“There is all sorts of twisting and turning going on with the Spanish saying, ‘Please save our banks, but don’t put us under the austerity measures that you’ve put the other countries under.’
If one looks globally, we’ve got people like David Cameron, and importantly, President Obama, who are basically saying, ‘The euro project must be saved. It must be saved at all costs.’ ....
“For that to happen the Eurozone has to turn into a state, and a state that effectively has a Fed.
The Germans are saying, “Hang on guys, we don’t really want to take on the debt for the whole of ‘Club Mediterranean’ countries.” There’s been a meeting in Berlin today, and Angela Merkel has, for the first time, said that she’s prepared to countenance this becoming a full fiscal and political union, but it has to be constructed on German terms.
So it would appear that despite the fact that the eurozone is a disaster, despite the fact that nobody is prepared to recognize just what a mess our banks are in, despite all of this, our political classes in Europe and America are prepared to continue this project of total failure.
If we continue with this route, we are heading for money printing on a scale that has never been seen before in the history of mankind. Clearly, as history teaches us, that will lead to massive inflation, and huge asset depreciation.”
King World News Blog
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