2010 November 27 Saturday
Nigel Farage: 'Who the Hell do You Think You Are: The Euro Game Is Up!'

Nigel Farage MEP, UKIP (Member of the European Parliament from the UK Independence Party) tells the Euro elite that their Euro zone is a failure.

Farage is correct in asserting that the Euro zone caused the Irish financial crisis. Ireland needed a more restrictive monetary policy with higher interest rates. The low interest rates made possible by being tied, effectively, to the German economy caused a massive property bubble. Then when the bubble burst the Irish government, under pressure from other Euro zone members to protect their banks, took on much of the failed Irish bank debt as sovereign debt.

Think about that. The Irish banks failed. Their bonds should have been marked down in value. German and other Euro banks foolish enough to lend to them should have taken big losses. But instead the Euro elite pressured the Irish government to foist this debt onto the Irish people. Do I even need to say that the Euro wasn't the designed by the Irish voters and that the Irish voters did not make German bank lending decisions or Euro bank monetary policy decisions? But they are stuck paying the bill for the decisions of Euro elites.

Nigel Farage Attacks Jose Barroso (who is President of the European Union)

Nigel Farage wants Britain out of the EU.

Farage is quite a talented Parliamentary orator. But he's got an easy job since the EU elite make so many mistakes and operates with such disregard for the net effects of their policies.

Share |      By Randall Parker at 2010 November 27 09:36 AM  Europe Monetary Union


Comments
jerry said at November 27, 2010 9:58 AM:

Still the British people won't vote UKIP or BNP. It's simply unimaginable that a Republican would speak like that, always creeping up to their "opponents" hat in hand, tugging at their forelocks. Our system is such a controlled sham.

Fritz von Schnuffelhausen said at November 27, 2010 11:54 AM:

FWIW, I think the Krauts will be out of the EU first. Just a vibe I get...

Demolition Man said at November 27, 2010 8:05 PM:

>> FWIW, I think the Krauts will be out of the EU first. Just a vibe I get...

Actually, just as the Euro currency is bad for Greeks (because it overvalues the correct exchange rate for the Greek economy), the Euro currency is in fact good for the German economy because it actually undervalues the correct exchange rate appropriate for Germany and this makes the German exports much more competitive, leading to a huge trade surplus. In other words, no matter how much some German politicians complain about Greece being a parasitic burden for Germany, Germany is very happy about the Euro currency which artificially devalues their exchange rate. Without the Euro currency, Germany will not be so successful in accumulating such a trade surplus.

A.Prole said at November 28, 2010 2:09 AM:

Nigel Farage is, of course, an MEP for the 'UK Independence Party', a party whose sole objective is British withdrawal from the EU.
Farage simply couldn't give a fuck.
He treats the EU and the European parliament with barely concealed contempt.If he respected the institution and its ideals and mission he wouldn't use that language.
Think of Nigel Farage as a kid in a candy-store - and one who doesn't get his bottom smacked for being naughty.
A most enviable position in today's repressed and inhibited world, to let the inner psyche and child to run free and speak the truth.

not anon or anonymous said at November 28, 2010 5:20 AM:

Fritz, Germany has been in a currency union since the 1950s -- first with locked exchange rates, then the ECU, and finally the Euro -- which obviously included increasing political alignment and decreased sovereignty. I doubt Germany or France, who have been trying to do to Europe what they have achieved in their own borders over the last few hundred years, are going to give up so easily.


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