While this is not an “official” EU government report, the fact that it is from one of the oldest French Banks should raise alarms.
Via the UK’s Daily Mail Online:
The European single currency is facing an ‘inevitable break-up’ a leading French bank claimed yesterday.
Strategists at Paris-based SociÃ©tÃ© GÃ©nÃ©rale said that any bailout of the stricken Greek economy would only provide ‘sticking plasters’ to cover the deep- seated flaws in the eurozone bloc.
In a note to investors, SocGen strategist Albert Edwards said: ‘My own view is that there is little “help” that can be offered by the other eurozone nations other than temporary, confidence-giving “sticking plasters” before the ultimate denouement: the break-up of the eurozone.’
He added: ‘Any “help” given to Greece merely delays the inevitable break-up of the eurozone.’
It’s looking more and more like Greece will be the first of many in a coordinated detonation of the entire European Union – and the Prime Minister of Greece knows it:
George Papandreou, Greek prime minister, said that, in the eurozoneâ€™s first big test, Greece had become â€œa laboratory animal in the battle between Europe and the marketsâ€.
In a televised address to his cabinet, he criticised EU members for sending â€œmixed messages about our countryâ€‰.â€‰.â€‰.â€‰that have created a psychology of looming collapse which could be self-fulfillingâ€.
Let’s be clear. The looming collapse of Greece has nothing to do with psychology. They overextended themselves, and now they can’t service their debt. The EU will not allow them to print money (like other central banks with reserve currency status can), and rightfully so because their government officials, like most around the world, are corrupt and will likely mismanage any bailout in the same way they mismanaged and fudged the numbers that created this problem in the first place. The chickens are coming home to roost.
On top of this, if the EU were to bail out Greece, then Portugal and Spain who are much worse off than Greece will come with hands outstretched for their share of bail out funds.
The EU is a socialist Utopian dream and now it is turning into a nightmare. While we believe the EU could survive in name for several years to come, a breakup sometime over the next decade is becoming more likely.
>>While this is not an â€œofficialâ€ EU government report, the fact that it is from one of the oldest French Banks should raise alarms.
Yes, but SocGen is also know for pretty extreme doomer views, if this came out of GS or JPB, that would certainly raise alarms.Â SocGen is constantly putting out purple prose … not that they necessarily wrong …
JPM, not JPB …
Good point Bleako. I wouldn’t have run with the EU collapse bit, except that the Greek PM is talking about collapse as well. On top of that, my personal view is that by 2020, the EU is going to be gone. It’s a failed experiment. Eastern European members are in shambles — corrupt politicians and a populace that is broke and Â unemployed, with no solutions to their problems on the horizon.
They tried to become a new America, but the problem is that the cultures just don’t get along… Sure, we have our problems here in the US, but the Europeans… they just plain hate eachother… The French, Germans, Polish, Slavs, Magyars, Greeks, Italians, et al…. doesn’t sound like a nation to me.. I am not sure if these people will ever get along…
I’m going to disagree Mac. I think that by 2020 the EU will be stronger than ever. I believe that the present crisis, once resolved, will result in a more integreted Union with a stronger central government.
As I recall, the US Constitution was preceded by Articles of Confederation which failed because they loosely held the Colonies together, like the present EU. If you consider those days in the Colonies you could find as much disparity between regions as you do today, in Europe.Â
Europe has strength in numbers and if they are to compete with US and China and India, and defend themselves against Russia, they will have to come together, differences or not: without the Ukraine or Belarus.
Of course, I also believe that additional changes are on the way, politically, economically, and religiously. Moreover, changes physical, resulting from dramatic Earth Changes will cause these changes and a powerful, dominant EuropeÂ must emerge as the US fades.
That scenario is consistant with bible prophecy which appears to be unfolding before our eyes. We’ll see.
Europe will collapse definitely by 2020 because they have an aging population with massive social spending not sustainable by a depleted workforce. Â The massive debts by the countries like Greece, Spain, Portugal will just get the ball rolling.
The people of EUSSR are allready in revolutionary moods, take closer looks at britain, france, netherlands etc. Read the Blogs People write and leave the MSM-Propaganda. Daniel Pipes is realy up to date on the social issues, same with Geert Wilders or Nigel Farage. Our all so wonderful Chancelorette “Big Mama” Angela is aware of this mess since she took over from Gas-Gerd Schroeder. His Sec. of Finance, Peer SteinbrÃ¼ck, foretold the financial meltdown in 2003 to the business paper “Handelsblatt” by implying that Bad Banks will be a propable measure…its all long planned.
The start of the break up would be the collapseÂ Â of the Euro . Couple that with Germany’s desire to control Europe , and France trying to do the same thing . That will set off a spat that will lead to a break up .Â Germany right now has the inside track because thay have more money than France . And the rest of Europe needs money in the most desperate way. Remember the “Golden Rule”Â He who has the Gold makes the rules !!Â And Germany can do that in SPADES !!
I repeat.Â Â The end result of a meltdown, crisis, orÂ chaos, of any kindÂ Â (whenever, whatever) will be a stronger, more unified, more dominant EU; if only because the nations of EuropeÂ must step up to compete andÂ protect themselves to fill the void left by the United States as it fades from the front lines of power.
Bible prophecy has predicted the rise and dominance of the EUÂ as the final great allied power, with Russia, and China in world history. It has predicted its demiseÂ onlyÂ after the Anti-Christ comes, etc, etc. He is not here yetÂ because power has not yet been concentrated or consolidated enough for one man to rule all of Europe, where no oneÂ can buy or sell without the “mark” of the beast.Â (Deutsch Mark?)
I expect that scenario to develop and evolve from the present crisis, first in Europe, and then to the United States, as a gift from the Banksters that control our government to the people of America.Â
The American Patriot Movement evidenced by the Tea Party demonstrations across the country is our only political hope to mitigate that influence.Â It behooves us all to support this movement with “our lives, our fortunes and our sacred honor” as much as possible and demand a constitutional government “of the people, by the people andÂ FOR the people”; lest it perish from the earth.
Treason is worthy of death. If hanging was good enough for Benedict Arnold its good enough for all of those who would subvert the Constitution, rob the US TreasuryÂ for their own greedy purposes, and sell out the American people and the Nation to our enemies.
Death to traitors!
EU differences in geography and cultures make for an interesting predicament with the Med countries seeking bailouts and the Germans wanting some assurance that the bailees have some kind of plan to fix themselves. There is a parallel in the US with North Dakota having a budget surplus and most other states needing handouts. Most amusing with Greece, I find, are the public and private sector strikes against their government’s austerity proposals. Classic “the chicken or the egg”!
I think I need to clarify a point I made earlyer .Â The EU will break up as it is now formed , However it will quickly RE-FORM as what ever thay want to call it .Â With Gremany as its leader . The Germans have wanted and planed for this since the 1800s . Even when thay started WWÂ I and Â Â Â WWII , thay also planed for the possibility that thay may loose the wars , which thay did, but it did not stop them from getting ready for the next round .Â And thay are doingÂ that even now .
The EU will break up for sure….because the PIGS are dragging other nations down.
Comments…..The E.U needs to BREAK UP! for the good of all MAN. Its just one huge “FUCK UP”Â no one wants to be part of it. there just a LOAD OF NAZI GERMAN BASTARDS N FRENCH FUCKERS trying toÂ RULE the WORLD!