Have you seen THIS from the BBC “explaining” the causes of the Eurozone meltdown?  Wonderful stuff…

  • So what really caused the crisis?
  • There was a big build-up of debts in Spain and Italy before 2008, but it had nothing to do with governments. Instead it was the private sector – companies and mortgage borrowers – who were taking out loans

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?


Demonstrators take part in a protest against plans for new austerity measures on October 20, 2011 in Athens
Another blow to the BBC. Greece’s cabinet has given unanimous backing to the plan by PM George Papandreou to hold a referendum on a EU debt rescue package. You will recall that only yesterday the BBC was hoping that perhaps Papandroeu would fail to win this backing, so another bad day for those living in the fetid Euro-swamps of the BBC. They wheeled on Elena Panaritis, an MP from the Greek Pasok party, to the Today programme this morning but she did not follow the script and talked about the need to consult the people about the implications of the Austerity measures forced on her country by “the colleagues.” This was met by BBC stony indifference. It’s hilarious watching the puffed up outrage of the Euro-elite at the concept of  the people of a Nation being given the right to speak out about their future, it’s disgusting to note the State Broadcaster parrot this totalitarian creed.


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!!


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?