What Financiers Dread.

In all the frenzied discussions about the economic and financial crisis, some pleas stand out, those for fiscal honesty. Convergence within what is now the E.U. was once a credible concept, but it has long since ceased to be, for the "weaker brethren," such as Greece, Portugal, Spain and Italy, still show, fifty plus years on
from the creation of the E.E.C., scant signs of achieving economic feats to match those
of Germany, France, Belgium and the Netherlands. On the contrary, the divergences between the two groups have grown and continue to widen; the only sure remedies are:-
A. to remove the weaker states from the Euro group, so allowing them to devalue freely and effectively; and
b. to encourage all sovereign states to consider and plan an internationally co-ordinated devaluation, even, if need be, by 70, 80 or even 90%.

The alternative prospect is one of competitive, "beggar your neighbour,"
devaluations, such as took place in the 1930's.

Priorities for Post-Gaddafi Libya.

The news that Libyan rebel forces have captured a town only 42 miles from Gaddafi’s stronghold, Tripoli, is welcome, as it suggests that his cause is weakening. However, beyond the prospect of his defeat, three matters need advance planning now:-

[A] ensuring that there is a viable provisional government , ready to take over;

[B] securing that the oil wells, refineries and equipment are in good working order, with adequate skilled staff to operate the same and sufficient steady supplies of crude to process; and

[C] providing adequate funds and credit to enable the new administration to govern effectively.

At all costs the disastrous aftermath of military victory in Iraq in 2003 must be avoided.

Michael B. Buck.

Deliverance - Now What?

The death and burial at sea of Osama Bin Laden brings to mind an account in a history text book of a war, in which the Russians invaded the Ottoman Empire: " the Turks retaliated by hanging the Patriarch and two bishops and tipping their bodies into the Bosphorus." It seems that some things haven't changed much since then. The reactions to the latest news have varied from relief to exultation and glee.

This weekend people need to give thanks for deliverance from great evil and a multiple murderer, and to pray for future calm, peace and practical cooperation.

Michael B. Buck.