Right now the death howls for the EU are underway; what matters is how the people will handle the challenges to come, and prepare for the resetting of their nations economies...deal with some pain now and make the needed changes, or face catastrophic care later with the implementation of draconian measures ...these are the choices. Yesterday, Angela Merkel, the German chancellor, said the market turmoil could last for a decade and there was still “a chunk of work” to do. “The Germans want more fiscal unity and much tougher central observation – with the idea of a finance ministry.” Titles , titles, lot's of hot air :1) The euro is the EU.
2) France is Club Med and will not desert PIIGS.
3) This is why Greece cannot be allowed to exit. It will pull all Club Med with it.
4) The EU/euro is a Project which cannot be tinkered with. It will either survive or collapse whole. There will be no derivative.
5) If the Project collapses, Europe is in free fall. There are no contingency plans.
6) The Project is not even stressed yet. When matters get real desperate, Brussels will go nuclear with the ECB. As a major reserve currency, the euro will join the dollar in a race for the bottom, but buy enough time for the EU to emerge intact. Schroeder bragged about making an honest currency out of the EU, Schauble will do better by making a dishonest bank out of the ECB.
2) France is Club Med and will not desert PIIGS.
3) This is why Greece cannot be allowed to exit. It will pull all Club Med with it.
4) The EU/euro is a Project which cannot be tinkered with. It will either survive or collapse whole. There will be no derivative.
5) If the Project collapses, Europe is in free fall. There are no contingency plans.
6) The Project is not even stressed yet. When matters get real desperate, Brussels will go nuclear with the ECB. As a major reserve currency, the euro will join the dollar in a race for the bottom, but buy enough time for the EU to emerge intact. Schroeder bragged about making an honest currency out of the EU, Schauble will do better by making a dishonest bank out of the ECB.
3 comments:
Jim O’Neill, whose division manages more than $800bn (£500bn) of assets, said that countries as diverse as Portugal, Ireland, Finland and Greece could pull out of the single currency rather than have to operate under a single eurozone treasury.
Yesterday, Angela Merkel, the German chancellor, said the market turmoil could last for a decade and there was still “a chunk of work” to do.
“The Germans want more fiscal unity and much tougher central observation – with the idea of a finance ministry,”
Mr O’Neill said in an interview with The Sunday Telegraph. “That will emerge for those that want to stay in this damn thing, or can stay in.
“With that caveat, it is tough to see all countries that joined wanting to live with that –including the one that is so troubled here [Greece]. If you wind the clock back, it was pretty obvious that economically probably only Germany, France and Benelux of the original joiners were the ones that were ideal for a monetary union
Niquedirt
21 minutes ago
"THAT is why Sarkozy hates us Brits - As for Dave Cameron - Milliband was right - WE hate him MORE!!!! (and I until july of this year was a lifelong Conservative)!"
LMAO
No he doesn't hate t'em, otherwise he wouldn't have agreed on a common Defense
he just sent back the whinning Brits back home, who do not want to help to sort out the euro problem, but are interested to give their opinion on how the crisis should be solved, at the advantage of the Brits of course !
Sarkozy is saying loudly what the Germans were whispering !
Feck Goldman Sachs. They can only extract our Nations taxpayer cash from us IF our politicians are so weak they give it to them?
I just want to know why EVERY time a european dons long trousers - the UK and the rest of the world are required to spend billion and usually hundreds of thousands of lives bailing them out???
Europe doesn't need a Tobin Tax - Europe needs a ban on Europeans with ideas above their intelect and their stations.
THAT is why Sarkozy hates us Brits - As for Dave Cameron - Milliband was right - WE hate him MORE!!!! (and I until july of this year was a lifelong Conservative)!
Give me a truly Conservative Government please - or give us Alec Salmond - at least he understands his duty to deliver the best return to his country.
UKIP? If push came to shove and Alec Salmond went "National" - I'd give him my vote!
The Scots only do well because their politicians are much more professional than ours are - DO NOT SLAG OFF THE SCOTS BECAUSE THIER POLITICIANS ARE MORE ABLE THAN OURS.
You've lost your argument before your begin.
Don't blame Scotland, blame Westminster!
(I'd happily back Braveheart Salmond over my West Country appologist any day of the week).
And that give me no pleasure.
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