There has been suggestions that these EU States should be allowed to default on debt, because adding more debt to the existing debt just wont work. All it will do is create social conditions for major civil disorder and the fall of governments. Possibly the best thing to do is let the Euro fail as a currency, and allow those states to resurrect their old currencies so they can set their own interest levels.

As I see it.
King George II inherited a balanced budget and GOP politics wanted their share of the US's wealth.
George gave away the $ in two trances and then started Two worldwide wars, two very expensive wars and Never raised taxes to pay for his adventures.
The US economy was screwed by the time Barry took over and he did nothing to rectify the problem, he only made it worse.
The US economy went tits up and Euro land and UK followed.
When Greece joined the Euro EVERYONE knew the 'Books' had been fiddled but the Euroscroats want to expand and if the world had remained in a normal financial situation then they would have got away with it.
But it did not.
Euro interest rates are set to suit Germany and no one else.
When the PIIGS where screaming, squealing for higher rates to help defeat inflation No, German Industry, banks demanded Low Rates and got them, the PIIGS where thrown to the wolves.
Greece in particular was a special case, it's socialist minded governments gave the people what they wanted, early retirement and was always very slow to collect Taxes, an accepted Greek joke.
As for UK, well the socialist gov and party know that to complete their takeover of UK they must first destroy the established UK institutions.
Education, National health and above all the financial system. Charles will destroy the Monarchy.
Twice in my life time I have seen Labour bring UK to the precipice and I am told only the first ever Labour Gov did not carry out their task, only in power for about 6 months.
The Evil Balls was on BBC this morning gloating over the slow growth of UK wealth from the debacle he had helped create, and Now Denies.
I am afraid it will take someone better then Dave to sort out the Sh1t left by the Socialist Scum.

john
Just my own view on my country and the Euroslime.

Originally Posted by uncle_vanya

There has been suggestions that these EU States should be allowed to default on debt, because adding more debt to the existing debt just wont work. All it will do is create social conditions for major civil disorder and the fall of governments. Possibly the best thing to do is let the Euro fail as a currency, and allow those states to resurrect their old currencies so they can set their own interest levels.

The EU states are responsible to the ECB, they cannot default on their debt (in theory) but will more likely have it written off in favour of some trade agreement or other. This is where the present day govt has to put in place a firm payback schedule. The euro as a currency has not failed and will not fail, it cannot fail because of the Maastricht treaty which means short of 2 major powers declaring war they are in it to the end. The European powers were warned that this would happen, as I remember the great and good Margaret Thatcher compared it to "selling off the family silver" to cover another country's debt. She had already done this with the UK assets by that time nonetheless so she knew where it would lead and as it turned out she was right. The great party that the Eurozone started is now over, they are waking up to the morning after and I for one do not want this country to start giving them sympathy. Remember the drunk who punched you in the NAAFI and wants to be your best mate in the morning? Thats the EU relationship right now.

Originally Posted by Onetap

TBH, that never crossed my mind, I hadn't read anything else on the site. However, I still think it is genuine, rather than written by a paranoid redneck survivalist. Some incidents, like the realisation that the qualified middle-classes were unemployable, sound real. You (or the author, if it is fiction) could research the experience of a collapsed economy on the internet (Russia?) and I'm sure there would be many common features.

The writer of the Argentina article appears not to be a native speaker of English, certainly not the Texas variety. Unlike Charlie_Cong, I think it is genuine. Unlike Onetap, I have read some other articles on the site. Most of them are written in what looks like American English. I know some of you believe that's an oxymoron, but I'd say it's just a different dialect!

NLL

"I remember the great and good Margaret Thatcher"

Me two.
She ruined her health sorting out Labour's mess, The IMF call and the unions, Arthur Dear Arther, see the miners union want President for life Arthur out of his 'Grace and Favour' Home.
The UK electorate never cease to amaze me, 13 Years of Phone Tony just because he offered Tory policies and ideas, then committed UK to 5 Wars, two without a Fixed ending.
Quite frightening when the head of the Bank of England says that sorting out UK's finances will put the party that does it out of Power for ? long.
I remember some years ago an interview with a senior US political figure.
He had worked for every one from Roosevelt to Kennedy and met all the World leaders, Stalin, Churchill, Truman.
When asked the difference between way back then and now he replied words to the effect of
Today there is no man of stature in Politics.

Yes I agree they are all Party Apparatchiks, product of a good university, chosen for their TV appeal and not exposed for what they are.(Balls is the obvious exception, but the unions want him for the next PM.

john

Originally Posted by abumax

The "gnomes of Zurich" !!

It's been years since I have heard that phrase and have often thought that therein lies the entire issue.

Originally Posted by jonwilly

"I remember the great and good Margaret Thatcher"

Me two.
She ruined her health sorting out Labour's mess, The IMF call and the unions, Arthur Dear Arther, see the miners union want President for life Arthur out of his 'Grace and Favour' Home.
The UK electorate never cease to amaze me, 13 Years of Phone Tony just because he offered Tory policies and ideas, then committed UK to 5 Wars, two without a Fixed ending.
Quite frightening when the head of the Bank of England says that sorting out UK's finances will put the party that does it out of Power for ? long.
I remember some years ago an interview with a senior US political figure.
He had worked for every one from Roosevelt to Kennedy and met all the World leaders, Stalin, Churchill, Truman.
When asked the difference between way back then and now he replied words to the effect of
Today there is no man of stature in Politics.

Yes I agree they are all Party Apparatchiks, product of a good university, chosen for their TV appeal and not exposed for what they are.(Balls is the obvious exception, but the unions want him for the next PM.

john

They don't even look good on telly.

[QUOTE=
if your anywhere near stratford on avon that rumbling noise will be enoch turning in his grave.[/QUOTE]

He's in Warwick. next to the canal....Not a river. The rumbling sounds are from the stomachs of any one who has eaten at the roof top in the RSC. Micro portions!

Originally Posted by Tytus_Barnowl

The EU states are responsible to the ECB, they cannot default on their debt (in theory) but will more likely have it written off in favour of some trade agreement or other. This is where the present day govt has to put in place a firm payback schedule. The euro as a currency has not failed and will not fail, it cannot fail because of the Maastricht treaty which means short of 2 major powers declaring war they are in it to the end. The European powers were warned that this would happen, as I remember the great and good Margaret Thatcher compared it to "selling off the family silver" to cover another country's debt. She had already done this with the UK assets by that time nonetheless so she knew where it would lead and as it turned out she was right. The great party that the Eurozone started is now over, they are waking up to the morning after and I for one do not want this country to start giving them sympathy. Remember the drunk who punched you in the NAAFI and wants to be your best mate in the morning? Thats the EU relationship right now.

I think you will find that was Harold Macmillan criticising M Thatcher see here quote "Ex UK prime minister Harold Macmillan criticised Margaret Thatcher's government for 'selling off the family silver' when they privatised various public utilities in the 1980s.

If Greece and/or other Eurozone countries defaults(as seems increasingly likely),how exposed are British banks?.

I read that the UK govt has served notice on the EU that there will be no further hand-outs to the Eurozone.Not before time.

Those in the previous Labour government that signed away British money AFTER being elected from office need to be held personally accountable.Step forward the criminal Alister Darling.