Tonight is the third and last of the Leaders' Debates and will concentrate on the economy - supposedly Brown's strength where his intelligence and fiscal competence will shine. I doubt it. In the last forty-eight hours Greece has been downgraded to junk status, Portugal to A- and Spain to AA. Investors are now fleeing Italy so can Ireland be far behind? Britain can't be shielded from events in the eurozone and I'm only surprised that carpet-baggers have held off from attacking Sterling for so long. British banks have £25bn exposure to Greece and Portugal but £75bn to Spain so while Germany drags its heels and its MPs whine that Greece should be kicked out of the eurozone, nothing is actually being done and the problem spreads.
President of the European Council, van Rompuy, had this to say about the crisis:
“The sun is rising
sleeping yet in Europe
still the same sun.”
So we can all rest easy in our beds and not worry that the EU has also demanded we raise our contribution to their budget by another £450m. In perverse double-speak EU Budget Commissioner Janusz Lewandowski said:
the huge spending increase is needed to allow Brussels to help aid the economic recovery.
The social and financial consequences of international socialism and wealth redestribution has never been so exposed for what it is: as an unworkable and wicked ideology.