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..There's a little Samuel Pepys in all of us..

Saturday, September 17, 2011

While not offering anything in the way of a concrete solution, our Chancellor, George Osborne has announced that things are dire within the EuroZone, and has urged those countries involved to get a grip on things..
Nothing like stating the obvious..
US Treasury Secretary Timothy Geithner attended the Warsaw meeting of Finance Ministers yesterday.. and has some rather scathing things to say about the state of European finances, but he too, had nothing in the way of concrete suggestions to remedy the situation..
It is an unfortunate fact that Europe is our major market for exports, and with the extent of the decay, it is uncertain just how many countries will be able to maintain dealing with a strong Pound Sterling.. This is a major concern, for while we in Britain might have a tenuous hold on our particular situation, that would change dramatically should French and German banks continue to expose themselves to unrecoverable debts.. loans made to Greece.. Ireland.. Portugal..
And if the situation deteriorates further, with the possibility of major EuroZone countries the likes of Italy and Spain needing bailouts.. we will find ourselves knee deep in someone else's privy..
A few days ago we posted a breakdown of what the situation is today, for those dependent on Government Social Services.. If the Euro falls, and well it might, we will find ourselves in a position wherein our only hope is to devalue our own currency, to improve it's chances of maintaining a place in the global marketplace..
That would not be good for Cameron and the Tory Party, but indeed, we would be reduced to frantically grasping at straws, electing perhaps Labour back into power, with, once again, no palliative solutions to keep this island afloat..
It would seem, that we must inure ourselves to the pain of paying for the past 50 years of profligate borrowing, regardless of who's running the country..
There doesn't seem to be many alternatives..
Even Canada thrown it's oar into the fray.. Finance Minister Jim Flaherty says world leaders will continue to push Europe to tackle its debt crisis in order to prevent a ripple effect on economies around the globe..
"It's imperative that the Europeans deal with the sovereign debt situation, and deal with their banking situation, make sure that banks are adequately capitalized. Otherwise we run the risk of a large shock emanating from Europe," Flaherty said in an interview with CBC Radio's 'The House'.. broadcast today..

Meanwhile, back in the States.. Obama is keeping up his appeal for public support of his $447 billion proposal to boost jobs and consumer spending by urging Americans to press Congress to pass the legislation. "No more division or delay," he said..
In his weekly radio and Internet address today, he focused on a message that has become central to a presidency struggling to address stubbornly high unemployment numbers and dipping approval of his handling of the economy..
The president announced his jobs legislation to a joint session of Congress last week and has since gone outside Washington to build a case for its passage. He has been to Virginia, Ohio and North Carolina..
"The No. 1 issue for the people I meet is how we can get back to a place where we're creating good, middle-class jobs that pay well and offer some security," he said..
A laudable sentiment, but again, it begs the question..'How..?'
His address came in the face of sobering public opinion ratings for the president..
A New York Times/CBS News poll released yesterday.. showed nearly half of those surveyed worried the economy was headed for another recession.. and nearly three out of four said they believe the country is on the wrong track..
Mind you, four out of four have no idea whatsoever, as how this mess might be sorted out..

The American Ambassador to Pakistan said in remarks broadcast today.. that there is evidence linking the Haqqani insurgent network to the Pakistani government.. a charge that could raise tensions in an already strained anti-terror alliance between Washington and Islamabad..
The U.S. and NATO blame the Haqqani network for many of the attacks in Afghanistan, including this week's strike on the U.S. Embassy. The group.. affiliated with both the Taliban and al Q'aida and its army of several thousand fighters is widely assumed to be based just over the Afghan border in Pakistan..
U.S. officials have long suspected links between the Pakistan military and the Haqqani network..
But needing Pakistani cooperation to beat al Q'aida and stabilize Afghanistan.. they rarely say so publicly and as directly as Ambassador Cameron Munter did in his interview with Radio Pakistan..
Meanwhile, floods in that country have displaced millions of people, and left them stranded.. homeless.. and without aid of any kind, so far..

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