FT beyond brics - Europe: more right-wing lies from Standard Bank. A rehash of the right-wing neocon lies that have driven Europe into depression:
Europe is in the worst state it has been in at any point in the entire post WWII era.
Really? Worse than the inflation of the 1970s? The era of the fascist juntas in Spain and Greece? The RAF and Red Brigade insurgencies? The chaos of the collapse of Bretton Woods? The long task of rebuilding Europe after WWII? Worse than all those?
And it's the fault of the evil central bankers stealing German money to give to lazy, swarthy Mediterraneans, right?
Europeans (Brits included) don’t work hard enough and pay themselves too much, at the same time expecting too much from the state while generally being reluctant to pay up in taxes.
So you want Europe to go the way of the Americans? With rampant homelessness, legions of poor locked up in prisons or gunned down by police, the working poor unable to afford shelter or medical care?
Um, do the sovereign citizens of Europe get to vote on this subject? Or do you want to impose it from above?
And what do you think they have been voting for over the past 50 years? And given the violence of past revolutions and communist insurgencies in Europe, don't you think a little bit of social welfare is a small price to pay to keep your plutocrat buddies alive and in power?
How did we get here? With the global financial crisis we initially saw deep recession driven arguably by global factors, accompanied by the collapse of Icelandic, British, Irish, Spanish, Portuguese, Greek, even German, Austrian, Latvian and then Cypriot, Slovenian and eventually Bulgarian banks.
You got there, you fascist pig, because Europe held its rates down artificially low to help Germany's economy struggle through reunification. But that cheap German money flooded into peripheral real estate markets, causing a massive real estate bubble.
The proper tack should have been to keep Europe's rates realistic and let the fucking Germans starve for 20 years. Because that's exactly what they now want to visit upon the rest of Europe.
Recovery has been weak, reflective of weak banks, weak demand for credit because of weak growth prospects, high unemployment, and limited scope for counter-cyclical fiscal policies due to concerns over debt sustainability.
Really? Is the market really all that concerned about debt sustainability? Right now Italy's 10-year yield is 1.53%, and Spain's is 1.51%. Is that reflective of concern? Or are you just repeating the tired lies of the plutocratic rentier class, who are clamouring for a higher interest rate to base rents on while also demanding that they don't pay taxes to fund that rent?
Adding to the mix is the fact that Europe has perhaps the weakest group of political leaders for generations, the only exception lying in the experience and political weight of Angela Merkel in Germany – now perhaps the one great hope for the continent.
Wow, you sure love the Germans, don't you? And what has Merkel's response to the crisis been? More austerity. She's only the "one great hope" for crushing the periphery and subjugating it under the jackboot of German supremacy.
Merkel's so great that she almost made Draghi quit his job last month. Here's the one guy who has the slightest clue about economics, and she wants to drive him out of his job and replace him with - who? Weidmann? Whose only qualification is being "wrong, but German"?
A strong leader is a bad thing when they use their strength to drive a continent into the dirt. Check your history books. What you want is sensible leaders, and Merkel's not one of them.
Overshadowing it all is the not insignificant prospect of a large-scale war in Ukraine, which threatens to become the largest European conflict since the Balkan wars.
And Merkel's response to the Ukrainian conflict has been to cozy up to the fascist Russian kleptocratic state, in order to protect her plutocratic buddies who ten years ago happily went into business with the Russian mafia.
But of course she can do that, because if there ever is a full scale war, there's no way we'll ever see German soldiers putting their lives on the line to protect Ukraine. Once again it'll probably be Canadians getting gunned down to protect the innocent, while the fat German bastards sit back and make their fortunes selling arms to the other side.
We can argue all we like about whether Europe went too far in terms of deepening and enlargement.
You guys loved EZ enlargement when it meant cheap German money flooding into Bucharest and buying up all the real estate, leaving the Romanians essentially homeless while German rentiers made a fortune flipping properties back and forth.
Now, all of a sudden, you have a problem?
Perhaps the move to a single currency was a naïve and ultimately dangerous political project.
Canada has a single currency, and we do well. But we automatically redistribute funds from rich provinces to poor provinces, in order to balance money flows and ensure the country's economy can continue to function.
But Canada can do that because we don't hew to a racist ideology which asserts that some Canadians are morally and ethically inferior to others just because of where they come from. Even Harper isn't that evil.