Two postings from the last 2 days in May 2010 - Greek Default & Economic Governance

This crisis is what the EU has always wanted and driven towards. These two warnings from this blog are from May 2010:

Monday, May 31, 2010

Economic Governance was always the EU objective!

There is a rather startling article in the Market Watch section of the Wall Street Journal this morning. It is written by David Marsh, linked here, titled "Germans to the front in Europe"and includes this assertion: The irrefutable message being relayed at home and abroad is that Germany is seeking gradually to take control of the European economy -- in a last-ditch response to what Berlin sees as other countries' widespread failure to put their house in order. Regular readers of this blog and its forerunner cannot help but be aware that non-democratic economic governance and its consequent tyranny of corporatist totalitarianism (once called national socialism now mutated to become an intra-national version of economic fascism) has been the objective for years as the progress towards this end has been clearly recorded and commented upon on an almost daily basis right here over many years. Given these blogs archives the following facts can thus not now be convincingly disputed: The common currency had to fail without fiscal union and social harmonisation. Greece never met the currency criteria and its present crisis was not only foreseeable but therefore became a desired objective. The emergency measures designed to save Greece were never going to succeed and were thus implemented to destroy the Treaties and therefore the rule of law within the EU. The silence of all governments, both within the Eurogroup and those outside the Eurogroup but within the EU since 10th May speaks for itself. If I, as a non-economist and merely interested commentator, have been able to chronicle and foretell these events down the years, how come the Wall Street Journal columnist and author of the linked article remains so blind?

Labels: Euro collapse

Sunday, May 30, 2010

"Greece must exit Euro and Default"

The following is an extract from this morning's Sunday Times, linked here.
The Centre for Economics and Business Research (CEBR), a London economics consultancy that is advising the Athens government, said Greece would be unable to escape its debt trap unless it devalued its currency to boost exports.

The only way for this to happen is for Greece to leave the euro. Until now, Greek politicians have played down the prospect of abandoning the euro, which some observers fear could set in motion the break-up of the single currency.

Speaking from Athens yesterday, Doug McWilliams, chief executive of CEBR, said: “The only option for Greece is both to exit the euro and to default.”

This blog has been stating this obvious fact as it appears in this posting's headline for some considerable time, in fact ever since the so-called Greek crisis first hit the headlines! Other common sense on the present terrible situation is in other postings below this.

Labels: Euro collapse

Reports are now circulating in the US that the IMF will advance no more funds for another Bail Out - How much UK Taxpayer's Money have they wasted so far to no purpose?