What we are witnessing in Europe is the contraction of its economies and the generation and harbouring of resentment so deep that it threatens the very post war settlement of this historic and vital aggregation of the world’s nations. Laid over this deepening well of discontent and tension lies the folly of the western European leaders who are not merely permitting but impelling the slide downwards to disaster that is evident to any informed and detached observer.
For at least 3 years the economies of Europe have been cracking under the glacial weight of fiscal and monetary freezing that now imperils the livelihoods of hundreds of millions of its inhabitants. The Euro and the cult of the European one government, of which it is both the emblem and binding agent, have brought about levels of youth unemployment not seen since the days just before the nomination of Adolf Hitler as Chancellor of Germany in January 1933.
In Spain general unemployment is at an astonishing 23.6%. Greece has 21% of its working population unemployed. Portugal, Ireland and Slovakia all have jobless levels of over 14%. The democratic stability of the entire region of the world has been undermined. Greece and Italy have had their democratically elected government supplanted by bureaucrats nominated by Germany with the concurrence of France. The Dutch have a triple A credit rating and debt and deficit levels far lower than the UK yet its ruling coalition has collapsed under the constraints imposed by fiscal union. You will also recall the dramatic fall of Fianna Fail in Ireland last year – a party that has governed Ireland for 80 years. Last week 18% of French electors voted for a return of the franc.
Now the Euro is at a 20 month low against the pound sterling yet our government incredibly pledges larger and larger sums to support the currency and the policy that has brought about such a state of affairs. £12.5 billion is already committed and a further £10 billion has been loaded onto this by the contribution to the IMF, a body led by a French technocrat committed to shoring up the Euro and the Eurozone economies against the glacier that is slowly crushing them.
The entirety of Mr Osborne’s ‘cuts’ do not exceed £9 billion. Not only are we lending our aid to impoverishment of our European neighbours but we are fanning the fires that are consuming democracy and ushering in a new era of political turmoil, discontent and tension.
The post War settlement is now under threat. Germany stands dominant in a Eurozone whose peoples are parting company with those they have elected leaders. They realise that the euro is not compatible with their nation states. They see that it is an engine driving their economies and lives ever deeper into recession, turmoil and hardship. Now, ominously, they are losing faith in their democracies.