Two speeches that prove that not all Euro MPs a economic illiterates
Two brief, but spot on speeches were given this week in the Euro parliament that goes a long way to restoring the seemingly lost notion that politicians have a clue when it comes to anything economic.
First up is Daniel Hannan who kicks off making the rather obvious point that there were ‘stress-tests’ last year that gave the Spanish banks a clean bill of health – how did that work out?
He then points out that the only impact of the bailout has been to make Spanish households more indebted. He then ends with the most important rhetorical question of our age:
“My friends, when are we going to learn that you don’t solve a debt crisis with more debt?”
Sadly, we feel the answer to this question is not this side of the great re-set.
We then have Nigel Farage who opens his speech with “another one bites the dust”. He then adds “by any objective measure the Euro has failed”. He also highlights the absurdity of the actual bailout:
“This deal makes things worse not better, a €100bn is put up for the Spanish banking system, and 20% of that money has to come from Italy, and under the deal the Italians have to lend to the Spanish banks at 3%, but to get that money they have to borrow on the markets at 7%”
With genius plans like that what could possibly go wrong?
He ends with “this is a total and utter failure, this ship the Euro-Titanic has hit an iceberg and there simply aren’t enough life boats”.
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