I forget which US politician identified the bond market as the greatest force on God's earth but the EU political elite are now feeling the truth of this statement and the power of the bond market.
Even AEP in the DT has now come round to my way of thinking that the only way to save the Euro is for Germany and its satellites to leave the single currency to the Latin group of nations including France. This Euro lite currency will devalue, its interest rates will rise and the countries in it will be able to pay off their huge debts eventually in devalued Euro lite.
The smaller Fourth Reich's currency, lets call it the DM, will appreciate, German exports will decrease, German imports increase and the whole world economy will rebalance and start to grow again making everyone better off.
What's stopping us doing this which would help every single EU citizen to a better standard of living? Nothing but the political pride and amour propre of the ruling Euro elite whose whole raison d'etre is bound up in a single EU wide currency. Its impossible but in the true EU spirit these people believe if the say it often enough and loud enough it makes it true. Complete rubbish but remember you are dealing with a whole regiment of Cleggs with a few more brains than Cleg over who if rumours are to be believed will be our next EU commissioner following the footsteps of such intellectual powerhouses as Kinnockio.
The departing IMF economist Peter Doyle spoke the truth when he said the hear of the Eurozone debt crisis were clear well in advance but the IMF was so EU biased in termas of its policies and senior appointments - that means Mme Lagarde. And who supported her for the job? Wee George Osborne Dave's own little oompa lumpa.