By Kyle | May 20, 2012
How does the Greek crisis differ from what’s going on in California? I suppose California can’t drop out of its currency and devalue. But that kind of makes it worse. More in my Sunday column.
Not unrelatedly, David Cameron mumbled yesterday (this is an exact quote), “Action needs to be taken, contingency plans need to be put in place and the strengthening of banks, governance, firewalls–all of those things need to take place very fast.” Did you ever hear such meaningless rubbish? He might as well have strung together a random sequence of words. There never should have been a Euro in the first place. “Firewalls” and “governance” aren’t going to change that. Former Tory Chancellor Nigel Lawson says: “I fully understand wy he felt obliged to say that….But it is, of course, complete nonsense….A successful Eurozone is an impossibility. European Monetary Union, to give it its full name, was doomed from the start. The disaster which we see unfolding today, most acutely in Greece but increasingly elsewhere in the Eurozone, too, was not only predictable but predicted.”
Meanwhile, present Tory chancellor George Osborne says the solution is….more Europe! That’ll work.