Germany and the Greek Default

BBC News: Reports that Germany has scaled down expectations for the emergency meeting by the EU on Thursday to discuss the Greek Debt. Lets be honest here folks, the biggest problem faced by the German Government is the fact that the German tax payer is not happy with all these bailouts. Thus the idea by Germany that private banks with Greek debt should write that debt off, this plan in the view of the credit agencies is a Greek default, thus a big problem. At some point even Germany will have to pull the plug on Greece, the longer the wait, the more political damage for Chancellor Merkel, and more Greece will suffer under its austerity package, when will the EU gets its head out of its backside, and see the real world folks, its an interesting question folks.

The Political Reality vs. Media Frenzy

Guardian: This poll must have shocked the living daylights out of the left wing Guardian, they have a new poll that has the Conservatives ahead of Labour, the poll finding are as follows, Conservatives 37%, Labour 36% and the Lib Dems at 16%. What is funny and I mean funny folks is that Labour under Ed Miliband is down three points, if you have been listening to the left wing press from the Guardian to the BBC you would have thought that David Cameron was on his way out, that his was Watergate UK style. The left wing media is now making accusations based on guilty by meetings, well if the Labour Party is going down that line it will be interesting to see when Tony Blair appears before the press inquiry, that should be an interesting time for Labour. As usual the left wing media are over reaching, yes the hacking case is serious, yes the police have questions to answer, so do the Courts, but all are very quiet on that, UK Judges are not afraid to throw people in jail for contempt of Court. That David Cameron was close to the Murdoch Empire, so what, has Labour lost its memory, lets hope the older hands row Ed Miliband back form his student view of the world.

Italy and Spain on the BRINK = Euro Crisis

Folks the UK hacking story is important but this story has the potential to wreck the lives of millions, send us all down the toilet.

Telegraph: Reports that the cost of Italy and Spain to raise capital on the money markets has almost reached the point of no return for these countries. Folks lets get honest here, Italy and Spain will fall its just a matter of time, the debt is to much, the austerity packages required can almost kill off economic growth, the EU countries have to decide, will they in fact bailout ALL the PIGS or will they allow these Countries to default. It can be argued that the EU for its long term security should allow these countries to hit the wall, then you can assess the damage and help, at present the EU/IMF is throwing money down the toilet and it wont be returned, that is a path to disaster.

Death in Afghanistan

MOD: Reports that a UK Soldier was killed by an IED Today in Afghanistan, the Soldier was from the “ 1st Battalion The Rifles ”. Thus since 2001 the UK has lost 377 of its Armed Forces Personnel in Afghanistan, of that total it has lost 333 in combat action and 44 due to illness, accidents or other incidents.

Money Markets Tumble

Daily Mail: The money markets are slid today folks, the joint pressure of the Euro debt and the US debt has sent the shares downhill. At 5.31 UK time, the FTSE - 100 was down 90.85 and the US Dow Jones was down 163.59. Folks the markets are going to take bigger hits, there is simply to much debt out there, the US and Euro countries have to change the basic structure of their welfare states, they costs are not matched by tax coming in, thus the politicians will have to ask the people, higher taxes for welfare or lower taxes and less of a welfare states, its that simple and stark folks.

2008 Economic Crisis AGAIN = 2011 ?

Guardian: Reports that the European Central Bank has stated that it fears another 2008 economic crisis, and as the article notes this a crunch week for the Euro, an emergency meeting will be held by Euro Countries on Thursday. Folks its simple, either the PIGS leave the Euro or the Euro will go down the drain, that is the hard choice, the cancer that is Greece if it is not cured will infect the economic body of Europe and crush it, time for harsh action by the EU, throw the PIGS out of the Euro, and really stress test the banks, there still has to be a lot of hidden debt folks, this blog does not trust the banks.

Afghanistan Front News

MOD: Has announced the name of the UK Soldier that was killed on Saturday in Afghanistan, the Soldier was “ Lance Corporal Paul Watkins, from 9th/12th Royal Lancers (Prince of Wales's) ”. Our thoughts are with the family of Lance Corporal Watkins.