At the End of the Day

Why do I drink?

‘In an interview on BBC Radio 4, the former head of the ECB, Jean-Claude Trichet, warned that Grexit would cause a “loss of credibility for Europe” and increase instability in a geopolitically sensitive region.’

And people wonder why I drink.

Who was the ECB boss who presided over an era of loose money, we wonder, and then hiked rates with clinical inaccuracy at exactly the wrong moment? Who was that masked man famed for his forensic banking skills who spectacularly failed to spot a Page 1 ruse by Goldinsacks to hoodwink the Brussels Sprouts vegetables about the level of Greek debt?

Jean-Claude ‘Tricky’ Trichet behaved with all the intelligence of Louis XVI while in office, and then left in a Louis XIV state of mind – “Apres moi le déluge”. But there he is being given house room by the BBC’s ‘serious’ Radio Four.

‘increased instability in a geopolitically sensitive region’ indeed: if ever there was a man who needed a damn good kick in a sensitive region, it’s Trichet the tangled tricoteur. What a load of old Coq he emits.

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eurowankersAnd people wonder why I drink.

A question aimed at every delusional British tribalist from No Turning Back via Liberal Conspiracy to Labour List: how can any of you sleep at nights while we remain aligned to these triumphalist psychopaths? Where TF is your moral compass – in the darkness up your arse?

The UKip clown Hairgel Mirage is “disappointed” with Tsipras’s performance. Does he have anything to say about this obscene celebration, and if he does, FFS get on with it.

€€€€€€€€€€€€€€€€€€€€€€€€€€€

From a Maily Torynaff comment thread tonight:

‘Germany and Northern Europe’s position was that they wanted Greece out of the EZ. Why? Because Greece’s economy was and had always been unsuitable to such a monetary union. Because Greece’s governments were unstable and incapable of doing what was needed. Because Greece’e citizens had openly rejected austerity. Because their own electorates were tired of the lie that “this is the last time” and was opposed to throwing good money after bad. But mostly, because they wanted an end to the crises – which a 3rd bailout was 100% sure to prolong. They were not being vindictive, they just did not believe Greece belonged in the EZ, they were even willing to forgive debt outside of the EZ and provide other assistance…’

And people wonder why I drink.

Who opened the eurozone door to Greece? The Germans and the French. Who oversaw this? French ECB boss Trichet. Who benefited from Greek borrowing? French bankers, German arms dealers & the folks who vote Nia Demokrita.

Ah, the delightful smell of putrefying EU hypocrisy of a summer’s evening.

Earlier at The Slog: The Seven Deadly Truths about Syriza’s failure

35 thoughts on “At the End of the Day

  1. PS
    Let us not forget the Many-Tentacled-Squid and how much GS “benefited” from “Greek Enlightenment”, “Currency-Swaps” and meeting the “EZ Criteria”…on for the delightful smell of putrefying EU hypocrisy…
    WAD

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  2. @JW
    “The UKip clown Hairgel Mirage is “disappointed” with Tsipras’s performance. Does he have anything to say about this obscene celebration, and if he does, FFS get on with it”…
    Yes, Mr Mirage, please tell…on the day that…

    http://www.dailymail.co.uk/news/article-3159221/Ex-Ukip-MEP-Ashley-Mote-jailed-five-years-milking-Brussels-expenses-cash-cow-limit.html

    after…

    https://www.google.co.uk/search?q=ukip+minister+jailed&ie=utf-8&oe=utf-8&gws_rd=cr&ei=siOkVeLdIaSQ7AbWgKrQAQ

    and after…

    http://www.bbc.co.uk/news/uk-england-cornwall-30138337

    etc, etc, etc…

    Oops – will WordPress delete this for having 3 links? Let’s be reckless and post it anyway!
    WAD

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  3. And now the counter-fitters will magic many more billions of fraudulently created monies to keep their merry go round going.

    Any inkling when we can get of this particular fairground ride?

    fook it, the drinks cabinet is opened

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  4. As the Judge in the Tom Wise case, Judge Geoffrey Rivlin QC, said:

    that he was guilty of a “gross breach of trust”.

    “It is no exaggeration to say that you had hardly got your feet beneath your desk as an MEP before you were planning to defraud the parliament to which you were elected and the people you were elected to serve,” he said.

    Good on yer, Judge Geoffers, if only you had extended that to rest of the Eunatics…

    IABATO

    WAD

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  5. BREAKING NEWS. RTL reports Delors seeking a return to Brussels as Senior External Consultant with mandate to better guide any future political and asymetric impasses such as future Greek situations etc given his stellar multiyear experience in the EU Commission.

    …… just joking John.( hopefully because he s dead by now anyway)

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  6. Frere Jacques, frere Jacques – dormez-vous? Dormez-vous?

    Of course not:

    http://www.bbc.co.uk/news/world-europe-16016131

    http://en.mediamass.net/people/jacques-delors/deathhoax.html
    (but very poor commentary: “…the July 2015 report has now been confirmed as a complete hoax and just the latest in a string of fake celebrity death reports. Thankfully, the former European Commission president is alive and well…”:
    Who is thanking whom FFS?
    How I wish that Mark Twain had under-egaggerated in this case…
    WAD

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  7. Drinking and thinking.

    As soon as I manage to overcome the initial shock and tie some of the loose ends I might be able to come up with some kind of semi-coherent account of what has happened since January’s elections.

    John’s information and analysis is, as usual, excellent. There are, however, some small details that can only be factored in if someone lives and breaths here, at the battlefield.

    The modern-day descendants of Ephialtes of Trachis seem to be victorious (I am not referring to SYRIZA despite its grave mistakes). Lets see whether their “victory” turns out to be Pyrrhic.

    A toast to all Sloggers: Στην υγειά μας!

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  8. It’s certainly going to lessen your workload. For the next 3 years you can recycle some of your old posts and then go sit by the pool.

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  9. @Phaedrus

    @Hierinimisb said on 23-06-15:

    “Since 1945, pride in nationhood has been increasingly viewed as a dangerous disease by the European political class and their intercontinental employers to whom such barriers are an obstruction to corporate expansion. Alexis Tsipras, a committed socialist, is ideologically incapable of single-handedly pulling the plug on the great European Experiment: only an individual who has managed to avoid being hypnotised by the prevailing narrative, and who has an instinctive belief in the value of national sovereignty (and a strong enough mandate) will be able to fulfil that role. When such a person emerges, not necessarily in Greece, the end will be relatively swift – and hopefully that person and others of a like mind will be able to use the combination of exhaustion and relief among the peoples of this continent to avoid conflict and to allow a more wholesome and sustainable framework to take root and grow. Naturally, this is a very tall order indeed but the only alternative, after all, is ever greater and directionalised political union and the obliteration of national independence and personal freedoms. We have allowed ourselves to become bewitched by a seemingly unpreventable and inescapable enchantment which, in terms of it’s debilitating effects on various populations, is in any case no more or less than a war without bullets but with suffering, nonetheless, as the all too visible result. Come on, Alexis, prove me wrong – please, please prove me wrong.”

    But you didn’t Alexis, did you? (with apologies to Monty Python an Oscar Wilde).

    Extract from the Sarkograph just now (AEP about to be sacked for an “honest report”)

    http://www.telegraph.co.uk/finance/economics/11735609/Greece-news-live-Crucified-Tsipras-capitulates-to-draconian-measures-after-17-hours-of-late-night-talks.html

    …abstract:

    “Like the Neapolitan Bourbons – benign by comparison – the leaders of the eurozone have learned nothing, and forgotten nothing.
    The cruel capitulation forced upon Greece after 31 hours on the diplomatic rack offers no conceivable way out the country’s perpetual crisis. The terms are harsher by a full order of magnitude than those rejected by Greek voters in a landslide referendum a week ago, and therefore can never command democratic assent.
    They must be carried through by a Greek parliament still dominated by MPs from Left and Right who loathe every line of the summit statement, the infamous SN 4070/15, and have only agreed – if they have agreed – with a knife to their throats.
    EMU inspectors can veto legislation. The emasculation of the Greek parliament has been slipped into the text. All that is missing is a unit of EMU gendarmes.
    Such terms are unenforceable. The creditors have sought to nail down the new memorandum by transferring €50bn of Greek assets to “an independent fund that will monetise the assets through privatisations and other means”. It will be used in part to pay off debts.
    This fund will be under EU “supervision”. The cosmetic niceties of sovereignty will be preserved by letting the Greek authorities manage its day to day affairs. Nobody is fooled.”

    IABATO
    Where art thou now, Varoufartacus?

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  10. AEP just now:
    “For the eurozone this “deal” is the worst of all worlds. They have solved nothing. Germany and its allies have for the first time attempted to eject a country from the euro, and by doing so have violated the sanctity of monetary union.
    Rather than go forward in times of deep crisis to fiscal and political union to hold the euro together – as the architects of EMU always anticipated – they have instead gone backwards.

    They have at a single stroke converted the eurozone into a hard-peg currency bloc, a renewed Exchange Rate Mechanism that is inherently unstable, at the whim and mercy of populist politicians playing to the gallery at home. The markets are already starting to call it ERM3.

    I will return to the behaviour of Germany and the diplomatic disaster that has unfolded over coming days. For now let me just quote the verdict of historian Simon Schama.

    “If Tsipras was wearing the crown of King Pyrrhus this time last week, Merkel is wearing it now. Her ultimatum the beginning of the end of the EU,” he said. Exactly.”

    Exactly

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  11. The fund does more damage to the Greek economy,the creditors can lend & leverage against the assets,the Greek government will not be able to,So even if they revert to a devalued drachma,you can’t print money even leveraged money on the same assets without said assets!

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  12. Worldwide the flat earth economic theorist have returned to the 1920’s,once with my dealings with kombat 18 they argued(indoctrinated really) that if austerity had run it course the worlds economies would have come good in that era,we are living through that experiment,it will fail,everything is going to plan & on time have faith.the dividing is slowly being replaced with unity

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  13. Re your lead photograph JW, I can’t for the life of me think why they all look so euphoric. They have presided over an utter fiasco,perhaps it’s the thought of picking over the bones like vultures. To be so pleased with themselves reveals what a bunch of tossers they are.

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  14. Hidden in the small print.

    “…One of the preconditions imposed on Greece for a deal is that it signs into law European rules that would put euro zone authorities at the ECB and in Brussels, rather than Athens, in charge of identifying and closing or breaking up sick banks.

    This in turn could lead to a shake-up of the sector that could see some banks close, with losses pushed onto bondholders and possibly even large depositors. In such circumstances, there would be little that Athens could do to prevent this….”

    http://uk.reuters.com/article/2015/07/13/eurozone-greece-ecb-idUKL5N0ZS0W520150713

    Karl Denninger at Market Ticker says about this..

    “…The second Greece’s Parliament enacts the legislation demanded by The Troika and Herr Merkel, if they do pass it, they will hand over the entire nation’s deposits in the banking system and forfeit the right to prosecute any of the people responsible for the obviously-false marks taken on the assets that underpin those deposits.

    That includes both the bankers inside Greece and at the ECB where the “collateral” is being held.

    Since the ECB will then be in charge it may mark those “assets” however it wishes and thus steal as much of the deposits as it wishes without any means, other than the people of Greece taking up arms and literally invading Brussels, to stop it. Worse, once this is enacted it is irreversible as the theft will likely be accomplished within hours, long before the Greeks can demand an election and revoke their consent through peaceful means…”

    http://market-ticker.org/akcs-www?post=230358

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  15. There is not much that I can add to Hb’s excellent, comprehensive, and highly ethical account.

    I am trying very hard to discern the existence of a meaningful AND practicable “silver lining” that could potentially overturn this humiliating, vindictive, and paradigmatic (in the Hellenic sense of the term) enslavement of Hellas by a distinct SUBSET of the EZ member states by means of feasible steps “to avoid conflict and to allow a more wholesome and sustainable framework to take root and grow”. Hint: I think there might actually be one ;)

    More on that AFTER the result of the vote at the Hellenic Parliament (if, in fact there is going to be one).

    Are We Doomed?

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  16. Have you noticed that a large part of the money is coming from the EU not the EZ. Some 30 odd Billion euros from the EU for ‘infrastructure’ (which of course will go straight back to Germany), now that’ll amount to a sizable chunk from UK contributions, I guess c15 Billion. Maybe that’s what they are all laughing about – shafting the UK again, ha ha ha Oh dear me sides hurt!!!!

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  17. Musing on the dire performance of poor Greece since 2010 their national debt has risen by 80 Billion euros some £50 Billion, in the meantime ‘successful austerity’ in the UK has managed to increase it’s national debt by over £600 Billion!

    Given the bizarre actions of the BoE and QE and them buying upwards of all Gov. Gilts and Treasuries I think the Tories should be rather more modest when talking about their successful ‘long term plan’.

    Please note given populations and GDP’s Greece has performed, if that term is appropriate, as ‘well’ as the UK.

    Remember also the UK has sold some more national assets very cheaply to keep that national debt figure down along with massive help from the ‘independent’ BoE in returning interest, driving interest down to nearly zero and buying up gov. Debt by the lorryload..

    Finally Greece should heed Getty ‘s statement that your first (earliest) loss is your best.

    The IMF has let the cat out of the bag Greece’s debt in unpayable another 86 Billion is no answer to their problem.

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  18. No! As an intinerant sauceman myself, I think they WANT that.

    As I said before we are being destroyed from within. Google Cultural Marxism and you will see their evil plan. destroy nationhood (this is where Farage is the touchstone for dissatisfaction in the UK) make the world one rainbow nation (shove gay lib down our throat every hour of the day). Blather on about how evil we are to black people (yet another victim sector) and promulgate departments of bullshit studies on Universities to promote this ideology.

    This comment brought by the Department of Eastenders Studies, Bavaria.

    (sober today!)

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  19. “Sod me “ John……”Trick Vicky” 0f Ukraine infamy springs to mind… Did he spring from the same egg shell?
    The shite they choose to do at spring time!
    dofornow

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