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A BIG BANG, OR NOTHING , by François Leclerc
Guest post. Translated from the French by Tim Gupwell
With the G20 meeting being held in Mexico at the start of the week, our perspective will find itself altered, falsely accustomed as we are to only seeing the debt crisis from a European angle. On the 18th and 19th June, the greats of this world are going to gather in Los Cabos, a tourist resort in Southern Lower California, under the double auspices of debt and global recovery.
To avoid standing idly by whilst confronted by a disaster of its own making, the British Government has just announced a plan … Read the rest
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WHEN THE WISE MAN POINTS AT THE MOON… (I), by François Leclerc
Guest post. Translated from the French by Tim Gupwell.
The chaotic ups and downs of the deleveraging process continue inexorably, affecting not only the debt of the member states but also a European banking system which is now in the same mess. What it had been concealing has now been revealed: it is in a very sick and feeble state.
In order to subdue and contain this gradual process, new bail-out instruments have had to be put in place – which are the subject of much debate; their effectiveness is limited since they are part of a debt-reduction strategy which … Read the rest
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THE TOWERING MOUNTAIN, SWAYING FROM SIDE TO SIDE, by François Leclerc
Guest post. Translated from the French by Tim Gupwell.
“There is a first assessment, then a second, a third, a fourth…..It’s the worst possible way of doing things because everybody ends up doing the right thing but at the highest possible cost and price”. Who was it speaking so harshly yesterday of banking losses and of the policies of the European leaders? Answer: The ECB president, Mario Draghi, in the course of a hearing before the European parliament.
With his colleagues from the governing council, he drove home this same point, supporting the creation of the “European banking union” proposed … Read the rest