Readers of this Blog or my Facebook page will be aware that I have been following closely the crisis over sovereign debt that has emerged in Europe. The problem of sovereign debt in the PIIGS counties - Portugal, Italy, Ireland, Spain and Greece shows little sign of abating. Other countries in the eurozone have been dragged in as they seek to mount rescue bids. Unfortunately the USA is not playing ball and in effect has blocked support to the IMF which is the main funder of the Greece rescue package.
German concern has led to an almost unprecedented intervention in the nation's financial markets. It has banned 'naked' short selling of government bonds and shares in major financial institutions, ie selling without holding on loan the underlying security. Chaos in the markets is forecast.
It all has the makings of a slow motion crash - you know there is going to be a crash and see it unfold before you. I believe it is not 'if' but 'when' the crash at the crossroads occurs. What then?
In the UK the general election has been at the forefront of public interest and concern. What is happening in a far off country seems of little relevance. But it is, I have this sense of foreboding that Europe may be consumed by economic and financial flames just as damaging as the flames of seventy years ago.
KENT COMMUNITY ACTIVIST: acerbic, carping, caustic, curmudgeonly,critical, cynical, grumpy, moaning, sardonic and plain speaking.
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