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Posts Tagged ‘European Economy’

There is a piece in the Sunday Telegraph today following their questioning of various Economists which produced a majority view that suggests that the Euro as a currency, is likely to cease to exist within the next 5 years and possibly sooner: http://www.telegraph.co.uk/finance/financetopics/budget/7806064/Euro-will-be-dead-in-five-years.html

Obviously this has been bought about by the Greek crisis in particular and the state of the PIIGS generally however, it represents a far more interesting illustration of a fundamental flaw with the whole idea of the EU and in particular, the rather dubious methods employed by those who see themselves as the “Ruling Elite of Europe” to further their Federalist aims, one hears the distant rumble of the Tumbrils in the streets…

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I am no economist and would not claim to understand the intricacies of this kind of fiscal deal over another but there does come a time when common sense rather than “technical sophistication” should and must takeover. Such a time seems fast approaching for the current situation over the Euro.

There is an interesting article in the Times today concerning Greece: “The Centre for Economics and Business Research (CEBR), a London-based consultancy, has warned Greek ministers they will be unable to escape their debt trap without devaluing their own currency to boost exports. The only way this can happen is if Greece returns to its own currency.” Worth checking it out.

http://business.timesonline.co.uk/tol/business/economics/article7140270.ece

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The former Europe Minister Denis MacShane wrote an article on the EU intended to show that the EU is wonderful and the “Beastly Tories” will detach us from it which given the difficulties Greece is currently in, hardly seems a sensible approach to reality.

http://www.independent.co.uk/opinion/commentators/denis-macshane-shame-on-those-now-sneering-at-the-european-project-1900566.html

However as an election has to take place in months, the Labour Party is dragging “any old has been” off the back benches to write “wicked Tory” articles on any and every topic they can, what a sad sack of shit this Labour Government has become.

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Whilst I could never understand the economic rationale behind setting up the Eurozone which was always a total nonsense to me, the political case was obvious for those who believed in a “United States of Europe”, another nonsense if ever there was one. But whilst I have no love for either, I certainly wish them no harm because the UK is outside the Eurozone and hopefully in due course we shall be outside of the EU too.

The Media is full of stories about the economic crisis in Greece which is in the Euro but in deep shit because of the way it ran its budget therefore the question is: “Will the richer Eurozone countries bail Greece out ? Is this the first test for the Euro and will the currency fail if they can’t or don’t do so ?” To be honest the real problem has nothing to do with this in any case in my opinion…

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With the usual hilarity that surrounds most things to do with EU Summits, over dinner and behind closed doors, the new EU President and High Representative (Foreign Minister), were chosen and announced to a waiting world… Rompuy and Aston…Who, what, do either clean sinks better than Dettol ?

Belgian Prime Minister, Herman van Rompuy is the EU President which is quite funny because after the last Belgium General Election, no one could form a Government for months and months but I suppose they must have done so in the end to have a PM. The High Representative is a British Quango person called Baroness Ashton but the point is, nobody has heard of either of them and thereby hangs a tale….

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Today Bruce Anderson wrote a really interesting article in the Independent in which whilst touching upon David Cameron’s changed policy following the ratification of the Lisbon Treaty, took a slightly different view and partly through the prism of the Euro. It is a good piece of journalism and whilst anti-EU in tone offers a rational insight which could be debated on many levels, again, well worth a read whichever side of the debate you are on:

http://www.independent.co.uk/opinion/commentators/bruce-anderson/bruce-anderson-the-eu-battle-isnt-over-for-cameron-1817278.html

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I read an amusing article in the Independent today which centred around Tony Blair pushing his candidacy for the post of the first full time EU President which is based upon the Lisbon Treaty finally being ratified by Ireland voting Yes on the second or third time of asking, the EU will not accept NO under any circumstances. It must really frustrate the “High & Mighty” of Brussels that anything as unimportant as democracy should thwart their evil plans.

What was particularly amusing was the assertion that however begrudgingly, Gordon Brown endorsed Blair, Sarkozy had finally agreed and Merkel, sort of except…If she loses the next German Election and is therefore out of a job, she would want the EU Presidency for herself…

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As I watch on TV the highly varied “protester groups” demonstrating on the streets of London, I am reminded that today indeed is April Fools Day for the whole thing has the air of a Mad Hatter’s Tea Party. What do Anarchists, Green Movement, Peaceniks, Old People who have lost their savings, people who have lost their jobs, people who blame the Bankers…have in common ?

What remedies would suit them all ? Is there a universal panacea ? The answer of course is no because most are just wanting to go back to how things were 18 months ago and the “usual protesters” are hacked off because the economic downturn has made them irrelevant. For them, its a bit like Hunt Saboteurs suddenly finding out that everyone has given up hunting with hounds – it’s bloody tough having both your job and raison d’etre taken away from you…

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There have been over these past few months, numerous people speculating upon the future of the Euro in terms the current economic crisis and the economic disparity of the countries within the Eurozone. It has always been my objection to the Euro, how on earth can you compare the German economy to the Greek or most others ?

I don’t want us in the UK to be within the Eurozone or for that matter, within the Political EU, that does not mean to say that I wish either any harm any more than I would say the USA and the Dollar, I just want Britain to be Britain once again.

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