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PN,

Apparently in terms of Euro's per Kilometre the most expensive road in the EU is on the Island of Reunion!

It is the N5 up to Cilaos.

I have at least driven a hire car over its length :ok:

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Historically, every attempt at currency union has failed.

I suppose England's currency union with Scotland could be called a failure.

Thanks for that 'Stuff'.

I will tell Max Keiser.

@ PN, tax arrangements in Cyprus.

When I marched into a shiny Hiring in Limassol, I asked why there were steel rods vertically protruding from the flat roof. Ah, I was told, thats for the next floor. Horrified, I asked if there were builders expected. No, I was assured, it was simply done to avoid paying tax. If the building wasn't 'finished', tax liability wasn't as onerous.

The Germans were obsessed with hoovering up countries into the Euro. They complain now about lax tax and dodgy Russians, but they still threw out the due diligence guidebook; 'incompetent' doesn't come close - ignorance is no excuse? Greece was cooking the books, everyone knew that these countries were disasters waiting to happen.

But everything was still subordinated to the myopic and pompous collective absurdity of the 'grand plan'.

Excellent post AI R.

UKIP MEP speaks out

I have copied the following from another forum but it is germane to this topic even though 2 years old:

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You really must watch and listen to this right to the end! I notice this didn't make the news in 2011 or since!

Absolutely brilliant piece of oratory by a relatively unknown Member of the European Parliament (MEP) Godfrey Bloom.

He echoes the thoughts of many people entirely! Including mine! Don’t stop listening when he sits down – the best bit is at the end!

Debt Crisis was Created by Politicians and Central Bankers - Godfrey Bloom MEP - YouTube

Investment bankers and politicians serve different masters. One paid by shareholders, the other by voters. Both have seperate agenda and there is not a lot of common ground, either morally or philosophically. Both need each other but neither share the same roadmap and as a consequence, financial markets and economic conditions aren't automatically correlated either. Farage is unusual in that he used to be an investment banker.

Markets and managers are positioning themselves according to instinct and philosophy. Spain is quietly releasing some worrying data too, so many are nicking profits where they can, salting reserves or buying cheaply elsewhere. Some are being contrarian and some are taking big longer term views. Cyprus is where we were at 5 years ago; the news this morning that our banks need to almost double the Basel Accord requirements should protect consumers but don't expect much lending or better savings rates in the short term.

Getting Really, Really nasty...

How long can the euro endure?

Vast Greek war claims against Germany explode like a 'time-bomb' - Telegraph

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“The purpose was to gather all the material available so that the political leaders can check the data,” he said.
The Greek foreign ministry said this morning that the report would be sent to the State Legal Service “so that legal elaboration, assessment and setting out of the claims of the Greek State can be carried out and a relevant opinion submitted.”
The report was first leaked to the Greek newspaper To Vima over the weekend in a story entitled “What Germany Owes Us”.
The panel concluded that Athens has legitimate grounds to press claims. “Greece never received any compensation, either for the loans it was forced to provide to Germany or for the damages it suffered during the war,” it said.
The newspaper said the issue has “detonated like a bomb” at a critical juncture when Greece is under intense pressure from creditors. “The government should publish all the findings and determine its position on this sensitive issue,” it said.
The inclusion of the First World War has baffled historians. Greece declared war against the Central Powers in 1917 and mostly fought against Bulgaria. “I have never hear anything like this before. It is crazy,” said one Greek writer.
There has long been a vociferous lobby calling for war reparations from Germany, with the so-called “National Council” calling for as much €500bn to cover stolen art work and the loss of 50pc of economic output over almost four years.

Al R,

There was no tax liability until the building was actually completed. As long as the bare re bars were there, no tax!

The EU was aware that Cyprus and Greece were not suitable to join the gang but negligently didn't bother itself (and us all) with proper due diligence. It chose instead to enhance grandiose political ideology and vanity.

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Farage is unusual in that he used to be an investment banker.

He was a commodities/futures trader really. It's a part of investment banking I suppose, but not what the bankers would call investment banking.