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Thank you very much the European Union is begging the United States for help.
It's going hat in hand to the US led International Monetary Fund begging for money to bail out failing eurozone countries such as Italy Spain and Greece.
The IMF provides funding the American taxpayer will pay the price since almost 13.
Of the IMF's budget comes from the US are nice -- He's talking about this -- into a European bailout contributes to the -- destruction of democracy and freedom and He says.
Europe must be allowed to fail.
We welcome Nigel -- the outspoken member of the European parliament of freedom watch mr.
-- it's a pleasure welcome here.
Thank you very much developed -- India so let me get this straight.
Greece Italy Portugal Ireland Spain or bankrupt or -- on the verge of bankruptcy.
They want to look to the International Monetary Fund.
13 of those coffers are filled by the United States government the United States government is nearly sixteen trillion dollars itself.
And that what kind of sense does that make.
What I'm pleased -- having this debate because I've been amazed -- over the last few weeks there's been a wall of silence from America.
No one's been saying -- and with respect and I would say that -- president is handling all right and public finances pretty badly how an African -- -- want to get involved with tens and tens and tens of billions of dollars -- Helping -- not to bail out Greece and Portugal and Ireland but to keep them imprisoned.
Inside a currency that they should never have joined in the first place all you guys are doing -- -- week guys are doing is with pouring good money off the bat.
It's going -- that that was no doubt until.
I wish you could make that statement.
To the congress of the United States to the -- board of governors of the Federal Reserve System and to the president himself not to what will happen.
If some miracle occurs in the US sesno and Angela Merkel says -- and David Cameron.
Says no and Nicholas Sarkozy says no and these countries are permitted to collapse.
Well I can't see the IMF saying matter because -- -- is based in Washington that you guys have turned a blind eye to the fact.
The the last guy Dominique Strauss-Kahn.
Was a French bureaucrat who supported the Euro and we've not what Christine Lagarde in job another French bureaucrat.
Principles the Yaris at the IMF in Washington has been hijacked.
Angela Merkel -- a difficult position a -- electorate increasingly as saying well we've spent twenty is.
Paying -- eastern Germany to be re incorporated into the west off the but it wall came down but we're not signing a blank check the Greece.
And Cameron while frankly at least -- by backed by an audit recognized by the toll.
-- -- inching towards.
The next by now.
But the visiting -- But at some point in time the markets will just overwhelmed this thing.
And it wasn't Massa was the buy you out on this one -- able to criminal three trillion and events -- just become too big.
What what will happen in your view if there is no bail out.
And if contract law.
And law of supply and demand and the free market runs its natural course -- aren't we destined for the failure of these socialist entities anyway wouldn't -- be better to get it over with now.
Well I couldn't agree more let's take the time I mean look.
Back in 2000 late when these big banking crises hit and and and much of it because of the stupidity.
I'm of what American and European politicians did with the banks but think about Iceland.
Iceland just simply could not must've that was it's all the political will to buy -- out the banks but at the -- go bankrupt.
The Icelandic currency fell by 80%.
Interest rates went up 20%.
And it wasn't just the volcanic ash that He had that make things look -- in Iceland away as Iceland today.
Iceland today is getting back to bright she's taken the hit she's taken the bad news and she's recovering.
We're keeping Greece trapped inside the currency currency.
Probably should be 65 to 70% level than it is while unit most of banks need need to go.
Box and the risk is this.
-- we can told what economics until the cows come but the reality is if you strip a country that's democracy.
If you take away from it the ability of -- -- elected government to do things be they Google bad things.
And He turned it over to three foreign bureaucrats one -- -- IMF -- from the European Commission while from the European Central Bank.
Wants a -- and that that happens at all right tell the prime minister what He haven't come -- I put it TA.
But if you rob people of their ability to determine their own future is that He will turn to violence and I believe the -- happening -- -- too long is that will be a revolution.
Is just how serious and how stupid.
This whole thing it is not a pretty picture but we do appreciate your -- -- Nigel thanks very much for joining us.
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