Have you seen THIS from the BBC “explaining” the causes of the Eurozone meltdown? Wonderful stuff…
Thank goodness that Governments had NO responsibility and the wicked private sector can stand exposed. Right? Do give it a read!!
Well. it looks like Berlusconi is following Papandreou out through the exit door, as demanded by Merkozy. This morning, the BBC pondered the future for Italy. Naturally, they push the “tighter fiscal and political union” fantasy of Barroso and his pals. They are also fixated on the personality of Berlusconi.They might do better to listen to the markets, now factoring Italy’s 10yr bond rates at 7%. That’s immediate bail-out time, and this time, not enough cash in the coffers to bail Italy out. So why does the BBC not discuss the central issue here – namely Euro-Governments spending more money than they have? The impossibility of such diverse economies as Germany and Greece? The hubris of the European elite who have ignored the profound schisms that now threaten to engulf the Eurozone? Why is the substance of the debate always so restricted?
I listened to this interview with Terry Smith on Today this morning and chuckled all the way through it. His analysis is spot on, I agree with every word. There was a stunned silence when he politely explained to the BBC interviewer that the so-called Public Sector cuts have not impacted to any significant degree, yet. He excoriated the Eurozone folly that Merkel and Sarkozy are seeking to pull. Make sure you listen – I am sure this was NOT what the BBC were looking for!!
Where, did you know, they accept Euros? Which, by the way, are doing remarkably well in a time of recession when the Pound is in the doldrums. Did you know that? Bet you wanted to.
I see that the BBC is running the line by the president of the European Commission, Jose Manuel Barroso that the UK is “closer than ever before” to joining the euro currency zone. Speaking on a French radio show, he said British politicians were considering the move because of the effects of the global credit crunch. Given that Labour denies it has had any change of heart on the Euro, you would think the BBC might have pursued Barroso’s claim a little bit more vigorously? Which British politicians had told him this? When did he gain this new insight that he felt moved to share with French radio listeners? Are there any within the UK government that see this as an opportunity to advance the Euro cause? After all, since Brown has wrecked our British Pound he may feel inclined to move on and find a new currency to destroy?
