Thursday, 27 May 2010

Greeks suffer two plagues of frogs

The Greek tragedy is now assuming biblical dimensions. St Paul wrote many letters to Greek city states but even he never prophesied the plague of frogs reported yesterday in Thessaloniki that caused chaos on the roads there. This follows their recent problems from the three frogs, Trichet, Strauss Kahn and Sarkozy now becoming the three musketeers with the addition of M. Barnier, the EU trade commissioner. Where is our high representative Cathy Ashton?

Her alter ego van Rumpy has been confessing that the good citizens of the EU were misled over the euro. He said the public was not fully apprised of the full implications of the currency union before it was created. We in the UK know all about EU Cons like that from 1972. Being part of Euroland he said means you are affected by events in other Eurozone countries. His intellect is overwhelming in its deep thinking but the motivation is to mollify the anger and political instability the crisis has produced in Germany, the heart of the Fourth Reich.

As Open Europe put it yesterday, "The Eurozone crisis is not simply about economic failure but also the breakdown in trust between the the political class and Eurozone citizens. The EU elite simply got it wrong on the Euro". Hear, hear but will they admit it? Unthinkable, but we will be deluged by a torrent of contradictory statements from the EU. Bernier's latest ideas on bank regulation/insurance/ anything else you want to make it is typical. No one, least of all Barnier has any idea how it will work or not work in practice.

Its slowly sinking in to the mighty minds of our political class that a sovereign debt problem and possible default is the end game for schemes like the EU. Bailing out imprudent bankers is easy compared to bailing out incompetent corrupt governments. All the IMF's money and all of its men wont put Monet together again. I expect the call for further Treaty powers will strengthen daily. Now how will the boy David and his friend Nick fudge that one?

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