Tell me another one, just like the other one
How many times have we heard that one before, in modern times probably as far back as the day when Denis Healey as Britain's Chancellor went cap in hand to the IMF. Since 2007 as the credit crunch became a fact of life, we've heard it in most of the basket case economies of the EU and the UK very nearly became the daddy of all time, as the deficit deniers looked for a way to cling on to power.
With the advent of a common currency for Europe, the Euro was born on the back of a stringent dictat, that no participant should borrow more than 3% of its GDP. Then they all went on their merry way bending the rules to suit themselves, in the mistaken belief that the Euro was bigger than the markets and if they got into trouble the rest of the Europhiles would bale them out.
With the advent of a common currency for Europe, the Euro was born on the back of a stringent dictat, that no participant should borrow more than 3% of its GDP. Then they all went on their merry way bending the rules to suit themselves, in the mistaken belief that the Euro was bigger than the markets and if they got into trouble the rest of the Europhiles would bale them out.
Never in modern times has anyone tried to buck the market in this way and so developed a battle of wits, the like of which we watch and wonder, as we await the final outcome. Inevitably it becomes clearer by the day, as the founding fathers of the Euro wriggle and squirm in their hubris and defiance of the rudiments of accepted monetary disciplines practised by the Money Markets, that a denouement is approaching.
There will of course only ever be one winner and it is unlikely to be the ECB, when those who will not see are led by the nose, as sacrificial lambs to the slaughter.
Remember where you read it first and watch this space, I'll be back!
Tom.
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