Posted on 05/30/2010 11:59:31 AM PDT by SAJ
Openeurope.org.uk has put together a paper of the most blatant half-truths, propaganda, and outright lies, abused by Europe not only over the past month, but also over the past 10 years, for the entire duration of the now rapidly collapsing eurozone experiment. As the paper notes: "More than ten years since the euro was launched, and with the single currency facing its greatest ever crisis, the parameters have radically changed. Amid all the uncertainty, one thing has become painfully clear: the EU elite simply got it wrong on the euro." The authors demand for "a call for greater honesty about the future of European cooperation and a reminder of the urgent need to find a new model that is both politically and economically sustainable" is just as valid in Europe as it is in the US: any system based on lies and opacity is doomed to failure.
Europe found this out the hard way. We will too unless somehow we restore the basic truths like transparency, honesty and integrity, instead of merely campaign promises and teleprompter soundbites.
LOL! Iceland has had its fall and is picking up the pieces, and while it will be a long while until they recover, they are headed in the right direction. Blinded by the safety they thought the Euro would bring them, Ireland has yet to figure out what is about to hit them. Guinness will be an endangered species, so to speak.
For all of Euyrope’s failures - they have not elected a muslim to run their countries. Blame idiots watching TV in America who will trade reality TV and ball games for liberty. Obama owns the TV networks and they will do anything for him. The public are idiots.
I am starting to wonder if the people in Arizona with b*lls are even Americans. Americans anymore care only about TV and love being brainwashed by TV and ball games.
A lot of their problems I associate with their legal system, based on the French Code Civil. Which is itself descended from Napoleonic Law, which in turn is descended from Roman Law.
One of its ideas is that the unelected nobility, which in modern times is the unelected elitist bureaucracy, knows what is best for everybody else. As such, “that which is not expressly permitted by the government is forbidden.” People must have government permission to innovate and act. This leads to stereotypes such as in Germany, “where everything is licensed, and must have proper authorization in triplicate, stamped by three government agencies.”
However, for 1500 or more years, the noble lords of Europe fought each other like cats and dogs, in endless petty squabbles. So there is no reason they wouldn’t relapse into that behavior as unelected elitist bureaucrats.
Contrast this to the US, and at least the England that was, both of which were founded with the ideas of Common Law, that the people rule, decide the laws, and change the laws.
Importantly, under Common Law, that which is not specifically illegal should be legal. So if you want to innovate, go for it, and hope you make a million.
Importantly, since everyone is pretty much on even terms, those who think of themselves as “elites” get no respect from anyone else as such. The average American knows that such people are just full of themselves, and that their ideas and judgment are not particularly brilliant, unless they, like anyone else, convinces others that they are good ideas.
So unless the Europeans can get over their old royalist sentiments in new clothing, we shouldn’t be surprised if they fall back to their old ways.
I feel sorry for the WW2 American GI’s who gave their lives for that ungrateful set of countries.
Gee, I wonder whether all these statements could be simply self-serving (influence the market for own profit).
Oh! Surely not! The financial sector is squeaky clean! /s
Might as well get used to it, mate: the Euroweenies (which term, btw, only applies to their Central Bank crowd and the associated diaper-crapping politicos, NOT to the general citizenry, ok?) have screwed the pooch.
And the pooch is going to do nothing at all except get hornier over time.
Good luck to you if you happen to believe differently.
For my own part, on 3 March 1999, after Euro had been trading for a couple of months, it was quite clear (and I said as much, VERY plainly, right here among other places, including formal articles) that Euro wouldn't last 20 years. It reacted MUCH worse when trading to the downside than did USD, JPY, GBP, even NOK.
When the jerks, whether American or European, try to rig the game on you, m'friend, you'll profit by betting against them. May need some deep pockets for a "macro" wager...but if you haven't then pick your spots (as now) and sell the hell out of rallies.
One other thing: I'm just a real-world mark-to-market trader; I don't blog. I trade. The whole of the Internet is negative on Euro...which almost surely means we'll see a rally for the next 2 days or so. Swiss Nat'l Bank, which wants Euro not to decline against CHF, will likely be bidding EUR/CHF tomorrow, perhaps even into Tuesday.
Doesn't change the long-term trend, mate...and that trend is WAY the bleep lower. USD is no prize, not any longer, but EUR stinks from the head down, having now seen EU/ECB violate (among other things) Article 125 of the Maastricht Treaty, and USD will benefit for a time as a (relative) safe-haven currency.
Good trading to you...if you actually trade. If not, then good luck to you; you'll need it.
ping
Well, SAJ, as a trader you are no doubt more knowledgeable in these matters than I am. I’ll believe financial journalists when they report what happened yesterday, I’ve just given up lending much credence to their speculation as regards the future. (Fed up with mere rumors making markets surge or crash, just on a whim.) That was and is my point; feel free to consider it misguided.
I’m working on gaining more insight into the economic happenings, alas, my spare time for that is very limited.
Good luck with your trades.
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