The Euro Pact

THE ‘Indignados’ seem now to have leadership and a purpose. Whether or not the vast majority of the demonstrators know who these organisers are, or have any idea of their aims, is another matter. It all comes via the internet these days, and of course, for the IT-literate generation, that is enough.

For those of you who have little idea what the ‘Euro Plan’ is – and I must be honest in including myself in that number, at least until today – allow me to give a rough run-down. It is a plan agreed by the EU heads of government to facilitate and implement the EU’s economic strategy, which, as we all know, includes cutting government spending, increasing the age at which most people will be able to receive the State Pension, and so forth.

The idea is that if governments can reduce their out-goings, they will stand a better chance of paying off the debts incurred when fiscal crisis burst upon the world. Get rid of that debt, the thinking goes, and we do away with the back-breaking interest burden. To me this seems a sensible approach, but then, I was a fan of Margaret Thatcher’s ‘Kitchen Economics’ theory, which I might remind you sceptics, did work.

After all, if you found yourself in debt, and having to pay interest at 20 per cent, you’d have to be a little simple-minded to think it might be a good idea to take out a further loan to pay off your debt – at 25 per cent. Basically though, this is what the EU is urging the Greek Government to do. I wonder sometimes, if Economists come from the same planet as the rest of us.

But let us look a little more closely at the aims of the Anti-Euro Plan organisers. In a commentary which I found on-line, they say, and I quote: “We need to find a path towards a supra-national alliance which is opposed to the Euro Pact, and politically supports and coordinates the construction of another Europe. This means advancing firm criteria for driving EU policies in favour of the social majority represented by the labouring classes.”

Note the switch from ‘Working Classes’ to ‘Labouring Classes’. Perhaps the organisers have cottoned on to the fact that most people today who go out and earn a living are ‘Working Class’, simply because they work.

As many of you will know by now, I’m opposed to the EU, and to the Euro. I believe both to be politically driven and thus, bound to fail. I do believe the financial chaos was caused by the greed and carelessness that seems to afflict the world’s ‘Market Movers and Shakers’, perhaps because, dealing in such large sums, they get to the point where, in their minds, it’s become ‘gambling money’, a concept better suited to Las Vegas.

I don’t like the idea of our economic health being dependent upon money-men guessing correctly or not, but neither do I care for the Anti-Euro Plan advocates’ implied suggestion that we would be better off under a Communist regime.

Personally, I’d rather sharpen my sword and face up to the devil I know.

By Jim Collins
Photo credit: Mario Sanchez Nevado