The EU keeping the Red Flag flying
The prize quote from the two days of wining and dining by EU Finance Ministers was that the EU and the Euro were in robust good health.
After two days of excessive consumption, the EU Finance Ministers decided to keep their heads firmly in the sand. Their reasoning appears to be that the Euro Zone crisis has been rumbling on for more than six years and therefore can rubble on until a global economic miracle happens. Germany is planning a new Greater Germany but will have to include France within its new borders. France is hoping to continue to spend beyond its means, while Spain and Italy believe they are too large to be allowed to become bankrupt. If Lewis Caroll was alive and writing childrens books he would be accused of copying the Mad Hatters Tea Party from this latest EU junket.
Britain’s Chancellor Osborne says that time is running out for the Euro and he may miss the Conservative Party Conference because the next few months may be taken up with emergency meetings to attempt to stop the EU carrying the global economy into the greatest depression yet seen.
What is so frustrating for many electors is that they recognize that they do not have to be highly trained economists to understand the size of the economic problem. They can’t understand why politicians have been so blind, or why bankers insist on treating it as business as usual.
September and October have long been the danger months for economics. There is no obvious reason for why this is so but statistically it is.
The tragedy is that the historic example of the Great Depression that preceded World War Two is there not as a guide for politicians to copy but as a warning of how now to threat the emergency. The lesson is simple – when in a hole its time to stop digging.