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Thursday, 14 July 2011
Dept. Of Unintended Consequences: Could The Libyan Fiasco Help Destroy The E.U.?

The European country that had the most to lose from a protracted conflict in Libya was Italy. Of all the Western countries, it was Italy that relied most heavily on Libyan sweet oil, and could not easily modify its refineries, or find other sources of supply without paying a premium. It is Italian contractors, Italian businesses, that have been most heavily involved in Libya, and it is they who, with the disruption in economic acitivity during these -- pace Obama -- hostilities, have suffered the most. 

Had Qaddafy won decisively, or had NATO decided  to win decisively for the other side, then  four months of a halt in Libyan oil exports and in economic activity might have been reduced to one month, and the Italian economy would have suffered far less.

The Italian economy has been mismanaged for years. Now the Economics Minister, Tremonti, despite the hostility of the inimitable crook Berlusconi, is trying to do something.

But there is always something to set things off. There was, back in 1929, the krak of the Kreditanstalt.

La goccia che fa traboccare il vaso -- a frequently-used phrase in Italian -- means "the drop that makes the container overflow."

Should Italy endure a debt crisis similar to those in Ireland, in Portugal, in Greece, requiring an E.U.-wide rescue, would that, at this point, lead inexorably to the end of the European Union?

Something to think about, when one is in the mood to think of unintended consequences.

Posted on 07/14/2011 12:49 PM by Hugh Fitzgerald
14 Jul 2011
Send an emailMary Jackson

the end of the European Union


14 Jul 2011
Send an emailwestie

Hope springs eternal and I was hopeful that this chaotic foray into Libya by the leftist globalist EUSSR would self-distruct not only this Stasi Organization but take their NATO muscle down too.

14 Jul 2011

14 Jul 2011
Send an emailHugh Fitzgerald

Thank you, del, for that link.

Much better than the sappy local "If I Had A Hammer." 

One of the lines --"lo voglio dare in testa" -- or a slight variant on it, is one I have heard many times, directed right at me.

15 Jul 2011

 You're welcome.

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