Martin Armstrong is a US financial analyst who created a unique mathematical formula that enabled him to correctly predict many events in politics and economics. In an interview with Sputnik, he revealed how US banks wanted to take over Russia and explained why the euro is destined to collapse.
Part 3 - Euro Crisis and Crypto Currencies
Now, the mathematician makes new predictions using his calculations. Commenting on the future of the euro, Armstrong said that the currency "is probably not going to survive."
The main problem, as Armstrong sees it, is that the European Central Bank (ECB) failed to consolidate the euro at the right time.
"The idea of the euro actually was presented by the United States back in 1985. And they were arguing Europe should consolidate, create a single currency to compete with the dollar, because the dollar kept going up to high," the analyst said.
"When the euro was being formed, they actually came to me…and I said: look, the only way you can compete against the US dollar is you have to have a consolidated debt. And I was told back then in 1988 they didn't think the European people would vote for that. So they just want to get the currency through first, once they got the currency through they said they would deal with the debt secondly, which they never did."
In addition, the analyst believes that there should be only one central bank within the Eurozone. As all members still have their own central banks, the whole structure is very much disorganized, and leads to a chaos within the monetary union.
At the same time, the analyst strongly doubts that crypto-currencies like Bitcoin have a future in the long run as well.
"The crypto currency is not something that is going to really be long-term viable. You can't really use it," Armstrong said, adding that governments would certainly not allow other currencies that could potentially threaten national currencies to emerge on the financial market.