Those of us who were paying attention already knew most of this.
Here is John Ward's blog today.
[My comments in bracketed italics]:
[My comments in bracketed italics]:
The News
The IEO report finds that the whole approach to the eurozone was characterised by “groupthink” and going native with Brussels. They had no fall-back plans on how to deal with a multinational currency crisis, because they had “ruled out any possibility that it could happen”.
In Greece, the IMF signed off a “bail-out” in 2010 – even though it made the sovereign debt impossible to sustain, and many commentators (this one included) insisted from the start that it was mathematically doomed. To go along with the imposition of austerity on top of this was, quite simply, economic illiteracy.
The killer punch – delivered by Evans-Pritchard, a globally respected writer on fiscal economics – is staggering in the clarity of its accusation:
The ramifications of these findings should have colossal ramifications on literally dozens of dimensions.
The IEO report finds that the whole approach to the eurozone was characterised by “groupthink” and going native with Brussels. They had no fall-back plans on how to deal with a multinational currency crisis, because they had “ruled out any possibility that it could happen”.
In Greece, the IMF signed off a “bail-out” in 2010 – even though it made the sovereign debt impossible to sustain, and many commentators (this one included) insisted from the start that it was mathematically doomed. To go along with the imposition of austerity on top of this was, quite simply, economic illiteracy.
The killer punch – delivered by Evans-Pritchard, a globally respected writer on fiscal economics – is staggering in the clarity of its accusation:
The ramifications of these findings should have colossal ramifications on literally dozens of dimensions.
[Too many ramifications there John :-))]
What the IEO Report means
* For Greece, a clear and documented case for repudiation of the debt in an International Court
[Bring it on!]
* For Brexiteers, a vindication of the moral case for leaving an EU that behaved with selfish and almost unthinkable cruelty from Day One
[The fascists lost the battle this time. But the war is far from over]
* For Christine Lagarde, a humiliating admission that she simply did not do her fiduciary duty at the IMF. Her position as head of the IMF must now be in doubt
[A lightweight. Totally out of her depth]
* For British MPs and the Whiteminster establishment, a sense of shame that – in the light of this obvious international crime – they sat on their hands and whistled a happy tune
[A sense of shame from British MPs? A non sequitur there John :-))]
* For the Obama Administration’s Tim Geithner, a confirmation of the charge levelled against him at the time: that he used Lagarde’s Amerophilia and French nationality to advantage in pushing through her appointment to a job for which she had no qualifications
[Geithner is Wall Street. So is Obama. So is Killary. So is Dumpf. They all are]
* For emerging nations, rage at the highhanded and devious manner in which stimulus that should’ve gone to their economies was blown in a fruitless exercise in debt management designed to keep over-leveraged Western banks upright
[Get used to it]
* For the Berlin austerity school, a slap across the face and a recognition of its bigoted approach to the problem
[The jackboots will still prevail]
* For the European Commission, charges of collaboration in a hare-brained attempt to save an idiotic currency union
[They will carry on until the solids hit the fan. Hopefully we won't have to wait too long because the longer this goes on then, the worse the outcome will be]
* For the key members of the Eurogroupe and the infamous Troika, possible prosecution for the way they bullied Greece to set an example to others
[That would be fair. But hell will freeze over before that happens. They are above any law]
* For Mario Draghi at the European Central Bank, possible prosecution for the illegal use of EU funds to destabilise the Greek banking system…the same charge applying to his toady in Athens, Yannis Stournaras
[Ditto]
How to stop this happening again
In the short term, we probably can’t: there are bigger clouds boiling on the horizon that will rain on the globalist SuperState parade, come what may.
But beyond the Crash2 that creeps ever nearer, the world of States, fiscal policy, multinational banks and global trade alliances needs to given a serious reality check.
