April 24, 2012

Euro Zoned Out!

Almost Midnight in the West

Those who follow Mohamed are ruthless to the unbelievers... Koran 48:29--- Join the Crusade against Islam!

Dear oh dear oh dear. That eurozoner quagmire just won't stay solved if you will forgive the mixed metaphor.  Things are still messed up even though, apparently, a plan to cut borrowing has been implemented. 

This should have worked. 
Overspending was/is the problem, so overspending less should be the answer.  And stability should be established.

Alas, the staunch supporters of Germany's Chancellor Angela Merkel's plan are falling like Obama's support among folk with IQs higher than room temperature.

The Netherland's PM, Mark Rutte, threw in the towel in Monday. Rutte even tossed in the towels for his entire cabinet! France is about to unelect Mr Carla Bruni.

No telling what the Dutch will do. The far right parties voted against less spending, less overspending in truth. No one, as in NO ONE, is really cutting back, just cutting back from way too much to almost way too much.

The French are about to elect themselves a communist, no worse, a Socalist, which is a commie without the guts to tell you he's a commie. Francois Hollande, if elected, will spend France into oblivion.  And the French will love it. Truffles and champagne all 'round,  mon ami!

The EUrozoners don't really get it. To be fair, neither do most Americans. All of us are for balanced budgets, blah, blah, blah but not if our particular ox is to be gored!

Investors want higher yields from Dutch government bonds. So Holland, previously a very strong player in the sovereign debt game is on its way to becoming a weak sister like Spain. 

Folks with money to risk demanded more than 6% on 10 year Spanish bonds. That amount of interest is not viable for an economy with 25% unemployment. And that's the best number the government can post at this time!  The true figure is nearly 50%. Can you say La revolución, amigo?

If Spain goes Greek, the EU, not just the eurozone, would be done like a Cajun dinner. 

And who knows what misery flows from there.

Angela and the new Hun hoard are trying to convince their profligate cousins to grin and bear it. The Spanish, not known for stoicism, have made some rough cuts in spending but the cuts are simply not enough to correct a decade long of thinking We'll start mañana, first thing, maybe. Mañana was yesterday.

Ms Christine I' m too sexy to be a EUrorat Lagarde, head IMFer wants a TRILLION DOLLARS to fight the problem of defaulting countries. Even twice that would not be enough, but Christine would be able to hang on to her very cushy post which she acquired after the former head was falsely accused of rape, a little longer. If you get a plum job through serendipity, you begin to think the gods have appointed you to your position. It seems Christine thinks this way.

Bottom line. No matter what the pie in the skyers and kum-bye-yahers and theif Hell freezes over things will still be wonderful delusioners think, say, or do, there is not enough money in the IMF, the European Central Bank, Apple's retained earnings account, or even in Obama's secret stash to rectify the situation.

It is Almost Midnight in the West. Curiously, an economic collapse of Europe may save its culture. Muslims, having been plucked from the welfare teat, are unlikely to stick around in an increasingly hostile environment.

It  would indeed be an exceeding ill wind which blew no one good.

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