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  1. David Lazarus says

    Nigel Farage has never been a supporter of any aspect of the EU. Though he right that in the end the Europe will erupt in flames and violence as a result of the euro. How long before the IRA and other terrorist groups reactivate and turn on the governments for crimes against the people?

    The debts need to be written off not increased. In fact all the periphery could quite easily renege on all the debts as odious because of the terms of them. The deeper problem here is not fiscal profligacy, it is of excessive debt. Excessive debt held by companies, by households and some governments. A massive write off of debt will eradicate Europe of big banks. This will create much more scope for competition and a new banking model.

    Once the debts are cleared and assets substantially reduced in value then the process of Keynesian stimulus will be so much more effective. Though efforts to stop asset bubbles must be in place otherwise all we do is create new bubbles.

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