Euro Madness

The crisis over the Eurozone seems likely to bring out the worst in our Westminster politicians.

If the Euro collapses, there will be another damaging economic recession that will affect all 27 member of the European Union (EU) - not just the 17 who use the Euro as their currency of choice.

Many Westminster politicians feel smug and self-righteous now just now - for having not joined the Euro - and take great comfort from the much bigger mess some of our Eureopean neighbours have made of their own economies - Ireland and Greece for example.

Ireland with its ludicrously inflated property market which has now gone bust - of course - and Greece with its low and no tax culture - while public spending went through the roof.

But Britain is not a whole heap better really - it's just a question of degree - and the rescue package now under consideration is about trying to bring some much needed sanity - back into our financial markets and institutions.

Because it has been the profligacy of our national governments - combined with the greed of banks and other financial institutions - which created the problem in the first place.

The reckless emphasis on growth - built on an ever spiralling mountain of debt - proved unsustainable in the end and now we have a day of reckoning.

So if the 17 Eurozone countires now take steps to clear up the mess - by introducing tough and enforceable rules - then who are we to complain?

The UK is not part of the Eurozone club after all - successive governments decided to stay on the sidelines -  which looks to be the correct decision at this point in time.

But we can't seriously be arguing that Britain should have its cake and eat it at the same time - can we?

Well both the Tories and the Labour party seem to be saying just that - while the Lib Dems are saying very little about anything - because the Euro and the Eurozone is such a toxic subject right now.

If the rebels in the Tory party succeed in their call for a referendum over Britain's future - 'in or out of Europe' - I think it will produce a massive boost in support for independence in Scotland.

Why would the Scottish people fear independence for Scotland - when crazy backbenchers in the Tory party promote the false choice of a new 'independent' Britain - freed from the 'malign' influence of our European neighbours.

Only a fool would think that Britain can be truly independent in Europe - when most of our trading links are with the other 26 members of the European Union.

So it will be interesting to see what happens in the next couple of days - a lot will hang on which way Westminster jumps.

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