The subject is Italy.
So far, in this whole sorry imbroglio on our little planet, the Chinese seem to be the only ones who have kept their heads, seen the reality of the impossible EUro situation, and wisely decided to keep their distance and not get involved. At least until the inevitable fire sale at the very end. The Germans and the French still dream of one sort of empire or another, so they continue to indulge their fantasy and denial in increasing dosages. The question is will one or the other wake up before it’s too late and bail, or are they going to go the full Göotterdämmerung route? In the UK, Cameron is daily setting new records for invertebrate “leadership”. And against this sorry background, Italy is on the knife edge now. Merkozy have already achieved a coup d’état in Greece. Will they knock down the italian government too? If Berlusconi hadn’t already descended into opera buffa territory through his own foolishness, he might have been able to just up stakes to get Italy out of the Euro, and if need be the EU altogether. Once upon a time he had the nerve to do something. I fear that time has past. In his present state will he just be shuffled off to be replaced with yet another more amenable and unelected cut out for Merkozy? Farewell, Europe!
Merkel and the other leaders on the continent are haunted by the wars of the 20th century, and with good reason. In good part, their actions in the current crisis, and in the push to fuse all of Europe into one super state are dictated by those chilling memories. But before they go any further down this road to merry totalitarianism, they should also remember the old dictum: What you fear, you create.
Off topic: David, please watch this powerful video about Oslo, ’93: http://www.youtube.com/watch?v=DgOS6ZOvcJs&feature=youtu.be
Per VBB’s comment on empires and their decline, here is the English dubbed version of ‘The Fall of Byzantium: Lessons for Russia’ by an influential Russian Orthodox cleric.
The subtext of the film is: you can’t trust the West (Crusaders), banksters (Venice) and the Turk.
Well, the Islamists can trust the Western crusaders: they continue to bankrupt themselves in desperate attempts to buy the Islamists out so that they will be gentle on the Crusaders’ way down the drain. Good luck.
Bret Stephens wrote in the WSJ the other day that the Western response to the IEAE report on Iran is “called into question”. I wrote at my blog that it is not: can you imagine the West doing anything about Iran, particularly with China and Russia opposing? When Europe waits to be saved by China?
Say goodbye to the West. It’s over.
I think we’re nearing a turning point. The media, at least financial media, is increasingly candid in talking about Europe’s demographic death (so, they might pick up on the Middle East’s in 30 or so years). There might be a Wile E Coyote moment when the mainstream finds its moment of clarity. Italy lends itself perfectly to this.
The catalyst for whatever’s coming might just be war with Iran. I predict the terms of the coming Chinese bailout of Europe will require them to purchase their solar panels, severely cut/eliminate any remaining military relevance, and live extremely frugally. Strategically, this lets China and Pakistan continue to move for Iranian oil, and Obama without European backup pulls the plug on Israel; maps will be redrawn, to say the least.
I think they’ll organize all of this to happen before the election, so Obama can win. People fearing a draft wouldn’t elect a Republican.
The West, including Obama, is currently operating — if it still does — on the illusion of power. Their politicians talk as if they are still relevant rather than bankrupt and hopelessly unable to solve their problems.
No matter what the West does, it no longer counts for much.
Just as in classical times, the military is the last to go. Just a few elections ago, the grand coalitions could crush nations like Serbia or Iraq with no sweat, in spite of the rot within. But now, things have broken enough in Greece and Italy that they will have to sell everything, including strategic influence. The East is hungry for more oil, and Iran is their prize as much as Saudi Arabia is for the West. China would NOT be satisfied with mere banks. They want more important control in the coming feeding frenzy.
The political class is a self interested disgrace and is acting accordingly, but there is a lot more at stake in this crisis at first glance, at least for the long term. The US might try to keep Europe afloat to keep NATO going, and get dragged in. At some point Americans too will have to give up some “quality of life”, and drive modestly sized cars instead of ego extenders.
Well the Chinese real estate bubble is starting to deflate and it looks like it could go down fast. So no matter how many beatings the Euronazi’s give out morale is unlikely to improve.
Why do I get the sense that the Chinese will survive their bubble just fine and the West will not?
End the Fed rant on Occupy Wall Street
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