tag:blogger.com,1999:blog-36227136.post1688492947294363440..comments2024-01-16T08:40:53.682+00:00Comments on <a href="http://www.openeurope.org.uk">Open Europe</a>: The Eurozone’s new quick fix risks papering over much deeper cracksOEhttp://www.blogger.com/profile/00556463374230498875noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-36227136.post-5860126300508619422012-08-22T18:28:57.701+01:002012-08-22T18:28:57.701+01:00Waisting another 2 years the EU will run into the ...Waisting another 2 years the EU will run into the next problem being 'real job investments' simply being scaled down, stopped, deferred and similar.<br /> Riknoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-34114883249125512212012-08-22T00:13:26.102+01:002012-08-22T00:13:26.102+01:00I recall the words of the great Christopher Fildes...I recall the words of the great Christopher Fildes of City and Suburban and the Telegraph when the ERM was taking shape - "Now they are trying to rig the biggest market in the world - the money market".<br /><br />Throughout that unhappy period he was spot on about that insanity, would that he were here to deal with this even worse departure from sound economics.<br /><br />In much the same words I used 19 years, 11 months and 1 week ago in a letter published in Electronic Times on Golden Wednesday 1992 -<br /><br />"The inevitable consequence of damming up the stresses and strains that should be dissipated on a daily basis is that eventually the dam breaks overnight".<br /><br />Have those who suggest that the ECB stand there pretending that loans are safe when they manifestely are not, no idea of the amounts sof money that circulate around the world every day? Have they no idea what that tide of money will do to anyone who tries to defy it?<br /><br />There is only one possible outcome to this farce, and that is the euro's collapse, and (for the most part) disintegration into many different currencies that can be honestly valued and safetly traded, and that will allow each country at least to survive.<br /><br />Every day that passes that this is not done merely adds to the bill that will have to be paid when it is done,<br /><br />If I could draw I would draw a cartoon of headless chickens pushing wheelbarrows of euros in ever-decreasing circles. Or perhaps oozlum birds.<br /><br />Next cunning plan Mr. Baldrick?<br /><br /> <br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><br />Idris Francisnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-11513186983387564702012-08-21T15:25:33.530+01:002012-08-21T15:25:33.530+01:00It might be pertinent to read this week's New ...It might be pertinent to read this week's New Scientist. The article documents civil unrest and violence over years against poverty and unemployment. Curiously, the unrest does not come at first from the poor and repressed and unemployed, because they are too powerless; but once the recession tucks into the once prosperous middle classes the unrest takes over. The next big boom: 2020, one and a half generations from the huge youth unemployment beginnings. Boom Boom.Rollohttps://www.blogger.com/profile/18255460090580758354noreply@blogger.comtag:blogger.com,1999:blog-36227136.post-57334752827567001212012-08-21T15:17:20.942+01:002012-08-21T15:17:20.942+01:00With Asmussen from Germany now backing Draghi in t...With Asmussen from Germany now backing Draghi in the ECB the likelihood of this scenario coming to pass has increased, But as the article says this would be not only completely undemocratic it would also be illegal under every Treaty from Maastricht onwards but in the EU who cares for such niceties? <br />I suspect in any case that this would merely make the economic woes of the EZ more prolonged and deeper. . <br /><br />The markets always win in the end and if investors don't want to lend to Spain and Italy except on their terms they will shrug their shoulders and take against the whole EZ .<br /><br />The essential points in the article should be emphasised again and again - " It also fails to offer a solution." - "will only paper over deeper problems" - "we must ask whether this latest proposition is worthwhile.".<br />christina Speightnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-12806119699960825212012-08-21T13:46:26.040+01:002012-08-21T13:46:26.040+01:00Another example of the built in EU anti democracy....Another example of the built in EU anti democracy. <br /><br />No political responsibility at an election means no personal repercussions for these eurocrats. <br /><br />Presumably the UK are part of this bank and this would enable them to demand UK involvement in the EZ crisis.Bugsyhttps://www.blogger.com/profile/12255836759626290185noreply@blogger.comtag:blogger.com,1999:blog-36227136.post-8579293378857674322012-08-21T11:20:48.789+01:002012-08-21T11:20:48.789+01:00Kicking the can further along the road; another de...Kicking the can further along the road; another dead cat bounce on the bond markets. More debt and more risk taken from banks and passed on to the European tax payer. But no problems solved: deeper and deeper debt and deeper and deeper recession in poorer countries. Massive youth unemployment. Civil War inching closer.Rollohttps://www.blogger.com/profile/18255460090580758354noreply@blogger.com