Eurointelligence: at least a bit smarter than Barroso, Trichet and Merkel.

I just discovered this economic news site: Eurointelligence. Not bad for a liberal economics site, really, some of the stuff I'm reading are much in the line of what I have been saying since the eurocrisis began last year.

Maybe the most important article of those on first page today is Pilippe Legrain's, who states: this is a crisis of the banking system, not the euro. He argues, correctly, that it was banks who miscalculated their risks and yet it's taxpayers and workers who are being forced to pay for those errors:

At heart, the “euro crisis” is a wrestling match over who will ultimately bear these bank losses. So far, EU governments have decided that banks’ bondholders must be protected at all costs, preferring to impose losses on taxpayers instead – even if this stretches governments’ solvency to breaking point. This is explicit in Ireland, much less so elsewhere. Because voters’ tolerance for bank bailouts has worn thin, governments are acting covertly: lending huge sums to Greece and now Ireland so that they can repay German, French and UK banks in full – all under the pretence of “defending the euro”. 

This strategy is not just unfair, costly and dangerous; it is ineffective.

Then he goes to say nonsense charging against Sinn Feinn, calling it "populist and extremist", when in fact is the only party of Ireland with some common sense and when we should be much more concerned by the advance of the fascists in Sweden or the Netherlands, who are indeed populist and extremist of the worst kind. But that's the kind of bias you find in the liberal media.

Still glad that some of those market hooligans are realizing that this is nothing but a scam by the banksters and their political minions.

There is also some notice of alleged desperate calls by Portuguese PM José Socrates to his colleague in Berlin and EPP comrade A. Merkel as the sharks' circle closes on Portugal, what will affect specially Spanish banks. Meanwhile, another Portuguese, European Commission's President Joao Barroso lost his temper when replying to accusations by Irish politicians that EU is doing nothing but forcing Irish people into vassalage. As expected from a Brussels' minion of the bankster mafia, he replied accusing the Irish people instead of German, British and French bankers.

In any case another site to follow the track of blood left by the Euro-sharks in their desperate attempt for survival... at the expense of you and me.