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Belmont Club

Euro

November 25th, 2010 - 4:45 pm

Nigel Farage says the jig is up for Europe. He argues that like the dinosaurs of old, the behemoth has evolved a metabolism too great to supply by forage. The giant welfare states cannot afford their own welfare and cannot afford to defend themselves.

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The Economist says that the crisis facing the Euro resembles in many respects the US financial meltdown of 2008. At some point it became clear that the jig is up. Farage thinks that moment will come soon.

“It was all eerily reminiscent of 2008, when desperate efforts to rescue and revive American and other banks produced only ephemeral rallies. With each successive bail-out, the appetite for further rescues becomes limited,” comments Julian Jessop of Capital Economics. In March 2008 the rescue of Bear Stearns led to such an outcry that the American authorities were unwilling to save Lehman Brothers in September. The fear this time is that German voters, and their political leaders, will similarly lose patience.

Even the New York Times concedes that lightening ship is at least part of the answer. It recommends pain — for the banks. That will undoubtedly be necessary. The dropsical financial industry has drained the last drops from the system, yet is still as thirsty as ever. But inevitably there must also be pain for the state and all those who saw themselves employed for life in its magical projects. In whole or in part, we may be witnessing the end of an era. Whether it comes to a catastrophic close or a gradual stop is what we are waiting to see.


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