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Showing posts with the label Eurozone

EU membership and laying up treasure from overseas

A country with an unsustainable population such as the UK survives by obtaining goods from overseas. It is a fundamental responsibility of government to ensure that the UK balance of payments balances or is in surplus. The most useful document on the UK balance of trade is the Office of National Statistics Balance of Payments Report . "In 2010, the current account was in deficit by £36.2 billion (-2.5 per cent of GDP), compared with a deficit of £23.9 billion in 2009 (-1.7 per cent of GDP)." The principle source of Britain's  deficit was the £46 billion deficit with the European Union: "A deficit of £46.6 billion was recorded with the EU in 2010, compared with a deficit of £14.3 billion in 2009. There was a surplus of £10.3 billion with non-EU countries in the latest year, following a deficit of £9.6 billion in the previous year." This deficit is unsustainable and a responsible government would be thinking in terms of an emergency withdrawal from...

Europaische burgerkrieg anyone?

Things are very different in Europe. Few people in the UK realise that the Germans and Italians have entirely revised European history to make it seem as if the wars of the first half of the twentieth century were just a natural hiccough on the path to full European Union. The new European interpretation  is called "Europaische burgerkrieg" - stick these words in Google then look at the translated texts.  Europaische burgerkrieg means "The European Civil War". It might appear that this revisionism is just a peripheral issue but consider the article in The Independent by Felipe Fernandez-Armesto: There's magic in a crisis – and good reasons for hope amid the gloom : "All emerged from internecine wars – in Spain's and Britain's cases from dynastic conflicts, and in that of the US from the "Revolutionary War", the power struggle among colonial elites.  The European Union, similarly, emerged from a period of furious internal conflict...