The strange thing is that they are all determined to go on living with the blasted euro, which is itself the actual disease causing the financial, banking and employment crises!
No sooner had 1 September brought on the first chills of Autumn across the eurozone, than the Big Guns on the Western Front opened up on Mario Draghi’s boast, “I’ll do whatever it takes to preserve the eurozone!”
First the Bundesbank opened fire, as Draghi quickly sank lower into his bunker funkhole, and refused to go to that other Hole in Jackson, Wyoming, where he would have been shot at by the Yanks as well.
Then members of the Finnish Parliament let rip, followed by the Dutch socialists, members of the Bundestag and Uncle Tom Cobley and all joined in. None of these gunners wanted the ECB to have a licence to grease up its printing presses and ape Bernanke, the BoE, BoC and BoJ.
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So, this Thursday expect quite a shoot-out at the EU meeting, but then we shall all have to wait for the verdict of Big Bertha, namely the German Constitutional Court in Karlsruhe on 12 September, as to whether the ESM can be used as a bank issuing house for the intended Draghi euro-freebies.
Amid all the gunfire, the Italians and Spanish have so far refused to surrender their economic sovereignty to Brussels – well, actually to Berlin – which is an essential pre-condition of the Draghi hand-out. At least the ECB plans for trillions put HSBC and Standard Chartered money-laundering antics into perspective.
But this comic opera has a darker side to it, namely that the deflationary, job-destroying euro has created the highest unemployment ever, at over 18 million in the eurozone! The strange thing is that from Draghiland to Spain, to Italy, Greece, France, Finland and Germany they are all determined to go on living with the blasted euro, which is itself the actual disease causing the financial, banking and employment crises!
The euro cheerleaders, led by Merkel, say that the creation of the euro in 1999 has been the cause of the peace in Europe since 1945 – I mean how do you do the maths on a missing 44 years?
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Then a chance conversation with a young Spanish woman threw a most interesting light on this strange phenomenon, of suffering people being stuck to the very cause of their worsening misfortunes. According to her, Spain’s problems are nothing to do with the euro, but all to do with a giant property bubble that got out of control and bust the Spanish banks as well. Harrumph!
So the low euro interest rates for a decade, caused by the One-Size-Fits-All euro-necessities of German reunification, which led to negative real interest rates in Spain and an endless supply of euro-dosh for property get-rich-quick spivs, had nothing to do with it?
And the fact that the inevitable collapse of the peseta if it still existed would have paved the way for a Spanish recovery through devaluation? This young Spanish woman should try getting into a Boratkini One-Size-Fits-All swimsuit and find out how that feels after a decade!
No doubt that beach-lizard il Dissoluto will be there to advise when the going gets too tight, with an endless supply of pain-relieving elastic.
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