Wednesday, June 13, 2012

Italy borrows at 7% to lend to Spain at 3% - “Genius, isn’t it?”


Blogger Office of Inspector General said...

This comment has been removed by the author.

13 June 2012 at 18:02  
Blogger Office of Inspector General said...

Surely it's the other way round ?

13 June 2012 at 18:03  
Blogger The Way of Dodo the Dude said...

Sort of thing one does for one's children to help them out in times of need. (Mine pay no interest to me!) Not the sort of thing responsible nations engage.

13 June 2012 at 19:03  
Blogger non mouse said...

Nail on head once more, Mr. Farage.

One imagine nevertheless that, not understanding British Understatement (including irony), some foreigners may imagine that he's supporting them! They are, after all, the idiots who got us all into this mess.

13 June 2012 at 19:23  
Blogger Hereward said...

Your Grace,

In anticipation of the impending Eurocalypse I submit this anthem with Spanish rhythm for your choir. (Tune = Hotel California)


Riding fast on a highway
Cool wind in my hair
With a sense of adventure
Feeling devil-may-care
Up ahead in the distance
I saw a glittering sight
I braked so heavy that my heart stood still
And nearly fell off the bike

There shone the Palais de Euro
I knew its symbol well
And I was thinkin to myself
This must be heaven it couldn't be hell
So I trade my Pesetas
Then she throw them away!
There were voices down the corridor
I thought I heard them say

Welcome to the Hotel Eurozoneia
Such an ugly place (Such an ugly place)
Such an ugly face
Heading for doom at the Hotel Eurozoneia
And the end is near (And the end is near)
You can sense the fear

Her mind is definitely twisted
She aint no Mercedes Benz
She got a lot of silly silly boys
That she calls friends
Playing dice with the Euro
Billions in debt
Some diced in surrender
Some diced with regret

Will they bring back Peseta's?
Pleeeeese save us in time!
We haven't had employment here since
Twenty zero nine
And still those voices of warning aren't
Far away
They wake you up in the middle of the night
Just to hear them say

Welcome to the Hotel Eurozoneia
Such an ugly place (Such an ugly place)
Such an ugly face
They screwin it up at the Hotel Eurozoneia
Not a great surprise (Not a great surprise)
Spin your alibis

Mirrors 'n smoke concealin
A fiskalpakt on ice, And she said
“Vee haf become prisoners here,
Of our own device!”
And in financial markets
The vultures start to feast
They peck it with their bony beaks
But they just arouse The Beast

Last thing I remember, I was
Groping for a door
I had to find a passage back
To the way it was before
“Relax,” said a nice man, “We are
Programmed to deceive
You can exit any time you like
But you can never leave!”

13 June 2012 at 20:21  
Blogger Office of Inspector General said...

Hereward. Well done Sir.

13 June 2012 at 21:10  
Blogger bluedog said...

A superb speech by Nigel Farage, Your Grace. Well may the clip end with a few bars of 'Abide with me'. Indeed, for once the Euro audience were intelligently listening to Farage rather than dismissive. Right all along, they may be thinking.

Your communicant was impressed by Farage's realisation that the ECB itself is now at risk. And who implicitly stands behind the ECB in the view of the markets? Well, it's the Federal Republic of Germany. Merkel isn't telling her electorate this. But everytime another bailouut package from a Eurozone entity is announced to a bankrupt banking system, the aggregate indebtedness of the failed banks is notionally added to the German balance sheet. The Germans were advised by some parties to let Spain go to avoid this risk. Merkel is a true believer and cannot countenance abandonment of the Projekt.

In short, the eurozone has now become a giant feedback loop which will bankrupt Germany, sooner rather than later. If the Greek elections this weekend prove to be the catalyst for Grexit, we will see a cascade effect on the Eurozone banking system.

No wonder the Boy George is on his knees praying; the great juggernaut is rolling down hill at ever increasing pace.

13 June 2012 at 22:19  
Blogger Roy said...

One worrying thing about the Euro-crisis is the support some leading members of the government are giving to the idea of much closer political integration between the members of the Euro zone.

That would be fine if it had widespread support among the peoples of all the countries using the Euro. However even in German a large number of people wish they had kept their own currency.

The history of the EU shows that the politicians keenest on it have a contempt for the views of their electorates and the electorates of the other member states. Therefore there is a danger that political union would not lead to the creation of a powerful democratic state with an economy to rival that of the United States but a new dictatorship, albeit one that is somewhat more benevolent than the governments of Russia and China.

With our long history of resisting attempts by various powers to dominate Europe, from the time of the Spanish Armada onwards, do we really want a semi-fascist or semi-communist superstate just across the Channel?

13 June 2012 at 22:37  
Blogger Hereward said...


You are right about the ruin of Germany if things go on as they are.

It seems to be dawning on some of the key players that a safety valve is needed and pretty quick. So the latest wheeze is The Redemption Pact to cover all public debts of EZ states above the Maastricht limit of 60pc of GDP, roughly €2.3 trillion. The idea is all states chip in and have to back up 20% of their commitment with Gold and foreign currency reserves.
Germany would control the levers.

Even if this were feasible when originally drafted last year it seems far too late now. Maybe they are floating it now simply to calm the markets for as long as possible.

Its all too late. Events are accelerating at alarming speed. Each fix has a duration shorter than the last. This will not end well.

13 June 2012 at 23:04  
Blogger Oswin said...

There are no monsters under the bed anymore; they've moved into the entire bloody house!

Farage, justifiably angry, gazes out across an expanse of stupidity and ineptitude.

Meanwhile, back at the ranch, Cameron 'chillaxes' with the popular new board-game: 'Where Did I leave My Child?''

14 June 2012 at 02:26  
Blogger Cressida de Nova said...

Hereward, LOL. Good choice of song and great words. Eagles will be flying aound in my brain all night:)

14 June 2012 at 03:59  
Blogger Naomi King said...

God bless Nigel for telling the truth.

A friend of mine, who is in the know, told me last December that Germany had been printing deutchmarks for some time even back then.

Actions speak loader than words don't they ?

14 June 2012 at 09:12  
Blogger Alpha Draconis said...

Your Grace,

As Imperial Ambassador of the Draconis Legation I have made it quite clear to HM Government that the Draconis will not provide any bailout money- the Earth Union (EU)- is rich enough to do that providing the Germans stump up the money. Neither will we provide anymore to the Interstellar Money Fund (IMF), we are sick to death of the Earthers passing the bill for the bailout of Earth's finances to us and every other galactic civilisation. The Caldari, Gallenteans, Minitmar, Asguard, Klingons, Roumlans, Narn, The Federation, Cardassians, Centuari,Voorlons, Minbari, Cybermen, Sontarans, Gallifreyans, Ocanans, Leopoldie etc, all agree as well- pay up Hun or let the whole thing explode.

Although after the latest bailout of the CASTILE Kingdom, it yet again depends on whether the Holy Orthodox New Byzantine Empire will stick to austerity measures or will these Greeks stick two fingers up at the Germaic bloc?

15 June 2012 at 22:31  

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