Noisy and disparate chorus; ‘’The sky is falling in, the sky is falling in, Greece are lazy bastards and threatening to bring Europe down, we have to give more money to a bullshit bailout austerity cycle because…..whoops look what happens to Spain when we try to create the conditions of a Greek Bank Run…the sky is falling in…or it will if you don’t give us more bailout, more austerity, more QE…more bailout, kick some sick people…your slutty women keep procreating, shame them out of it….you WILL TAKE THE BAIL OUT…..give us your education and health systems, give us your local authorities, marketise and commodify more of your shit for us….more bail out…bail outs are growth…austerity is growth…bank bail-out is growth, austerity is growth’’
The Greek Opposition leader says they are being held to ransom. Yup, cage rattling and sabre waving. The bank run which everyone is worried will be the political trigger for a Greek Exit should already have been priced into the market. Any business who hasn’t factored that into their planning, and been preparing for god knows how long when it is clearly inevitable doesn’t deserve to exist. Free market economics is fairly simple, and I am not jittering around until the next elections fail to produce political consensus. There will be quite enough people attending to that. How the buggering hell there Draghi and Cameron alone haven’t created that bank run, I don’t know but capital flight would surely have started long before this, or the ECB wouldn’t be able to shake that sabre quite so effectively?
If it truly is not possible and of course it bloody well is, someone needs to get on with writing a way for Greece to exit the austerity that is killing their future in front of their eyes, without exiting the Euro. Or a way to exit the Euro which does not require bringing down banking systems and the governments they are intertwined with and indistinguishable from. That would be great. It seems a flaw in planning for the original system, but not a reason to interrupt what needs to happen or override basic democracy. If the system doesn’t have provision for that, it is probably best it is given the opportunity to develop it…
Our private sector should still be our engine for growth when our banking system has popped past this stage and been brought to heel. The businesses who have no power to withstand the consequences of this are supposed to be relying on political debate to gauge what is likely to happen to them, so they won’t prepare and be easy pickings. Luckily people pay little attention to tribal political debate, and have been living with the trading and living conditions our political media haven’t wanted to talk about for ages.
I am not going to blog every detail of the coming standoff between Greece, the ECB, Germany and the IMF, because I can’t be arsed, and I am not best placed to. I am interested in the sea-change Hollande is signalling, and will probably concentrate on that because it should be shaping the direction Labour take here if all is functioning normally. In the scheme of things it is all just posturing until we can’t avoid the central questions any more.
We have to get through our own wave of austerity presented as growth. And we are a while away from that, even if people and businesses all over the world are using this as time to try to prepare for the inevitable.
Our exposure to Greek banks is nowhere near that of other places and Greece are not responsible for the fragility of the Spanish banking system, or Italy’s vast array of problems, both are too big to save and only dying from the same cancer than afflicts everyone else. Chicken licken coverage is being avoided in this house because while there is no doubt of the serious nature of the crisis unfolding, little of it is helpful. It is a time in which questions closer to home become more important.
British politics has been suspended for the duration, and we are now to see our political parties try to adjust and make sense of their new environment, as the shape of our future in a global economy, and our economic direction is pretty much out of our hands. I imagine they will make the most of their last moments of power. No economic centre possible for a while, until bigger boys have figured out their shit and we know what we are doing as a result. We face a cluster of very big domestic crisis now. ‘’They are very likely to dump on us’’ applies from the top to the bottom of the chain. Welcome to globalisation with no functioning democratic mechanism able to protect us from crisis.
The chicken-licken coverage really highlights how inadequate our political media are to host this discussion, every ill-informed missive to sustain the status quo, another page written in the history of how they stopped the country addressing it. That David Cameron was really willing to behave that way in such a serious situation is probably his Thatcher moment, but no one has come out of this well for a while. The media’s response to it, a sign that political media have no grasp on the seriousness of the current situation, which may explain why our politicians do not either.
For both of our parties, and the publications who previously created their skirt tails, that will mean implosions. With our comedy incumbents and media, that should be spectacular. Labour are the ones to watch because they are actually where Keith Joseph and Margaret Thatcher were in 1975, its 2012 now and we are only just at the expiry of that resettlement. They also have a bigger than average quota of noisy numpties to shut up.
Britain is in working order underneath all this, and a political solution is going to have to be found in one of those political parties or outside it. No-one will risk the damage of the alternative. The question is how much damage the last of the shit-flinging monkey factions do to each other and us in the meantime.
So I think a lot more attention to politics at home is due, which is tedious, I apologise for sarkiness from now on. I will try to use the term ‘shitflinging monkey’ only when it is absolutely and completely necessary and there is no other term to use.