by Martin Armstrong, Armstrong Economics:
President of the European Union Jean-Claude Juncker has announced his departure saying he fears the breakup of the EU and says there is just too much defeatism in Europe. The EU has refused to listen and its fixed goal on a federalized Europe has been unwilling to yield. They have made it an all or now choice, typical of politicians detached from reality.
Juncker says he doubts whether the member states would find a unity in the face of Brexit: “Because the British will be able to divide the other 27 member states without great effort.” Juncker is blaming Britain rather than its own dictatorial powers and announced that he would not to run again for the presidency of the EU Commission.
Juncker further is trying to hold the EU together saying is Trump imposes protectionism, then the US will withdraw from world trade and Europe will have a great opportunity together. Juncker said “We should take advantage of this opportunity.” He also said that the British should not be allowed to pretend to be able to conclude commercial contracts with others as long as they are still a member of the EU. Hence, they should be barred from any trade deals until they are out of the EU.
The British have already begun talks with several states about trade agreements, including the US. By the time the EU has concluded any trade agreement, years would pass. Therefore, the British should leave the EU jurisdiction ASAP and Juncker’s words clearly demonstrate that he is unwilling to accept any blame for the discontent within Europe.
Nevertheless, Juncker has called for the continued fight against the EU’s opponents. “One must resolutely stand in the way of these Europeans and not run after the populist.” So in other words, the people are stupid and what they desire is irrelevant.
The Euro still looks to be in trouble and the French elections in early May are showing up on our Arrays as key targets in time. We can see that the support in May will begin at the 10351 level.
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