“Brussels was unwise to talk of smashing the wolf pack speculators and defeat the worldwide organised attack on the Eurozone. As Napoleon said, if you set out to take Vienna, take Vienna. Besides, the language of the EU priesthood ex-ECB board member TomassoPadoa-Schioppa talks of the advancing battalions of the anti-euro army frightens Chinese and Mid-East investors needed to soak up EU debt. These metaphors are a mental flight from the issue at hand, which is that vast imbalances masked by EMU, indeed made possible only by EMU have been decorked by the Greek crisis and now pose a danger to the entire world.”

Bingo again! Since the foundation of the EU in its modern incarnation – in other words since the mid 1990s, Brussels did nothing in terms of economic policies other than issue lofty plans and guidance documents – which promptly went nowhere real, and blame ‘others’ for its own troubles. At times, this reminded me of the good oldSovietskies whose entire edifice of the state was supported – from the early 1970s through the late 1980s – solely by the threat of ‘others’ coming to take over the Motherland.

True Economics: Economics 16/05/2010: EU on the brink


Euro Doom –


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