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Bloom: Those responsible for euro shambles should be sent to prison
Date 06/12/2011 11:59  Author webmaster  Hits 2302  Language Global
VIDEO

"I've never known in the history of the world that politics beat economics," UKIP MEP Godfrey Bloom told RT yesterday, following agreement between Merkel and Sarkozy over EU treaty changes to save the euro.

"Water doesn't flow uphill, that's the long and short of it. Forget my politics, it doesn't really matter. The long and short of it is: this project is doomed to failure, it was always doomed to failure, and moreover I would have the people responsible... arraigned at a fiscal crimes tribunal. I would like to see some of these people sent to prison," Bloom said.   

"The only way out of this is growth. And of course the thing that restricts growth and economies is regulation and taxation, and that's exactly what the European Union wants more of. They just don't get it... I give the thing months rather than years, now."

Asked about Merkel and Sarkozy pushing for a new treaty that would punish states for breaking the rules, Mr Bloom said "it's so much political posturing as it always is. The first people to break the rules - I think was in 2003 - were the French and the Germans by breaking the Maastricht treaty 60%-of-GDP rule. [NOTE: they broke the rules three years in a row from 2002 to 2004].

"So they've been breaking the rules. Everybody's been breaking the rules. They continue to break the rules, and of course now we have - quite against treaty obligations - we have the ECB buying soveriegn debt in the secondary market, so the whole thing is a complete shambles and they're trying to strap celotape all over it, but it's not working.

"We are now witnessing the endgame. It's over. If the euro had been a horse, they would have shot it."





Transcript:

RT: So, Merkel and Sarkozy pushing for this new treaty to punish states which break the rules, how do you assess that measure?

Bloom: Well it's so much political posturing as it always is. The first people to break the rules, I think was in 2003, were the French and the Germans by breaking the Maastricht treaty 60%-of-GDP rule. So they've been breaking the rules, everybody's been breaking the rules, they continue to break the rules, and of course now we have - quite against treaty obligations - we have the ECB buying soveriegn debt in the secondary market, so the whole thing is a complete shambles and they're trying to strap celotape all over it, but it's not working.

We are now witnessing the endgame. It's over. If the euro had been a horse, they would have shot it.

RT: Okay, so, id anything can come from the ashes - they're talking about this fiscal union being created for all 27 members of the EU - I know you don't believe it, but do you think countries outside the eurozone, like Britain, would ever agree to it?

Bloom: Well, I don't think the countries themselves would agree to it. There's no democratic remit for this action - this is action between ECB unelected bureaucrats to try and save what is a political project, a political currency which hasn't ever had the support of the people.

The whole euro project has been a German horse with a French jockey, as we've seen today, nobody else has been mentioned.  The other 25 countries haven't been mentioned - this is all about Germany and France.

And of course, suddenly, people in Germany are wising up to the fact that they're the ones that are permanently putting their hands in the pocket and democratically I don't think it's sustainable.

RT: There's talk about Italy. We saw the tears of the Italian welfare ministry, she talked about what her country is having to do - more austerity there unveiled, but of course the interest rate remains at a level that Rome, many people say, simply can't afford to pay. What's the future for Italy then?

Bloom: Well, there, the national debt is a 7% coupon which is just unsustainable with their economy. It's the same with the other economies - not, incidentally, that the United Kingdom is any better - the UK is in a terrible situation as well but they are not locked into the straight jacket of the euro.

The only way out of this is growth, and of course the thing that restricts growth and economies, is regulation and taxation, and that's exactly what the European Union want more of. They just don't get it... I give the thing months rather than years, now.

RT: Well it seems the UK's chancellor George Osborne agrees with you partially, at least he's been preparing Britain for the collapse of the euro. How likely - you say it's a couple of months away -  do you think that is likely? You've got strong convictions about this, yes?

Bloom: I'm a professional economist. I've been 35 years a professional economist. This isn't about politics, this is about economics, and I've never known in the history of the world that politics beat economics. Water doesn't flow uphill, that's the long and short of it. Forget my politics, it doesn't really matter. The long-and-short of it is: this project is doomed to failure, it was always doomed to failure, and moreover I would have the people responsible... arraigned at a fiscal crimes tribunal, I would like to see some of these people sent to prison.

www.ukip.org
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