A British-American bluestocking living in the UK writes about politics, pop culture, and emerging new paradigms as they unfold on both sides of the Atlantic. (New content.)

Saturday, 24 September 2011

Dancing on the Edge of Imminent Economic Disaster: Cameron Calls Obama on the Carpet

David Cameron At the United Nations
Prime Minister David Cameron declared that the world is "staring down the barrel" of an economic catastrophe. The stock markets were deluged with hysterical panic-selling and £ 64 billion is the estimated loss suffered by top UK companies. The Prime Minister laid the blame on America and the Eurozone and the mounting debts that are crippling the nations.

While the American President is talking about "recovery", the Prime Minister is shooting from the hip and calling it like it  really is.

Here are the some points evident to us on this side of the Atlantic:

-Seventeen Euronations are already back in recession zone.
-George Soros predicts the end of the single currency.
-Fears that France will need to be bailed out.
-Greece is refusing to cut down on spending and is ready to default. The rioting continues as usual.
-The head of the IMF warns that the world was entering "a dangerous place."

Basically it is looking very much as economic prognosticator Gerald Celente predicted back in 2009...that there would be a "seeming recovery" but that it would be temporary and we would be hit even harder again. Here in Europe, we aren't candy-coating the facts, nor are we attempting to dupe the public. Perhaps it is because our Prime Minister is not standing for re-election? Whatever the reason, we are informed of the basic truths. It's as if the wind is blowing in Kansas, a funnel cloud can be seen, but Auntie Em won't acknowledge that there is a tornado on the way. It's sheer madness.

In an address to the United Nations, Cameron lambasted the Eurozone nations for their inability to enact deficit reduction in their respective countries. "Growth in Europe is stalled. Growth in America is stalled," he stated. He went on to say that the instability of the Eurozone was affecting all the world's economies and that confidence in investing was hampered by the continuing problems facing Europe's economy. He called for "decisive action." Cameron joined the leaders of Australia, Canada, Mexico,Indonesia and South Korea in chastising Obama, Sarkozy and Merkel (the Americans, French and Germans) for not acting quickly to resolve the grave crisis and especially made the point of telling America it had to "restore confidence" in the global markets.

The US Federal Reserve engaged in a 250 billion dollar economic rescue operation which was called "Operation Twist" in a last ditch effort to quell the impending recession. However, instead of restoring confidence in the markets it triggered a wave of panic-selling.

At the moment, America, you don't have a lot of friends in Europe or Great Britain.

Just reporting it as I hear it from across the big pond Atlantique.