Greeks Revolt - Who Cares ?

Daily Mail: Reports that Greeks on the day that Greece was commemorating its entry in to World War Two have burned German and EU flags in protest at the austerity packages demanded of the Greek Government by the troika. Shame on the protesters, there are days for protest but this was not one of them, Greece was remembering one of the most important periods in its history, its fight against Nazi Germany, there will be other days for protest folks, the Police should have come down hard on the protesters, also the point of the EU was to prevent another European War, what ever its faults, and there are many, it had done that, thus this should have been a day to honour Greek history, shame on those that protested, the Classic Greeks would turned their heads in shame.

Italian Woes - Eurozone Crisis

Guardian: Has an interesting article on the structural reforms required by Italy and how the 6.06% cost of Italian debt is “ the worst interest rate of any eurozone member (apart from Greece, Portugal and Ireland) ”. Italy as the article notes is in a pre Thatcher Era when it comes to Unions and the professional classes, there is no Iron Lady in Rome, the reforms required would make the demonstrations in Athens look like happy hour, a new Italian Government as noted by two Italian Academics in the article would have to take on the Unions, the Unions in EU are a lot more powerful than in the UK, Lady Thatcher broke the Unions in the 1980s, even the threat of a General Strike in November is not seen as a real threat in the UK. The entire social contract between the people and the state has to be changed in the 21 Century folks, the welfare state has to be ripped away and redraw to deal with the modern problems as mentioned so many times on this blog. The longer Italy has its head in the sand, the more damage will be done in the long term, one can only guess what the Emperor Augustus would have said of the present Italian State, one word he would have used is SHAME, well he would say that of the Italian State for most of this Century. A might Empire that has to be bailed out by China, how low can you go and still be called a State.

Italy CLOSE to Collapse ?

Telegraph Live: Reports that the Bond Markets see Italy being close to edge with having to pay 6.06% on its bonds, the live updates states the following on Italy “ if it has to pay 6pc interest on its loans, the Italian government will be in deep water. ”. The political sums are not hard to do folks, you have a weak PM, who has political and legal problems, the Coalition Government can not agree on structural reform, the welfare state of Italy needs reform, but due the above its not going to happen soon, the Trade Unions are using the argument of class warfare, why should their members suffer when the rich seem to get richer and the banks get a constant bailout. Thus any agreements for reform given by the Italian Government to the EU is not worth the paper its written on, a new government will be needed in Rome, thus Italy has taken over from Greece as the cancer of the Euro and the EU.

Italian Bonds - Eurozone Crisis

BBC News: Reports that the Italian Government has to pay 6.06% on their 10 year bonds, the highest since the creation of the Euro in 1999. The sticky plaster that was the EU deal on Thursday is showing its weakness folks, the Italian Government has promised structural reforms to its economy, that Government faces losing the expected General Election next year. Also its a total humiliation for the EU to go cap in hand to China, at this rate China will have the US and EU by the throat, but it cant be a tight hold folks, if China plays politics with the debt it holds it risks going under itself, thus China to keep its own books in balance needs the US and EU to grow, the welfare state is a problem folks, as stated many times on this blog, the welfare state cant cope with the age demographic of the West, few to younger workers and a lot more old people, also those that reach 65 don’t have to retire any more, thus less jobs for the young, it’s a vicious end game folks. The West faces years of economic decline folks.