|Climbing the Walls over the Euro crisis; |
Bond markets take fright, Picture: Dusseldorf 2011
A chilly Wind passed through Berlin today Wednesday 23rd Nov 2011. It is clear the gust front has arrived with the financial thunderstorm close on its heels.
Bonds market shunned Berlin debt. Berlin shunned Brussels eurobonds. Traders took Flight. It may be planned that eurobonds will eventually come into place but the Saxon Queen is correct to say first things first.
Commitment to Art of Superstate part 1V is a condition she needs before issuing such guarantees to cover the debt of weaker economies.
Continuing to cultivate a technocratic United States of Europe is a flawed plan. Unity is no longer with us.
Brussels needs to accept there is more than one way to skin a goat. Without a safe and stable democratic core with Germania Magna at the helm Europe will implode and crumble under the weight of recession and citizens concern for the future.
Bond markets gamble on the future. Real leaders don't have that choice. The Chancellor will get her core group of Euroins and only after such a bold step, will Brussels get its eurobonds.
The big question is whether the Chancellor will wait for the storm to engulf Europe and the World in the hope citizens will run to her core for shelter or hold a democratic referendum early next year. It would be wiser to get permission before making big moves. Something Brussels should have thought more about in the years between Maastricht and Lisbon.