Mario Draghi’s QE blitz may save southern Europe, but at the risk of losing Germany – Ambrose Evans-Pritchard – Telegraph

This is an outstanding and insightful article from Ambrose Evans-Pritchard, published in the Telegraph. It’s a must read. Check it out!

via Mario Draghi’s QE blitz may save southern Europe, but at the risk of losing Germany – Telegraph.

Personally, I think that this is probably one of the best of the dozens of articles that I have read on QE today. This article picks up the politics and the pain very effectively.

I live in Southern Europe and would caution that apart from QE, it’s going to take massive fiscal stimulus to get people back to work. Also I question the effectiveness of the banks in Europe, especially Southern Europe.

Next, the world’s media will turn to Sunday election in Greece.

Thoughts?

Opinion – EU must end austerity and restructure debt – CNN Money – John Gelmini

Dr Alf is right, the practice of TINA, talkiing hot-air and imagining the Eurozone crisis will go away has long past.

It is time for radical restructuring of debt and EU institutions, a “big bazooka” of 6 trillion Euros. Greece has to leave the Euro as their economic figures were gerrymandered with the connivance of Goldman Sachs to make it appear that they met the criteria for Eurozone, entry when even at that stage, they were a basket-case financially.

Free movement of goods services and people was once ok, on the basis of most EU countries being relatively wealthy. Now this needs to be modified, so that there is an inner core of wealthy properly-run countries, and a second division of less well run countries, such as Bulgaria and Romania who really never should have been allowed in in the first place.

Without abrogating any treaties, the EU needs to follow the US practice, which is to say as was said to me when I migrated there to get married that you cannot be a public charge for 5 years. That coupled with strongly policed borders and a crackdown on the false ID industry would stop the inflow of economic migrants.

Dealing with radical Islam requires that we all understand that we are at war and stop pretending that people calling for a global caliphate are citizens.

They are traitors and need to be either deported,interned indefinitely or terminated with extreme prejudice.

Then the leaders of the EU need to “radically transform” their brains by grasping the need to export their way out of trouble rather than taxing taxpayers in EU member states more heavily.

Will this happen?

Most unlikely

What will be the consequence?

More turmoil and difficulty for citizens,more haircutting and very soon a backlash against Muslims of all kinds.

Warm words will come from Davos from the great and the good but these great issues will be swept under the carpet.

John Gelmini