The Spanish Predicament

Europe’s Betrayal of Spain

Sorry Ambrose – this time it is utter rubbish.

The blame for Spain’s predicament lies totally, completely and utterly with the Spanish. They have received BILLIONS from the so-called selfish Northern countries but not content with this their INSANE borrowing and spending have brought them to their knees. Apparently they have TWICE as many airports as Germany and can’t afford to run half of them. Local mayors have gorged themselves on stupid loans they can NEVER repay. The last few governments including that of the fatuous freeloading Zapatero were CATASTROPHIC for Spain.

I live in Germany and I DO NOT WANT ANY MORE OF MY MONEY TO GO TO SUPPORTING THIS INSANITY.

You want us to be solidaire with the Spanish? Well, let’s start with them being solidaire with US and not demanding ALWAYS MORE of our money.

Pls note that to my knowledge NOT ONE SINGLE ONE of those people responsible for this utter shambles has been brought to account for their corruption and stupidity.

BASTA HOMBRE.

 

“Total Emergency”??

“Spain is in total emergency”

The usual hyper-inflation of terminology.

“Total emergency” was the Spanish Civil War. This current spot of fiscal turbulence is a self-inflicted economic crisis caused by greed, reckless, arrogant, short-term and utterly incompetent government.

It is also something that could be relatively short-lived once the lunatic euro straitjacket has been cast off.

Spain should leave the eurozone and go its way as before. All eurozone countries are worse off than before the euro. Germany is better, but then so it was before the euro.

Still too much self-denial, lying, doom-mongering and wishful-thinking.

Not all are “in denial”. The Germans aren’t; they simply don’t want their money going down a bottomless pit. Some will blame them; I don’t.

If there were any justice then Jacques Delors and the rest of the EU elite responsible for this reckless use of OTHER PEOPLE’S MONEY would be locked up. However, there IS no justice – except if I go out a nick a DVD-recorder. Then we’d see the law come down hard, but not on those who against all expert advice recklessly brought about this crisis.

 

As Spain wobbles ….

Only Germany can save Europe from this insanity. For the moment, Merkel et al are holding firm against the lunatic calls for money-printing, and I am impressed.

However, she is politically weakening internally (stuff the Franco-German alliance – if Hollande wants to bankrupt France, that’s his problem), so how long this can go on is unclear. What IS clear is that if Germany KEEPS to this policy the euro will collapse.

It is equally clear that if this happens:

A) The exiting countries will relatively soon get back on their feet. (see Argentina in the 90s)

B) Germany will have to take a lot of mud-slinging, including the usual Nazi accusations.

C) The power of the EU elite will be much reduced THANK GOD and we will concentrate more on the FREE MARKET stuff which is the ONLY THING that the UK in particular signed up to.

D) Germany will power on regardless as it always has since the war.

E) A much-needed dose of reality will wash over Europe as we confront the masssive issues looming up on the horizon.

 

SPANISH MELTDOWN

‘Today the problem is solved,” declared French President Nicolas Sarkozy just five weeks ago.

Just shows you what an idiot this man is. Let’s look at some facts:

• YOUR party, Mr Sarkozy, has led France for well over a decade yet HAS NEVER PRODUCED A BALANCED BUDGET. Now all can do is put up taxes – CGT on my house in France has just rocketed, but I AM INNOCENT OF THIS SHAMBLES SARKO YOU PILLOCK.

• YOUR previous leader did nothing to bring about any structural change in France- or indeed any change in the cultural mindset of the cronyist French elite. Now, having evaded trial for corruption, he sits contemplating the ruin he left, but not of course for himself.

• YOUR governments have racked up vast debt.

• YOUR EU elite let Greece into the euro on a pack of LIES.

• YOUR banks greedily loaned Greece billions they would NEVER be able to repay.

• YOUR governments surged over the eurozone 3% debt “RULE” saying: “That rule was designed for little countries, not those like France.”

• YOUR country is slipping down the European competitivity league, with horrendously-high labour charges and taxes in general.

So spare us the sermons and just go quietly to your 20,000€ per month pension and snidey, snarling memoirs …. Are you hoping that Germany will bail you out? Oh dear …..

 

It’s Trichet’s fault, apparently

Trichet’s failure to offer full ECB support piles on the misery

FOR GOD’S SAKE – IT’S NOT HIS JOB TO OFFER “FULL SUPPORT”. IT’S NOT HIS MONEY. HE HASN’T GOT THE MONEY. THAT’S NOT HIS REMIT. HE HASN’T GOT A MAGIC WAND, ANY MORE THAN ANYONE ELSE, EVEN GORDON BROWN.

Don’t you understand that sometimes the BULLET has to be bit? Europe and the world are going to take a massive hit. There is no mechanism that man make massive debt disappear overnight.  There is nothing to be done but sit back and bear it and put in place measures to stop it happening again.

These include the BLEEDIN OBVIOUS idea (now championed by BurlesqueOnly himself) to make it LEGALLY BINDING on governments NOT to borrow more than 3% of GDP on pain of imprisonment.

Above all, we don’t want this crisis to play the game of the EU elite by bringing much closer the United State’s of Europe they so desperately crave. You can see why. Who wants to be Prime Minister of Luxembourg when you can have a shot at being President of Europe?

The crisis has been caused by IDIOTIC NATIONAL GOVERMENTS ‘(except Switzerland – not even in the EU – what a coincidence), not the fact that there is too little central control. Do you think that a centralised government would of necessity be any MORE financially responsible, with the VAST spending the EU specialises in? As for VAST entities, look at the USA. Being vast hasn’t help them. Being EUALLY STUPID as the Europeans has brought them down, NOT the ratings agencies, but STUPID GOVERNMENTS.

I think the public gets this; many commentators seem not to. Still, we must beware of “populism”, mustn’t we? After all, the elite knows best.

 

The Kiss of Death

“We don’t run any risk of needing a bailout,” (Spanish Finance Minister)

And this has HOW MUCH credibility?

It isn’t funny of course, but on the other hand …. the very fact of saying that you don’t need a bailout probably means that you do … I haven’t yet heard Germany denying it needs a bailout ….. mind you, I am getting prepared …….