What has become different ever since Soros attacked the British pound in the early nineties are the tremendous concentrated forces of the international capital markets. With a little help of the financial press these pools can attack and break anything and anyone, including currencies and entire nations. I am not ignoring the flaws in the design of the European monetary union (there are many), but the euro has also brought a lot of benefits to Europe and the Western world by taking away huge market obstacles (all those 20+ different currencies), so it should be beneficial for all to support the euro, while deficits are brought back and structural reforms take place, both of which actually are taking place. Also Germany is very much aware of the fact that they have benefitted tremendously from the Euro.
Unfortunately, the vultures (international capital pools) are circling around to rip apart everything built up during 10 years, so they can pick up the juicy pieces. And then what? They'll look for a new prey big enough to be tackled, whatever the consequences.
These mega hedgefunds are out of control and too big to be part of an effective market. They will do anything legal and illegal to make outrageous profits. The fact that even after the 2008 crisis there are still rogue traders without any control just indicates, that the banks and hedgefunds have not learned anything and that they are out there, totally unregulated, either to make a killing or die. It is a war that is ending badly for all of us.
Stricter regulation might be the less worst of solutions.
