Wednesday, June 13, 2012

Nigel Farage: "Euro Titanic Hit the Iceberg and There Aren't Enough Lifeboats"


From Zero Hedge (6/13/2012):

In an epic rant, trumping Biderman, UKIP's Nigel Farage appears to have reached the limit of his frustration with his 'peers' in the European Parliament after the Spanish bailout. Rajoy's proclamation that this bailout shows what a success the euro-zone has been, sends Farage over the edge as he sees the Spaniard as just about the most incompetent leader in the whole of Europe (up there with favorites like Van Rompuy and Barroso). The erudite Englishman notes that by any objective criteria "The Euro Has Failed" expanding on the insane farce of Italy funding Spain's banking bailout at a loss (borrowing at 6% to fund a loan at 3% as we discussed here). "This 'genius' deal makes things worse not better" as it merely drives other nations towards needing bailouts themselves and while his socialist colleagues in the room are mumbling and checking their blackberries, he reminds them that Spanish national debt will surge and that 100 billion does not solve the problem, and that if Greece leaves, the ECB is failed, is gone, and to rectify this there will be a cash call from the very same PIIS (Ex-G) that are tumbling towards the abyss. Blood pressure surges as he screams "you couldn't make this up" concluding that "the Euro Titanic has now hit the Iceberg and sadly there simply aren't enough lifeboats."


6 comments:

Anonymous said...

Nigel is the man ! ...the Euro was a scam from the start and he was one of the very few in the early days telling it so....

Anonymous said...

World War begun by mutual military dependency, next one could happen by mutual financial dependency.

Anonymous said...

The situation described is not unlike generating electricity via nuclear fission, in that one of the first two things you must have to generate electricity in this manner is a reliable source of electricity.

Mr. Ponzi would, of course, have been pro-nuclear.

Anonymous said...

Sorry, but somebody criticizing someone else for being "a damp rag" while the person is sitting right in front of you and tv-cameras pointed at you can't be called erudite...

mike said...

Hi -- just wanted to point out the typo in the header so you could fix it. -- Mike

arevamirpal::laprimavera said...

Mike, thank you.

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