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The Pending EU Breakup

July 1, 2016

We will all be forced to deal with the eventual demise of the European Union. The so-called Brexit was just the beginning.

The UK was barely in the EU to start with. Their exit clearly demonstrates the will of the people and will pave the way for others to go, namely Italy, Spain, Croatia and Austria. Referendums are already being planned in several EU countries. Eventually, after riding awhile on flat tires, the EU will simply go down a dirt road never to return. The idea of the EU was a pipe dream to start with. Countries can not be successfully joined if they refuse to learn and respect each other’s language, culture and ways of doing business. A common currency does not make a union onto itself.

The post downturn economic problems in Europe as a whole, Merkel’s insistence on importing thousands of unskilled refugees into the EU and EU members’ distrust of Germany dictating policy has all but doomed the EU. The EU has never had popular support with the middle class and older citizens. Individual countries, while claiming to support the EU, have been suspicious of one another from the start. Basically no country wants to give up any of their sovereignty and be told what to do. The European Central Bank has rankled many of the EU’s citizenry and the matter of national borders has recently come under attack with the migrant crisis. Squabbling between the UK and France and between Austria and Italy are only the tips of huge icebergs.

Consider Italy. A pizza cost 10,000 Lira in the year 2000. After the introduction of the Euro, the same pizza cost 10 Euro. When you consider the initial conversion rate (roughly two to one), you are talking about a doubling of price. This has never bothered the politicos (they don’t buy their own pizza) but it has stuck in the back like a knife with most regular Italian citizens. The same examples can be found in every EU country. While most prices were propelled upward, earnings, pensions and the like were not. What has resulted is a disgruntled middle class that is being squeezed from all sides. The escape valve from such pressure? Exiting the EU and returning to a Europe comprised of sovereign countries and currencies.

Will the EU’s collapse affect the rest of us? Of course! The international consequences have not yet been articulated but will surely include everything from international cooperation on trade, defense and human rights. Like it or not, we are all aboard the Titanic as it goes down.


Numismatists should start collecting Euro coins. They will be in the same category as ancient coins very soon.

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  1. Vsii permalink

    Allen, Interesting insight.

    By any chance are you still in the Val di Non in October? My son and family may Try to get to Cloz at that time to see where my parents were raised. It would help If someone spoke English when they were there. My cousin, Angelo Franch – also A sixth cousin of yours through our grandmother Rizzi – does not speak any English. Nello

    Sent from my iPad



  2. allenrizzi permalink

    Will reply privately.


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  1. Italy – Time For Change | allenrizzi

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