Nigel Farage To European Parliament: “The Euro Game Is Up… Just Who The Hell Do You Think You Are? -- Famous euroskeptic Nigel Farage (as seen previously here), in just under 4 brief minutes tells more truth about the entire European experiment than all European bankers, commissioners, and politicians have done in the past decade.
Twitter.com / Nigel Farage --
And I told Mr Van Rompuy, it's no more Mr Nice Guy from me!
Nigel Farage: Euro Empire Collapsing, Bailout River Dry
Nigel Farage interview
Nigel Farage reprimanded for criticising new EU president & foreign minister
Opposition to the Euro Grows in Germany -- Surveys show that many Germans are worried about the future of the euro, but the country's political parties are not taking their fears seriously. The number of grassroots initiatives against the common currency is increasing, and political observers say a Tea Party-style anti-euro movement could do well...
Satyajit Das / Calculated Risk:
European Death Spiral – Mission Unaccomplished -- In early 2010, drawing on the military leadership of President George W. Bush, European leaders declared the economic equivalent of “mission accomplished”. A bailout – whoops support! – package of Euro 750 billion had shocked and awed speculators into submission. Like the Bush pronouncement, the European prognosis provided premature. The return of European sovereign debt problems in late 2010, culminating in the bailout of Ireland highlighted the deep seated and perhaps intractable problems of some over indebted European nations...
Quantitative easing for Europe? -- So, are we close to seeing the break-up of the EU? Perhaps, but there is one escape route: quantitative easing, which I have previously described as substitute for a fiscal union. Peter Gibson, a quantitative analyst and strategist at CIBC World Markets, puts it even more emphatically by saying the “European Central Bank should centralize its debt market and bail out governments and banks with a multi-trillion-dollar plan.” Moreover, he adds, the ECB should cease sterilizing against the misplaced fear of inflation.
My feeling now is that if the ECB has to choose between the dissolution of the EU and quantitative easing, it will opt for the latter.
Portuguese Bonds Lead Peripheral Euro-Area Decline Amid Looming Auctions -- Portuguese government bonds fell, pushing the 10-year yield up by the most in eight months, amid concern demand at auctions next week may falter...
Belgium's King to Tackle Political Deadlock as Debt Woes Mount -- Belgium’s king will make a fresh bid to end the 211-day post-election deadlock that has left the country without a full-time government and fanned concern that Europe’s debt crisis will widen...
And Irish CDS Is Outtahere -- It seems at least one person read Buiter's 84-page "Europe is pretty much doomed" (our titling) magnum opus over the weekend. Irish CDS tells the whole story.
Youth Unemployment In Italy Hits Record 28.9% -- The fundamentals of the last PIG country, which has so far avoided the bond carnage of its peripheral peers, reported that while broad unemployment was 8.7%, the "highest since the beginning of the beginning of the time series in 2004" it is youth unemployment which, like in Spain, is becoming a few bigger issues. Corriere Della Sera announced that youth unemployment has hit a record of 28.9%...
Caroline Baum / Bloomberg BusinessWeek:
Some Manure, Please, So I Can ‘Grow the Economy’ --
The idea that the government can grow the economy is seriously flawed. The economy grows on its own unless there are obstacles placed in the way. The best thing the government can do is remove those impediments, such as the high corporate tax rate, and allow the economy to send out new roots and green shoots. Water it periodically. Fertilize occasionally with organic material. And don’t overfeed.
“Grow the economy” conjures up images of bureaucrats sitting around a table distributing tax incentives to ethanol producers; doling out grants to private companies to advertise overseas; pouring money into pointless infrastructure projects, such as bike paths, pedestrian trails and critter crossings.
Oh, wait. The government does that already...