I might not be an economist but besides Europe being doomed so is Malta. My fellow countrymen must not be fooled by what the politicians are telling them at this time of need. We are not fools to fail to notice that the local economy is withering away and crumbling beneath our very feet.

I must voice the facts about our current false economy – the deepening credit all around us is just getting deeper and deeper. How deep we will sink is up to the man in the big swivel chair overlooking Grand Harbour catching a lovely view of the tourists slogging their way up the hill to Valletta…oops what kind of tourists, to buy what, with what cash? Ah yes, the ones that come on the cheap airlines on a three-day return back to eggs and bacon land with £5 to spend on our economy!

The truth of the matter is as follows: Catering establishments are taking up to a year if not longer to pay their suppliers; bonds and shares are being issued galore to stem the flows of bankruptcies and override current commitments; the government is in so much debt it is issuing bonds as if it’s the end of the world; over employed parastatal companies are now being forced to close and in the end who is losing – yes, the man in the street, choking to death on the water and electricity rates, hefty VAT, ecotax, corporate and personal taxes etc…the list goes on.

Do you know who is making the most money here? Mr Bond Sponsor and Mr Bank Manager.

I am an optimist and may the good Lord help us but I’ll bet anything that by the end of 2011, Malta will need EU assistance and need bailing out. At what cost? Mr PL, in you come buddy.

In the meantime does anyone need a reality check?