Europe is divided into two kinds of people: butter people and olive oil people. The butter people live in the north and work hard and pay their taxes and the olive oil people live in the south and don’t, at least not enough of them. Germans have a high level of productivity, resulting in huge export cash balances, while the south imports most of what it needs from the north using money borrowed from the north, and which the olive oil people are now finding it inconvenient to repay. The answer, of course, is for the butter people to lend the olive oil people more money. The latest scheme is to issue partial protection certificates to bond buyers, but somehow a lot of people on both sides of the butter/olive oil divide are beginning to think giving buyers of newly issued bonds a partial protection certificate issued by the ESFS is unlikely to solve anything since the ESFS is running out of cash itself. And now the Fed and central banks have ponied up some more cash to tide them over for a few weeks. Something has to give. The fascist, unelected soviet called the European Union is in its death throes, and when it goes so will go the euro and the whole rotten dictatorship.

 

 

The PIIGS are getting restless

And the Germans getting wise

And the butter eaters knowing now

What subsidizing buys

In Brussels they are up quite late

They’re burning midnight oil

Arranging deck chairs in the hope

The ocean does not boil

But things have reached a pretty pass

Where nothing seems to work

And darkness closes in and ghostly

Shadows seem to lurk

Behind the curtains shutting out

The grim scenes now in play

As bankers struggle to stay calm

While terror rules the day

They did not listen to the folks

Who told them at the start

That olive oil and butter simply

Must be kept apart

 

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