The European Union, there is no accounting for the zealots of the European Union and despite the intervention of our old friend common sense, dire warnings from the UK and every economic theory going the European Union ploughed on toward their impossible dream of Monetary without Political Union, they should have followed the advice of one of their top commissioners at the time, can’t remember his name, who said “without Financial Union there is no Political Union and without Political Union there is no Financial Union”, of course they could never have sold Political Union at that time but they carried on regardless. Further reading
The financial markets are tough and unforgiving, this current situation is the inevitable conclusion to a group of low-grade politicians getting involved in something they did not understand relying on a wing and a prayer, if they actually did understand it was an enormous gamble with the whole worlds success and prosperity which could swamp the effect the banking crisis had!
The European Union Elite knew they could not sell political union to their member states but decided on a risk strategy of forcing through the euro which they hoped would then lead, through the back door to, to political union – a United States of Europe.
But where were the people in all this, what about democracy, well the European Union is not about democracy and when it does allow a member state to vote in a referendum it only allows one result, if it doesn’t get that result it keeps the member state voting until it does!
The UK has done as much as any country actually in the Euro-Zone, particularly when taking into account our own financial situation, now we need action fast because it is not just Greece, a financial markets total loss of confidence in the euro-zone could also bring Italy and Spain into play and they are really big economies.
The way this is dealt with is a decision for the euro-zone but if wrongly handled its impact will be worldwide so it is in everyone’s interest that they act decisively and get it right and the main action has to come from Germany, backed up by France, Germany is probably the only country in Europe with the financial muscle to sort this out, the UK has helped but it can’t afford to bail out a bankrupt club it doesn’t belong to.
So let us watch with bated breath because if the Euro-Zone gets this wrong we are all going to suffer in a big way but let us have your views, comment and join in the debate, your involvement is the lifeblood of the internet!
Euro-Zone suggests the US can keep it’s advice!