By Pete Moore On April 12th, 2013 at 6:49 pm
So let’s get this straight:
Eurozone authorities pressured Cypriot banks into buying Greek bonds. Then eurozone authorities imposed losses of 75% on Greek sovereign debt held by Cypriot banks, setting off the Cypriot banking crises. They then grab Cypriot savings and bank deposits, to solve the banking crises, and now they’ve seized three quarters of the country’s gold reserves, a move which the Cypriot Central Bank knew nothing about.
“The Eurogroup don’t give a damn about moral hazard. They are thieves”, says Ambrose Evans-Pritchard in The Telegraph.
Damn right they are. Someone in these here parts has warned that nothing you think you own is safe, and that ever more ingenious and desperate ways will be found to “tax” it from you. They’re becoming more desperate by the week.
By David Vance On January 8th, 2013 at 2:14 pm
Quick update for you on the employment situation in the Eurozone!
“The unemployment rate across the eurozone hit a new all-time high of 11.8% in November, official figures have shown. This is a slight rise on 11.7% for the 17-nation region in October. The rate for the European Union as a whole in November was unchanged at 10.7%. Spain, which is mired in deep recession, again recorded the highest unemployment rate, coming in at 26.6%. More than 26 million people are now unemployed across the EU.”
When we consider YOUNG European people, it gets even worse!
The youth unemployment rate was 24.4% in the eurozone, and 23.7% in the wider European Union. Youth unemployment – among people under 25 – was highest in Greece (57.6%), followed by Spain (56.5%).
Those are staggering stats. In Greece and Spain, most young people do not work! Quite what the future societal implications are I don’t know but I think that Nobel Peace Prize handed over to the EU might need to have a few strings attached.
By David Vance On November 15th, 2012 at 7:08 pm
Deeper and down…
The eurozone has fallen into a double dip recession, as the debt crisis even managed to slow Germany’s powerhouse economy to a virtual standstill.The 17-country bloc – which generates a fifth of global output – shrank by 0.1 per cent between July and September and by 0.2 per cent in the previous three months. Two falls in a row means a double dip recession. And this time, Germany and France, the eurozone’s biggest economies, could not save the region from a double-dip even though both their economies grew by 0.2 per cent. The news comes a day after violence erupted in cities across Europe as protesters took to the streets in Spain, Portugal, Italy, Greece and France to demonstrate against tough government austerity measures.
Of course, the OVERALL Eurozone figure disguises the catastrophic figures contained within the 17 country bloc.
Isn’t it lucky the UK does not play a part in this disaster….and to think several of our leading politicians dearly wanted us IN…like this chap…
Wonder whatever happened to him? Surely a man with such POOR judgement never made it to the top?
By David Vance On November 14th, 2012 at 5:45 pm
You would need a heart of stone not to laugh…
Clashes break out in Spain and Italy as angry workers stage a Europe-wide string of rallies and strikes against austerity cuts and tax rises, shutting transport, grounding flights and closing schools.
Yes, the comrades are on the march and demanding that Governments mired in debt solve the problem by..erm…spending more and taxing more. What can go wrong with that plan? As you know, the point of the austerity regime is to try and save the Euro, the bastard offspring currency of the EU. The EU itself has just won the Nobel Peace Prize…so here are a few heart warming images of Europe in the throes of….peace.. today.
By David Vance On November 6th, 2012 at 9:54 am
As you know, the EU won the Nobel Peace Prize for bringing “peace” to Europe post WW2 (Let’s not mention NATO lest it burst a liberal bubble) so, how’s it goin’ in Euroland?
“Greece is braced for a 48-hour general strike across public and private sectors in protest at a proposed new wave of spending cuts. (How would anyone know Greece is on strike?)
Protest marches – which regularly end in running battles with police – are planned for the centre of Athens. The action coincides with a debate in parliament on the austerity measures, with a vote by MPs due on Wednesday. Greece must back the measures, and the 2013 budget, to receive the next part of a bailout and avoid bankruptcy.”
Rubbish. Greece is already de facto bankrupt but the Euro pretence is to keep kicking the can down the road whilst carefully dismantling even the veneer of democracy, which you have to admit is kinda ironic when one considers Greece is where that all started! The disconnect between the will of the Greek people and the wishes of their Euro masters could not be more explicit,
By David Vance On November 5th, 2012 at 1:19 pm
This news will have the political left in tears…
The British economy is set to power ahead of the rest of Europe, with some countries at serious risk of descending into social breakdown, according to a think-tank. The Centre for Economics and Business Research predicted that UK output would shrink by 0.1 per cent this year, before rebounding in 2013 and 2014. Its forecasts suggest that even Europe’s strongest economies will be left behind by the resurgence, with growth of 0.8 per cent expected next year and 1.4 per cent in 2014.
This would put Britain in first place among major European nations, including Germany, with expected growth of 1.2 per cent in 2014, and France on 0.2 per cent. Italy and Spain are predicted to remain in recession throughout the two-year period, prompting the CEBR’s economists to warn that Europe is on the brink of civil unrest.
Never mind, it won a Nobel Peace Prize…that should cheer it up as the flames lick higher and higher…
By David Vance On October 15th, 2012 at 9:41 am
See Saint Vince Cable has been pontificating on the topic of the next European war…
Europe could be plunged into war if the euro collapses, Vince Cable warned last night. The Business Secretary said the consequences would be ‘incalculable’ for Europe and ‘awful’ for the UK but cautioned that there was ‘no automatic guarantee’ that Europe would not disintegrate into conflict. Mr Cable spoke out just two days after the European Union was handed the Nobel Peace Prize, an award that provoked widespread ridicule at a time when tensions over the single currency have led to violence and civil unrest across Europe.
Got to love the hype and also the stunning lack of responsibility.
For starters, the failure of a currency zone does not automatically mean blood on the streets. It would be perfectly easy for individual governments to return to printing their own currencies without the need to invade each other. (Did you hear that, Germany?) Then there is the vexed issue of which politicians were cheer leaders for this doomed Union? Step forward Saint Vince Cable – the man who is always wise …after the event.
By David Vance On September 28th, 2012 at 10:07 am
I know I tackled this yesterday but it IS a matter of global economic significance. I refer of course to the collapse of the Eurozone as currently constituted. This is an excellent synopsis of why Spain will EXIT.
“Other than leaving monetary union and defaulting on its euro debts, which for the moment even the rebellious Catalans don’t seem to want, is there any way out for Spain? The answer looks ever more likely to be no.
Membership of monetary union is preventing the application of appropriate monetary policy to the periphery sovereigns. The single currency has also denied Europe the natural market mechanism of free floating exchange rates to correct deficiencies in competitiveness and reduce external indebtedness. There is only one conclusion to be drawn from all this; though the short-term costs would be profound, Spain must leave the single currency. Spain is damned if it leaves, but damned for eternity if it stays. Eurozone policy as it stands offers no plausible way back to prosperity.”
The Eurozone totters on the abyss. It cannot sustain itself and the only question is WHEN it finally collapses. When this happens, a shockwave will shoot around the world as the hubris and stupidity of the Euro elite is transformed into revolution and fervour. You have been well warned.
By David Vance On August 14th, 2012 at 2:14 pm
Can’t really see how this is news since most of us already know it!
”The ailing eurozone is on the brink of a double-dip recession as figures revealed that the 17-nation embattled economy shrank by 0.2 per cent. The UK’s biggest trading partner suffered the decline in output as the debt crisis sweeping the continent escalated.”
It’s interesting to hear the noise coming from all those Euro zealots who previously urged us to trade deeper and deeper with the EU. Silence! The inescapable fact is that as the EU tanks, and in this regard it is a Titanic sized tanking, it is inevitable to do damage to our economy. However had we been mad enough to do what SO MANY wanted, and join the Eurozone, it would be 100 times worse. I do hope the likes of Ken Clarke and Michael Heseltine reflect on that particular folly!