The stinking swamp that is the Euro currency.

This blog wrote off the single euro currency as presently constructed, long, long ago, before last Christmas if I recall correctly. It is worth reminding ourselves of the present state of play however and this report from Canada provides a useful update, from which I have selected a few choice quotes:

On Greek bonds -

Ten-year bonds yielding in the neighbourhood of 12 per cent are nothing if not the stuff of junk collectors’ dreams.

 In fact, the 10-year Greek bonds now trade at a yield nearly twice as high as Lebanese debt (6.25 per cent); Sri Lanka (9.25 per cent); Egypt (6.85 per cent for nine-year bond) and even Iraq (7 per cent for bond maturing in 2028) are regarded as safer bets in the bond world. If you’re looking for an almost equivalent risk, try barely functioning Pakistan (14.3 per cent).

While the comment concludes as follows:

In the meantime, we have the following unfolding in Europe:

 * The new Irish government wants the EU to reduce its average interest charge of 5.8 per cent on €45-billion worth of loans. And it is resisting pressure from higher-tax France and Germany to boost its corporate tax rate of 12.5 per cent.

*They can deny it all they like, but Portugal and Belgium are almost certainly going to join the bailout queue. And Austria and Spain aren’t out of the woods either. But the problems Belgium and Portugal face are more imminent – namely a raft of maturing debt. Portugal will have to fork out the equivalent of 1.9 per cent, 2.7 per cent and 2.9 per cent of GDP to meet obligations maturing on March 18, April 15 and June 15, respectively. For Belgium, the totals it will have to pay out or roll over between mid-March and mid-April amount to a whopping 5.3 per cent of GDP.

And European leaders wonder why investors are demanding record compensation for the risk of owning these and other struggling members’ bonds?

In all this it is absolutely essential to remember that everything that is unfolding has been deliberately contrived, to allow the complete takeover of Europe by the corporatist nightmare that is the present EU. Democracy was the first sacrifice, now any pretence of self-governance for the victimised ex-nations is being stripped away.

English speakers living outside the EU, must watch in horror if they remember the sacrifices made by their forefathers to restore liberty to Europe, twice in fact in only the first half of the last century.  Britons must stand condemned at their own stupidity and shamed at the deceit and decadence of their rulers!