[Steve_American]

From Bill Mitchell's MMTer's bolg on Wed. this week =>
Testimony of one citizen of Portugal about how joining the EU destroyed the prosperity of the people of Portugal.
. . Basically, the industry was driven into extinction by cheaper imports, so the nation turned to tourism. Tourism was devastated by the FC/2008 and then even more by covid. The people defaulted on their debts and if home owners, lost their home. The elites also defaulted but the Gov. bailed them out. Bottom line is unemployment is and has ben way over 10% to 15% since 2009, so the nation's people are being crushed. However, the elites are doing fine, so they like it that the people are desperate for any job at any wage.

Paulo Rodrigues
Wednesday, January 13, 2021 at 16:41
In Scotland today, as it was in Portugal many years ago, the elites are pushing for the EU integration, saying to the lower classes that “it will be in the best interest for all”.
The “trickle down” mantra for short.
And then they destroyed the Portuguese economy in 20 years.
Industries closed by the thousands and services (particularly those connected to tourism) flourished.
With an external big deficit and a government deficit limited by EU rules, the private sector just went on a debt spiral. That’s pure and simple algebra.
And then came the GFC.
Many households collapsed and defaulted their credit repaying to the banks and, in consequence, lost their homes.
The oligarcies where more indebted than households and all of then defaulted on their credits.
Not because they couldn’t pay, but because they knew the state would nationalize their debt, to save the banks.
And then came COVID-19.
Peoples rights are being “managed” by the elites and their handy servants in power.
The economic debacle will extend to new heights.
So you see why the elites want the EU and the euro.

[By 'elites' he may be referring to Scottish elites, because that was the topic he was replying to.]
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