From Smoldering Ashes Comes Good News of Reality

Courtesy of Mish.

It’s easy enough to focus on the smoldering ashes of the politically and economically insane move in Cyprus by the heavy-handed bureaucrats in Brussels and Germany.

Instead, I suggest we focus on the bright side, and there is plenty to be found.

1. The nannycrats have been permanently exposed as liars
2. Trust is gone
3. Everyone can now clearly see that deposit guarantees were a lie
4. Realization has set in that in spite of nannycrat denial, this will happen again
5. The move in Cyprus will strengthen the Five Star Movement in Italy
6. The move in Cyprus will embolden the separatists in Spain
7. The move in Cyprus will strengthen UKIP in Great Britain
8. The move in Cyprus is even likely to strengthen Alternative für Deutschland (AfD)
9. Eurobonds and joint budgets are exposed as dead
10. In Germany, Merkel is likely to have won a Pyrrhic victory (if indeed she won anything at all)
11. Sensible people now realize all this talk of European solidarity is a gigantic lie
12. Even ardent supporters of the eurozone are now starting to question its existence

That is one heck of a lot of good things for the bargain basement price of a mere €5.8 billion.

If Europe could not come together to scrape up a mere €5.8 billion to rescue tiny Cyprus, what exactly can they come up with? The answer of course is nothing.

Philosophically speaking, Northern and Southern Europe could not possibly be wider apart.

No Union, Only Dreams

There is no union, only foolish dreams of one. There is no solidarity, only talk.

Yet the talk has changed. I was wondering exactly what it would take to light a fire in Telegraph columnist Ambrose-Evans Pritchard and we now have the answer.

Pritchard says Daylight robbery in Cyprus will come to haunt EMU. But so have two-dozen others. What struck me was these paragraphs.

They [EU creditor States] have demonstrated that the rhetoric of EMU solidarity is just hot air, that they will not force their own taxpayers to share a single cent of clean-up costs for the great joint venture of monetary union.

The sooner this is made clear, the better. The sooner they take the proper course of withdrawing from EMU and organise the break-up the euro in the least disruptive way, the sooner Europe can recover.

America and China must crush Germany into submission
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