Drowning in a Sea of Euro Debt

By tomtom

Bring on the Dancing Girls

Enter stage left, a chorus line of high kickers, not the famous Windmill Girls mind you, a parade of so-called Technocrats. Technocrats, Eurocrats, Academics, what’s the difference, you might well ask? Will it be the panacea we’re all led to believe, as Democratic Government is replaced by unelected academics and former Commissioners of European pedigree, in countries where the Shylocks are piling on the agony with rocketing interest charges of 7 to 11%.

In Italy’s case, as it turns a man who was previously an elected Prime Minister, now billed as a Technocrat, one of the 38 or so leaders Italy has enjoyed since WWII. Will these so-called Technocrats make any difference, as they push through measures calculated to calm the fears of the Shylocks, who control the bond buying masses out there and thrive by lending money to cash strapped nations?

They may indeed be tossed a few million, billion or even trillions, but will it make any of these profligate entities more ready to live within their means? Highly unlikely if you follow the dictat of Britain’s failed politicians who enjoyed a doubling of the income to our Treasury over the thirteen years they were in power and still failed to balance the books of the nation.

And they’re still at it, telling us the answer, is to borrow even more. Then to let up on the deficit reduction plan that has drastically reduced the level of interest payments on what they were already planning to borrow and to squeal like stuck pigs as they trumpet a verse of how deep is my river of debt and more is better, while the Euro pigeons come home to roost.

We have to be eternally thankful that the myopic, failed Eurocrats of Brussels are not calling the shots in debt-fuelled Perfidious Albion and forcing us to hire unelected Technocrats in place of our elected members. We can rely on our democracy to make the decisions that will put us firmly on our feet again. While we ignore all the heckling from the sidelines, by the failed politicians of yesterday, who can only stand and watch in bewilderment, as no one takes a blind bit of notice of their manic ravings to spend, spend, spend.

Technocrats, academics, it makes no difference, if you fail to live within your means. The only way is down and out and for Europe the choice is stark reality. They forged a monetary union without a lender of last resort and are now trying to bulldoze the Deutschebank to take on the role, without the slightest chance it will agree. So it will just rumble on till it all implodes in a Witch’s brew of default and inflation.  

Watch this space, I’ll be back!

Tom.