This is a good article by Robert Zoellick, President of the World Bank Group in the FT. Check it out!
For me, it comes down to political leadership & in the last two years that has not been impressive but I remain an optimist for the medium term.
What do you think the alternative scenarios are likely to be?
They should have a plan already but the truth is hubris and a belief in their ability to “walk on water” affects the minds of the European elite who with the exception of Chancellor Merkel who was trained as a nuclear physicist, are intellectual lightweights.
Germany alone cannot bail out the Spaniards and the Italians, plus the Greeks, so much more money is needed.
So far the actual money on the table for a bailout equals 1.6 trillion Euros, when the figure actually needed was and is 6 trillion.
Angela Merkel knew that as did Christine Lagarde, which is why both of them went to China to find the difference.
The Chinese have said they are prepared to help but only if others do and only if there is something to secure their interests, e.g. ownership of European banks and other tangible assets.
Europe seems to think that the difference can be made up by privatising the bailout and fleecing the taxpayer, plus a bit more “quantitative easing”. They are mistaken and still not prepared to take decisive action to sell our way out of difficulty in the way that the Germans have been doing for themselves.
The UK is similarly afflicted with one-club golfing syndrome in that the only solution from our sorry excuse for a Government is extended austerity and more bungled U-turns denoting weakness.
The doctors sensing that weakness and consumed with greed and contempt for the rest of us will now strike and the same will happen during the runup to the Olympics with others waiting in the wings.
You ask what will happen to the Euro.
The Amero, a new currency designed to replace both the Euro and the dollar has already been printed and minted.
President Medvedev of Russia can be seen on You Tube with an Amero coin held in his right hand.
The Bilderberg doomsday plan is to create a run on the banks within the Inter Alpha banking Group (ultimately owned by the Rothschilds) and then when people are at their wits end, force the new currency on Europe at rates they will determine, thus making much of the earlier currency utterly worthless.
The super wealthy have already converted much of their money into gold, art, other currencies and investment property just in case this happens.
The plan before the doomsday scenario is to try and muddle through with a combination of more austerity, encouragement for Greeks to go to Australia, Portuguese and Spanish to Brazil, more quantitative easing and a war in the Middle East and surrounding areas designed to effect regime change in Syria, the Lebanon, Somalia, Sudan and the Yemen which will make the wheels of the military industrial complex turn and put a lot of unemployed factory workers and others to work.
The war, which has already been war-gamed by the Pentagon (General Westmoreland visited the Pentagon and was shown the maps-See You Tube interview with him talking), once it starts in earnest, it will be designed as the precursor to invading Iran which has already dispatched 15,000 troops to Syria. This in a process which already sees our Special forces on the ground in that country, plus the French, the Israelis, the Americans and the Qataris.
John,
Many thanks for your detailed response which makes interesting reading.
I agree that Chancellor Merkel is one of the most intelligent political leaders. She has also been a formidable political operator in German domestic politics. As the Euro crisis has unfolded over the last two years, I have patiently waited for her to demonstrate international leadership qualities too. Critics would say that she does not have a strong enough domestic power base. On the other hand, many observers are now saying that Germany is bending.
I read with interest your comments on the Amero, the Bilderberg doomsday plan, the war games and, as an optimist, hope compromise and common sense will prevail.