And So it Goes…#669


Ambrose Evans-Pritchard , Daily Telegraph financial Commentator non-pareil wrote on 15 July of the Left’s infatuation with the EU Project thus ,

” Its has now lost its remaining emotional hold on the Left after the scorched-earth treatment of Greece over the past five months – culminating in the vindictive decision to impose yet harsher terms on this crushed nation just days after its cri de coeur in a landslide referendum.

This has been coming for a long time. We Conservatives have watched in disbelief as one Socialist party after another immolates itself on the altar of monetary union, defending a project that favours the elites – a “bankers’ ramp”, as the old Left used to call it.

We have watched our friends on the Left apologise for 1930s policies. We have seen them defend a regime of pro-cyclical fiscal cuts imposed on the whole eurozone by a handful of “Ordoliberal” reactionaries in the German finance minstry.

To the extent that these gentlemen know what they are doing – and most Nobel economists would dispute that – they have certainly not risen to the challenge of pan-EMU leadership. As ex-official Philippe Legrain writes in Foreign Policy, Germany is proving to be a “calamitous hegemon”.

By a twist of fate, the Left has let itself become the enforcer of an economic structure that has led to levels of unemployment once unthinkable for a post-war social democratic government with its own currency and sovereign instruments. It has somehow found ways to justify a youth jobless rate still running at 42pc in Italy, 49pc in Spain and 50pc in Greece, despite mass emigration.

It has acquiesced in the Long Slump of the past six years, deeper in aggregate than the span from 1929 to 1935. ”

What a brilliant Marxist-Leninist critique !!!   Game over ,chaps !!

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