England would like its people to believe they are out of the firing line, when it comes to what ‘s going on in Europe. Let the feckless Europeans get out of their own mess the mantra goes. The fact of the matter is, England is in as big a mess if not bigger then Lehman.s was. One of reasons it decided not have anything to do with the last euro deal was the impending regulation of the city of London. If the City of London was legally regulated it would crash in minutes, no wonder Cameron did not want to be part of a deal. The debt held in the city of London is 600% relative to GDP. When you consider Lehmans was 100% (and the U.S. had to shovel dollars into its system to prevent a meltdown) one can see where the British economy is going. Britain does not have the money. On top of this it looks like it’s triple A status is about to go,a background of riots in most major cities,massive unemployment, austerity and a very nervous ruling class. In the past week they have given the go ahead for water cannon and plastic bullets to be used on the streets in future. At one time these were only used against the colonials like the Irish. Now tested in Ireland, they can be used against their own impoverished workers,which is what they fear more then disgruntled youth. Cameron/Labour have no way out of this crisis outside of trade wars with others,is the U.S. link strong enough to get it out of trouble.? England has retreated into little England mode. Come the new year England may begin to feel the heat from the free marketeers. An island will not protect it from this economic storm coming its way.
Germany/France struggle On
To think at the start of this year the capitalist class were clapping themselves on the back for how they had controlled the fallout from the Lehman fallout. Now every country in Europe is facing into a crisis of capitalism of major proportions. Up to a week ago the power’s that be in Europe determined no money would be released from the European Central Bank,now low and behold half a trillion is released to banks all over Europe. So much for Merkels nein. Now as we all know these are the same banks who brought this mess to you and me, which we are paying for through massive austerity. This capitalist crisis started in the U.S. in 2007 with the collapse of Lehman’s trading house on Wall St. Without the intervention of the U.S. Government printing presses, Wall St would have gone to the wall. The reason practically every other finance house from Bearings to Goldman Sachs were facing meltdown. Even though it was contained for the U.S. the criminal pyramid schemes they run stretch world wide, hence Europe’s problem.What is an irony is that Goldman Sachs ex directors are now part of the finance administration in the U.S./ Spain. Of course every finance centre in Europe operate the same way as they do in the U.S.You get into debt they lend you more money to get out of debt,a never ending supply of capital. Then Goldman Sachs ect,then wrap your debt with others and sell it on,but when the system crashes the pyramid collapses.It would appear from Lehmans and the present crisis, the economics experts have no idea what is going on. This is not a European crisis it is a systemic crisis of capitalism, however for anyone give a date for its demise would indeed be foolish. As the “Occupy Movement” have found out asking for capitalism to reform will be met with brutal force,as can be seen in the belly of the beast,the U.S. Force must be met with force, organization with determined and intelligent workers organization. With such an organization one could create a United Socialist States of Europe for the benefit of the many against the few.