French bank states the bleeding obvious

The pope is Catholic and bears shit in the woods is, I'd say, the reading between the line conclusion of Société Générale intervention into the discussion on the Greek bailout and the impact on the Euro. According to the bank, "any help given to Greece merely delays the inevitable break-up of the eurozone."

Now frankly, why this is seen as a surprise statement by some is beyond me. The writing was on the wall from day one when the currency was set-up in an arse about face way. If there had been political union first, then economic union would have been stable, but there wasn't.

As long as you have member states with total political control over their central income taxes and spending, then the idea that a single currency can prove to be stable is based on little more than faith that each member state will decide to act in a stable way.

The only way you're going to achieve that is if you have proper federal political union like that which exists across the Atlantic pond. The advantages the yanks have of course is that they do in fact have a single identity and culture, something which is lacking in Europe.

Of course, europhiles will argue that there is such a thing as "being European", the problem is that it's just a conceptual identity based on nothing more than geography and membership of a club. To be fair this is why genuine democratic political union is impossible too.

The only reason the the EU has its member states appoints, through bargaining and negotiation, the top jobs, is because attempting to have the member states electorate vote for the positions on a pan-European level would be an absolute farce, as national bias and prejudice would enter into the equation and each state would tend to elect their own.

The sad reality is that the EU is a high-minded conceptual idea based upon an outdated 20th Century perception of the world. An idealistic view that if we all just come together and have a big group hug and pretend we're all the same, ignore all our cultural differences, we can make this thing work.

It's bullshit.