Letters to the Editor

June 02, 2010

Euro trashed

To the editor:

I have been of the opinion for a long time that the creation of the euro was a very large economic mistake and a disaster waiting to happen. Now that the world is on the brink of another financial crisis, people are beginning to open their eyes and take a close look at the basic flaw in the concept of a common European currency.

The problem with the eurois that the value of the currency of any onenationrepresents the net wealth of that nation, as is measured in terms of what that nation produces minus what they spend and borrow.

Additionally there is some value added to the currency of a nation based on the political and military stability of that nation.


This is a very simple concept to understand and it explains why the value of every currency is different and why the value of every currency (except the Chinese) reflects market forces and fluctuates as the fortunes of each individual nation ebbs and flows.

In the case of the euro, the European Union has tried to make a one size fits all currency that makes no allowances for the basic differences of economic strength within their union.

The truth is that the euro has been way overvalued for a very long time.The value of the euro is only as strong as the weakest economy within the European Union. The Europeans overreached when they created the Euro. The European Union is not the United States.

We have 50 separate states and some of them are much weaker than others. But a common currency works in this country, because the value of the dollar is averaged out to reflect both the economically strong and the economically weak states. We are one nation and the European Union is not.

Ask yourself why, if the euro were such a good idea, thatEngland chose to retain the pound as its currency, even though it is a part of the European Union. They did so for the exact reason that I state here.The value of each currency is unique and reflects unique circumstances of unique states.

The reason that I care about this issue so much is twofold. First, the euro has been very muchovervaluedfor a long time. Giving artificial value tothe Euromay help us with exports, but ithurts us in the long run because this overvaluation greatly distorts theprices of oil and other commodities that are valued in dollars.

The overvalued euro makes the cost of all commodities a good deal for the Europeans and a bad deal forAmerica. The undervalued and "cheap" dollar hurts us all every day.

Secondly, I care because the United States, through the world bank, will be forced to participate in the bailout of Europe and I do not believe that the American taxpayer should help reward irresponsible European behavior.

The world is scurrying around trying to put a Band-aid on the problems of Greece and the other weak European economies that consume and borrow much more that they produce.

This is a very bad idea. Those nations that have overspent and overborrowed will be much better off with their own currency, because their debt will then be valued in something other than the euro, which will make it much easier for them to repay.

Sovereign nations all need to have their own currency, the value of which is derived by the unique wealth or lack of itin each individualnation.It simply does not work to try to make the economy of a nation fit the value of a currency as we are now sadly finding out.

This situation should never have been allowed to exist and it points out very clearly what happens when socialistic ideals are forced upon a capitalist system. Keep this in mind when you vote this fall.

Rodney Pearson Sr.

Teacher asks state superintendent to seek input before enacting evaluation system

To the editor:

This is an open letter to Maryland Schools Superintendent Nancy Grasmick and members of the Maryland State Board of Education:

Let's get acquainted. I've been teaching for six years at the secondary level in an alternative school setting. Before my midlife transition to teaching, I spent time in management, training, human resources, media and commissioned sales.

I designed peer review evaluation systems responsible for distributing performance-based profit sharing payments equal to or exceeding an employee's base wages.

I'm neither a stranger to nor an opponent of measuring performance. And although very involved locally, I have yet to have a conversation in our teachers' association meetings about how we're going to protect a "bad" teacher's job.

So please allow for some actual and equal teacher input before imposing the new evaluation system. You say you've done that, but I'm told some of those you quote as supporting your initiative say they attended a seminar, not a task force. Surely you wouldn't spin facts to support your suppositions.

Here's where I am with what I've read so far: If my entire career is based on an evaluation 100 percent based on student performance, then I'll focus 100 percent of my attention on performance. I can teach to the test with the best of them.

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