Farage On The Spanish Bailout: "A Reinforcement Of Failure"

Tyler Durden's picture

While the short-term benefits can be weighed against any long-term solution a number of ways, Nigel Farage provides not just the most colorful summation of situation but also the most succinct when he refers to the 'madness' of 'intervention to keep the Euro alive' as "reinforcement of failure". The better, and braver, in his opinion, thing to do, is to recognize that those Mediterranean countries should never have joined the Euro in the first place. As we have stated again and again, by kicking-the-can once again to prop up the euro-zone with bailout-after-bailout, all we are doing is prolonging the misery. The discussion on Sky News digs into the collateral-damage 'strawman' - which will happen anyway - and then 'Red' Ken Livingstone (an infamously socialist-leaning British politician who advocated for Britain's joining the Euro when it was formed) now somewhat notably agrees with Nigel that "locking Europe into a decade of permanent economic malaise" adding that once the smaller countries were added to the core, "it was doomed to fail". The two 'odd fellows' continue on to discuss the analogy of the USA to a United States of Europe noting that it took a civil war and a century before a common monetary and fiscal policy was accepted, adding simply that Europe's "nations will not give up their sovereignty".


Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
sitenine's picture

Not exactly a news flash; just more people are waking up to it is all.

death_to_fed_tyranny's picture


Peter K's picture

I take it that your basement got flooded again? :)

e92335i08's picture


Tom Green Swedish's picture

Just curious.  Where is Italy's bailout?

Dr. Engali's picture

Don't worry it's coming. Then we go back to Ireland then back to Greece.

barliman's picture


The planned itinerary has been changed ...

Greece will be revisited first ... since the land of a million daily ass rapings has been incentivized to vote for the politicians who will "reset" the conversations with the Troika by saying, "FUCK YOU"

The planned return flight over Spain may be forced to land due to turbulence caused by social unrest.

The next planned stop is Italy ... but the French banks may pressure Hollande to go get whatever he can a la Spain before the Italians suck the mother tit of Rescue dry.

Please standby and have your wallet ready for confiscation.


krispkritter's picture

Interesting look at Greece. Wondering if this happens in Spain, Italy, etc. and even here, ie. 'empty-nesters' getting 're-nested' with a return to family and basics.


And a revival of local currency?


Tom Green Swedish's picture

Ok thanks for letting me know.  After All their Stock Market only tanked like 40 percent this  year, and they are manufacturing 1 million cars less a year than in 2000.  And their gas prices are like 10 dollars a gallon. LOL

Titan Uranus's picture

Could we in the US borrow Nigel for about four years?  It would be a sweet relief to have someone with the testicularity to tell the truth and let the chips, buffalo or otherwise, fall where they may.

valkir's picture

Just around the corner.You will not wait long to hear for Italy bailout.

Dr. Engali's picture

A question to all those from Europe. Do the powers that be try to hide Nigel and his message over there like they try to conseal Ron Paul over here? He get's his guest appearence on an obscure station every now and then, but to them it's more  entertainment than looking for substance.

Colonial Intent's picture

Any moments of clarity that he has are subsumed by his shrilling for the city of london, deregulation of the sq mile, plus his colleagues in the UKIP party have.....questionable ideas, (round up all gays with hiv and put them in camps till they die), thats why i dont take him seriously.

Nationalist Capitalist Vs National Socialist on tv for your amusement.


Ghordius's picture

+1 Farage is 100% tied to the sq mile and Colonial Intent's words about the UKIP are somewhat on the kind side - dear Nigel is enjoying his moment of "told you" because the Pound is nimbler in the devaluing game. I don't see him bragging about the inflation that the UK has, if he were really honest he would say: the UK partly defaulted by printing more. Could you imagine Ron Paul defending the policies of a weakened currency?

dumbengineer's picture

100% agreed. Tired of Britons lecturing the rest of Europe. Go get a life somewhere else. And don't even think about coming back to Costa del Sol.

dumbengineer's picture

100% agreed. Tired of Britons lecturing the rest of Europe. Go get a life somewhere else. And don't even think about coming back to Costa del Sol.

Ghordius's picture

I still find it a bit disturbing that he is so popular among the US ZH-readers, particularly among Ron Paul supporters.

You already have politicians advocating his policy mix of printing, default by devaluation, deregulation of all financial services and globalistic trade.

In short, you already have politicians in the pockets of the MegaBanks.

GeneMarchbanks's picture

Ghordius I made this mistake last summer before I knew much about UKIP and let's just say the rest.

At this stage, Americans are having a hard time distinguishing between independent voices of dissent and salespeople in their own country let alone the EU and its madhouse. You cannot really blame them when you realize they are hoping to find a refreshing voice or someone who is an actual leader as oppose to a shill spewing the party line of some mob or interest group. It's a savage desert out there, politically speaking since that is all that's left at least from what I can tell. Take the Tea Party people as an example, seemingly it was a spontaneous outburst of 'grass-roots' 'Merica, right? Well, either it wasn't at all what it seemed or it was hijacked along the way. All that is left is salespeople, and as all good salesman they'll take on the shape/color of any side just to get you do buy something.

For the merchant, even honesty is a financial speculation. --Baudelaire

verum quod lies's picture

Ignoring foreign policy entirely, I find it more disturbing that so few are able to work out which group is mostly responsible for filtering out politicians that advocate positions contrary to the fiscal and monetary death spiral we are in. In fact, many people on this site will do the ad hominem name calling thing whenever one even mentions the group. Anyway, don’t be confused, and especially don’t act confused by the crop of politicians that have been scrupulously filtered by our media and financial overlords. Finally, don’t act like others are fools for supporting Ron Paul when you know damn well he is the best of a crappy filtered bunch of clowns.


YHC-FTSE's picture

"I still find it a bit disturbing that he is so popular among the US ZH-readers, particularly among Ron Paul supporters." Let's face it, he is entertaining. 

I've only posted once or twice my opinions of UKIP and Farage, which were not at all complimentary and deeply unpopular with the yanks on ZH. He has actually mellowed over the years (!), but early in his career, the man's views would make Anders Breivik blush, and his unyielding support of the worst excesses of the City of London makes him one dangerous bastard. 

Just because he says he dislikes the "EU" (He deliberately lumps the political economic union and the monetary economic union which are two separate things together) and states the obvious that precious metals are better than government bonds, does not mean he is one of the good guys. Actually, he is a paper bug - I've never heard him advice anyone to hold physicals.  A minion of the financial services thieves  - his family is part of the LME, which makes the CME look like a boyscouts convention. He has repeated again and again that his main agenda is to "Protect the City of London". Not Britain, her people, her economy, or her freedom, but the City of London. If he had his way, the parasites in the City would have no regulations whatsoever to stop them from cleaning the carcass of their hosts.

YHC-FTSE's picture

Oh dear. Poor old Belgians. 

Ghordius's picture

well, we buggered them by letting them host the fabled "capital of the EU" - poor Belgians, they always get the dirty end of the deal...

Ghordius's picture

Nigel Farage is very critic of Brussels and the "eurocrats", which is good, though he never points out that the "squandered" budget of the EU is microscopic, compared to the national budgets of the partecipant nations. In fact, he hopes he can switch from the irrelevant EU parliament to the more important and powerful UK parliament.

Which is, IMHO, a perfect case about the differences between multi-party arrangements like the EU parliament, giving a voice to even very small parties like the UKIP, and first-around-the-post arrangements like the UK and the US ones, where small parties can't even think to grow and dislocate the major, established ones, regardless how corrupt they can become.

In short, Nigel Farage is a product of the EU. No chance he would have had any relevancy without it...

Rick64's picture

 What I like about Farage is that he points out how the EU has circumvented the member nations sovereignty and dictated what they can and can't do.

Ghordius's picture

which is pure propaganda, specifically crafted for the UK.

though luck, they own the English Language (and important chunks of it's media - thanks, Murdoch!)

The EU is powerless if a member's government does not want specific items of legislation. to put it in a language dear to ZH readers, the EU can't fuck you alone, it needs the collaboration/pimping of your own government. (think of it as a gang-bang-only clause)

Take the European Fiscal Compact as an example, did you notice that the Irish People just had a referendum on it? I'd bet not. 60% in favour. See here http://en.wikipedia.org/wiki/European_Fiscal_Compact and notice the very important Ratification table at the bottom. Look how many elected bodies and referendums are necessary for an important EU legislation package.

Note that it's up to the Member Nations if the people have a referendum or not or how many elected bodies have to agree.

The Brits are simply unused to complain against their government, and the UK government is very good at misdirecting it's people towards the "evil technocrats of Brussels". Hence the UKIP, with it's main goal of exiting the EU (I hope they'll achieve it).

Rick64's picture

Here is an example that contradicts what you are saying.

11. Under the European Communities Act 1972 (ECA) Parliament voluntarily gave effect to the UK's obligations and duties under the former Community and now EU Treaties in national law. The ECA defines the legal relationship between the two otherwise separate spheres of law, and without it EU law could not become part of national law.

12. Section 2(1) provides:


    All such rights, powers, liabilities, obligations and restrictions from time to time created or arising by or under the Treaties, and all such remedies and procedures from time to time provided for by or under the Treaties, as in accordance with the Treaties are without further enactment to be given legal effect or used in the United Kingdom shall be recognised and available in law, and be enforced, allowed and followed accordingly; and the expression "enforceable EU right" and similar expressions shall be read as referring to one to which this sub-section applies.
    More simply stated, section 2(1) means that provisions of EU law that are directly applicable or have direct effect, such as EU Regulations or certain articles of the EU Treaties, are automatically "without further enactment" incorporated and binding in national law without the need for a further Act of Parliament. Section 2(1) applies to EU law now and as it develops in the future "from time to time" either by Treaty revision "created by" or interpretation by the Court of Justice of the EU "arising under". So, when an EU Regulation enters into force, it automatically becomes part of national law, as it does in the other 26 Member States on the same day. The uniqueness of section 2(1) is that it gives effect to directly applicable or effective EU law without the need each time for implementing legislation, as would usually be required for the incorporation of other obligations assumed under international law by a dualist State. The domestic courts are obliged to give full effect to section 2(1), in the light of the case law of the Court of Justice (section 3(1)).
Ghordius's picture

I disagree. An EU regulation has to go through the EU Parliament, it has to be something for which the EU has exclusive competence and has to be approved by the Councils, i.e. by the Governments.

A determined Government can still wreck any piece of legislation or decree, if it wants, as just shortly the UK's gov did when it came to allow the eurozone members to use some EU facilities.

I could cite several pieces where one government singlehandedly just veteod a new shebang. It's still a club of governments.

But please don't tell this to the British Electorate, they could get ideas...

By the way, EU legislation is one thing, here you aren't you mentioning treaties? This is a completely different matter, including ratification.

And note that you are citing an Act, i.e. a British piece of legislation that can be changed by the British Parliament.

Rick64's picture

I will look deeper into this subject as you may be right, and yes this ACT is pertaining to treaties. It does say that the courts and governments will accept it as law, but it would still have to be passed by the EC or one of their branches. I appreciate your input and wished I had the time to debate it with you not to prove that I am right but to find the truth. I do believe that any member could go against the EU, but not without economic repercussions.

Ghordius's picture

very kind of you, thanks

Diplodicus Rex's picture

I hear they want to eat babies too !

Colonial Intent's picture

You're thinking of the lizard people and david icke.



Sanksion's picture

You won't ever see any discussion in EUR parliament. It is completly hidden, the only tapes I've seen come from youtube. Nigel & R Paul are proofs the whole media complex is owned and sold out by governments and the TPTB. Only internet is free, and they are trying to censore it.

My governement under Sarkozy even met the Chinese to have insights on how to control internet. Discusting.

sitenine's picture

I thought this was an interesting thing to say:

Europe's "nations will not give up their sovereignty" - are you certain that they haven't already done so, Mr Farage?  Isn't that what all this bailout nonsense is all about anyway?  A Country, say Greece for instance, would simply declare bankruptcy and walk away instead of suffering Troika demands if they still had the power to do so.  Don't you think?

~ Revolutions have started over far less.

Real Estate Geek's picture

Unlistenable with that egoist of a host continually talking over his guests.

dogbreath's picture

set up for failure

the hammer of the youth entitlement generation  on the anvil of the retiring baby boomer entitlement generation.

The euro was set up to provide this financial catastrophe.  

Not even all germans are in favour of breaking up the euro and they want to keep the entitlements.

The call of the freeloader will be help us help us and the bank/government will say  \' we have a solution just vote for world government 

El Hosel's picture

700 Club.... $INDU futures now up 700 points since this most recent "Operation Euro Bail" started, just a few trading daze ago. Central Banking is the gift that keeps on giving, until it does'nt.

BurningFuld's picture

Does not look like the Spanish people even want the bail out! "We don't owe! We won't pay!"

Come on people of Spain grow some balls......withdraw your money NOW!

Tom Green Swedish's picture

Can't wait until Spain receives all the money and it goes right out the ATM.

Mentaliusanything's picture

This is a bailout for the banks. Think of a boat that is listing to one side. The bailout corrects the balance sheet list but does nothing for the leak that caused it.

There will be nothing for the people of Spain.

Fix the ever present leak first and that ship of state may remain afloat. But No, got to save the balance sheet. meanwhile we who are smart will ignore the leak.

This will mean soon another bailout and another until all buckets are broken.

Harbanger's picture

The people never see a penny of any bailout.  They should cash out their savings and buy pm's.

Let The Wurlitzer Play's picture

But if the Euro breaks up what happens to the central planners goal of one world government run by a handful of chosen technocrats????


Ghordius's picture

good question. though who says that the euro was set up for the "central planners goal of one world government run by a handful of chosen technocrats"?

for all purposes, the euro is still a thorn on the side of the central planner's functional and dominating global reserve currency, that is run by a handful of chosen technocrats with careful management of the interests of the MegaBanks.

the very fact that nations can join or leave it is disturbing for the banking cabal, hence the hatred.

and the fact that the ECB values it's gold at market prices is even worse for the "chosen technocrats". barbaric

Monedas's picture

We've trashed our Libertarian inspired Constitution, we arrogantly rejected Capitalism and we embraced Socialism like a hundred other slutty countries....and we sit here like idiots analyzing ever bit of data and wondering what's wrong !  All the Micro-Management corrections and remedies will not correct the Macro-Fuck Ups  !  And the ever so clever, chic, avant garde French have an epiphany....MORE SOCIALISM !        Monedas     1929        Comedy Jihad Erudite Comtemplation Of Our Own Stupidity

JR's picture

More so, we’ve trashed the original concept of a voluntary Union of separate, sovereign States for central planning in the hands of a banking cartel that now controls Americans' economic and political lives.

This was not the intent of the Founders. The preamble of the first full draft of a tentative Constitution submitted to the Philadelphia convention of 1787 read:

We the people of the States of New Hampshire, Massachusetts, Rhode-Island and Providence Plantations, Connecticut, New-York, New-Jersey, Pennsylvania, Delaware, Maryland, Virginia, North-Carolina, South-Carolina, and Georgia, do ordain, declare, and establish the following Constitution for the Government of Ourselves and Our Posterity.

However, because it was not known how many States were likely to ratify the Constitution, on September 12, Connecticut’s Samuel Johnson brought in a substantially final draft of a Constitution. This time the preamble read:

We, the people of the United States, in order to form a more perfect union, to establish justice, insure domestic tranquility, provide for the common defense...

Although “there was no thought of any ‘nationwide’ referendum among the people as a whole,” writes James J. Kilpatrick in the Introduction to We the States, the change did not escape the angry eye of Patrick Henry...

”I have the highest veneration for those gentlemen,” he cried, “but, sir, give me leave to demand, what right had they to say We, the People? My political curiosity, exclusive of my anxious solicitude for the public welfare, leads me to ask, who authorized them to speak the language of, We the People, instead of We the States? States are the characteristics and the soul of a confederation. If the States be not the agents of this compact, it must be one great consolidated government, of the people of all the States.”

“One by one, proponents of the Constitution arose to assure the suspicious Henry that no such thing as a consolidated national government was being proposed…”

And, now, presiding over what has come to be a great "consolidated national government” that rides rough shod over the once-sovereign States, Barack Obama, laments that he cannot “force” Congress to do his total bidding, executive orders or no.

“I have not been able to force Congress to implement every aspect of” [what I promised to do]… “Because of the Founders…”


Lednbrass's picture

The concept of a voluntary union of separate states got flushed down the toilet 150 years ago, what we have now is just the inevitable progression of that.

Ricky Bobby's picture

Voluntary Union was washed away with the blood of 500,000 souls. The victors get to write history as evidenced by the worship of Lincoln, the fucking leader of this massacre.