Panic!

It’s as if there was never a world before the Euro.  It’s as if countries inside the Eurozone never had currency of their own, never had the ability to value and manage their currency as they saw fit, and had political structures where decision making was domestic rather than outsourced to Brussels.

But anyone reading Failygraph and the dire warnings of Robert Chote, head of the Office of Budget Responsibility, could be forgiven for thinking anything prior to the creation of the single currency is pre-history.  The Fail’s interpretation of Chote is designed to further the sense of panic and requirement to fill column inches:

Britain’s economy may suffer “permanent” damage and “never quite get back up” if the euro collapses in a chaotic way, the Government’s chief economic forecaster has said.

Reality is being replaced by theatrics.  It never ceases to amaze me how this country manages to survive with so many defeatist idiots in positions of responsibility.  A break up of the Euro would result in pain, probably for some years.  There are banks that would fail and debts that would not be repaid.  But the planet will continue to spin on its axis and orbit the sun.  Countries would revert to currencies they can control, which would be more beneficial for them than the restrictive and skewed one-size-fits-none political tool that is the Euro.

Economic activity will continue as before.  People will still need to buy food, goods and services and companies will continue to trade to provide those – paying taxes and employing people.  Some economies may look and feel different, but to suggest ‘permanent’ damage could result is nothing short of ridiculous. There will still be the same markets in Europe that we will sell to today.  Remember, if it were not for the same political motives behind the creation of the Euro we would be working in our own national interest to access markets elsewhere around the world and trade freely on our own terms without being constrained by the interests and wishes of other EU member states.  If the Euro goes, so to might the bureaucracy that hamstrings us.

No doubt when the Great Depression took hold there were fearmongers like Chote saying economies would suffer ‘permanent’ damage.  Yet we have seen huge growth and economic transformation since then.  People adapt, people are entrepreneurial and opportunities are created and seized.  The fearmongers are those who have an agenda and see it crumbling before their eyes.  They are the ones who can only see their own vested interests in the intermediate, rather than the big picture in the long term.

8 Responses to “Panic!”


  1. 1 Stew Green 19/05/2012 at 9:55 am

    Sure countries can exist on their own, if they don’t need to borrow money, but Greece now lives a €10K LIFESTYLE on a €5K income
    lf they refuse to cut down, then who is going to lend them the money to buy next months petrol imports ?
    No cuts, means no loans to buy this years imports, means €3K lifestyle on a €3K income

  2. 2 John Payne 19/05/2012 at 9:59 am

    We will now have a month of disaster talk so as to frighten the Greek people to concede to the EU Commission. This brings to mind two theories I had for some time now, neither are discussed by anyone.

    1. Brussels allowed all Governments to wildly overspend so Nations can be blackmailed and forced into joining a European Nation. I just prey the Greeks will see through these tactics and throw the idea to the dust bin for good.

    And along the same lines is imigration

    2.. This is exactly the same strategy behind Brussels encouraging all Governments to allow in as many foreigners as possible, as it breaks down National Sovereignty, giving greater influence on pushing countries into the arms of Brussels. When these immigrants vote they will begin to control our voting systems. Need I mention George Galloway!

  3. 3 Fed_up 19/05/2012 at 12:58 pm

    We had the same portentous warnings and doom mongering when we were considering leaving the ERM. Many can remember that when we did actually leave the ERM, it marked the start of an impressive turnaround in our economy.

  4. 4 B.Obama 21/05/2012 at 4:03 pm

    I wish the Greeks would stick the euro into the german anus, then we could have some good holidays at low prices….if we ignore the airport theft-tax

  5. 5 Moggsy 22/05/2012 at 7:28 am

    “Britain suffer permanent damage”. I guess it caaan happen. Look at WWII. If that had never happened what would the UK be like? But over the Euro? Maybe not.

    On the other hand you can get back up again from bad things. Look at Germany. They seem to be doing OK.

  6. 6 Edward Spalton 05/06/2012 at 7:56 am

    The “Office of Budget Responsibility” is a strange creature. That function surely belongs rightly to the Chancellor of the Exchequer but successive Chancellors presented their figures in increasingly misleading ways, so this office was set up to guarantee that today’s Chancellor is not telling porkies. This is an admission that the House of Commons is not up to that particular job any more. As some clever Roman chap said of a similar arrangement where one set of sentries was guarded by another “Quis custodet ipsos custodes?” (Who guards those guards?) Surely yet another “independent” guardian is called for!

    Incidentally, I am amused at the titles of many government bodies
    The Social Exclusion Unit (“No, you can’t come to our party!”
    The Youth Offending Team (“Our young chaps will come and do you over”)
    “The Equalities Unit ( “We’ll find more groups to give special rights to”)

    and so on. Has nobody else noticed?

  7. 7 donwreford 09/06/2012 at 12:41 pm

    The Euro to be or not? well Moggsy, not only the defeated rise again, also with 3 thousand three hundred and ninety six tons of the precious metal as opposed to Britain’s, measly three hundred and twenty two, the victors?
    Did it come from teeth? or engineering?
    How come the disparity? I have heard management and the strata system effects outcome in production and quality, any ideas? other than the fate of The Royal Enfield motor bike company?


  1. 1 It’s not a revolution, just a ‘re-grouping,’ Jethro! | Desert Mountain Times Trackback on 21/05/2012 at 5:42 pm
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