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Wednesday, 20 March 2013


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A point which hasn't been mentioned anywhere, to my surprise, is what's likely to happen when Southern Europe's longer than usual winter ends at last. I mean, when the weather warms up and the sun comes out, the hot-blooded Latins are very likely to take to the streets in the time-honoured Continental way. After all, authoritarianism tempered by riot is an old Latin and Southern European tradition! it's not for nothing that revolts in, say, France usually happen in May, June and July.
We can look forward to interesting events in Athens and Rome, Madrid and Lisbon - not to mention Paris!

This could be one of the greatest geo-political strategic cock-ups for a fair few years.

The Jerries have put Europe in the position where either Putin comes away with an aircraft carrier the size of Wales in the middle of the med and 350 billion Euros worth of energy, or they blink before a minnow whereby the PIGS will cease to be negotiable on debt reduction and bailout terms ever again and the Euro is guaranteed to collapse.

I wonder if Merkel actually wants the Euro to collapse now, being able to deflect the blame by framing a defiant club med transgressor who isn't big enough to matter in the post-Euro aftermath and recriminations. She might be more likely to win the election in the post-Euro rubble than the lingering Euro-agony; the Volks seem to rate her crisis management.

Or maybe it's just a monumental Teutonic cock-up.


Oswald, I am only surprised that they haven't taken place already.

'SoD', another oddity, or perhaps 'irony' is a better word, is that every alarm in the euro zone works to Germany's benefit because depositors rush to the safety of German banks which keeps Germany's borrowing costs down to a minimum.

Yes, I don't know why Club Med citizens are depositing in Germany. The target2 system puts every club med withdrawn, Fatherland deposited, Euro back in the central bank of the club medder from whence it came. So when it goes tits up, in theory the Jerries can seize the Euros deposited by club medders in the Fatherland's banks, while the PIGS can seize the target2 Euros deposited in their central banks. I'm not sure which seizure is more or less legal, on the basis that Gordie Brown used anti-terrorism laws to seize Iceland's British bank accounts, I suspect it'll be finders keepers. In which case, it's neutral from Germany's and the Club Medder's positions due to Euro flight vs. Target2 being equal. But the Club Med citizens will lose all their Euros in German banks. They'd be better off with a Euro account in a bank outside Europe.

May I suggest one more song?

Ortega, that was simply superb! Of course, I know the song but I have never seen the dance routine before - God knows how I missed it. Everything is right - the set design, costumes, choreography, two of the best dancers of their era and a truly great song from Irving Berlin. And I laughed at the opening sequence when Astaire looked like the Cypriot Finance Minister!

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