The UK is not in the firing line, says William Hague.
He must have been on drugs or something, because aside from that, he believes that European nations need to "demonstrate to the satisfaction of financial markets the credibility of their own intentions to bring their deficits and debts under control".
Which begs the question: who died and made financial markets the boss?
It's fascinating that our politicians - at least those who can be bothered to be in the country in times such as these - are so open about who is in charge. Since the beginning of August, the FTSE has lost over 10% of its value. Such large moves in the stock market demonstrate that it bears no relation whatsoever to any real notion of "value".
Stock prices are supposed to reflect the real economic value of a company. We choose stocks to invest in where we believe the company concerned is growing - the stock price should grow as well.
But in these heady days of the great global casino, so much of the "liquidity" floating around the stock market is speculative gambling money; created from nothing as hedge funds "leverage" the money people have invested with them. Even the gold market is run as a fractional reserve system these days, with 90% of the money invested there unconvertible to physical metal because there is not enough physical metal in existence to cover the paper in circulation.
As a result, stock prices bear no relation to the real economy or the companies that make it up. Value on the stock market is purely "sentiment" based, and it seems our politicians are chasing market sentiment for all its worth.
And as a result of the recent massive falls in stock market prices, the G7 finance ministers held an "emergency" telephone conference call on the 8th August. The outcome of that call was a statement designed to reassure the markets that they would "take all necessary measures" to save the collapsing banking institutions.
They call this "supporting financial stability."
Finance "leaders" globally continue to demonstrate they have only one kind of "necessary measure" available to them, which is to hyperinflate globally. While the US Congress refuses to permit the Fed to begin its QEIII programme, the Fed has agreed to continue to be the global lender of last resort.
In the meantime, the ECB has agreed to start buying up Eurozone government bonds in an effort to support the Euro. The question is, though, where are they and the Fed getting the money to do these things?
They're printing it - Quantitative Easing is alive and well, thank you very much. And all the while, our so-called leaders flail around in blind panic as they chase "the markets". Policy is now decided, not on what is best for our countries, but what is best for the markets. This is not what is meant when we describe ourselves as "a market economy".
Until this present crop of traitors is removed, not only from our own Parliament, but from governments of every developed nation, and replaced with a leadership which will stand up to the markets, this situation will only get worse.
