I took Ambrose Evans-Pritchard to task twice recently, primarily for making monetary proposals claiming central banks could print their way out of this economic mess but also for unwarranted attacks on Germany.
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Mish: ...
The idea the Euro is a German hatched plot to control Europe is patently false. Most German citizens (though unfortunately not all German politicians were extremely leery of a fiscal union and loss of sovereignty which is precisely why they insisted on a set of exact controls in the Maastricht Treaty to prevent the formation of a fiscal transfer union.
Pritchard: That is what monetary union always meant and means now, though the trick being played on Europe’s citizens was fudged by dishonest treaties, themselves dishonestly ratified.
It is why so many of us on this side of the Ärmelkanal have fought tooth and nail for twenty years to stop Britain being subsumed into this plaything of unaccountable elites, this Project so profoundly threatening to our self-government and constitutional order.
Mish: "dishonest treaties, themselves dishonestly ratified"
Hello Ambrose - you are 100% correct. So why the hell did you throw that all away with two recent articles? How about taking them back, right here, right now?
Ambrose: But this is where Germany now is. It must either immolate itself and dismantle the Bismarckian state for the cause of EMU, or prepare to finance an orderly withdrawal from monetary union (with the Finns, Dutch, and Austrians) so that the South can breathe again and hope to recover.
That is the choice. All else is can-kicking, denial, obfuscation, muddle, and self-delusion. As is now becoming obvious, the failure to resolve the matter one way or the other is becoming a danger to the global financial system. It threatens to uncork a global depression. Germany must at last decide.
It is a horrible choice. My sympathies go to the German people who were never given a vote on this ensnarement and infeudation of their peaceful country, and who were egregiously deceived by their own leaders, and who cannot now begin to understand why they suddenly are target of such furious and venomous global criticism.
The Germans too are victims of this ruinous project, the greatest victims of all. Their elites have led them into a diplomatic and economic Stalingrad.
Mish: Exactly!
All else, including Pritchard's horrendous idea You are all wrong, printing money can halt Europe's crisis is an exercise in can-kicking!
Ambrose, we both know Germany is going to pay a price. Indeed every country in Europe is going to pay a price, even the UK.
The idea is to make that price as small as possible. To do that we need an orderly (as orderly as possible) breakup of the EMU. The UK can help.
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