None the wiser - by Richard... Saturday, March 26, 2011

None the wiser - by Richard... Saturday, March 26, 2011

It is beginning to look very much as if Portugal will be needing about €100 billion by way of a bail out, although the Irish Times is suggesting about €70 billion. But, with different sources coming up with different figures, the only thing that is absolutely clear is that no one really knows what is going on.

The Independent is telling us that, yes, we are going to have to find money for the bailout – about £3 billion. But it says that we contribute through the IMF, not the ESM soon to become the EFSF, although it is not there yet and the details have yet to be finalised.

Needless to say, the Daily Mail is coming up with something different, suggesting £6 billion, which is equivalent to £300 for every family in the country, as a down payment. Further than that, I really can't make sense out of the British media. But then the Irish Times comment is talking about a "messy summit in Brussels", which means that it doesn't really know what is going on either.

That notwithstanding Spiegel seems to think it knows what is happening. EU leaders achieved a breakthrough in Brussels on Thursday night, reaching a deal on the permanent crisis fund that will come into effect in 2013.

Our biggest problem, I suppose, is we don't really want to know what is going on. We just want the EU to curl up and die. No one will worry in the slightest if we never see any more three or four-letter acronyms again from this dire organisation.

As always, though, amid the confusion, there are two certainties. One is that this is going to cost us an awful lot of money. The second is that our masters are not going to ask our permission before they put their hands in our pockets again. The third is that, for the time being, there is very little we can do about it. And if you want a fourth, well, nothing ever stays the same for ever.

COMMENT THREAD

Share

Print ready

Muddle - by Richard... Friday, March 25, 2011

Via Helen, an American perspective of the great Libyan imbroglio. It all looked so good on paper, Obama wails ...

COMMENT: "ONE OF OUR INTERESTS" THREAD

Share

Print ready

Military execution - by Richard...

No doubt the magnificent Kermits in their flying machines are patting themselves on the back for shooting down a Libyan jet yesterday, caught defying the "no-fly" zone. Swooping down in their high-tech Rafale fighters, launching their multi-million-euro guided missiles, there was no escape from our gallant allies.

Doubtless, these steely-eyed defenders of democracy – and Sarkozy's election prospects – were completely justified in what they did. It is a real pity though that the Libyan jet was a 30-year-old Soko G-2 Galeb trainer, which was apparently already on the ground after flying briefly over rebel-held Misrata, 130 miles east of Tripoli.

This is the technological equivalent of a Spitfire shooting down a Tiger Moth, which is about as brave as brave can be. In fact, so brave is it that it is probably the nearest thing to murder you can commit, without having to go to court.

Quelle heroisme! We are so proud of you.

COMMENT THREAD