Daily Mail
"But this deal is nothing like the end of the Euro crisis. It is merely a respite before there is more pressure for bailouts for other over-extended Eurozone countries.The only long-term solution to this — other than an extremely messy break-up of the euro — is for the Eurozone countries to integrate much more closely and become, in all but name, a United States of Eurozone (USE).
That means Germany and France imposing one economic policy, with taxpayers in wealthy France and Germany supporting the poorer southern European states in return for them living according to German rules, with tight spending constraints.And in a shift of historic proportions, this is the path the two most powerful leaders in Europe, France’s President Nicolas Sarkozy and Germany’s Angela Merkel, have chosen.They will deny it publicly, to try to reassure German taxpayers. But their decision to stand behind Greek debts will mean the steady expansion of their authority over economic policy in other Eurozone countries. The Germans are paying the piper so they can call the tune.
For Britain this has huge implications. We are in the European Union, but like ten other EU countries not in the Eurozone. Joining the ‘USE’ is clearly out of the question.Instead, (as I first argued last year) we have a once-in-a-generation chance for Britain to renegotiate its membership of the EU."
Saturday, 23 July 2011
The euro crisis will give Germany the empire it’s always dreamed of
Telegraph
"However, the IMF was entirely correct when it pointed out that the only conceivable salvation for the eurozone is to impose greater fiscal integration among member states.This advice was finally being taken yesterday – and it is almost impossible to overestimate the importance of the decision which European leaders seemed last night to be reaching. By authorising a huge expansion in the bail-out fund that is propping up the EU’s peripheral members (largely in order to stop the contagion spreading to Italy and Spain), the eurozone has taken the decisive step to becoming a fiscal union."
"However, the IMF was entirely correct when it pointed out that the only conceivable salvation for the eurozone is to impose greater fiscal integration among member states.This advice was finally being taken yesterday – and it is almost impossible to overestimate the importance of the decision which European leaders seemed last night to be reaching. By authorising a huge expansion in the bail-out fund that is propping up the EU’s peripheral members (largely in order to stop the contagion spreading to Italy and Spain), the eurozone has taken the decisive step to becoming a fiscal union."
Thursday, 21 July 2011
CHRISTOPHER BOOKER: The euro now threatens the world with economic meltdown
Daily Mail
"Today, as the eurozone’s leaders gather in Brussels to discuss yet another bail-out for Greece — whose borrowings are expected to reach 172 per cent of its GDP soon — they do so against the background of a stark warning from the IMF that Europe’s runaway debt crisis is now threatening a global ‘earthquake’ that could wipe £400 billion off the value of the economies of the world, including our own.
A study by the think-tank Open Europe finds that the European Central Bank alone, in charge of the euro, now faces liabilities of £444 billion — a third of the entire value of Britain’s economy.
....The truth is the politicians and the money men run around like headless chickens while Europe is on the point of being sucked down into a black hole, the depth of which no one can begin reliably to guess at."
"Today, as the eurozone’s leaders gather in Brussels to discuss yet another bail-out for Greece — whose borrowings are expected to reach 172 per cent of its GDP soon — they do so against the background of a stark warning from the IMF that Europe’s runaway debt crisis is now threatening a global ‘earthquake’ that could wipe £400 billion off the value of the economies of the world, including our own.
A study by the think-tank Open Europe finds that the European Central Bank alone, in charge of the euro, now faces liabilities of £444 billion — a third of the entire value of Britain’s economy.
....The truth is the politicians and the money men run around like headless chickens while Europe is on the point of being sucked down into a black hole, the depth of which no one can begin reliably to guess at."
The BBC's bias has been one of the most shaming aspects of this entire sorry saga
Daily Mail
"Naturally, I don’t deny that the phone-hacking affair is an extremely important story, which has rightly been covered extensively by all media organisations. My point is that the BBC has not treated Rupert Murdoch fairly. It has conjured up a rampant monster. More-over, its preoccupation with the scandal has been so all-consuming that it has downplayed or ignored other important stories, such as the increasingly worrying tribulations of the Eurozone and the worsening economic prospects in this country. None of this would matter very much if the BBC were not a subsidised public sector broadcaster with a greater ‘reach’ than all of its rivals combined. ..."
"Naturally, I don’t deny that the phone-hacking affair is an extremely important story, which has rightly been covered extensively by all media organisations. My point is that the BBC has not treated Rupert Murdoch fairly. It has conjured up a rampant monster. More-over, its preoccupation with the scandal has been so all-consuming that it has downplayed or ignored other important stories, such as the increasingly worrying tribulations of the Eurozone and the worsening economic prospects in this country. None of this would matter very much if the BBC were not a subsidised public sector broadcaster with a greater ‘reach’ than all of its rivals combined. ..."
Germany blocks Greek bailout at eurozone crisis summit as debt-ridden country warns it faces ‘slow death’ without £45bn handout
Daily Mail
*Merkel says Greece must face 'selective default' after pact with Sarkozy
*She persuades French president to drop bank levy plan for £45bn bailout
*Crunch talks in Brussels could lead to death of euro if there's no agreement
*Fears of European Black Friday engulfing Britain if no Greek deal is sorted
*But stock markets RISE on news that two biggest economies are 'resolved'
*Merkel says Greece must face 'selective default' after pact with Sarkozy
*She persuades French president to drop bank levy plan for £45bn bailout
*Crunch talks in Brussels could lead to death of euro if there's no agreement
*Fears of European Black Friday engulfing Britain if no Greek deal is sorted
*But stock markets RISE on news that two biggest economies are 'resolved'
Europe slowly crumbles under its debt
Andrew Bolt, Herald Sun (Australia)
"The real problem confronting our economy isn’t global warming: French President Nicolas Sarkozy today flew to Berlin for a summit with Angela Merkel aimed at forging a common stance on the Greek rescue package as the eurozone lurches closer to collapse… Mrs Merkel, who is increasingly agitated at Germany being called upon to be the main bailout partner for countries like Greece, Ireland and Portugal, is seen by her countrymen as increasingly weak and without direction… Germany’s share of the bailouts and the euro rescue fund already amounts to €140 billion. But that vast figure is still not enough to stem the debt problems of other countries. International bankers fear a global financial meltdown of a magnitude greater than the Wall Street Crash of 1929 if the eurozone countries fail to tackle their debt mountains."
"The real problem confronting our economy isn’t global warming: French President Nicolas Sarkozy today flew to Berlin for a summit with Angela Merkel aimed at forging a common stance on the Greek rescue package as the eurozone lurches closer to collapse… Mrs Merkel, who is increasingly agitated at Germany being called upon to be the main bailout partner for countries like Greece, Ireland and Portugal, is seen by her countrymen as increasingly weak and without direction… Germany’s share of the bailouts and the euro rescue fund already amounts to €140 billion. But that vast figure is still not enough to stem the debt problems of other countries. International bankers fear a global financial meltdown of a magnitude greater than the Wall Street Crash of 1929 if the eurozone countries fail to tackle their debt mountains."
Wednesday, 20 July 2011
These dripping wet inquisitors achieved the impossible feat of making us feel sorry for Rupert Murdoch
Daily Mail
"It was deeply ironic to see Keith Vaz, one of the most tarnished members of the House of Commons, attempting to play the statesman and grand inquisitor in a situation like this.It was hard to take seriously the spectre of MPs playing as servants of democracy when only the day before yesterday they were locusts preying on democracy."
"It was deeply ironic to see Keith Vaz, one of the most tarnished members of the House of Commons, attempting to play the statesman and grand inquisitor in a situation like this.It was hard to take seriously the spectre of MPs playing as servants of democracy when only the day before yesterday they were locusts preying on democracy."
REAL scandal MPs ignore: As Murdoch grilling turns into farce, bankers get £14bn bonuses and IMF warns of euro meltdown
Daily Mail
*Bankers scoop £14billion bonuses as eurozone nears collapse
*Yet still no inquiry as Government fails to tackle them over crisis
*Nicolas Sarkozy jets into Berlin today for a summit with Angela Merkel
*Bankers scoop £14billion bonuses as eurozone nears collapse
*Yet still no inquiry as Government fails to tackle them over crisis
*Nicolas Sarkozy jets into Berlin today for a summit with Angela Merkel
Tuesday, 19 July 2011
Shares tumble wipes £24bn off FTSE as fears grow over debt problems in Europe and the U.S.
Daily Mail
"The failure of politicians in Washington to strike a deal to lift America’s debt ceiling also knocked confidence. The U.S. will run out of money early next month if the borrowing limit is not raised – but Democrats and Republicans are at loggerheads over how to deal with the crisis. A default by the U.S., the first in its history, could wreak havoc in the financial markets and the global banking system. David Jones, chief market strategist at financial spread-betting firm IG Index, said: ‘The market remains wary of European sovereign debt, and the disturbing lack of progress on agreeing terms to raise the U.S. debt ceiling is also raising the tension.’
"The failure of politicians in Washington to strike a deal to lift America’s debt ceiling also knocked confidence. The U.S. will run out of money early next month if the borrowing limit is not raised – but Democrats and Republicans are at loggerheads over how to deal with the crisis. A default by the U.S., the first in its history, could wreak havoc in the financial markets and the global banking system. David Jones, chief market strategist at financial spread-betting firm IG Index, said: ‘The market remains wary of European sovereign debt, and the disturbing lack of progress on agreeing terms to raise the U.S. debt ceiling is also raising the tension.’
Sunday, 17 July 2011
The real scandal is not hacking but Helmand
Telegraph
"Yet the 75-page report by the Parliamentary Defence Committee, the details of which we reveal today, is a precise and shocking exposé of how British troops on duty in Helmand, Afghanistan, from 2006 onwards were routinely failed by their senior officers and government ministers. As scandals go, it is among the very worst.
From the outset, the report concludes, the mission in Helmand was badly planned. The size of the force was capped at 3,150, around 650 of whom were active combat troops, with a budget of £808 million over three years. The capability of the Taliban, however, was far from capped: it was a highly fluid, serious and adaptable threat."
H/T Dr Richard North
"Yet the 75-page report by the Parliamentary Defence Committee, the details of which we reveal today, is a precise and shocking exposé of how British troops on duty in Helmand, Afghanistan, from 2006 onwards were routinely failed by their senior officers and government ministers. As scandals go, it is among the very worst.
From the outset, the report concludes, the mission in Helmand was badly planned. The size of the force was capped at 3,150, around 650 of whom were active combat troops, with a budget of £808 million over three years. The capability of the Taliban, however, was far from capped: it was a highly fluid, serious and adaptable threat."
H/T Dr Richard North
Italy backs £42bn austerity bill as minister admits that 'like Titanic' not even rich will be spared
Daily Mail
"A crucial £42billion austerity bill has cleared its first stage in the Italian parliament - amid calls for gaffe-prone prime minister Silvio Berlusconi to resign.The package was being rushed through to stop growing fears that Italy - the third largest Eurozone economy - was sliding into the same financial abyss as Greece. ....Government officials also warned that taxes would also rise as Italy battled to balance its books, in the face of a deficit of more than £1trillion - or 120 per cent of GDP. That compares to Greece's national debt of £220billion (158 per cent of its GDP) and the UK's debts of £650billion (47.2 per cent of GDP)."
"A crucial £42billion austerity bill has cleared its first stage in the Italian parliament - amid calls for gaffe-prone prime minister Silvio Berlusconi to resign.The package was being rushed through to stop growing fears that Italy - the third largest Eurozone economy - was sliding into the same financial abyss as Greece. ....Government officials also warned that taxes would also rise as Italy battled to balance its books, in the face of a deficit of more than £1trillion - or 120 per cent of GDP. That compares to Greece's national debt of £220billion (158 per cent of its GDP) and the UK's debts of £650billion (47.2 per cent of GDP)."
The eurozone has a choice: Split up or die
Daily Mail
"...The German public had no desire to abandon the Deutschmark when the euro was introduced in 1999, and they were also sceptical about the fitness of the weaker economies of southern Europe. When the sovereign debts of southern Europe became a crisis after the insolvency of Lehman Brothers in 2008, the Germans reacted as one might have expected of people who had always thought that the euro would collapse sooner or later."
"...The German public had no desire to abandon the Deutschmark when the euro was introduced in 1999, and they were also sceptical about the fitness of the weaker economies of southern Europe. When the sovereign debts of southern Europe became a crisis after the insolvency of Lehman Brothers in 2008, the Germans reacted as one might have expected of people who had always thought that the euro would collapse sooner or later."
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