An Unsigned Leading Article Full of Unfounded Doom Towards the EU and Eastern Europe and the European Banks, «The Bill that could break up Europe«.

The Economist is starting to look less and less like a reliable news magazine [ìn spite of the title it stopped being a magazine about economy long ago] and more and more like an Anonymous Catastrophist Rant Blog, look at the article highlights.

If eastern Europe goes down, it may take the European Union with it

TUMBLING exchange rates, gaping current-account deficits, fearsome foreign-currency borrowings and nasty recessions: these sound like the ingredients of a distant third-world-debt crisis from the 1980s and 1990s. Yet in Europe the mess has been cooked up closer to home, in east European countries, many of them now members of the European Union.

The anonymous author presents a near future of Nazi governments and communist populists.

The political consequences of letting eastern Europe go could be graver still. One of Europe’s greatest feats in the past 20 years was peacefully to reunify the continent after the end of the Soviet empire. Russia is itself in serious economic trouble, but its leaders remain keen to exploit any chance to reassert their influence in the region. Moreover, if the people of eastern Europe felt they had been cut adrift by western Europe, they could fall for populists or nationalists of a kind who have come to power far too often in Europe’s history.

How to avert disaster

Who the hell are you to tell anyone what to do, if you are a nobody, you poor deluded English hack.

Stopping the rot

A way to stop the rot in Europe, and in the UK for that matter, would be for the British hacks to just shut the fuck up.  They are a bunch of ignorant overpaid fools, the whole lot of them.  The British Press is full of journos, and pretty British journo women too, who have not relevant formal education on these matters and happily write away copying each other, usually they copy the doom articles by Ambrose Evans-Pritchard in the Daily Telegraph.

 

In their conceit and stupidity they don’t get that if an American reads articles like this one, he’ll come to the conclusion that Great Britain is busted!  Because they will tar all of us with the same brush.

Small wonder that as the Americans can read only English, they read the English newspapers dripping poison and gloom and now Mr Brown goes to the White House and he has not been given the warm applause he reserves.  Americans are not fond of losers, everybody knows that, you hacks keep pushing Europe down, you bring Great Britain down too.

Apart from that, the article is full of mistakes, lies and TOTAL IGNORANCE.

The spirit of the article, of course, is to attack the European Union, and the Continental Countries, and the European Banks, and the European Statemen and the EU Policies whatever they may be.  It is not about Eastern Europe at all, but as it purports to be, lets see some of his mistakes.  I shall aply the same criterion applied to me when I was an University student: if there is a big enough mistake in a paper, you lost the examination -I never lost one.

☼  PRIVATE DEBT IN EASTERN COUNTRIES, LIKE POLAND, LATVIA (Letonia), HUNGARY, etc
Private debt is not relevant to the Maastrict treaty, and if some individuals or banks go bust, it is their problem. Yet, the Economist says that the EU should foot the bill for that.

☼  Businessmen who live and work in Hungary despised the article as unrealistic, out of touch with the Hungarian economy and full of doom and spite towards Europe.  One compared the article to the Sun.

☼  The Economist, as all the rest of the British press, hailed the ampliation of Europe towards the East, as it would bring more people and a bigger economy.  They even said it was a British Triumph, as it weakened the strong position of France and Germany and the Mediterranean Block.  The Economist and the Telegraph even go for the inclusión of Turkey -then they will complain about 10 Million Turkish coming to England to get a job, and another 10 Million from Syria, Iraq and who knows where from, passing themselves off as Turks.

☼ «Indeed, collapse in the east would quickly raise questions about the future of the EU itself.»  Not a single reason is given for this extraordinary statement

☼  «The meltdown of any EU country in the region, let alone the break-up of the euro or the single market, would be catastrophic for all of Europe; and on this issue there is little prospect of much help from America, China or elsewhere.»  This too absurd to comment.  We must remember that the average British Journalist drinks four litters of beer a day, some whiskeys and a lot of whine with it.

☼ In Poland in February just 0,9% of mortgages were in arrears more than 60 days -we wish that was the case in Spain!

☼ The two biggest banks in Poland, PKOSA and PKOBP together had profits of nearly TWO Billion dollars in 2008.  Broke the Polish, they are not. These two banks together have more than half the market in Poland.

NOSING SPESAL Nothing Special, seen in T-shirts in Latvia.  It serves The Economist to spread more despondency and doom about Europe, Eastern Countries and the World.

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Por Armando

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