Ambrose Evans-Pritchard (The Daily Telegraph, London, 12 July 2007) writes that Spain will face an outright «depression» by 2008-2009 and Italy will face an «Argentine crucifiction» until it is ejected, or chooses to escape, from the euro-zone.
Criticized by some bloggers, he adds «I agree that Britain has a grotesque housing and debt bubble that will end badly. But the difference between Spain’s bubble and Britain’s bubble is that we can cut interest rates (perhaps dramatically) and let Sterling fall a long way if and when boom turns to bust. Spain is trapped. It will have to deflate into a downturn, unless the ECB shows mercy. »
The arrogance of the British ! They always believe that what they wish for others doesn’t apply in their case.
He lambasts the European Union, in a typical little-englander rant, how all the countries of Club-Med are ruined -by Club-Med/Club Mediterranée he means France, Italy, Spain and the unimportant economies of Greece and Portugal (Portugal is in the Atlantic, but never mind). He waxes lyric about the great strength of Germany in comparison with the Club-Med: two years ago the Daily Telegraph was saying that people needed to send Red Cross parcels to Germany, they were dying of hunger and unemployment there, according to the British gutter press. Germany is the powerhouse of Europe -it always has been- and in comparison with France … and in comparison with Italy …
Why they never compare Germany to the dismal economy of Britain, I wonder?
He turns his attention to Japan, and of course they are dying of old age there; if the Yen appreciates iit will be the ruin of Japan although it is ruined anyway, «a dying currency of a dying country», he writes. Such a charming country, he says.
I have just seen a photograph of the first TGV train in Britain arriving on the docks and on the side it says «www.hitachi-rail.com» !
Some dying: Japanese Honda and Toyota make cars in Britain, in contrast the ruin of British Rover was sold to some Chinese company, but the British gutter press the only thing they know is to insult other countries, lie to their own people, tell them that they are absolutely the best country in the world -bar the USA of course!- lie saying that it is because of Thatcher, or Major, or the City and never a word that Britain is -or rather used to be- the Saudi Arabia of Europe, because even the hoodies of Manchester and Livepool know that the oil and gas of the North Sea are nearly exhausted, and then what? So they write some rot about finances and the City, knowing that no one understands anything of the matter and the hacks get paid a fat salary from pulling the wool over the eyes of their own people.
All is well in the best of all possible Britains, and when Mr Ambrosio turns his beady eye on China he says that China is growing old before it grows rich, and it is going bust anyway, «China is not going to take over the world economy, now or ever. The window will close shut before they get there.»
(I believe that the Chinese consider giving Hong Kong back to the British, they have proved unable to run that place.)
Mr Ambrosio finishes his article saying that the 21st century is going to be the American Century and that the Almighty Dollar the only currency in the world worth mentioning, as the euro and yen are going to dissapear.
(La Compañía: Well done, limey. Here is your check and keep on writing bullshit)
When the €uro was founded, just a few years ago, it went for a short time under the value of the dollar, and this same British newspaper claimed it was going to dissappear, that it was unviable; now it stands at 1.4 dollars to the €uro, and it is the ruin of €urope, it is unviable, the euro is destroying the exports of Europe, always according to the Telegraph.
Just a few facts: the economy of Italy is at full clip and their exports grew some 13 % in a year, from 75.1 billion € to 84.8 billion €. Better than Germany, and in the same period the UK’s collapsed -18 %, from 94.6 bln € to 77.5 bln €. Italy had a trade deficit of 1 % of its GDP, Britain had a trade deficit of 6 % of its GDP, the astronomical sum of 128 billion €.
And that is not counting the internal debt in Britain, more than 1 trillion pounds owe the public to the banks and small wonder that Barclays asks for money from the Bank of England, its money is in the hands of the public and they can’t get it back. Repossessions and bankruptcies are much higher than in Spain, and growing.
People like Mr Ambrosio probably believe that from the present value of 1 pound = 2 dollars it can drop to 1 pound = ten cents, and all will be well in the best of all possible Britains. Historically not the first time that Britain defaults on its debts, by the way, and I wonder why the «argentinian» label is not applied to this bankrupt country instead of to Italy or Spain.
As to Spain, its economy is growing at more than 3.0 % a year (more than the EU average), industrial output is up, the building companies are getting contracts in other countries, the program of alternative energies is a success and far more advanced than Britain’s or the USA, Spain receives more immigrants than any other European country -much more than the UK and second only to the US: 640,000 last year and somehow they are finding jobs. There isn’t going to be any kind of «depression» next year, Mr Ambrosio.
When Lord Black was the owner of the Telegraph he hired Mark Steyn, an autodidacta Canadian barbarian economic migrant to the USA (I mention that because when a Latin American goes to the USA he is taking away jobs from the Americans, according to these racists, but when an Anglo goes to work to the USA he is enriching the country, and Steyn has insulted the Hispanic poor in the USA often enough) who peddled much the same line as Mr Ambrosio. According to Steyn Germany was going broke and Spain we are going to dissappear, too few births over there. Scotland is also going to dissappear, it is a failed country according to Steyn -perhaps the Barclays brothers fired him for saying that !
Well, we have never been so many, eat your heart out Steyn and Mr Ambrosio. Under the government of Franco, a dictator well loved by the British fascist press, Spain was a poor third world country, under American occupation and a source of cheap labour for Germany. After a few years of liberal democracy Spain is just another European country, every year it receives hundreds of thousands of emigrants from Latin America, Africa and East Europe and it is the vegetable plot of Europe, if not its larder.
The greenhouses in the desert of Almería feed Europe
Steyn went away but the Telegraph got Ambrose Evans-Pritchard, another hack who peddles much the same line as Mark Steyn.
It happens that there are going to be elections in Spain very soon, and in Europe Spain is the only country with a Socialist President -not that Zapatero is a Socialist in any real sense of the word, but with Conservatives in power in all countries in Europe, some dark hand moves in the shadows, discrediting its government through the gutter press of Britain and trying to bring back Aznar, the man who got us in the War in Irak: the worst president that Spain ever had since the beloved hero of Aznar, Franco, died in 1975.