Well, in this context Godot is the infamous PSI or Greek default by another less odious name. The deadline for this act of ‘voluntary’ sacrifice is Thursday midnight (Greek time? European time? GMT? US East coast? Don’t really know…).

Despite the obvious panic shown by all parties involved, from EU Commissioner Oli Rhen to our own parody of a Minister of Finance (who simply loves to bluster!), it appears this whole disgraceful exercise will go through. Not necessarily smoothly but with an enormous fudge. That is, as likely as not the CACs will have to be activated (making the supposedly voluntary exchange compulsory after all) in which case the CDS outstanding will be claimed, and probably be paid unless the last vestiges of credibility of the bankrupt banking system are sacrificed. And everybody will be very happy. Except for the people of Greece who are being steadily sacrificed for this madness.

However, perhaps owing to the limited ability of The Frau’s mind (and her whole coterie, not to mention the greatest and best of the European nomenclature) a slight little problem is going undetected. The growing possibility of war. War? What war? How can anything in the world be more important than The Frau’s dictate that everyone must balance their books although it means destroying their economies through Hayekian* logic!? So what war could possibly concern Europe?

And don’t tell me the spineless little Greeks are going to rebel? Ha, ha!! Hell no! Look at them cringe! And look at how we’ve terrorized them and cowed them into utter submission! No problem with that mish mash of sub human people.

Well no, actually, the war looming and becoming more likely to explode by the day, is the Middle East conflict. The escalation of threats and brinkmanship over Teheran’s supposed nuclear capacity. It is clear that President Obama wishes to avoid such a dangerous and meaningless conflict, but it is also clear that Bibi with the backing of the Israeli lobby in the US do want a ‘preventive’ strike against Iran, even though no one doubts that Iran does not have such a capability and does not even seem set to develop one.

The war of words is escalating. This is an election year in the US meaning particularly powerful lobbies are particularly dangerous at the moment. Given this situation a maverick act by Israel against Iran drawing the US in of necessity is looking likelier by the day.

Meanwhile Europe’s back door has been left wide open. Greece is on the floor, prostrate, destroyed both politically and economically. What’s to motivate her to put up a fight? (Let alone with what resources? None left. Thank you Angela.) Allegiance to Europe? I don’t think so. Self preservation? Yes well… But where might this be sought? With those whose myopic, ideologically charged policies have lead to the destruction of Greece? Or elsewhere, perhaps?

In 1454, when the Byzantine Empire had been conquered by the Ottomans, Archbishop Gennadios was ordained Patriarch of Constantinople by the Sultan. It is reported that he said, Better the Turkish Turban than the Catholic Miter, because the powers of “Western” Europe had not seen any point in responding to the Emperor Palaiologos’ desperate pleas for help in the light of the growing threat from the Ottomans, who ultimately prevailed.

What has this got to do with anything? Who knows? Perhaps Europe should start thinking of its back door? Last time around the Ottoman army reached Vienna. Out of context! Today has nothing to do with any of that! Perhaps. Nevertheless, it often helps to consult history even though it appears to be quite true that the only thing we learn from history is that we never learn from history.

Once again, batten down the hatches! The tornado is set to do a lot of uprooting. Wake up! Leave the books to the accountants and remember, you are supposed to be politicians! (God help us! If even he can any more…)

 

* Freidrich Hayek whose theories are pitted against those of John Maynard Keynes. Historically  when Keynesian economics have ruled the day, life has been much better. Here is a little spoof rap video on the matter that you may find amusing. Incidentally neither gentleman was in fact American. Keynes British and Hayek Austrian.