Interesting analysis - I really appreciate your reference to "King of
the Mountain" - this mirrors some of my own thoughts in a much better
way than what I had formulated thus far. Thanks!
Barry
On Jun 20, 2011, at 4:19 PM, Ray Harrell wrote:
Well, I think this shows that the market is a poor substitute for an
International culture, mission and ideals. We have been sold the
idea that the market is the great humanizer when in fact it is a
result of humanity not a cause.
I don’t know why we should consider that the English are of more
value than the cradle of Democracy and Western Culture. This
begins to resemble the reasoning for the keeping of the Elgin
Marbles in England. But if Europeans want to have the power of
the American and the Asian markets they have learn to honor each
other and meet each other half way. I don’t see it.
Provincial chauvinistic discrimination seems to be the only “Lingua
Franca” between the various countries. We met the problem here in
1776 and could not find the way out except by making the English
supreme and genocidal. It’s still a problem in various states in
the U.S. including my home state of Oklahoma that passed a law for
English only just two years ago at a time when the state had
hundreds of native languages as well as the European and Asian
languages. Instead of considering it a cornucopia to grow from,
they wanted to reduce the complexity through elimination rather than
competence. The old children’s game of “King on the Mountain.”
REH
From: [email protected] [mailto:[email protected]
] On Behalf Of Robert Stennett
Sent: Monday, June 20, 2011 1:34 PM
To: EDUCATION RE-DESIGNING WORK INCOME DISTRIBUTION
Subject: [Futurework] BBC News - Greek debt crisis: Straw says
eurozone 'will collapse'
http://www.bbc.co.uk/news/uk-politics-13839381
20 June 2011 Last updated at 12:11 ET
Greek debt crisis: Straw says eurozone 'will collapse'
Jack Straw: "The euro in its current form is going to collapse"
Jack Straw has predicted the collapse of the eurozone and urged the
UK to consider the "alternatives" as the Greek debt crisis worsens.
The Labour MP and former foreign secretary said the euro was facing
a "slow death" and the 17-member eurozone "cannot last" in its
current form.
He was speaking as MPs discussed the prospect of a fresh bailout for
Greece.
Treasury Minister Mark Hoban said it was in the UK's interest to
"ensure the continuing stability" of the eurozone.
However, he insisted the UK would not be participating directly in
any bailout and UK exposure to the Greek economy was "relatively
small".
The countries which use the single currency have said Greece must
agree further austerity measures before receiving £10bn, raising the
prospect of the country defaulting on its debts should it be unable
to do this.
'Going to collapse'
London Mayor Boris Johnson is among a growing number of UK
politicians to call for this to be allowed to happen - and for
Greece to leave the eurozone.
“And since the euro, in its current form, is going to collapse is it
better not that this happens quickly rather than a slow death” -
Jack Straw Former Foreign Secretary
Mr Johnson told The Daily Telegraph: "The euro has exacerbated the
financial crisis by encouraging some countries to behave as
recklessly as the banks themselves.
"We are supposedly engaging in this bail-out system to protect the
banks, including our own. But as long as there is the fear of
default, as long as the uncertainty continues, confidence will not
return across Europe."
Asked in the Commons to respond to a urgent question about the UK
government's position in the event of a default, ministers faced a
succession of calls from Tory and Labour MPs for Greece to exit the
euro.
Jack Straw suggested the eurozone was facing a potentially terminal
crisis.
"What the government should do instead of sheltering behind the
complacent language, weasel words that 'it is not appropriate, we
should not speculate' is recognise that this eurozone cannot last,"
he said.
"And it is the responsibility of the British government to be open
with the British people now about the alternative prospects.
"And since the euro, in its current form, is going to collapse is it
not better that this happens quickly rather than a slow death."
Mr Straw, who was home secretary before becoming foreign secretary
between 2001 and 2006, was always seen as one of the more
eurosceptic members of Tony Blair's cabinet but has become
increasingly outspoken on the issue such returning to the back
benches after last year's general election.
In the Commons, Conservative MP Anne Main said Greece should be "put
out of its misery" and allowed to "depart peacefully" from the
eurozone while fellow Tory Bernard Jenkin called for an "orderly
departure".
Treasury minister Mark Hoban responded that Greece needed to get its
economy "back on track" and that its inability to raise funding from
financial markets meant that a further bailout might be required.
'Distress and misery'
However, he stressed that the UK would not be participating
"directly" in any rescue - although it could be liable for any
further support via the International Monetary Fund.
"The UK only participated in the May 2010 package for Greece through
its membership of the IMF.
"So the burden of providing finance to Greece is shared by the IMF
and Euro-area member states and we fully expect this to continue.
Our position on this is well understood across the euro area."
Asked about the wider impact of Greece defaulting on its debts, he
said the Treasury, Bank of England and Financial Services Authority
was closely monitoring the financial system but that UK banks had an
exposure of just $4bn to Greece - much smaller than either France or
Germany.
He said that the UK had a "big interest in ensuring the continuing
stability of the eurozone."
But he added: "Clearly this crisis demonstrates the huge strain the
eurozone is under - that is why it was right for us to stay out of
the eurozone."
The Greek government wants a similar rescue deal to the $110bn
bailout it received last year but eurozone financial ministers have
postponed the latest £10bn loan from the EU and IMF until further
austerity measures are introduced and are awaiting the outcome of a
vote by the Greek Parliament on Tuesday.
But former Labour Europe Minister Denis MacShane insisted it was in
Britain's self-interest to help prevent it defaulting on its debts
and leaving the single currency.
Although he conceded that Greece should "probably not" have joined
the euro in the first place, he said the consequences of it leaving
now would be severe.
"For a nation to go bankrupt would condemn its people to a long
period of distress and misery, which would only create further
immigration flows as Greek workers are forced to get on their bikes
and seek employment elsewhere," he told BBC News.
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