Saturday, 3 September 2011

It's September; it must be the Euro (again)

Back on 17th June, in the halcyon days of our glorious Summer, I wrote:
Our masters in Brussels would rather see the entire European economy stagnate and economic activity shrink to a dribble before they'll surrender, but the truth apparent to all is that no nation will be able to grow and flourish again whilst the cancer of debt repayment gnaws at its back. Default is the only realistic option for Greece, Ireland, Portugal, perhaps even Spain, perhaps even us. The banks will howl and whinge as they collapse, but we can come through it. C'mon. It's time to take the hit and get on with it.
I gave it until September. C@W has a superb post and informed comments on the 'End Time', and Richard North likewise over at EU Referendum.  

Short term, as the banks crash, the ATMs will be out of action, so we need to keep a wad of ready cash in the house. Plus a fortnight's worth of dried and tinned foods, at least 2 x 25l water containers and of course the Tilley lamps and wind-up radio. Plus the means to prevent someone taking it all. 

Some years ago on the leading boaty forum, a retired senior officer in a position to know confirmed that many of our most senior civil servants keep yachts fully stocked for an ocean passage and ready to go at several locations in the South-West. I joked at the time that they'd never get beyond the M4. Now I'm not so sure.  


Anonymous said...

Dark days ahead R, I worry for some close to me, in fact I wish I were a little younger, it could be a harsh winter in more ways than one.
What a terrible time to come for us all.

Ian R Thorpe said...

I think your advice to convert assets into readies and to stock up on tinned and dried foods is good. I also think it is hightime for us, for the first time in a few hundred years, to pick up our pitchforks and cudgels. If you know what I mean ...

But fingers crossed, the Germans can throw a big spanner in the works next week.

Greg Tingey said...

Having an allotment helps, as well - provided, of course, that there's enough electricty to keep the freezer running ....

Anonymous said...

Where are the debt repayment you talking about?
I don't see it.
I see more debt pilling in all PIGS,UK,USA,FR,BELGIUM...
because Gov. spending is what saves us in your opinion..
A needed recession that should have happened in 2008 but didn't happened because of people like you.
Now will be a much bigger recession because at 2008 we had only the 2001-2008 credit bubble. You have added 3 years of debt. This time gigantic debt.
Recession is needed because the current wealth a big part of it is credit to outrageaous levels, so it needs to diminish which means less money which means less wealth.
But you seem to like the results of kicking the can down the road...
The can is increasingly full of holes.

Hope you will be happy with results.


Raedwald said...

Anon 21.23; you seem to be replying to a completely different post on another blog, as your comments make no sense at all in the context of the post above. I suggest you report the glitch to Blogger.

CityUnslicker said...

I am not so depressed as to think the time for tinned foods is near. Certainly a bad depression with 10 or 15% unemployment for a time, busted bnks and dislocation is in order; but I doubt the breakdown of society - although it will coarsen considerably. PLenty of businesses are OK, supermarkers, utilities, all number of manufactories - even for the City it is not the end. Lawyers will do well and some will gain on the speculation as others lose.

The worst element may be that the pensions are wiped out creating a crisis for the future. And the denoument around social care and benefits will be unpleasant. Touch times, but not the end of civilisation.

Anonymous said...

My post has everything to do about what you wrote.
My PIG country is still today pilling more debt like yours.
So you are advocating defaults, new debt, more default, new debt, default ad eternum.
That is the solution to "flourish" and "grow"...