Events, dear boy events.
Are Spain, Greece, Portugal, Italy and soon France going to put up with another 10 years of depression and by 2015 no democratic party they can vote in to change it where all national budgets and taxes are decided by Brussels along with an economic policy and interest rates primarily for the benefit for Germany?
With bust French, Spanish and Italian banks, are Germany taxpayers going to happily bend over for the foreign owned bank owners giving them a right federal rogering as German money is used to bail them out?
The crisis has only just begun and has much longer and further to run. The democratic deficit in Brussels means that there are no checks and balances against the 27 EU commissioners and their committees who are the only people allowed along with their committees to draft and introduce legislation which is then rubber stamped by MEPs. They all have their hobby horses which produce perverse business and natural justice rulings by the European court. Like insurance v equality laws and social law v illness while taking annual leave. It was the same in the USSR which is why apart from the ruling elite, by 1991 the majority of the rest of the populous were destitute with worthless Rubles and nothing to spend them on including food.
The EU have invested so much political capital into the Euro and will have gained so much power from the current crisis they will never let go of the levers of power unless forced to. The Euro and Eurozone will be saved at all costs even if it means mass unemployment and poverty for the southern provinces for the next few generations and falling living standards for the rest. They want absolute equality for all people outside of the ruling elite, so they are all equally poor and miserable. The ruling elite will have got what they want, absolute totalitarian control over a communist / socialist Federal States of Europe until it falls apart like the USSR, but they, like the USSR, might be in power for the next 75 years.
The Eurozone countries have still got along way to fall along with the UK. The US will probably escape this debt ridden, noncompetitive costs fate through their "can do" attitude and cheap shale gas. Europe is going in the opposite direction with their useless windmills and other green policies like carbon trading, which McRuin, Balls, Milliband gold plated, so we have the most ruinous green policies in the world, which will de-carbon the UK by de-industrializing it. This will accelerate from April next year, where the UK is introducing the most onerous carbon trading scheme of the lot. An oil refinery closed last year because of this and the rest are expected to have moved off shore to cheaper places within 2 years so the UK has no oil refining capacity as this is a very low margin, high energy business.
Once this happens and you are a poor country, unless you have in-demand natural resources, it is very, very hard to claw your way back as you do not have the capital to develop new technologies and industries which is why many Eastern European countries like the Ukraine, Albania and Romania are still 20 years later very poor.
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Topic: And meanwhile in LaLaland.... (Read 1757 times)