Friday, June 17, 2011

Merkel/Sarkozy antagonism puts 45 minute limit on today's summit!

Little could more accurately reflect the dire straits of the European Union than the fact that in their private first meeting since last October in Deauville, the leaders of the two nations supposedly driving European unity can only stand to be together for 45 minutes, today in Berlin. The following is the schedule as reported this morning by Bloomberg:

The two leaders are scheduled to meet at 11 a.m. in the Chancellery, with a press conference due at 11:45 a.m.

The reporter in Berlin for the Irish Times, has more on the background detail to the meeting, linked here.

As I posted yesterday, the crucial item, that will no doubt not be mentioned at all, is where and how will all the grotesque liabilities incurred by the ECB over the past eight years of Jean-Claude Trichet's misrule, now end up. Massive holdings of promissory notes from bankrupt governments and their banks are still being assumed as having value in the confused minds of both the leaders at today's 'summit'.

In truth, the fog, that has clouded the brains of these all too frail, but power demented individuals, is the only substance holding together all the once admirable dreams of a united Continent of Europe.

The Euro needed their solid backing, had they wished to save the common currency, they would have, therefore, long past had to have been honest with their voters, taxpayers and all the citizens of the EU. They chose otherwise, now the real costs so far incurred in the failed attempts to sticky plaster their EMU have reached such proportions, that honesty is no longer an option.  Further attempts to stave off the inevitable will merely result in more money wasted and deeper eventual misery postponed!

In Britain, the facts of payments made so far in support of the Euro, both via the EFSM, the IMF and directly to Ireland should today be reported to Parliament and a guarantee delivered, that no more funds will be transferred in pursuit of a now clearly impossible goal.


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