to join but had it done so the Sovereign would have had to be reduced in weight to have a Gold value equal to a (from memory) 25 franc French coin. Why do I mention all this - because Greece quit in 1908 having debased it's currency (reduced Gold content) - plus ca change etc !!

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