Sovereign Debt Implosion

Thursday, 29 April 2010

All the front pages of the papers this morning are examining Brown's unintended revelation that if anyone's bigoted, it's him.  Mandelson, Harman, Johnson and other Labour spinners have been out in force making excuses for his comments in a damage-limitation exercise which is going nowhere.  I've only one more thing to add: people are quoting other 'off-mic' moments such as John Major's "eurosceptic bastards" or Bush's "yo Blair".  The fact is that none of the instances cited can be compared to Brown's - of all those mentioned he is the only one who insults an ordinary, decent voter and reveals his contempt for the British public.

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.

Calling England


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