Fog in the Channel - Europe isolated
So goes an English BBC radio news statement in the 1930s - during the fading days of the British Empire - that showed the disdain the grand elites of Britain towards the minor beings living on the European mainland who had never enjoyed the superior ways of the British. Another belief said it all; “there are only two types of people in the world, the British and those that would like to be”. Today it is difficult not to be disgusted by the chauvinism and mendacity of Britain’s inept leaders who wrap themselves in a fog of imperialistic nostalgia that conceals them from the realities that I wrote about in Britain - Lost en route to Empire 2
Today’s fog also embraces the entire continent and trying to make sense of what the new aristocracy on both sides of the Channel have built, and misnamed the European Union (the EU) is like punching holes in fog. It is an impossibility for any normal person to know all that is in that fog, part of it loftily called the Acquis Communautaire - the EU’s book of rules and regulations. This is the thing - among many others! - that endeavours to control every aspect of human life, including business, in EU member states. Due to criticism over its unstoppable growth the EU, in 2013, stopped publishing the number of new pages added to that acquis. At that time it was over 714,000 pages long and we can guess that it is at, or near, one million pages long today.
Lessons learned from history and even as recently as the second half of the 20th century have been ignored. Some EU member states were formerly part of Yugoslavia, a mini empire that collapsed due to widespread popular rejection of the centralisation of power in a distant capital as did the Soviet Union. The ideologies in the 20th century included the fascist story that saw things as a struggle between different nations and wanted a world dominated by one human group that violently subdues all others. The communist story saw history as a struggle between different classes and envisioned a world in which all groups are united by a centralised social system that ensures equality even at the price of freedom. The liberal one explained history as a struggle between liberty and tyranny and envisioned a world in which all people co-operate freely and peacefully with minimum central control. The EU seems to be a mix of all those without violence but with maximum central control by one human group - the new self appointed aristocracy, the Greeds - and to hell with equality.
And their latest "innovation” is to make the EU a leader in 5G by regulation - more central control! - instead of by technology, the route chosen by less enlightened countries such as the US and China! No prizes for guessing who comes third in that race.
The ever growing acquis, among the other things, is the tool leaders of the EU - who love to have their inflated egos massaged by being called elites - use to behave like the dominating Kings and Queens of old. They are fearful of democracy - many of them having been sacked by it in their home countries or expect to be soon - and have a craving, a greed; for power, for control and for TV camera attention that borders on a sickness. Thus I call them the Greeds; they are a rebirth of a sub species of the human race that had been dormant for a few decades in the 20th century while the middle classes developed and lifted the whole world into a better state. That has ended for some - the Grunts, a subspecies I will talk more about in a subsequent article - and is doing so for many others.
For the Greeds there is never a recession or worse - that is for their lowly subjects and serfs under them to enjoy such as the middle classes who have been squeezed dry for the past 20 years and those who have had their lives virtually destroyed in Italy, Spain, Portugal and Greece - regression through suppression! Those poor wretches have been brushed aside by that remote aristocracy as being a “necessary adjustment” and “an internal devaluation” necessary to allow sacred cows like the euro currency to survive and the EU with it.......for another day
The European Union - what is it?
A search asking that question about the USA will get a clear answer; it is a country, a federal republic. Germany will get a similar answer. A search about the EU gets no such answer. Even the EU itself - whatever it is - only describes its aims many of which it has failed to deliver including the very important:
- sustainable development based on balanced economic growth and price stability, a highly competitive market economy with full employment and social progress, and environmental protection
Ask the still unemployed 18.5% in Greece, the 14% in Spain and the 10.5% in Italy what they think of that! Source: Eurostat. Those figures mask the rate of unemployment of the under 25s which is over 33% with that in Greece being even higher. And their numbers have only been reduced to those lower levels because many were forced to leave home and families to find work in other countries. France’s elite leaders - safely ensconced in Parisian palaces remote from the smelly people - preside over the shocking reality that only 52% of the 20-64 year age group in France with a basic level of education is in work and only 61% of the foreign-born population can find jobs. So much for another of the EU’s lofty aims; combat social exclusion and discrimination!
The UK, Italy and France - all supposedly in the top ten of world economies, for now - do not show up well on the Great Gatsby Curve.
The EU’s own statistics office, Ameco, shows that eurozone wages as a percentage of GDP have shrunk from over 58% in 1995 to 55% now and the proportion of eurozone employees under 25 who are in temporary jobs has grown from 40% in 1998 to 51%. Obviously many people are not being warmed by the EU’s warm words!
Other of those warm words are characteristics human beings are born with or taught by their parents so who needs the EU?!
Many EU supporters believe its claim that it brought peace to Europe. It did not - the people of Europe did. In any case there were no wars in Europe after the Napoleonic wars ended in 1815 until Germany started two in the 1900s. Germany will never start another war and nor will any other EU member state. Many Europeans - myself included - have intermarried. Our offspring have multiple nationalities and, like us, they are citizens of the world. We have no intention of being led into war again. But that does not stop those leaders from trying - the hate foreigner message being propagated by them has led to a rise in violent hate crimes including anti-Semitism in many EU countries. And when the EU was stupidly awarded the Nobel Peace Prize three of the EU’s many presidents fought over who should receive it on behalf of the EU! Today the decision over who to replace those, now at the end of their fixed terms, is being fought over with the best qualified person to do the jobs not in consideration nor is there any contemplation about asking the people.
That fight requires another summit (banquet, that is) and more posing...this time in poverty stricken Romania where the “unwashed" masses have been cleared well away from the main square
This Financial Times article on picking the new presidents gives us an idea of how sick the process is and there is panic now to get it done in case less- respectful-of-the-Greeds politicians get elected to the EU Parliament in two weeks time!
That normal EU practice adds more questions to the question about the EU - what is it? At one time it haughtily called itself supranational but has since dropped that without dropping its interference in member state affairs. Some EU leaders call for more integration that others oppose but none ever talks about integration into what? Is it to be integrated into a federal state like the US or Germany or into an unitary state like France?
No one at the top wants that question answered because because it would render most of them jobless. Instead they keep doing the same thing over and over presumably expecting a different outcome. Einstein told us long ago about such people:
Or perhaps they do not expect a different outcome - doing the same things over and over again gives the those Greeds more of what they are greedy for; power and control for themselves and the plutocrats they will get retirement jobs with when their appointment time expires. But to deflect attention from that reality those people invented another monster to suggest they are democratic:
The European Parliament
As with all else related to the EU a search finds nothing more than myriad grand words about aims and reality since it was formed has proved little other than more ineptitude by vested interests. No person living in EU member states, that I know, have any idea who their member of that parliament - an MEP - is or what parliament grouping that person will join. MEPs cannot initiate laws as can normal parliaments elsewhere but they have shown that they take their non-work seriously by building vast monuments to do it in such as this one in Strasbourg, France, that cost E470 ($570) million to build and was sited in France to pacify those living in palaces in Paris upset by not becoming the home for another monster EU creation - the European Central Bank, ECB
This is a picture of their Strasbourg workplace:
Since Brussels is the capital of the EU - whatever that is - those hard working MEPs have more stress added to their lives by having to commute between that building and this giant in Brussels that they are toying with rebuilding at a cost of E430($480) million.
Since nothing the EU does ever gets done on budget it is safe to assume that Brussels palace will cost much more and equally safe to assume that no one will resign from the grandly named EU Court of Auditors. Since they have never yet been able to make the EU’s books balance, but they remain on the job, it would be more apt to describe whatever they do as audit by courtiers!
But never a shrinking violet the EU needed more of such audit people for the relatively new giant - the ECB - to do stress tests on banks that got into a crisis that should never have happened had the then president of eurozone finance ministers - Jean-Claude Junker - done his job of coordinating eurozone member states budgets properly. He got the sacked by democracy as Prime Minister of Luxembourg and was promptly anointed to the top job in the EU as president of the EU Commission where he is safe from democracy and gracefully welcomes other elites who visit him in the building pictured below and where he presides over that outpouring of laws invented by the many working there who have nothing else to do except make those thousands of pages of laws that interfere in all aspects of life in the EU.
His predecessor, Barroso of Portugal, was also a former sacked prime minister who admitted he had done nothing useful in his first four year term as President of the EU Commission but promised to do more if reappointed for a second term. It must be really hard for such people to do more than nothing but he was anyway reappointed to do precisely that! He was noted for one thing - to match his inflated ego he gave himself an office in that building that was about as big as a football pitch and decorated it with valuable artworks paid for by EU tax payers. When he left office those artworks left with him and I have not heard any statements from his auditor courtiers about where they went to!
That vast EU Commission building also sometimes houses the leaders of EU member states when they arrive for frequent, lavish, tax payer paid banquets - loftily called summits - to discuss the many crises made by them. We witness their arrival - each in separate chauffeured limousines with police motorcycle escorts to keep the unwashed at bay - while they pose for the cameras in their craven need/greed for publicity and recognition. For those and other similar panic occasions, held in palaces elsewhere, they arrive at nearby airports by EU private jets that they refuse to share because it means loss of face if they do not each arrive on their own jet! That polluting behaviour has no exception even when the summit is about climate change and pollution!
At other times King Junker reigns over all from his home town building in Luxembourg that is being extended to take on even more of that important EU work.
European Central Bank
The ECB was needed to ensure the smooth running of countries that used the artificial currency -the euro - invented by EU politicians. Like most things the EU does it was poorly thought out and introduced into the wrong countries at the wrong time and at the wrong exchange rate, all without asking the people living in the countries it was dumped on. Its creation was a reckless, hubristic act of a messianic cause intended to chain free people together forever. It is a political tool not an economic one and has been used as such. In 1995 the European Commissions economist charged with the creation of the euro, Bernard Connolly, advocated the abandonment of it in his book The Rotten Heart of Europe. He wrote the truth when he described the euro as unworkable and irresponsible and, like the bearer of bad news in past centuries, he lost his life (his job in this case).
The outcomes have been sickening for many; tens of thousands of people had their jobs and lives ruined. The Italian federation of industry estimated that the euro lost the country more than 15% if its manufacturing capacity as some 32,000 SMEs went out of business and the Greek economy shrank by 25%. Neither country has recovered and never will because even if economic conditions improve worldwide they lost many of their educated and skilled young people - a brain drain - who have made new lives for themselves in other countries and will not return. It is unsustainable but must be sustained at any cost because as German chancellor, Angela Merkel, has said; if the euro fails then the EU fails...
For the Greeds like her the euro has become a sacred altar on which normal people have been and can be sacrificed. She is a dead politician walking and when her current term in office ends she is highly likely to be awarded the job as President of the EU Council - another rejected by democracy politician at the top of the EU.
No one in the EU or ECB has lost jobs - the 2008 banking crisis and later euro crisis simply created more jobs yet many EU member country banks are still in a mess as are their economies. In the ECB’s palace in Frankfurt some 2,500 work and others are located elsewhere because that mammoth building could not absorb the extra numbers needed to stress test and keep watch over the banks while doing nothing about them. And those courtier auditors kept very quite about the cost overruns on the ECB palace because that was inconvenient news that might reach the unwashed masses. The start out estimate was Euros 850 ($959) million, the finished cost around Euros 1.2 ($1.34 ) billion!
Since there has not been an interest rate movement for nearly a decade, and that is about the only tool the ECB has, why are they not all sacked and whatever work they do be left to robots?! Oh dear - what an evil suggestion.... if that were to happen all those elites on its council, who pontificate on inflation (controlled for decades for them by faraway China) and the euro interest rate, would miss their banquets in luxury residences like this one in Naples where the unwashed locals were kept 5 kms away by a vast cordon of police
And to prove how democratic and part of the people they are they rotate monthly around EU member states staying in such places in each of those. Why are they so insensitive - flaunting their paid-for-by-others privilege in the faces of some of Europe’s poorest people?!
Yet despite this arrogance and enormous ongoing expense and the army of people supposedly monitoring banks, massive ones like German Deutsche Bank remain in a mess with no indication that insanities such as like assets being held at 40 different values in different parts of the bank are being corrected by them. I also thought the ECB was the sole watchdog but now a scandal has emerged about another one the EU has - the European Banking Authority, EBA. It decided to do nothing about supervisory failings at Denmark’s Danske Bank whose Estonian operations handled euros 200 ($223) billion of illicit Russian money. This article in the Financial Times has a front page story on that EU mess, another among so many that has yet more infighting with the incompetent EU commission now attacking that equally incompetent EBA.
And still no answer to: The EU - What is it?
There are 28 EU member states - including Britain that does not know if it is in or out of the EU - of which 19 use the euro currency. Each of those euro users has its own central bank that have remained in fully employed existence even though the ECB took over their primary role. The US Federal Reserve has twelve districts around the country to carry out day to day operations. Why does the EU - whatever it is - not operate like that instead of merely adding cost no doubt aggravated by infighting between those 19 central banks?
Because the EU spoke with many voices in foreign affairs via all those member states a foreign office - the European External Action Service - was set up to speak with one voice on behalf of all. It has over 1,000 staff yet nothing changed in all the member countries - they still speak through their own foreign affairs ministers who are represented by individual country ambassadors in embassies around the world just as before. Some of those ambassadors have plum jobs that are much fought after and live in palaces like this British one in Paris:
In the US, California does not have such an embassy in Denver or Colorado one in Phoenix or......
But the EU - whatever it is - does exactly that despite also having that supposed equivalent Washington DC’s Department of State to do all that for member states centred in its capital, Brussels.
This duplication is embodied throughout many things and it wants more; an EU army, an EU budget and taxation system etc. It is as though the EU is building itself up as another country ruling an empire as did Rome and Britain in days of old. And like those empires it rules by suppression. But unlike those days of old where firm foundations were laid that lasted for a long time the EU is built on sand and will topple into it before much longer. Its chain - the euro - intended to bind people together is only a strong as its weakest link and it has many very weak links.
Another perspective is this one by SA contributor, Tortoise, titled Europe is Running Out of Road.
Mises Initiative adds more to the sick saga in Can the EU Survive the Next Financial Crisis
I am focused more on the member states on that ending road and will write on those with investment ideas in a follow up article to this one that I will conclude with my answer to this article title:
Recession or Regression through Suppression?
Irrespective of what the statistics show my eyes see - or rather have not seen since Christmas - trucks.
I live near this autobahn (interstate/motorway) just outside Zürich, Switzerland. Although we are not in the EU our road and rail systems are essential for the EU and this is one of Europe’s main cross roads that runs, at this point, around 30 kms (19 miles) south of Germany's Baden-Württemberg border. B-W is the home state of Mercedes Benz and Porsche cars and many world leading machinery makers. The lanes flowing towards us head on to south east Germany - Bavaria, home of BMW, Audi and Siemens - Austria and many countries east from there, Poland, Czech Republic etc. Those flowing away split beyond the overhead direction signs with the right lanes heading to France then via France on to Spain in the south and north European countries such as Holland, Britain and Denmark etc. The left lanes head off south to Italy. In normal times one and sometimes two of those lanes each way are slow moving conveyor belts of nose to tail trucks at the time of the day I took this photo recently; 4pm. The registration plates on those trucks made a fascinating sight in those times; German, Spanish, Italian, French, Netherlands, Lithuania, Poland Hungary, Sweden, Turkey, Russia etc. Those in this photo are nearly all local Swiss registered trucks.
So, if a picture paints a thousand words that one speaks also for economists and their statistics. Much of the EU is in recession! If the stats don’t show it, ask the truck drivers and the companies whose goods they carry what they have been doing since Christmas!
Those two south German states that I mentioned - Bavaria and Baden-Württemberg - are among the few economic dynamos in the EU. B-W is the EU’s leader in innovation and the two states together contribute 74% of Germany’s internal financial transfers some of which helps finance the EU. Perhaps the EU will propose replacing that innovation with regulation!
Despite the efforts of those two states the EU has not done much in the way of growth for at least ten years as this chart shows:
The countries marked in orange have been subject to the EU’s special treatment intended to cure their ills that included use of its sacred currency, the euro, and austerity. Instead that delivered regression through suppression with Italy, Cyprus and Greece all doing worse than basket case country, Argentina, and Greece even worse than Sudan. Nor have Belgium, Spain, Portugal, France and the Netherlands sparkled. Germany’s approx 11% over ten years is hardly exciting either. China took off in those years and contributed much to Germany’s figures. Never talked about is the importance of Switzerland to the many communities near the Swiss borders in Germany, France, Italy and Austria. The high paid Swiss pour over those borders to shop with their strong franc and, while there, have lunch - my wife loves eating Black Forrest cake in the Black Forest! On any weekday the car parks in those places will be 30-50% full of Swiss registered cars and on Saturdays that number swells to 70%. Official Swiss stats show that around 130,000 people from those parts come the other way to work in Switzerland each day and take their high pay home to spend. Thus Switzerland is exporting some of its GDP to those parts but the EU expresses no gratitude - instead it wants to crush Switzerland out of existence. Among other things it is trying to blackmail Switzerland into dropping its high pay policy by forcing it into an overall “Framework” agreement which will bring Switzerland in line with EU member countries. Too bad about those border EU parts that will suffer by this pursuit of power irrespective of consequences for ordinary people.
SA contributor Roger Salus added some important points in his article: Europe is Depleting its Political Capital: Protect your Financial Capital
That state of recession and regression in the EU will not change until suppression by the EU - the It - stops.
What is It?
I am not the only one asking.
It has so many presidents - five at the last count - it resembles a Hydra Headed monster and with its euro currency it has a toxic breath too
Its apologists deem it to be a project and an experiment - it has been in existence since 1957! They also claim it only costs 1% of the member states total GDP. They obviously are oblivious to that pitiful GDP chart above.
Until the It question is clearly and unambiguously answered, giving the EU a tangible status - a federation or a unitary state - no strategies or structures can implemented to reverse the continuing and inevitable decline we have witnessed for too many years while watching China go from strength to strength on its way to becoming the world’s largest economy within the foreseeable future with other like India following fast. Are we to believe that their political systems are superior to the EU’s?!
Also until the question is answered the status quo is a threat to democracy and that threatens the lives of many of us even if we are not in the EU. Today those unelected dictators in Brussels have linked renewal of stock exchange arrangements between Switzerland and EU countries with the command Switzerland drops it high pay policy! That policy has ensured the people of Switzerland have maintained a high standard of living while many in the EU have been forced into poverty - the "necessary adjustment" and "internal devaluation”. I can think of few other things that illustrates the sick minds of the Greeds at the top in the EU than that. They want all to be serfs while they wine and dine at banquets called summits as in the photo below - at least two every month - where their latest self inflicted crisis is discussed and they further insensitively flaunt their paid-for-by-those-serfs privileges. The US is the most successful country in the world - for now - and its state governors do things a different way in their NGA.
No such mundane thing for the EU mighty. Their greed for power and control permeates all. In the British EU exit - Brexit - negotiations they have openly stated that some of the things Britain wanted would mean Britain having a better deal than remaining EU member states. If such a thing as a “better” deal is possible why have they not made sure all members states have this?!! Britain represents 12% of the EU’s GDP and they delight in knowing that when Britain leaves both the EU and Britain will be hurt but Britain will have been hurt more so they have won!! They want to weaken London with no significant gain for places like Paris and Frankfurt that crave more but it matters not that London alone is nearly 3% of the EU’s GDP and is the world’s leading trading centre for their currency, the euro.( Source: Eurostat). There must be a way to minimise the damage for all instead of maximising it but the EU minds do not work that way. Far from delivering unity and peace the EU is fomenting dissent leading to political fragmentation within member states and a resurrection of right wing extremism in some.
Maybe, just maybe, the people will overcome. They could lead the way if Britain leaves without any form of deal with the EU. At one minute past midnight on the day that happens, in practice, apart from offending the madhouse of bureaucracy and rules of the EU, little else changes for the citizens of the EU and Britain. The weather will remain the same, people will go shopping, police will continue policing and doctors and nurses will keep on working....
If those people continue doing the same things they have been doing for the past 45 years since Britain joined the EU then nothing changes; companies will keep producing goods to the same standards, farmers will continue to plough their fields that straddle borders in Ireland, pilots will continue to fly across borders, truckers will do so with their trucks (ensuring that parts of France dependent on them do not get hurt economically), co-operation on policing and counter-terrorism will continue unchanged (it would be sheer madness if it did not) and Britain will keep paying for the commitments it made up to that date. Thus threats of chaos by the Greeds will not come to pass. Who will stop this? Will police and judiciary imprison those normally working truck drivers? Will the French army shoot down those aircraft?
In short that day can be the date when the people go on a reverse form of strike, against the mad political order that threatens their lives, by continuing to work and behave as normal.
I cannot wait for those hubrists to meet their nemesis and I hope it hurts them as much as the hurt they have inflicted on the "necessary adjustments” and for their Hydra to meet its Heracles. That will happen - We the people will overcome and show...
The way ahead
Einstein chose to live in Switzerland as did another deep thinker, Pareto. Vilfredo Pareto’s idea became known as the Pareto Principle or the 80/20 rule
If that was applied to the EU (and the madhouse of bureaucracies in most EU member states) by a neutral outsider we would find that 80% of what it does is unnecessary and the 20% that remains and is useful could be done with 80% less people and cost.
I do not believe the people of Switzerland applied it here but since they are the highest political authority they have ensured that something like it exists here. Other things work here too and I say more about that in Switzerland - Land of Milk and Money Switzerland is a federation with 26 cantons (states), the EU has 28 including Britain. Its main languages are those of the EU - German, French, Italian and English - and most of its 25% of the population who are non Swiss come from EU countries so cultures are similar. It has a single currency - the Swiss franc - that is the world’s strongest helped by a properly functioning central bank, the Swiss National Bank. The SNB is a joint stock company listed on the Zürich exchange. I believe it is the only central bank that is a listed company. It is 60% owned by the cantons and the profits it earns that helps keep our taxes down!
Switzerland also has democracy and tax competition between states - both things anathema to the EU! It has small bureaucracies that work and most political leaders have day jobs that ensures they remain among and part of the people. Those leaders travel on public transport and not in police protected, chauffeur driven limousines.
Rather than trying to crush Switzerland because it works - and is thus a slap in their faces - EU leaders would do well to adopt it as a working model for It to become. This OECD chart shows important income reasons why
Look at the awful position many EU countries are in including France one of the main architects of the It as it is today. And It wants to drag Switzerland with a framework agreement from its top position down to be inline with those! Even the average of those is awful by comparison.
If given a vote on the EU becoming a new Switzerland I would bet that a vast majority of people in EU members states would go for it and Britain would not leave. But the Greeds will ensure they never get that vote.
Some therefore - We the people in EU member states - are already taking matters into their own hands and bypassing the Greeds and the few wealthy that their so-called representational democracies now represent. Protests are growing everywhere. Climate change has been a catalyst for the start of those that is broadening to include many of the inequalities that have had dumped on them. I mentioned that in 5 Power and Pollution Disrupters
More will disrupt those in power in the EU!
Many leaders in European industry are using their European Round Table of Industrialists to send wake up calls to the EU to address the increase in inequality since 1980. Switzerland has mostly not been part of that awful trend; it has a work ethic that goes back many centuries and continues today in part via a strong bond between employers and employees that means Switzerland has the highest level of disposable income in the world while maintaining a relatively equitable distribution of rewards. The US and UK - among others with enormous canyons between the bosses' pay and their employees - should take note!
Much of that income inequality was not Brussels inspired but they have added suppression and inequality in other ways. The Financial Times added its weight to the ERT movement in a recent editorial headed The old world’s business virtues are underrated
Whether the EU’s leaders listen, learn and change is unknown at this stage. Past history suggests they will not so uprisings around member states derided by them as populists and nationalists will dethrone them.
That cannot come soon enough but two things are a major concern. Kafka recognised the situation and cautioned that when Empires fall the stench of their bureaucracies lives on and the other one of importance for investors that may show up in coming months is;
There is no question that the euro has been a catalyst and partial causes for the recession, regression and suppression that exists in several countries that are using it. Its days are numbered and I would advise all currency investors to stay away. Investment in stocks in north European countries like Germany will be safe apart from the general chaos caused because, like all else, the EU will not manage the breakup of the euro properly. Holland and Germany have their old currencies - the Guilder and Deutsche Mark - waiting in the wings and the DM will appreciate by around 50% overnight. That is not my speculation but that of Germany’s five wise men; economic professors who have long recommended Germany get out of the euro for the good of Germany and the EU. They too have been ignored.
The finance minister of Holland, commenting on the euro, said the EU is at a “smouldering risk of implosion” in a recent interview with the Financial Times
That implosion is coming in member states as can be seen in the divides the EU has caused among the people in Britain. They want to take back control of their own lives from that rule book suppression by the Greeds in Brussels and abysmal leaders in London. For example, Scotland and Northern Ireland may leave the United Kingdom somewhat disunited. Elsewhere in the EU, Catalonia may leave Spain. Sud Tyrol may leave Italy. North and South Italy may separate. Bavaria and Baden-Württemberg may take the cue and leave Germany?!
Readers of my articles will know that I have a positive view of the future and one thing the Greeds cannot and will not be able to control in time to save them, is the internet. Whereby in past times they could control what they wanted us to know via a captive media and often lying politicians and bureaucrats we now inform ourselves on a mostly world-wide basis and can thus come to conclusions and make decisions for ourselves. The Swiss chose a system - that the EU despite its best efforts will not crush - of bringing up their young people from an early age to make decisions for themselves and they do so at all levels; they are the sovereign, the highest political authority.
It works. The internet will bring power belatedly to the people in other countries too. We are witnessing the slow death of politics and the birth of Direct Democracy.
It will not happen overnight but it will happen. In the meantime avoid the EU’s weapon of mass middle class wealth destruction - the euro - and do some cherry picking of stocks. I am mainly sticking with ones in the US and in Switzerland, the country with direct democracy and the world’s strongest currency!
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Additional disclosure: I will never get my ego warmed by being called an elite so please do that for me