Contrary to the predictions of some "well-informed" sources, the Greece has not dropped out of the euro this weekend.

In dealing with this issue, however, one must always understand that so much of the financial system depends on confidence, so that – as we have seen before – lying and dissimulation is part of the game. When billions can turn on the word of one high official, it is inevitable that straight-talking becomes a rarity.

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Good as an analysis from Osborne on the Greek predicament as I have seen.We are in the phoney war stage at present to use another WWII anology.We all know something is coming,but in what shape it will come is anyones guess.

Enjoy life while we can.

If we just cut all the crap and ignore the continuing SOAP Opera performed by the EU leadership and our dear leaders, the situation is that we will not be able to bail out countries like Spain or Italy, let alone bail out their banks.

The entire system is loaded with debt and beyond saving.

This means we are not only living on borrowed money but also on borrowed time.

What will happen is easy to predict.
We will see a systemic crash of the entire banking system and with it the total collapse of the Eurozone.

There is absolutely no doubt that this will happen because it's inevitable.
The only question is when our borrowed time is running out.

The depression that is ahead of us is no different than the 29 depression, just deeper.
Lot's people are going to loose everything.

Absolutely Rhaan, your words and my thoughts chime as one.

But, what is [where is] the death defying anti-gravity miracle which is keeping the euro afloat?
I posit, that someone has found the key to the eternal funny money box. Or, all economic/financial markets logic has now been suspended?!?#!
_____________________________________________________________________
"During times of universal deceit, telling the truth becomes a revolutionary act".

George Orwell.

Well yes, LOTS of people will INDEED lose everything. But your Betters are playing to make sure the RIGHT people do not lose ANYTHING. And it is their Praetorian Guard enablers who will take care of things for them. Over here in West Pondia, we also see the same scenario playing out. And we have our own Praetorian Guard groveling before their Masters. Many of us, however, have been stocking up on guns and ammo, and some doing so with storable food as well. No-one expects to be able to go toe-to-toe with the Praetorians and survive. But cocktails in the middle of the night? Well, that's another matter entirely. And may well be the point upon which our situation turns... How about you? What's YOUR plan?

Oh yes, this crisis has the hallmarks of a real biggy.

But I agree. Even if one had perfect knowledge of all the forces at play and of the current actual state of the system then it would still be impossible to predict the outcome, and that's even if the thing were just purely 'mechanical' and operating according to the 'laws' of economics, such as they crappily are. Chuck in the idiosyncracies of human intentionality as operating in those wheeler-dealers in financial, administrative and political circles with some real power to affect things and it's anyone's guess.

One concern I have is that anyone decent who understands the problem sufficiently and who is aware of the difficulties in making correct policy decisions in such fast-moving and highly fluid conditions, not least because he would not be all powerful and still subject to the unpredictable manoeuvres of other bigtime operators, would be very unlikely to want the job. He's pretty much destined to failure. So that leaves us with either the stupid, unscrupulous or both — and most likely both.

But look on the bright side. Maybe some Hitler-like demogogue will step in and make a good start on killing the bastards responsible.

Mmatis,

We used to be able to 'bear arms' in this country as freely as you do but we got stuffed by the great & double-plus ungood.

If I had my way I'd be 'tooled-up' at least on a par with all those 'gun nuts' in your blessed country whom al beeb, and the rest of our fcuking MSM, like to portray as completely beyond the pail. Yesiree, I would. In fcuking spades!

Maybe one day .... 


P.S. I wonder who in this country will be the first civilian to hold a legally held military firearm and say something like, "Get off my land, and while you're at it get out of my country too." I do hope he's a Briton, preferably full-blooded English.

nmatis writes:

As Prof C.E.M.Joad might have said: 'It depends on what you mean by Praetorians...and whose.'
A nation prepared to defend its liberty is its own Praetorian.
Nations such as East & Westpondia are now so dumbed down that they couldn't even spell Liberty. One may think one is entitled to it but one must, nevertheless, fight for it...repeatedly.

PE,

I used to think that saying originated with Harry Truman but it turns out he must have been quoting Thomas Jefferson.

I suppose each generation is destined to having to learn that truth the hard way. It's a little like advice from a wise parent, the import of which doesn't sink in until one has foolishly ignored it.

I'm gonna ask....................

Which one are you Dr. N, Wiley Coyote or Road Runner?

Both, or either - depending on circumstances ... sometimes neither.

When I use the term, I am talking about the "duly constituted" "Law Enforcement" officers of each nation, at all levels. At least over here in West Pondia, they are supposedly independent actors, enforcing laws of their individual jurisdictions (national, state, county, or city) but subservient to their oath of office which says "...preserve, protect, and defend the Constitution against all enemies, foreign and domestic..." or words to that effect. In reality, pathetically few pay any attention whatsoever to that oath, instead groveling before their Masters and doing whatever they are told, constitutional or otherwise. And, of course, covering for crimes by their Brothers in Blue. It has gotten so bad that these "Law Enforcement" officers are BY FAR the largest gang in the country, and are far worse than anything they supposedly protect us against. Not that they bother very much with protecting Mere Citizens. If one of those is attacked or robbed, at best "Law Enforcement" will write a report that MIGHT get the victim qualified for an insurance payment. On the other hand, if anyone DARES to attack a member of the Blue Wall or one of their Masters, then that's a horse of a different color!

That, good sir, is what I mean when I use that term.

Dr. N: Picture perfect, as it were.

And a politic answer methinks, how like you Dr. N..



P.S. I always liked young Tazie, he's a whirlwind nutter.

One suspects that someone may have been reading your blog Richard and trying to cover up accordingly:



http://hat4uk.wordpress.com/2012/03/26/ ... bond-swap/