It really has to be watched to be appreciated, but Nigel Farage put on a clinic earlier this week when he unleashed on the utter failure that is the EU. He mercilessly named names and spared no one. At least someone is speaking the truth in Europe - but is anyone listening?
On Wednesday, UK Independence Party Nigel Farage tore into the eurozone leaders who he feels have led the EU into financial ruin.
"Another one bites the dust. Country Number 4 Spain gets bailed out and we all of course know that it won't be the last. Though I wondered over the weekend whether perhaps I was missing something because when the Spanish prime minister, Mr. Rajoy what a success the eurozone has been. And I thought, well, having listened to him over the previous couple of weeks telling us there wouldn't be a bailout, I've got the feeling after all his twists and turns he's just about the most incompetent leader in the whole of Europe. And that's saying something. Because there's pretty stiff competition. Indeed every single prediction of yours, Mr. Barroso, has been wrong. And dear old Herman Van Rompuy, well, he's done a runner, hasn't he? Because the last time he was here, he told us we had turned the corner, that the Euro crisis was over and he hasn't bothered to come back and see us," he said.
"You know, I remember being here ten years ago and hearing the launch of the Lisbon agenda. We were told with the Euro by 2010 we would have full employment and indeed that Europe would be the competitive and dynamic powerhouse of the world. By any objective criteria, the Euro has failed and, in fact, there is a looming impending disaster. You know, this deal makes things worse, not better. 100 billion is put up for the Spanish banking system, and 20% of that money has to come from Italy. And under the deal the Italians have to lend to the Spanish banks at 3%, but to get that money, they have to borrow on the markets at 7%. It's genius, isn't it? It really is brilliant. So what we're doing with this package is we're actually driving countries like Italy towards needing to be bailed out themselves. In addition to that, we put a further 10% on Spanish national debt, and I tell you any banking analyst will tell you 100 billion doesn't solve the Spanish problem. It would need to be more like 400 billion. And with Greece teetering on the edge of Euro withdrawal, the real elephant in the room is that once Greece leaves, the ECB, the European Central Bank, is bust. It's gone. It has 444 billion Euros worth of exposure to the bailed‑out countries. And to rectify that, you'll need to have a cash call from Ireland, Spain, Portugal, Greece, and Italy. You couldn't make it up, could you? It is total and utter failure. This ship, the Euro Titanic, has now hit the iceberg and sadly there simply aren't enough lifeboats."
"I love this guy!" Glenn explained after hearing the audio. "There are a few Englishmen that are out there who just say it like it is."