Friday, August 05, 2011

What now?

The intra-connected world economy has failed. Can any believe that today's crisis can be solved by actions of the G20, or the G10 or even the G7?

None can imagine the UN General assemby nor even the Security Council has any part to play in an economic crash.

The EU 27 have long since been proven ineffective as a group, with the botched Lisbon Treaty and the farce of a common EU foreign policy with the massively wasteful External Action Service under the ludicrous Baroness Ashton.

On 21st July the Euro Group of 17 countries, were jointly failed by their political leaders, as this blog recorded at the time. No solution can come from that direction as Jean-Claude Trichet so ably demonstrated in his usual supercilious style at yesterday's press conference.  Trichet's swansong and denouement was aptly similtaneously backed up by the panic-stricken letter from EU Commission President Barosso's letter to the 27 EU Heads of Government, all as reported in my postings of yesterday and forecast in my various blogs of the past several years.

Eventually the Dow in New York closed 500 points down, so what now? The solutions will have to come on an uncoordinated national basis so let's consider my country's situation on its own:

What now for Britain?

Cameron must return from Tuscany and call an immediate emergency Cabinet meeting. Top of the agenda should be the measures Britain must take to insulate itself as best as possible from the consequences of a dissolution of the Euro. It would be sensible for Parliament to be recalled and for George Osborne and Vince Cable to have a meeting with Ed Miliband, Ed Balls, Gordon Brown and Alistair Darling before the Cabinet meets.

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