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

Monday, October 24, 2011

Let's see now..
EU Finance Ministers have voted to give Greece the next tranche in their bailout loans.. flagrantly tossing cash down the loo..
And as this is written, the debate goes on in Parliament concerning a referendum on whether or not Britain should become a full member of the EU..
If this should come to pass, one would only hope that there be included a choice to return to Thatcher's 'single market'..
Now, it appears this is a major rebellion, perhaps the first of Cameron's Premiership.. as many as 70 Conservative members may refuse the whip, and vote for this issue to be brought before the people..
Should this referendum decide that this country should not only be in Europe, but in the heart of Europe, this diarist, for one, will look for residence in Canada..

Cameron and French President Sarkozy have had words over Britain's involvement in Wednesday's meeting of EuroZone Finance Ministers..
Sarkozy wanted attendance to be confined to those 17 countries which actually use the uro.. in fact.. the French Head of State said, somewhat bluntly.. "We are sick of you criticising us and telling us what to do."
The infighting between France, Germany, and Britain.. should we apply for full membership and take on the Euro.. would render the group impotent through endless debates on bailout payments..
And, are we willing to give that much power, legislative, judicial, financial, to a group which can only be compared to a sinking ship..?
The EuroZone’s debt crisis might already have pushed the bloc’s economy back into recession, according to business surveys that showed China’s economy taking a stride forward in October..
Purchasing managers’ indexes (PMIs) today.. only served to underscore why Europe’s leaders are scrambling to identify substantial and lasting measures to contain a sovereign debt crisis that knocked EuroZone businesses into a second month of decline in October..
Not encouraging.. although there are those who would argue that the current situation is not a 'double-dip' recession, but merely a continuation of the damage caused in the US with the collapse of Fannie Mae and Freddy Mac..
This worldwide problem, excluding China apparently, brings fond memories of 1988, when the situation was bad, but not nearly as bad as they are today.. or will be tomorrow..
British inflation is up to 5.2%.. if there is more quantitative easing, watch that figure climb..
The flash Markit EuroZone composite PMI, which measures business activity at thousands of manufacturers and service sector companies, sank to 47.2 this month from 49.1.. some way below the 50 mark that divides growth from contraction..
That was below every forecast from 19 economists polled by Reuters, to say nothing of the consensus for 48.8.. Survey compiler Markit said it was consistent with a 0.5% rate of quarterly decline in GDP..
“All in all this is a miserable report, highlighting the fact that the euro zone is falling into recession again,” said Peter Vanden Houte, chief euro zone economist at ING Financial Markets..
“The snail-like progress in the resolution of the European debt crisis is unlikely to alter this picture soon.”..

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