Ambrose
E-P really has his bit between his teeth now. The photo in the link immediately
above is a classic. It shows the “leaders and leaderenes” of the G-20. For some
inexplicable reason the G-20, feeling inadequate to making itself a laughing
stock without help, allows the Use(ful)less Idiots Barroso and Von Rumply to
attend. Barroso confirmed how sound a decision this is by saying something
truly stupid, even by his own brain-dead standards. You’ll see Christine standing
at far right rear, with a new hair-do, but looking miserable. Robert Zoellick
is also there for some inexplicable reason. The host, outgoing Prez of Mexico,
Calderon is front and center with one of the brutal Chinese totalitarians.
Putin just makes it into the right extreme of the picture, or at least most of
him does. Looking the true KGB cold warrior. Charm of a high order. Obama
excels himself by holding a diplomatic hand up in front of little Julia
Gillard’s face. Note that Christina de Kirchner of Las Malvinas is in the front
row; while Dodgy Dave cowers in Row 2 after a flaming row with Christina
outside the girls’ room. (Did Mariano manage to grab his Repsol shares back?).
What on earth is a dead-beat tin-pot pocket dictatorship like the Argentine doing
in such august company (sic) anyway? Most interesting is that the DT photo
editor appears neatly to have cropped Le Nouveau Empereur de la France, M.
Pompeux, right out of the picture. He whose Mistress #1 (et la mère de ses
plusieurs enfants) failed to be elected to the NA (and straight into the
Presidency thereof) largely on account of Mistress #2, the lovely Valérie
Trierweiler, having poked #1 in the eye via Twitter. Round 1 to Val. Francois’
dreams of an Élysée ménage à trois are in Soros fantasyland.
Ambrose
goes straight for Barroso’s jugular and suggests mildly that ex-Maoist tin-pot
bureaucrats from marginal Euro-states like Portugal should keep their mouths
well closed rather than open them and confirm their arrant stupidity beyond all
doubt.
So
the assembled brilliant company has decided that €650 billion (count ‘em) is
the right number of pretend readies to fire as a blank out of the big bazooka
to frighten the bond vigilantes that Spain and Italy aren’t bust (we really
mean it this time). Presumably Angela went along with this Hail Mary, so she
can get out of Los Cabos without any more feet in her door. The deal will last
as long as it takes for the BuBankers to get her back to the Berlin Bunker and apply
the thumb screws. She’s already being told by Andreas Vosskühle of the
Bundesvergassungsgericht in Karlsruhe that the EFSF and/or the original ESM
plan did, does or will contravene the Grundgesetz and violated the rights of
the Bundestag to be consulted. The ESM is as yet un-ratified by that august
body and it may not be plain sailing. (Of course the only members of the EZ
that can credibly underwrite such sums (and even then to the serious detriment
of their own ratings) are Germany itself, Holland (but watch out for crazy
Geert), the True Finns, the Luxemburgers (a mere Grand Duchy, all 500,000 of
them), and maybe the Austrians (but remember the Credit-Anstalt Bankverein in
1931). France under Hollande and his ever decreasing retirement age and swingeing
tax increases will soon be trying to climb into the Lifeboat (and throwing
everyone else out). This is Fantasy (see Georgie Soros) pure and simple. France
is now committed to a course of Socialist make-believe. If the Euro wasn’t
destined to crash, it sure will now with the dead weight of Gallic
self-delusion added to the wrong side of the scale.
Ambrose
tells us:-
“The ruling will make it even harder for
Mrs. Merkel to strike deals at EU summits or take emergency action but is
unlikely to impede immediate use of EU bail-out funds (Who says? Ed). Unease
over escalating euro rescues is building by the day in Germany. Forty
economists and professors have written a joint letter to Mrs. Merkel proposing
a break-away "Northern Euro", exhorting her to step back from the
brink before making the "even greater error" of ratifying the ESM.
The group said Berlin must clarify
exactly how much Germany could stand to lose from the ECB's internal payments
system, known as Target2. The Bundesbank claims on fellow central banks have
exploded to €699bn, or 27pc of German GDP. The arcane issue of Target2 has
fueled a hot-tempered debate in Germany over who foots the bill if monetary
union falls apart.
The professors called for study laying
out the pros and cons of a return to the D-Mark, or the creation of a new
currency or "North Euro" led by Germany, the Netherlands, and
like-minded states. The idea of a North Euro -- or "Thaler", the coin
of the late Holy Roman Empire -- was first mooted by the former chief of the
German Industry Federation, Hans-Olaf Henkel. It would let southern EMU states
keep the euro and uphold euro debt contracts. The region could reflate and
regain trade competitiveness with a weaker exchange rate. While the letter is
unlikely to sway thinking in Berlin, such radical proposals are gaining a wider
hearing. Georg Schuh, chief investor of Deutsche Bank's DB Advisers, said the
crisis is terminal. "A break-up of the eurozone is very likely. Capital
markets have already priced it in. I think we are in the end-phase," he
said.”
Sounds
a lot like the Deuro, the Franco and the Neo-Drachma to me. I’m not big on
Thaler for a currency. Supposedly corrupted to dollar. Multiple Thalers were
known as Lösers in the HRE – which, the Umlaut notwithstanding, hardly appears
propitious. Isn’t it wonderful that they can tell us the BuBank’s claims on
other CB’s in the EZ under Target2 are €699 billion. Not of course €700 bil.
That would break the camel’s back.
After
being told on Sunday evening after the polls closed (by Vangy himself) that a
government must be formed “within hours” (even though the voters gave him the
Bronx cheer), a second day has gone by with reports from Athens that any minute
now it will be all stitched up. ‘onest it will, Gov. Doubtless they’re still
arguing about who gets which corner office with the view of the Acropolis and
whether fat man Venizelos can move back into the FinMin.
Look
forward to a future report that Il Barbiere di Seviglia Madrid is tuning
up his scissors, if not his cut-throat, and offering short back and sides to
all Spanish bondholders on easy terms.
Simon
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