The cost of servicing that debt is skyrocketing as Powell raises the interest rates for dollar-denominated debt. The countries bordering the Mediterranean Sea (plus Sudan) have a combined population of 255 million and are major importers of wheat and other basic foods. The cost of grain is climbing rapidly due to the Ukraine-Russia conflict, fertilizer shortages and droughts in key grain producing areas.
As a frame-of-reference, the combined population of Germany, France, Italy and Spain (the four most populous countries in the EU) is very close to 255 million.
If momentum results in events unfolding in the direction they are currently following, Europe will be swarmed with refugees from Continental Africa at ten-to-hundred times the current rate.
The usual script is to grossly overload cheap, inflatable rafts with refugees and then motor out to international waters. Shortly after entering international waters (more than 12 miles off-shore), they issue a distress signal (S-O-S) and an NGO ship which is conveniently loitering nearby renders aid as required by international law.
But rather than return the migrants to the closest port, they invariably take them to Italy or Spain.
This causes Spain and Italy a great deal of heartburn and Italy, for one, is tying the NGO ships up in port with bureaucratic red-tape (inspections and red-tagging equipment...one piece per inspection).
Many of the NGO ships are registered in Norway which is a non-EU country.
I have to wonder how long before those NGO ships start to experience their Rainbow Warrior moment.
Strong dollar is a destroyer of developing countries who borrowed in dollars:ReplyDelete
I read that article and it would have benefited from some editing. His points are valid but he jumps around like a cricket on a hot griddle.Delete
I am not sure there is much that can be done to avert the tragedy. Getting rid of ethanol in fuel and opening up CRP land for hay-harvest would help a tiny bit.
Given the state-of-the-art in "drone" technology and servos, it is conceivable that radio-controlled speed-boats could sink or debilitate NGO ships. It would not even have to be a state-actor.
I wonder if they'll put financial surety requirements on immigrants the way a bunch of countries require for visas?ReplyDelete
I.e. provide proof of ability to pay living expenses for twice or three times the length of the visa.
If the NGO ship were impounded until those expenses were paid for each person they brought in, I suspect fewer would be brought in.
The UK had a sponsor plus 6 months guaranteed housing requirement. Scotland and Wales wanting to show how much they Stand With Ukrain abolished it. Scotland just put it back after about about 6 months, Wales soldiers on.Delete
Here's a link to my comment above.Delete
I was in Sicily a few years ago, and we heard a lot about the refugee problems at the time. If a refugee sets foot in EU territory, they automatically qualify for sanctuary, aid, etc. Because Sicily is so close to North Africa, it is the primary target to reach. Meanwhile, Sicily is broke, and getting no help from greater Italy, which considers Sicily "l'ultima ruota del carrello" (the last wheel on the cart), or the EU, which considers Italy as yet another deadbeat cousin. Therefore, EU rules say that Sicily has to render all aid to the refugees, but they aren't getting any EU help. It also doesn't help that Sicilian politicians are good at getting EU money for public projects, but somehow the money never makes it into the final construct.ReplyDelete
Bus or train ticket to Rome or another popular tourist spot.Delete
The Camp of the SaintsReplyDelete
They need to sink the ships.ReplyDelete
What did you expect? You have all those UN organizations that feed people who aren't smart enough to grow food in a climate perfect for growing crops all year round or keep a herd of goats alive as well as those "30¢ a day will help feed Ngumbo and his whole village" charities--had "do-gooders" stayed out of those places there wouldn't be a "refugee time-bomb"ReplyDelete
Echo what Vox Day has said numerous times, "sink the damn shipst/rafts." We created this ongoing chaos by sending foodstuffs way back then.. starving Africians... so what they do? Breed like bunnies.ReplyDelete
Sink the NGO's boats first for engaging in human trafficing.ReplyDelete
So you get circled in red if debt:GDP > 70%.ReplyDelete
The third world USA has a ratio of 120% +
Inexplicable, isn't it.Delete
The US can print dollars to pay off debts denominated in dollars. No other country has the luxury. Dollars are still considered one of the less-dirty-shirts in the hamper so investors pile into dollar investments when things get hinky.