Sunday, December 4, 2011

Farage tells it how it is (vid)

Jacques Delors~Euro was flawed from beginning

"One of the main architects of the single European currency, Jacques Delors, has said the eurozone was flawed from the beginning (vid). He told Britain's Daily Telegraph that the lack of central powers to co-ordinate economic policies allowed some members to run up unsustainable debt. As head of the European Commission from 1985 to 1995, he played a key role in the process that launched the euro". A break-up will destabilise the whole UK~not just house prices

Posted by alan @ 01:58 PM (1650 views)
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14 thoughts on “Farage tells it how it is (vid)

  • “A break-up will destabilise the whole UK~not just house prices” what makes you say that?

    Delors is kind of right but the whole thing was a farce with ze germans breaking their own rules over and over. A bit cheeky of them now to castigate the others, but hey not totally unexpected is it! The whole thing was never thought through which is why its a complete mess now – and was always going to be a mess sometime. I agree with Nige – I do think some countries will withdraw and i think that the one “brave” enough to do that first will start a trend. Again eventually I think the Euro appreciates after the countries that per Nige “never have been in it” withdraw not so gracefully.

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  • The site it back up! About time, this site is getting really unreliable. Why don’t Fubar just install on a fresh server.

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  • Listened to a news piece on the radio whilst driving where a UK Asian MP was bleating on about europe. ihe/she said that if the euro collapsed or we left it it would be a disaster because we export more to Belgium than we do to China. Nearly choked and then felt quite amazed at the lack of mental capacity the individual concerned displayed with such a simplistic statement.

    P.S. Is this site being deliberately throttled or is everyone in the UK suddenly realising whats going on around them!

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  • Listened to a news piece on the radio whilst driving where a UK Asian MP was bleating on about europe. ihe/she said that if the euro collapsed or we left it it would be a disaster because we export more to Belgium than we do to China. Nearly choked and then felt quite amazed at the lack of mental capacity the individual concerned displayed with such a simplistic statement.

    P.S. Is this site being deliberately throttled or is everyone in the UK suddenly realising whats going on around them!

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  • @ techieman,

    Sorry to sound like a doom-monger, but.

    I think that for the Eurozone as a whole, debt seems to be manageable. Once split from the Eurozone, some coultries will not be able to manage. A default will happen, amid much finger pointing and accusation. Losses will hit banks, needing more government intervention….a legal mess, maybe chain reactions.

    I feel borrowing costs for many countries would go up (as lending is seen as more “risky”), prompting recession which would “knock on” to the UK.

    It seems to me our trade relations will be hampered as countries re-adjust. Potentially a loss of competitiveness for UK vs southern Europe would happen, making more job losses in UK.

    …its my quick take on a very big subject. Anyone else want to chip in?

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  • I somehow don’t give any creditability to people who make comments which are time dependent.
    If this comment was made five years ago would these comments get any airing on any channel.
    I reckon not.

    Note this is Euro bashing time, so every one gets a voice.

    I heard one of US program the other day, saying US and UK should fix their issues before the markets start focusing on them.
    As they have bigger issues to solve.

    Atleast Eurozone poeple are talking and trying to get a solution, messy but on the way.
    What about others?? US, UK, Japan, China. I can go through this list.

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  • I think it’s certain that [the euro] won’t survive with the 17 members there. I think there’s no doubt that Greece, and Portugal, and Spain, and probably Italy shouldn’t really be in the euro and will have to drop out of the euro in order to become competitive economies again and survive economically, basically.

    Terry Smith blog

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  • Alan – I didnt say i disagreed with you i was just seeking your reasoning.

    HPW – agreed. Well maybe almost certainly certain.

    But where i differ amongst folks is that i actually think the Euro will be good going forward – against sterling at least. Probably a bit before they announce the first country to leave , there will be some market turmoil with the Euro being sold, but after that I think it will be a massive short squeeze.

    Yes the Euro is probably “doomed” as is, but wont break up entirely thats very unlikely imo.

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  • I also think its right to say that the UK will be “in play” once the bones of the weak Eurozone countries have been picked over.

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  • I really don’t buy the idea that the failure of the euro will provoke some sort of cataclysm..

    – Business and the markets hate uncertainty – I currently have a project in Portugal on hold, simply because the uncertainty is deterring investors. Once this farce reaches its natural conclusion, and the inevitable currency adjustments have taken place, business can return to normal.

    – Just because two countries are no longer using the same currency, doesn’t mean they will suddenly stop trading with each other. When the Republic of Ireland broke with sterling 30 odd years ago, did it cripple trade? – No.

    – Ending the euro will enable the club med countries to start trading viably again, reducing unemployment in the process. More people working is good.

    The only real casualty from the break-up will be the european dreamers – the free-loaders and fatcats in Brussels.

    The end of the euro won’t be the end of the matter – the whole european ‘project’ will almost then unwind..

    ..all to the good in my book!

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  • oops – ‘almost certainly then unwind’

    – When the proprietors of this site sort out its tendency to crash, perhaps they might also put it on to the phpBB platform, so we can edit our mistakes!

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  • UT – do you think the Euro will end completely or just have a withdrawal of various countries?

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  • techie @ 11,

    Not sure – but my hunch is that in order to resolve the ECB’s legacy issues, it may be easier to dissolve the euro completely.

    Otherwise, those that retain it may find themselves saddled with some onerous liabilities..

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  • Thanks UT. Food for thought!

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