EURO WOE.

It was noted some time ago in our sibling blog, Government By Playgroup (http://polly-tickle.blogspot.com), that many more European nations would fail in the ongoing travails of universal economic shortcomings and fraud. This, in every case, was triggered by the thought that the so called prosperous times could go on forever. There was, of course, never any time that was genuinely good; it was always fuelled by overwhelming levels of, at best, flimsy credit, and poor judgement on behalf of both the lenders (banks) and the more gullible public. In the case of the UK, ignorance of the Labour Government. Socialism has never been known for it's economic prowess.

The Irish banking meltdown has been obvious for a few years, during which time the nation had been asked about the latest treaty to further destroy their lives; they voted initially with their hearts, rejecting the Lisbon Treaty, but were bribed to vote on a variant, and this is the consequence of such stupidity. The opportunity of setting their own interest rates was never again to be available to them; hence this disastrous outcome. The Brits now have a further problem, inasmuch as a large amount of the Anglo Irish Bank's losses will be suffered by UK banks. Incidentally, when this bites, the Labour opposition will blame the Coalition Government; no longer will they deem it to be a world wide problem.

In the case of the current situation manifesting itself in Spain, we need to note, that as soon as the workforce went on strike, their credit rating became more punitive. Britain needs to heed this lesson when our bone headed union bosses are calling for a withdrawal of labour, then we will all get a larger bill. An additional point is worth noting: Before the last Government called the election, the pound was around $1.40, as soon as the world's markets identified that the UK could have a change of government, it has improved to $1.50+. This occurred because of the promise to tackle the debt. The outgoing Labour regime being spared the job of administering the unpalatable medicine, giving them the opportunity of pulling faces across the floor of Parliament.

Enter the EU's unelected high command, who can now see an opportunity to enforce the member nations to allow Brussels to control all budgets. The plot thickens.

DENIAL ALSO FLOWS THROUGH BRUSSELS.