NOT MUCH COMFORT IN THE TRUTH

Usually there's not much comfort in the truth.

Here's an example from the head of Germany's central bank, Jens Weidmann.

“The biggest bottleneck for growth in the euro area is not monetary policy, nor is it the lack of fiscal stimulus: it is the structural barriers that impede competition, innovation and
 productivity,” he said.

So the war of economic policy differences between Italy and France and German officials continues as noted in today's Wall Street Journal.

Changes don't come easy, so goes the old saying. And structural ones are even more difficult.

But the disagreement is hardly limited to these three heavy weights as pointed out in another WSJ article today by Ian Birrell, a former speech writer for Conservative UK Prime Minster David Cameron, "An Earthquake Called Ukip Hits Britain."

Ukip, the UK Independence Party that recently got its first member elected to Parliament, and might get a second in an upcoming election, has sent ripples through the stodgy, arthritic two-party British political system. One of UKIP's big memes is anti-EU.

Now we don't know if U.S. Vice President Joe Biden stole a page from Cameron or if it was the other way around. Biden recently called U.S. Tea Party members "crazy." However, since Biden is a known plagiarist, we suspect it's the former.

At any rate, Cameron once dismissed UKIP's as a bunch of "fruit cakes, loonies and closet racists."

Nut cases or otherwise, another disturbing fact happened when a British newspaper poll showed "one in four British voters support Ukip."

As the dissatisfaction spreads concerns grow among British office holders "Much of Europe," Birrell writes, "is being buffeted by similar political turmoil."

Now with the return of the Greek situation and growing fears of further deflation, falling energy prices and volatile stock markets worldwide, maybe politicians like Cameron and Biden will learn a little respect because their contempt for real people is blatant and then some.
t. man hatter