The continuing inability of the politicians in the Euro zone to come forward with timely proposals for fiscal integration is not just something that spooks markets. A currency without proper control will eventually cripple both the banking system and the markets in which the currency is used. Thus Euro zone banks are thought to be in the danger zone whilst growth in euro land stutters to a halt. Meanwhile Ireland, Greece and Portugal, already bailed out, edge towards some kind of default of the kind, but on a more significant scale, than that already in hand for Greece.
The rest of the world cannot pass by this disaster without suffering from the collateral effects. The situation is made worse by the political turmoil in the US which presently has a split of public opinion and splits within parties which make firm and coherent government impossible. The combination of these profound weaknesses is capable of triggering or may already have triggered, a new recession. Over-riding everything is a fact that not even the best politics can now reverse. Too many countries, corporations and people are over borrowed. Servicing these borrowings cripples growth; trying to repay them will prove impossible without carrying an economic millstone for half a century.
Many lessons have been learned, above all, two. You cannot create sound growth on borrowed money and you cannot borrow your way out of trouble when ends do not meet. The British Coalition Government knows this and is steadfast in pursuit of policies which it hopes will ease the crippling burden. The deficient unwritten British constitution, with its mysteries and inventions, has one enormous advantage, which is why it remains in effect. It can deliver strong government in time of need. This is why British Government debt retains AAA status and is now in such demand. There are tough times ahead. With all our export markets in trouble, the headwinds will be very strong. But, once again in history, Britain is showing that its government knows that declarations of intent unmatched by timely action, are as futile as doing nothing.
This has been underscored by the riots which startled the world. Even more astonishing to many was the establishment of 24/7 courts, the arrest of many hundreds if not thousands and the meeting out of sentences which are unsurpassed for harshness in any democracy. It required a brave soul to mention fairness, proportionality and human rights. Those who came forward were quickly drowned out by the cry of fury from the streets. Brits are very slow to anger, but when they do get angry, they throw away the bounds.
An idle brain is the devil’s workshop.
A quick solution is to cancel all aid to illegal alliens, reduce welfare payments in half that will give them incentive to get a job cut depend care 1/4 to slow the growth of babies for women who want the government to be their husbandsproviders. cut tax cuts to companies who ship their jobs out of country. if they return their factories to the us they will get tax cuts restored. and all federal pension plans be cut 1/3 because they are way out of line. infact no pension for federal employees should exceed private pensions for the same work. and the house and senate and president and vice president should have the same healthcare benifits as they gave the people. futher all foriegn aid be reduced twenty five percent. and all support for dictatorships and religious dominated countries be eliminated. that should cover the problem.
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