Thursday, 27 October 2011

Am I Missing Something

Like Winnie the Pooh I am obviously a bear of very small brain. I come to this conclusion when I get a sense of fear running through our Government at the prospect of a two tier EU made up of those in the Eurozone, making big decisions and those outside the single currency relegated to a second tier role.

If the EU were thriving that might be of some concern, but a lot of the serious thinkers and commentators seem to think the opposite is true.  Aside from a bit of market giddiness on the announcement at 4am (which The Slog sheds some light on), hyped up by the main news bulletins, there is a very dissenting counter opinion to that viewpoint.  The message that is increasingly appearing in news bulletins from people looking hard at the problem is that what we have is smoke and mirrors.  The view is that the Eurozone is in very real trouble and the politicos are playing for time by trying more of what has failed to this point. The result will be the same they feel.

If that is the case, what precisely will we be shut out of?  If the hallmark of that zone will be a financial crisis, surely the results will be felt by anyone living it.  We live in a society which grows based on credit and that includes both business and individual consumers.  If that locks up, precisely who will be doing the buying that we consider a vital aspect of our relationship with Europe? 

So what exactly is the fear here?

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