Tuesday, 31 July 2012

Vertically Challenged Politicians

Funny isn't it that so many politicians are vertically challenged. This is particularly noticeable in both Sarkozy and Hollande. Is this something to do with Frenchmen or is it because the French like the Napoleonic stature of their statesmen? Putin is another case in point but then the Russians have traditionally had an odd relationship with the French now made more complex by their fear of the USA. All these short leaders wanting to impose their will on the rest of us in reaction to their lack of stature. No doubt a psychiatrist can explain what this is all about but it is somewhat worrying. I wonder how tall Hitler was? I also wonder how tall Draghi, the ECB CEO, is? Does he have a Napoleon complex too? It certainly seems that way if you listen to the incredible remarks he's made about doing all that needs to be done to save the euro. What he has said is just unbelievably deceitful as there is no way the ECB can raise the wherewithal from Germany and the other euro surplus countries to support bailouts for Spain, Italy and France. The ECB doesn't even have enough money to bail out Spain. It will only have €500 billion by mid 2014 whereas if Spain goes down the tubes it will need up to €650 billion to survive. This is where the deceit comes in. Where is the ECB going to find that kind of money? From the Germans? Most unlikely even if the Germans are the only ones to have benefited from the euro by reducing the cost to the consumer of their cars. Yet despite the obvious spin the markets rallied on hearing Draghi's remarks.They must be mad or overcome by wishful thinking. There is no way the euro can survive and only poor deluded, extremist europhiles can say otherwise. Even a majority of Germans now want out of the euro and no doubt this majority will grow in size the longer the crisis goes on and despite the bullshit propagated at the latest Fathom Consulting quarterly Monetary Policy Forum that things will be worse for all if the euro does not survive. The boil caused by the euro crisis can only get better once it has been lanced.    

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