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Annotated captions of Nigel Farage warns of euro meltdown in English

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jan_svoboda 00:01
00:04

10th Anniversary of the Euro

kremlik 00:07
00:11

Parliament celebrated the event by inviting, among others...

jan_svoboda 00:11
00:16

The president of the European Central Bank, Jean-Claude Trichet - described as the "Bernake of Europe" (US 'Federal Reserve' chairman)

jan_svoboda 00:17
00:23

Economic and Monetary Affairs Commissioner, Joaquin Almunia, described as the "Paulson of Europe" (US Treasure Secretary)

jan_svoboda 00:24
00:30

And the 'Father of the (rejected) EU Constitution, Valery Giscard d'Estaing, also called 'Le Roi Soleil'

kremlik 00:32
00:35

Ladies and gentlemen, do enjoy the 10th birthday of the Euro

jan_svoboda 00:35
00:39

because I very much doubt you will be celebrating the 20th.

jan_svoboda 00:39
00:43

What we have seen this morning has been reminiscent of the old Soviet times.

jan_svoboda 00:43
00:47

Do you remember when the five-year plans were announced to be successes

jan_svoboda 00:47
00:49

often before they were even launched,

jan_svoboda 00:49
00:54

with much talk of record harvests and wonderful production figures for tractors?

jan_svoboda 00:54
00:56

And I suppose, much like those days,

jan_svoboda 00:56
01:02

we have been treated this morning to a succession of unelected, ageing bureaucrats

jan_svoboda 01:02
01:05

telling us what a great success the whole thing has been.

jan_svoboda 01:05
01:07

It is all delusional stuff.

jan_svoboda 01:07
01:11

The idea that the ECB has done a good job is extraordinary.

jan_svoboda 01:11
01:16

It was last July when the European Central Bank put interest rates up,

jan_svoboda 01:16
01:19

just at the very moment that the markets were going into meltdown

jan_svoboda 01:19
01:22

and rates were being slashed across the rest of the world.

kremlik 01:22
01:27

Of course none of this surprises me because what this Euro is all about

jan_svoboda 01:27
01:31

it's about a political class imposing its will upon the peoples of Europe.

kremlik 01:31
01:35

Remember that only two countries had a referendum on the Euro,

jan_svoboda 01:35
01:37

Denmark and Sweden,

jan_svoboda 01:37
01:39

and both of them said ‘no’,

jan_svoboda 01:39
01:43

that little word that you try and avoid if you possibly can.

jan_svoboda 01:43
01:46

The euro zone has never been tested but it is about to be.

jan_svoboda 01:46
01:48

Spain is in economic trouble.

kremlik 01:48
01:53

Italy, as German economists at the time said, should never have joined the Euro,

jan_svoboda 01:53
01:57

but the situation in Greece is, I think, where we should focus our attention.

jan_svoboda 01:57
02:01

Thousands of young people out on the streets demonstrating,

jan_svoboda 02:01
02:03

demanding their government does something,

jan_svoboda 02:03
02:05

demanding that their government cuts rates,

jan_svoboda 02:05
02:07

demanding that their government devalues.

jan_svoboda 02:07
02:11

But the Greek Government is stuck inside the euro straitjacket.

jan_svoboda 02:11
02:13

There is nothing it can do.

jan_svoboda 02:13
02:18

There is nothing that a future general election can do in Greece to change anything.

jan_svoboda 02:18
02:23

And when people have taken away from them the ability through the ballot box,

jan_svoboda 02:23
02:25

to determine their own futures,

jan_svoboda 02:25
02:29

then I am afraid that violence becomes the only logical alternative.

jan_svoboda 02:29
02:35

What you have done with this euro is you have trapped people in an economic prison.

kremlik 02:35
02:39

You have trapped people in a Völkerkerker from which to get out,

jan_svoboda 02:39
02:42

from which to get out, it will take great courage,

jan_svoboda 02:42
02:44

it will take leadership

jan_svoboda 02:44
02:47

or possibly the inevitable economic meltdown.

jan_svoboda 02:47
02:50

You can boo, you can jeer, but remember this:

jan_svoboda 02:50
02:54

Britain outside of the euro has been able to devalue,

jan_svoboda 02:54
02:57

has been able to slash interest rates.

jan_svoboda 02:57
03:00

We have been able to do the things that we need to do.

jan_svoboda 03:00
03:02

And jeer on if you like,

jan_svoboda 03:02
03:05

but have you noticed that on the bond markets this morning

jan_svoboda 03:05
03:12

Greek bonds are trading 233 basis points higher than German bonds?

jan_svoboda 03:12
03:16

Now I know that most of you in this room will not even know what that means

jan_svoboda 03:16
03:20

and those that do will do their best to ignore it.

jan_svoboda 03:20
03:24

You can go on, if you want, burying your heads in the sand.

jan_svoboda 03:24
03:27

You can ignore the markets if you want to,

jan_svoboda 03:27
03:31

but in time the markets will not ignore you. Thank you very much.

jan_svoboda 03:34
03:38

The morning session ends...

jan_svoboda 03:43
03:47

Before the debate, postcards with chocolate euro coins were handed out to MEPs...

jan_svoboda 03:56
03:58

Warning! Prone to meltdown!

jan_svoboda 03:59
04:02

The euro's 10th birthday: No time for celebration

jan_svoboda 04:43
04:45

Security...

jan_svoboda 04:45
04:47

Is there a problem?

jan_svoboda 04:47
04:49

This gentleman was pushing...

kremlik 04:49
04:53

European elections June 2009

jan_svoboda 04:53
04:56

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