The EU leaders met and today confirmed they are going to set up a new fund to, as Jose Barroso, the Commission Head said. “defend the euro at all costs.”
Oh dear. Politicians still think this is about saving the euro and stabilising the system. In fairness, I am sure many in the banks and broader financial community of experts, and journalist hangers-on are telling them this is true. But it’s not.
It WAS about stabilising the system. It was about saving the banks from imminently drowning in their own ordure. But once they had had that taken care of at our expense, it ceased to be about saving anything. It returned to what it has always been about – banks making profits.
If they ‘defend’ the euro ‘at all costs’ then that is exactly what it will cost them – everything. Barosso just gave the banks and speculators the signal – bet against us and eventually you will do to the euro what Soros did to the pound.
Monday bank shares will lift. Our wonderful experts and leaders will beam with pride. Then slowly the reality will draw tighter, inch by inch, around their necks. Debt costs will grow after a brief respite. So will insuring that debt. Portugal, Spain and Italy will slide back into trouble.
I really fear the Euro is going to be sacrificed or at lease gravely harmed, by the very actions our leaders think will save it.
The banks have lied and are lying about their debts and losses. Entire nations are lying about their debts. Entire nations are being held to ransom by the debts their banks have accrued. Now the politician are colluding with the banks to save the banks, once again, from being exposed for what they are – insolvent, bankrupt. If only there was someone with the courage to force the truth and the debts out into the open and take the pain standing up. But there isn’t.
They will try to maintain the lie with yet more of our taxes and future labour, while at the same time tearing from us every part of the fabric of our national life that is not tied down and defended tooth and nail. The rest they will heap as sacrifice to the insolvent banks and their priests.
It will end in blood.
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