Viceo- Farage: The Euro Titanic Has Now Hit The Iceberg Must See!

  The Genius Of Mutual Indebtedness – Nigel Farage In an epic rant, trumping Biderman, UKIP’s Nigel Farage appears to have reached the limit of his frustration with his ‘peers’ in the European Parliament after the Spanish bailout.

  Rajoy’s proclamation that this bailout shows what a success the euro-zone has been, sends Farage over the edge as he sees the Spaniard as just about the most incompetent leader in the whole of Europe (up there with favorites like Van Rompuy and Barroso).

  The erudite Englishman notes that by any objective criteria “The Euro Has Failed” I remember being here ten years ago, hearing the launch of the Lisbon Agenda. We were told that with the euro, by 2010 we would have full employment and indeed that Europe would be the competitive and dynamic powerhouse of the world.

  By any objective criteria the Euro has failed, and in fact there is a looming, impending disaster. You know, this deal makes things worse not better. A hundred billion [euro] is put up for the Spanish banking system, and 20 per cent of that money has to come from Italy.

    And under the deal the Italians have to lend to the Spanish banks at 3 per cent but to get that money they have to borrow on the markets at 7 per cent.

It’s genius isn’t it. It really is brilliant. So what we are doing with this package is we are actually driving countries like Italy towards needing to be bailed out themselves.

   In addition to that, we put a further 10 per cent on Spanish national debt and I tell you, any banking analyst will tell you, 100 billion does not solve the Spanish banking problem, it would need to be more like 400 billion. And with Greece teetering on the edge of Euro withdrawal, the real elephant in the room is that once Greece leaves, the ECB, the European Central Bank is bust.

   It’s gone. It has 444 billion euros worth of exposure to the bailed-out countries and to rectify that you’ll need to have a cash call from Ireland, Spain, Portugal, Greece and Italy. You couldn’t make it up could you! It is total and utter failure.

   This ship, the euro Titanic has now hit the iceberg and sadly there simply aren’t enough life boats.” What does this mean for the U.S.Dollar? Only Time will tell.

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