Thursday, 19 April 2012
Isn't the Euro crisis boring - will Sunday change it?
Country X has a hug deficit
Markets get jittery and bond prices rise to over 6%
Eurofudge meeting and some more magic money created to sooth tensions
Things get better temporarily whilst most people observing say this is not cure
More economic bad news comes out, Country X still has a huge deficit
Believe me it is hard to write about it time after time; I even feel sorry for financial journalists who have to re-write the same article day after day after day. They could probably get good jobs in North Korea now given their skills at repeating the same lines over and over.
Of course the solution is staring everyone on the face, break-up the euro, end the deficits, devalue the currencies, a bit of default and hey presto, competitiveness is back.
However, the Euro elite are not for turning. Or even discussing anything rationally. The ludicrous Oli Rhen said today he wants markets to stop being spooked by Spain - it's a real finger-in-the-dyke approach to the world.
Sunday though sees the French election and a very good chance of the end of Mr Sarkozy as French President. Without the Ozy for Angela' Merk we will have a new world. Sadly, Francois Hollande is a lumpen socialist in the mould of Ed Milliband. He does though not agree with the Euro consensus. This could mean that things will begin to change.
On the other hand, the brainwashing from Brussels is very effective on new leaders..but it will be interesting to see the Euro elites try and impose a technocratic Government on France if they fail.