The BACK UP - Banks and the Eurozone

The New York Times: Reports that Banks are creating back up plans should States leave the Euro. Well folks that is a bright idea, lets face it folks Greece has to be the top contender for the chop, followed by Italy and Spain. The Euro contagion is biting at Germany and France, the bond yields are ticking up, also as stated in previous post Germany could only sell 60% of its bonds last week, if Germany is staring to have problems how long before Italy and Spain are frozen out of the market. The tough eye watering cuts needed to save the Euro will not be taken easily by the populations of the Euro, they might want to stay in the Euro but not at the level of austerity it will take, sooner or later, and sooner in this blog view a major politician will say NO to the Euro. This blog is waiting folks.

Coalition Government and the Banks

Guardian: Reports that the Coalition Chancellor George Osborne will raise taxes on the banks due to negative economic conditions, the article states the following, “ ..accept sharply downgraded growth forecasts, big increases in borrowing and a prediction that it cannot meet its plan to eliminate the current structural deficit.. ”. The left wing Guardian will love this of milking the banks folks, but it’s a PR sideshow, the structural deficit is worse than the Coalition PM David Cameron thought it was, also the Eurozone crisis is having a negative effect on the UK economy. If you push the bankers to far they will move, in this Global world all they need is a decent broadband service, they can operate anywhere, you cant punish for getting rich, that is human nature, also this will sound harsh, but you simply might accept a lost generation of young unemployed people, this is the real world folks, people get hurt in a recession or depression, the good days are well and truly over, the effects are not like the Great Depression, no long soup kitchens, but the idea that the welfare state is there from your birth to death has to be reformed, it cant work, in fact is should not work, the point of the great NHS is that people who would have died live longer, thus either you hike TAXES through the roof or you means test care, does someone smoke, drink, are they obese, do they bother to look after themselves, are they on drugs, etc, this will sound uncaring, in way it is, the blog is tired of the expectations that the welfare state is always going to be there, it wont, nothing last forever folks, that is the bloody real world, so those occupy crowd, get a wash, get a hair cut, get job, any job, not the one you expected, but the ones that are there, in many places there is no employment, the North of England, North Wales, even around Cardiff. Those out of work have real reason to be annoyed, not those in the heart of the Capital, who can afford to go home at the end of the night to feed the cat! Lets start by cutting their benefit and tour of duty in Afghanistan.
　
　

Coalition Government and Youth Unemployment

Telegraph: Reports that the Liberal Democrat Deputy PM Nick Clegg is pushing for a freeze on tax credits to working families as to pay for a one billion youth unemployment plan. If you think about it folks its very right wing idea, why should working families get any tax credits, its interesting that there is resistance from the Conservative side to this idea. If the Liberal Democrats are pushing this policy the Conservatives have to make sure that the Liberal Democrats are up front in announcing this policy. One can argue if one member of family is earning more that thirty thousand year as an example they should not get any tax credits or vastly reduced, this blog is not supporting this idea, as it wants to see the details. The problem is that families expect tax credits as a right, not something that is granted based on need, lets see how the polls react this news. If Nick Clegg is pushing this then there is no chance Labour would ever form a Coalition Government with him, they will be shouting the House of Commons down if this is the policy.

Belgium DOWNGRADED - Eurozone

BBC News: Reports that the credit agency Standard & Poor's ( S&P) had downgraded the credit rating of Belgium from AA+ to AA. As noted in previous post folks the yields for Belgium bonds have been growing, also the last time this blog looked there is no actual government in Belgium, on the whole does not seemed to have harmed the good but boring people of Belgium ( yes they still didn’t give us ammo for the 1st Gulf War ). The Euro crisis is like watching a slow train wreck folks, as of Monday it will cost more for Belgium to sell its bonds, after the disaster of the German bonds, one has to ask when are the politicians going to wake up, at this rate the EU elite are going to take the Euro and the UK over a cliff, it will be to late when we hit bottom folks.