Nigel Farage Explains Why Greece Must Be Allowed To Default

Tyler Durden's picture

On the day when the flawed euro experiment will get its first popular pseudo-referendum, it is only logical that prominent euroskeptic Nigel Farage would sound off on how he sees things for Greece, Europe and the currency union, and why he believes the current situation is nothing short of slavery.

From Nigel Farage:

Greece must be allowed to default

The European elite is ignoring the will of the people by protecting Greece from default, claims UKIP leader Nigel Farage MEP

As the European economic crisis unfolds, it is becoming obvious that
there are two distinct ideas out there about how to proceed. One is
favoured by the international financial elite, the European Union and
the political leaderships of member states - and the other is the
approach that is gaining purchase outside the chancelleries.

The
former is the creation of a true European nation, a fiscal and debt
union; the latter is allowing market forces to work and letting Greece
unpick its monetary handcuffs and find its own level. I ask whether we
would prefer to live under a benevolent dictatorship now because the
time for answering it is fast approaching, the fork in the road is upon
us and we are going to have to choose. I am not going to argue that one
answer is entirely good, and the other entirely bad, but that each has
its positives and negatives. It depends on your perspective, that is
all.

Those that favour the top-down approach can include almost
everybody with political influence on the continent, and many off it. To
that number must be added the acting Director of the International
Monetary Fund, the American John Lipsky and his director of European
operations Antonio Borges. To them stability of the system is all, and
protection of the status quo overrules other values - which at other
times they might trumpet. In Luxembourg, on Monday, they launched the
IMF's latest statement on the eurozone. In the IMF's normal
user-friendly way, this study is called the 2011 Article IV mission.

Incomprehensible
in title, the importance of this document should not be overlooked.
What this report states so baldly is that the interests of the European
elite must and will take precedence over the wishes of the people. After
all, as is generally accepted, the bailouts are currently transferring
institutional and private banking debt from those institutions to the
taxpayers. Those taxpayers must therefore have a choice.

But
they are to be ignored. Listen to Borges state: "We really believe that
many of the current problems result from incomplete integration. In the
process of developing monetary union like the United States, which is a
fully integrated monetary union, you have obstacles that magnify the
problem." What he seems to forget is that final fiscal and monetary
union in the US only happened after the then bloodiest war in history,
in a country that was already united by language law and customs. It is
extraordinary that the IMF is suggesting that this economic crisis is in
any way synonymous with what was happening in the US in the 1840s. The
only slavery here is of the people to the Eurocrats dream. For without
democratic control, we are left with something akin to slavery.

The
other option is for Greece to default, leave the euro, find its own
level, set its own interest rates and trade itself out of its
predicament. The Greeks are no less hard working than any other nation,
but have been gulled through the application of economic policies that
suit Thüringen not Thessalonica. A wall has been built around the minds
of the elite, one in which there is no door marked "exit" merely the
ability to build the walls higher. The wall is their political
commitment to the euro at all costs; the bricks are their hectoring
communiqués.

We must make no bones about it, according to the EU
and the IMF there is no alternative. The people of Greece must do as
they are told. They cannot countenance default and leaving the single
currency. What then is the price of democracy in its birthplace?