I generally agree with your assessments of capitalism and socialist democracies, except when it comes to the EU and Brexit. If the Euro is to be the unifying factor for the economies of the union the member states should give up their individual currencies domestically as well. It is simply impossible to defend a currency when accepting debt in another currency. The stronger economies of the EU, particularly Germany, will eventually run roughshod over smaller and weaker economies and drain their nations of resources under the guise of “helping” them with loans.

Giving up the ability to create currency to pay debt without creating inflation is a big mistake for any nation. Foreign-controlled debt has been the downfall of every failed economy in modern history since Weimar Germany was forced to pay reparations to France and England in Francs and Pounds Sterling. Once so encumbered, a nation subjects its own currency to exchange rates set by lenders and the end is near.