Category Archives: Economy

Threat Of The Day

‘It is necessary to force countries against their will.’

“Recent experience has shown that a member state normally wants to avoid a programme until the very last moment,” he said in the EU capital. “This has caused the situation to worsen in the meantime both for the country concerned and for the whole euro area and increased costs to other member states and increased the financing needs as well. There are no volunteers for an EU-IMF programme…

… If the commission does not like what it sees, it can demand changes to the budget, as well as other mid-term plans a government may have for its economy...

… All eurozone states would also be forced to create independent fiscal councils – bodies of ‘experts’ unaccountable to parliaments – who would issue budgetary and economic forecasts.  A country’s budget would in turn have to be based on the reports of these fiscal councils.

For countries in deeper troubles and facing serious financial difficulties, Brussels could send teams of inspectors – akin to the ‘Troika’ monitors sent to member states that have received bail-outs.

The overseers could be sent to any state that the commission decides, even if the county has not requested any international assistance.

The not-so final word goes to Barroso:

Questioned by journalists over whether the moves do not insulate decision-making from elected chambers, commission President Jose Manuel Barroso said he did not wish to engage in “philosophical debates”.

The solution to the eurozone’s fiscal nightmare is, unsurprisingly, the failed  proposal the EU pushed for all twenty-seven member states: full fiscal union with budgetary oversight. Softly, softly…

I wonder how far this government’s newly-created Office for Budget Responsibility meets the EU guidelines of  “All eurozone states would also be forced to create independent fiscal councils – bodies of ‘experts’ unaccountable to parliaments – who would issue budgetary and economic forecasts.”

It looks like the UK is ahead of the EU game, as usual, yet successive governments have the nerve to pretend to be ‘eurosceptic’ and want to repatriate powers from Brussels; we’re in it over our heads and probably leading the way.  Great Britain but, in particular, England, is the testing ground, the experimental zone, for one-world governance and coffee-coloured multiculturalism.


PS:   George Osborne’s leaked letter click to enlarge:

Pic from @chadnoble

UPDATE:  It was announced today that Italy’s unelected government under Mario Monti, will also be creating an Office of Budgetary Responsibililty.  It seems the EU think Osborne & Cameron have done well and will be rolling out the trial across euro-zone member states.

A Little Light Relief

Here’s something nonsensical while we wait for the Cameron-Merkel meeting on Friday – and won’t that be fun given Volker Kauder’s intervention, to cheers from the German Parliament, today.
The Germans can’t blame Britain .

While the EU construct is on course to achieve what it always wanted but remains deaf to the ramifications, I’m reading jokes.  The last laugh really will be on them.

“Paul always wanted a pair of authentic cowboy boots so when he saw some in the sales he bought them and wore them home.

He sauntered proudly into the kitchen and said to his wife, “Notice anything different about me?”

Pauline looked him over. “No.”

Frustrated, he stormed off into the bathroom, undressed and walked back into the kitchen completely naked except for the boots.  Again he asked her , a little louder this time, “Notice anything different NOW?”

She looked up and said, “What’s different? It’s hanging down today, it was hanging down yesterday, it’ll be hanging down again tomorrow.”

Furious, he yelled, “And do you know why it’s hanging down?”

“Nope. Not a clue”, she replied.

“It’s hanging down because it’s looking at my new boots!!”

Without missing a beat she replied, “You should have bought a hat, Paul. You should have bought a hat.”

EUObs: Italian Bonds Shatter 7% bail-out Ceiling

Italian bonds shatter 7% bail-out ceiling

It will be a painful shock for us all but it will be short compared to continuing our membership of the EU. We need to withdraw.

Hitler Got It Wrong

Ireland, Greece, Italy and then Spain. No wonder we all make fun of him these days; what a lousy economist.

Your Choice


Or this:

Ball Of Confusion

I don’t know if anyone managed to catch Newsnight last night – Kirsty Wark presented but I gritted my teeth and it wasn’t so bad, mainly because of the interview with Liana Kanelli, a Communist MP in the Greek Parliament. Talk about a gutsy woman! I can’t find a clip online but the programme is available on iPlayer and the i/view with her begins at roughly 8.30/32 and ends at about 13.25.

My confusion arises because I’ve always thought I was right-of-centre-ish-sort-of yet I agree with almost every word she said. The basis of her argument is that Greece would be better off out of the eurozone and, possibly, the EU itself. She attacked the unlimited credit and loans given by banks and the EU whereby the government was able to lie to the electorate about wealth and hiding from them the fact that that the hands of the government, the banks and the EU were filching not only their back pockets but those of their children and grand-children as well.  Sound familiar?  I think it just underlines the blurring of lines between Left and Right and how it’s become people against Big State.

There was also a good i/view with Lee Hsien Loong, the PM of Singapore (17.43) where he praised the intent but criticised the lack of a plan. He almost laughed at the suggestion of bailing out the euro-zone: “They are past the White Knight stage now… No country is going to say ‘I will sacrifice myself in order to put out somebody else’s fire’.”

All in all, it was quite an interesting programme. Something else that stood out, apart from all the rhetoric about gloom and Armageddon awaiting Greece and the eurozone itself, was the photo line-up. Between 18.55 and 18.57 note how the wide grin vanishes from Obama’s face.  Now you see it, now you don’t.

Papandreou or, as he’s apparently known in the trade, G-Pap (!) told the Franco-German alliance about the referendum on the 26th October so a show is being performed for the benefit of the cameras. In offering the Greek people a referendum and then reneging within 24hrs, he’s outdone even David Cameron but anyone who thinks the Greeks will let this go is delusional. Not only does Greece have soup kitchens, increased suicide rates and rioting but Medecins sans Frontier and Medecins du Monde have moved in to take over basic hospital services.

As always, we should be looking behind the curtain. Why did Papandreou first tell Markozy about the referendum two weeks ago in private and why, when it was presented as news yesterday, were they so publicly outraged despite having had prior warning?  I also wonder how long it will be before G-Pap is given a position within the EU Protectorate.

The Cameron/Osborne IMF rubbish has been covered elsewhere:


On a different topic IanPJ has found this. It’s a list of official sponsors of OWS – interesting reading and a timely reminder to always look below the surface to find those who finance and pull the strings. I wonder who’s feeding #occupylsx now.  The people outside St Paul’s should be protesting against corporatism, not capitalism.  If they did their homework instead of jumping on to any bandwagon going they’d know that.  Some do but, as always, it’s too fragmented and the message isn’t getting through.

Last but not least, MuffVoc points us to a new petition.

Thousands of protesters have gathered
Live blogging, in English

In other news, life goes on: Blair’s brother appointed to:

“The Joint Board of Appeal of the European Banking Authority, the European Securities and Markets Authority, and the European Insurance and Occupational Pensions Authority. The three organisations were established in January this year to supervise financial services in the European Union.”

So, we’re all in safe hands then.


Before I was side-tracked by buying a present for my eldest’s girlfriend I was compiling a few interesting links to demonstrate how the world was flowing. Unfortunately, my i/n connection crashed and I hadn’t bookmarked them 🙂 Once I’d pulled them up from memory, it then crashed again so … here’s what we’re left with:

Belgium on the brink. Without a national government for more than a year, this EU member-state is fast becoming a testing ground and prototype for European federalism. Believe it or not, some people actually herald Belgium as a success. There’s one big boss in Brussels (unelected) and many provincial governors: layer upon layer of governance and bureaucracy.

If your blood isn’t rising already then you’re not English, Irish, Scottish or Welsh. The lovely Belgians can go back to De Standaard and their moules frites with mayonnaise.

Perhaps Cameron thinks we don’t notice; perhaps he’s right. Q. When is the Freedom Bill not a Freedom Bill? A. When it increases the power of entry into people’s homes.

A report from the joint committee on human rights warns that the measures contained in the ‘freedom bill’ actually create new risks to individuals’ civil liberties.

The government is reviewing its existing powers of entry to private properties, including homes.

It is also proposing to authorise ministers to extend existing powers of entry and roll back safeguards, prompting criticism from committee chair Hywel Francis.

“The proposals in the bill are overly broad and give ministers carte blanche to change powers of entry as they see fit,” he said.

“This power needs to be limited to provide real protection for individual privacy, and existing powers of entry need to be examined carefully to reduce their scope and number.”

We don’t need a Freedom Bill; we don’t need a British Bill of Rights – we already have them.

The man in demand, the man who owns much of the planet, the lobbying groups and the vested interests still has a criminal record.  I can’t believe this man still holds the position he does.  Didn’t he once brag that he made his billions on the back of Great Britain’s Black Wednesday?

Shock! Horror! Hedge Funds and private equity make up 27% funding to Tories. Tsk. How awful, let’s get a slot on Newsnight.

Oh! Wait a minute… Trade Union donations account for 91.3% funding to Labour. Oh well, let’s not mention that.

Testing on live animals: It must stop. Sentient beings and all that.

There’s been a record number of people evicted from their homes in Spain. This is pretty much how Greece was first reported.

Not the real thing: Olympics 2012. Sponsors accused of breaking “the spirit” of the games. Whoever negotiated the contract to win Olympics 2012 is a muppet if he couldn’t foresee what would happen. We were warned last year to get out of London, close businesses and go on holiday.

Tony Travers, a transport expert at the London School of Economics, said: “It is hypocrisy for the Games organisers to issue an anti-car message which does not apply to the sponsors.

Ah well, Tony, some of us live and learn.

Are Green Tea supplements already banned by the EU?  If not, they soon will be. Au Revoir, to Green Tea supplements in France.  I assume this is all on the back of the EU demanding stricter regulation of non-BigPharma natural medicines.  After all, why let people go out into woodland or meadow and find a dock leaf to cure an itch?  Much better to prohibit picking the dock leaf and let BigPharma patent some artificial derivative and charge us for it.

Are you a journalist in America?  Get ready to be told how to report about Islam.  We’re so touchy-feely here in Britain that you only have to look at our newspapers to see how we were one of the first to implement the edict.

Britain will comply with this, of course, but some member-states will not.  There’s a disagreement about battery hens.  Once upon a time this is something our own government could have done but now we’re just at a competitive disadvantage within the EU.  It’s “clearly unacceptable” says the EU Commissioner but nothing will change.

This one surprised me: the National Union of Farmers is supporting the Govt’s new planning regs.  I bet their President, Peter Kendall, has been on a Common Purpose course with his talk about smart farming.

“…speaking in Manchester this week, Mr Kendall said the planning reforms could help farm businesses increase food production by making it easier to get permission for the likes of new farm buildings, polytunnels and anaerobic digestion (AD) plants.”

Lovely, can’t wait.  Think of all those subsidies they’ll get and the cheaper food costs are sure to be passed down to us (1972 and CAP re-visited ad nauseam).  Forget those rolling hills and infinite horizon meadows – let’s have polytunnels instead.

Florida installs fingerprint scanners on school buses.  Apparently it’s because they can’t keep track of children attending school.  Whatever happened to the School Register?  How many parents in Britain know whether their child is being finger-printed before entering the dining room or the library?

Syria warns Jordan not to participate in Turkish/Israeli “large-scale manoeuvres”:

“If the Hashemite Kingdom lines up with Turkey and Israel and deploys extra troops on the Syrian border, Assad will order his air force to bomb Jordanian towns.
And if Israel intervenes to engage Syrian bombers, Damascus would launch surface missiles against Jordanian cities.
It was the second time this week that the Syrian ruler had threatened to punish an enemy with ground-to-ground missiles. Tuesday, Oct. 4, debkafile revealed that Assad had threatened to demolish Tel Aviv by missiles within six hours of an attack on Syria.”

Russia and China veto UN Resolution re sanctions on Syria. They fear it will turn into an excuse for bombing, like Libya.  Russia has a good deal on arms sales.

Sorry, I’m dashing for dinner now so the rest is short.

An in-depth report on Peak Oil, Climate Change and the threat to food security

The lies and the futility:  Obama’s “Millionaire Tax” Collected Over Next Ten Years Will Plug 4 Months Worth Of Deficit.

Unrest is spreading to Toronto.  Taxpayers world-wide are unhappy at the way their taxes are being spent yet governments go on, regardless.

Bernard Howe-Hogan, the new Commissioner of the Metropolitan Police has issued his first statement: “I will fast-track ethnic minorities”.  I bet he’s been on a Common Purpose course.

More on Dexia An interesting video.

Let’s finish with this:  The nannied and pampered new generation.

Check this out: