Millhouse

What a legend.



Old, but still a classic:

UKCityGent

I would propose more of a Leg End rather than legend

goonerseba

Whether you like him or agree with him or not, he's entertaining to watch and got balls....i like his rants...

Millhouse

Exactly. The EC needs people like that in there - at least he has some energy, look at those lazy bastards who won't oppose anything.

The Dean

My views are well-known............. I've had many a beer with him (I was a candidate back in my UK days) and I can assure everyone the guy is a real gent........ listen to him talk about having one of his balls removed (he had testicular cancer) and it's like watching a brilliant stand-up comedian.......

The Dean

His destruction of Gordon Brown from a few years back........ superb.......

The Dean

And up-to-date.........

http://www.thesun.co.uk/sol/homepage...on-Europe.html

NorthernLad

I'm not really into politics, all politicians are pretty from the same cloth. But he is very entertaining to watch, great stuff.

Desert Dubliner

It's a real pitty other EU-sceptic MEPs are unable to deliver such an eloquent opposition the the prevalent EU nonsense so a perception is created that this is run-off-the-mill uniquely British opposition which is therefore easily dismissed.

Personally, I can stand 'damp rags' like Van Rumpoy and former commies like Barosso and some others recently joined from the Eastern Block. Some guys and gals in the EC used to write / deliver anti-Westerna and anti-capitalist speaches with vigour.

Norm_uk

I like him and agree with most of what he says, but he's a voice in the wilderness though really.

That said UKIP seems to be pulling in defectors from the big three parties quite a lot these days, the thing remains to see how moderate they will become if they become successful. The more they enter the mainstream the more they will compromise.

Out of all the parties right now they'd probably get my vote.

N.

scrubbedexpat141

Is his point about the Spain bailout being 20% funded by Italy who can't afford to...correct?

The Dean

Yes, but more specifically................ they are paying 7% to borrow money which they then lend at 3%......... so they lose money, thus making them even worse off........

scrubbedexpat141

Is that actually true though?

Millhouse

what do you mean? Yes, it is true. Italy afterall is not in any problems... yet.

Bailouts will require cash calls from the member states - for Italy to raise this cash it has to borrow on the markets at 7% and lend onto Spain at 3%. Obviously this will drive Italy into problems.

I'm also pretty sure that even those countries that have been bailed out will be required to make contributions to the bail outs of others. Beautiful.

So, where does the money come from? Well, the European Central Bank of course - no one will lend to these countries anymore so the ECB steps in and does it. The ECB cannot actually do this forever due to limited funds and so would also need recapitalizing from member states. Hang on.... that's a merry-go-round too. Eventually (some or many) member states will default on their ECB calls and drive the system to ruin.

Or...the ECB will simply just print more money and write off the bad debts. This is no different to African states printing extra money when the government needs stuff. You can only do this for a while before someone notices and it all goes to shit.

Or... the ECB is bailed out itself by the emerging markets. Time to bin the misses for a Chinese one Scamp and watch the EU go to shit.

So, my conclusion. It'll go to shit. It is just a matter of when and how.

scrubbedexpat141

Without sounding arrogant (and knowing your job and background in this sort of shit)...I get all that, and it's not difficult to draw the lines of the merry-go-rounds.

It's just completely illogical. (Farage's point).

BUT.

What other options are there?