haha, well if it happens, you'll all know for sure I'm on the right track 😉

…sh1t, what's that noise overhead?….

"Good interview…"

No, not really. Evans-Pritchard is yet another of the hordes of establishment economists/commentators who had nothing to say about the bubble/crash by way of warning (or any methodolgy to quantify/describe it). And equally feckall to say about their failure in that regard since. Why is that? Junk macro/monetary economic theory, that's what. Yet, like all the others, he still has the nerve to pontificate now.

Statements like "…you have to balance the books..". Implying that fiat currency issuer authorities like UK gov or ECB must operate like a currency +user+ (household, private businesses) in the micro economy & use only interest bearing debt & be obligated to repay. This is complete rubbish, & the banks' numero uno scam.

If Evans-Pritchard & the rest continue to apply this false paradigm that all money must be issued (public as well as private) as debt, ultimately all owed to private banks with interest, then yes, a sh1tstorm of trouble lies ahead in eurozone. But that's not exactly news is it? And nor are single currency jurisdictions like UK or US going to be far behind for the same reason.

The fundamental problem of the 'solutions' thus far is the fact of throwing more debt (this time directly on taxpayers) onto a debt bubble crisis & somehow suggesting a 'growth fairy' will appear. (But at least in the meantime, the banks get to rake in (rob) as much cash as possible.)

All this debt money created by private banks, free gratis, can only get repaid +one+ way. By productive activity in the real economy that is sufficient to increase monetary base & pay down debt.

Sure, inflation can help too, but as the neo-liberals would rather eat their children (probably ours first) than suffer even moderate inflation of the wealthy elites' lucre, I think we can discount any significant amount of that if these w@nkers are left in charge.

Debt free spending directly into the economy by governments/currency issue authorities (whether sovereign or monetary union) is the best way out of the mess for ordinary citizens & at the same time preventing the banks creating any more debt bubbles, once & for all. (And separate 'real economy' banking services entirely from the casino sector.)

This assumes also that the banksters have indeed created the current system such that no major bank can fail without collapsing the lot. Thus excluding any substantial debt write offs that could add to the solution & should have, morally & by the 'rules' of capitalism, been able to occur.

The right way to go for monetary & fiscal reform: (full reserve banking & 'MMT' economics)

http://www.positivemoney.org.uk/wp-content/uploads/2011/07/Submission-to-ICB-4-July-11-Positive-Money-nef-Soton-Uni1.pdf

Modelling of such a system for Japan by Prof Yamaguchi: (note the 'debt' graphs going forward)

http://www.monetary.org/yamaguchipaper.pdf

Of course this is the last thing the banks want. It would expose the banksters' free lunch debt/money creation scam. They also stand to lose the hold over the democratic process (that isn't), that they have enjoyed in the shadows for so long.

Well as recently as this last month I have been reassured by above and below the line commentators that the bank bail outs were a truly graet idea and we, the public, are going to make shedloads of money from these deals.

I would ask them to come and explain to you why you are so wrong but they have mysteriously vanished or changed their user name.

Never mind Golem, how could a man as humble as you ever hope to compete with the intellectual prowess of Tim Worstall and his fellow shills eh?

I hope the fact that UK,EU and BoA banks shares have tanked so badly they are now referred to as the "panser division" has taught you how wrong you are.

I do love satire. bill40

http://www.telegraph.co.uk/finance/economics/8691310/Ambrose-Evans-Pritchard-euro-is-unsaveable.html

"Commerzbank, Germany's second largest bank, suffered a €760m (£668m) loss on its Greek government debt holdings, almost wiping out its second-quarter profit"

"Italy's leader Silvio Berlusconi lashed out at Europe yesterday after a leaked letter showed that the ECB had dictated the exact details of Rome's new austerity policies as a condition for ECB bond purchases.
"They made us look like an occupied government. They bought the bonds to save themselves, not Italy," he said, according to Il Messaggero.
"We're a long way from collective governance capable of scaring speculators. If it's our turn today, it can be Paris's turn tomorrow."

David your predictions are all coming to pass…