Thursday, November 18, 2010

EU is broke and falling like a pack of cards

I have depressed myself this morning thinking about the current Ireland situation.
1. UK is exposed by STG 153 bln
2. RBS is exposed by STG50+ bln and this is most probably 'cos they own Ulster Bank
3. UK has to pay STG 7bln to the EU to help Ireland eventhough we have a huge exposure
4. Ireland was the best at getting money out of the EU and that's why they have the best Road system in Europe.
5. What comes out of Ireland as far as industry or any real product? They have graduates and builders.
6. There is no central control or Risk Management in the EU so what are other banks are exposed and how much is the EU exposed to Ireland.
7. How on earth is Ireland to repay this debt.

There are 4.6 million inhabitants so that means that for each person the government has taken from the UK banks STG 33,000 approx.
Salaries in Ireland are low and the tax is high, so payback was years.
This doesn't take into account the borrowings from the EU, Other banks in different countries.
Ireland's average male age is 34 years old.
The population growth is only 1% per year, so it's likely that the adult population is too slow to pay it all back in time.
GDP is in decline by 7% per year.
These are facts from the CIA in USA.
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Other countries yet to detail their debt:
Spain
Portugal

Again net takes and large amounts.
Not to mention:
Romania
Poland
Lithuania
Latvia
Bulgaria etc
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So my realization after all of this, is that the EU is BUST. Also, it's a realization that we cannot get out of this debt mountain.
The only option for the UK is to pull out of the EU.

Questions:
Why are we being asked to fund a HQ for lawyers and interpretors in Luxembourg?
Why will it cost STG 850 million and we all know it's likely to be STG 1.2-1.6 bln and how can this be justified.
Why is it being built in Luxembourg another Benelux country.

Answers:
Belgium is always nearly broke
Belgium and Luxembourg are one of the biggest areas for Fraud and Money Laundering.
Brussels is where the HO for the EU is and look at their expense claims etc
Luxembourg still has a banking industry which is secretative and therefore ideal for laundering.

It's all down for greed and not being accountable to anyone.

In a new building of course you need offices and furniture etc for the inhabitants.
Then you need their support staff.
Then you need apartments
Then you need family
Then you need to have a good life
I can just go on !!

Basically, someone needs to stand up and so NO MORE, out we go !!

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