Someone needs to serve up a big fat plate of STFU before a war gets started over in Europe…. or perhaps that’s the point of all the bluster and BS that’s been flung around lately.
The Prime Minister insisted failure to provide clarity could prove disastrous for the world economy, and told the Greek people that fresh elections must decide once and for all whether the country stays in the eurozone.
The message came as his Cabinet colleague Ken Clarke said the European banking system was already “in tatters”.
Mr Clarke warned that Britain was “heavily exposed” to potential problems and could be among the next targets for market speculation.
Why is this Greece’s problem?
Mr Balls said Mr Cameron and other leaders had to persuade Germany to “pull its weight”.
“In the end… somebody has got to persuade Germany that this is a catastrophe for Britain, Europe and the world and that Germany has got to change course,” he added.
“The problem is, the German people went into the eurozone 10 years ago on the clear promise that they weren’t going to bail out Italy and the central bank wasn’t going to play this role.
“Both things have got to change.”
Pull its weight?
Promises made as a condition of entry into a contract are unenforceable?
Here’s the truth:
- It’s none of the rest of the world’s problem if and when your banks lend money to someone has no ability to pay. The lender has more information than the borrower as the lender has history across many borrowers; you have only yourself. Therefore, it’s the lender’s problem if he makes a foolish loan and he should lose his money.
- This is especially true when the lender, and other lenders, actively conspire to mislead as to the borrower’s debt load and ability to pay. We know for a fact that this happened with hinky derivative deals that made deficits look smaller than they really were. This is an active fraud and if the lenders claim they were deceived on purpose and had no part in it then they should sue the parties involved — which are other bankers!
- When, as a lender, you exploit a legal means to counterfeit, thereby lending money you don’t actually have (this would be criminal fraud for anyone else!) and get caught it is both your problem and your government’s, and nobody else’s.
Germany should (1) force its banks to cut that crap out, backed by threats of felony prosecution aimed not only at the institution but its officers and directors, (2) allow them to die if they can’t, (3) erect the middle finger straight up at Greece and Cameron.
Everyone must face the fact that you cannot spend more than you tax as a government over any material amount of time. The alleged “growth at any cost” games are lies. They’re 30 years old but they’re still lies. They were lies in 1980 and they’re lies now.
There was not one quarter where this has actually worked as I have repeatedly shown:
These are mathematical facts. That Cameron and Merkel have backed themselves into a corner doesn’t change a thing — these injuries are self-inflicted through bankrupt fiscal and monetary policy decisions that they have made. Allowing your banks, which all exist only due to a license from your respective governments, to effectively counterfeit the national currency by issuing spendable credit money that acts exactly as does currency with zero capital behind it rather than demanding that one unit of capital be behind every unit of issued credit is a fraudulent enterprise that is trivially provable on a mathematical basis. Over time allowing this fraud to continue must destroy the purchasing power of the people, and again this is mathematically provable.
Down the road Cameron and others are traveling lies war and privation.
This lunacy must stop.