Margaret Thatcher’s Ghost Stalks Halls The Halls Of The Euro …

Lady Margaret Thatcher

Lady Margaret Thatcher

Tomorrow, Monday: We are to know whether the E.U. financiers (Germany) will hand Greece the additional money needed to repay them their loans on time, thus papering over the debt cesspool once more, or on the other hand, the Greek banks, stripped of cash, will be unable to open.

If the E.U. elects to advance funds, Greek debt that cannot be repaid already will be increased by the advance. The E.U. will be throwing good money after bad. Weaning an alcoholic as it were, by buying him drinks. But the facade of business as usual can proceed; the Greek banks can open in the morning.

If the E.U. simply says: Pay what you owe: The Greek banks and government will be forced into what amounts to bankruptcy and collapse. The shock may well collapse the stock markets and thereby the banks elsewhere as the overinflated market values deflate, collapsing still more banks by diminishing the worth of their holdings. And reducing the wealth of everyone else too.

You may laugh at us by this time tomorrow; we expect that the E.U. will invent an excuse to paper over the current reality, preserving it for yet a bit. We are dealing with elected politicians, right? They will not want what is coming at their door. But …

The larger problem is that it is not just Greece  in this debt trap; most of the E.U. has reached some version of the same indebted condition. Even Germany, that is no longer adding to its debt, faces repayment problems. Greek accommodation will bring a very large lineup at the same door, one too large to handle. So before rescuing the Greeks again, some deal will be needed over that. It will be unmentioned of course. (And it will be comprised of wishful thinking!)

Regardless of what happens tomorrow, or fails to happen tomorrow, one salutary lesson falls out of it all: Lady Thatcher was correct when she pointed out that all socialist governments eventually run out of other people’s money. That is what we are seeing around the world …

About Jack Curtis

Suspicious of government, doubtful of economics, fond of figure skating (but the off-ice part, not so much) Couple of degrees in government, a few medals in figure skating; just reading and suspicion for economics ...
This entry was posted in Finance, Government, Socialism and tagged , , . Bookmark the permalink.

13 Responses to Margaret Thatcher’s Ghost Stalks Halls The Halls Of The Euro …

  1. penniewoodfall says:

    One of our ‘pet hates’…..still good luck with Clinton 🙂

    • Jack Curtis says:

      So bad as that? We seem offered a choice between criminals, mountebanks and criminal mountebanks. I imagine that it will decline as he election approaches ..

      • penniewoodfall says:

        Best to tread a middle path…
        Maggie was a social climber…
        She should have stayed at the kitchen sink.
        She was a ‘wanna be.’….like most social climbers.
        “the frail facade of petit bourgeois respectability”
        Know it well!

      • Jack Curtis says:

        And we have Mrs. Clinton. I have wondered who casts these shows; not sure I really wish to know …

  2. Pingback: Margaret Thatcher’s Ghost Stalks The Halls Of the European Union | nebraskaenergyobserver

  3. penniewoodfall says:

    I watched Thatcher’s foreign policy… wonder the IRA wanted to blow her up!
    Still, maybe you will have ‘The Trump Card’ to look forward to, and oh, not to forget Jeb..what a joke! Star Cast! Good luck…:)

    • Jack Curtis says:

      No luck that you may wish us can be enough; it is all a puppet show. Would you buy a used car from Donald Trump? From UKIP? We seem to choose between Tweedes Dum and Dee, who though they speak with different accents and have different friends, act the same.

      I recall the poor wretch fastened to a tree with a huge screw through his abdomen, who when questioned, responded: “It only hurts when I laugh …”

      • penniewoodfall says:

        Kuzko: “Okay, I admit it. Maybe I wasn’t as nice as I should have been. But, Yzma, do you really want to kill me?”

        Yzma: “Just think of it as you’re being let go…that your life’s going in a different direction…that your body’s part of
        a permanent outplacement.”

        Kronk: “Hey, that’s kind of like what he said to you when you got fired.”

        Yzma: “I know. It’s called a cruel irony…like my dependence on you.”

        by NakedInTheRain January 28, 2010

  4. penniewoodfall says:

    ‘We must cut our coat according to our cloth’
    I did not need Maggie to tell me that……..thoroughly ghastly woman….I am glad I was not her daughter. The son did not help!
    I just felt sorry for her husband! Poor man…:)

    • Jack Curtis says:

      ” … for better or for worse, … ”

      If the fellow received more marrying Lady Thatcher than he anticipated at the time, perhaps she received less. Our press rather liked her and ignored him.No deep thinkers carrying press cards and nearer crass than class. But they come and go and in the end, 10 Downing and 1600 Pennsylvania are rentals. I’d wager that Mrs. T didn’t steal the china upon exit as Mrs. Clinton did …

  5. penniewoodfall says:

    As you make your bed, so you must lie (up) on it.

    However, for better or worse my fellow…I’ll wager, I would not be hanging around for Mags or Hils!

  6. nedhamson says:

    “Lady Thatcher was correct when she pointed out that all socialist governments eventually run out of other people’s money. That is what we are seeing around the world …” She forgot to mention Tory governments do the same, banks and brokers do the same. Socialism is not the problem. The problem is greedy bankers, brokers, bloggers currying favor, and idiots that believe the bankers, brokers and bloggers.

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