Angela Merkel, Britain, Conservative Party, Economy, Europe, European Union, Greece, IMF, Labour Party, Nicolas Sarkozy, UKIP

A Very British Greek Tragedy

Cry “Havoc! And let slip the PIGS and Greece” as Shakespeare would have written had he been around. The travails in Greece certainly have all the hallmarks of a tragedy in the artistic sense but beyond that all sense pretty much disappears.

Hubris, pride, incompetence, bathos, comeuppance, despair but enough of Ed Milliband’s leadership election, all these wonderful traits can be discerned from afar with great satisfaction by the average Brit who has always thought that there was something deeply flawed by the European currency project.

What intrigues, though, is why there has been so much effort put into activities that will do so much harm to the European project. Fiddling the entry requirements to this daft project was just the start. Spending €100 billions to ensure that Greece will go bankrupt would seem to be the final incongruous way of preserving the ever closer union ideal.

It is clear beyond doubt that Greece cannot afford its debt repayments. All the good economic indicators are not so much flashing red in the window as wiping themselves down and charging the client after a particularly heavy whoring session. The bad indicators are seeing the psychics of the world dusting down their Ouija boards trying to contact Norris McWhirter for Guinness Book of Records gold-plated entry rates. So why are the Euro Einsatzgruppen so intent in following this path of destruction?

The Euro area would be stronger shot of Greece. Greece would be better off shot of the Euro. Simples. Perhaps the Euro elite are secret Herbert Steins? “If something cannot go on forever, it will stop.” They know it will come to an end and lacking the political gumption to do anything about it they just intend to let it go at its own pace. After all, it cannot continue like this so something must give.

But that is not it. The Euro elite have never been concerned with actualities. It is the dream that matters. That look the Euroweenies get when they start talking of the project; staring off into the distance like those Soviet era workers statues. Constantly gazing to the allegorical future and workers’ utopia. And this future is threatened not by Greece leaving but by French and German banks failing.

This is why we have been cobbled into helping the IMF and the Euro area indirectly into bailing out the Greeks to keep our European finance competitors afloat and to keep the EU finance wheels not so much oiled as attached to the chassis.  To paraphrase Dick Van Dyke – a man who has recently shot up in my estimation as an economic genius – “When fall the banks of Europe – Europe falls!” and don’t Sarkozy and Merkel just know it.

But you will hear little of this in the UK’s media apart from the more esoteric reaches of the Telegraph blogosphere. This is all about helping Greece, aiding the EU, working with our allies. Tosh. This is about naked greed and self-preservation for a political idea that is incapable of supporting itself. The opportunity for the UK to reassert itself as the pre-eminent moral and economic force in Europe exists but we need our politicians to be ruthless. The EU is not an Ally but a competitor and the sooner it is consigned to the dustbin of history the better; there is no better opportunity than the present.

Now, when gifted such an open goal of opportunity to crucify these statist wreckers and delusional idealists we, the humble British voters, stand back amazed at the devastating critiques delivered by our political elite – and UKIP – who seize the moment to wrest control of the UK back from these undemocratic forces. Except we don’t.

Where are OUR advocates. Where is OUR counsel? UKIP has had as much impact as a wet sponge. Cameron is obsessed with the EU and his party too loyal to oppose him; his coalition partners have always been in favour of the European nightmare. As for Labour…words fail.

That is the tragedy.


4 thoughts on “A Very British Greek Tragedy

  1. I would be interested to know if you have a similar opinion on the bailout of Ireland? Or do you feel that was genuinely justified because of the significantly closer ties between us and Ireland?

    Good article, very good 🙂

    Posted by politicspreacher | June 30, 2011, 12:49 pm
    • I don’t think any of the bailouts were genuinely justified. The whole point of capitalism is that failure is allowed. The financial servcies were paid an awful lot of money because they supposedly took risks which – as it turned out – were not risks. There were punts that, if they came off they kept the profits and if they went sour we underwrote them.

      I don’t blame the banks for it but governments should know better. The Irish government were far too quick and generous underwriting their banks, too. The debts have not gone away just moved books – I wrote to the Times (I think) and questioned why anybody thought national governments could hold all this debt better than the banks.

      It wasn’t published but I do not think national governments can hold this debt. Their only trump card is the fact that a country cannot be liquidated (short of WWII style of invasion and the fate of Carpathain Ruthenia (eg)) – which is where Greece is now. No one in the EU has the cojones to let it default and the Greeks can just keep soaking the EU for billions until it becomes physically impossible for more money to be lent.

      Ireland is ditto and the next domino in the chain. Ireland MIGHT have a stunning recovery and return to growth. It MIGHT return to surplus but it won’t matter one damn thing when Greece finally extends the maturities, rolls over it debt, decreases the coupon or whatever it will be called.

      Posted by VentilatorBlues | July 3, 2011, 11:20 am


  1. Pingback: Economist Charles Gave: The Euro Will Not Exist In One Year | Machholz's Blog - June 28, 2011

  2. Pingback: The American Dream, a price too high. « Politics on Toast - July 11, 2011

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