Be the Bad Guy By Saving Yourself
So the news agencies are up in arms this morning because Britan has made it clear that it’s not planning to get sucked into the Euro. Denis Boyles at NRO notes with some amusement:
Think you had a rough night? David Cameron’s press conference announcing Britain’s refusal to go along with the French-German euro-rescue scramble was held just after 6:00 a.m. in Brussels. In the words of a deeply ironic Guardian headline: “Eurozone countries go it alone with new treaty that excludes Britain.” Back in the days when wars were fought by armies, Britain was the go-it-alone country. How times have changed — even if the argument over who rules Europe hasn’t.
How about: “The New Battle of Britan… Staying Alive As Europe Burns” or any other number of fun ideas.
Reuters notes that Britan still believes it can have influence. Well, yea. They have money, and they’re slightly more solvent than the rest of Europe. I don’t know that that’s a ringing endorsement, but you get the point.
When I wrote about Europe earlier this week, it was all about Germany strong-arming France into strong-arming the rest of the suck into centralizing budget decisions through the European Bank. Today’s news is really about the proposed austerity measures. There’s still no timeline or plan for action, mostly a few promises.
Europe is going to be a major drag on the global economy next year. While we’re hearing good news from most companies these days (thus the market upward swing), the first worries about Europe are starting to drag the market. This isn’t to say next year won’t be a good one, since there are plenty who believe that stocks are under-valued. But I don’t know that a bunch of people are going long right now.
For now, Britan’s choosing to go it alone. Let’s see if that keeps the island from crashing as fast as the rest of the continent.