Ireland's former attorney general, former minister for Justice and now
practicing senior council one Michael McDowell was on national radio earlier
today, wondering out loud why the country was not debating a Federal Europe that
is being foisted on small countries by dint of an economic crisis exported from
the core to the periphery. He wondered why Ireland was not paying enough attention to the UK's efforts
to de-couple itself from core competencies and obligations being foisted on it
by EU "Euro fascists" (my words). He wondered, if crossing the border from the
Irish republic was going to be akin to crossing the border from East Germany
into West Berlin during the dark days of the USSR. Entering the land of the
free?I agree with his sentiments, federalism is a complete misnomer, buried deep
inside the velvet glove of federalism is the Iron fist that will be used more
and more boldly to smash the sovereign nation state. It is nothing less than a
takeover of most states within Europe by Wolfgang, Von Rompuy and other
egotistical men such as Barroso and Rehn. Dangerous people who know not what
they are unleashing across the Eruopean continent. These are people who would
barely get people to cross the road with them under their banner of a federalist
Europe but who are marveling at the power an economic crisis has bestowed upon
them. Small wonder they want to make crisis permanent? It is the UK once again
who are standing up for what is left of democracy in Europe and god knows that
in itself tells us a lot about how far the rot has gone because we know that
democracy in Britain itself has been significantly eroded over the last 40
years.
Access Investments-Building Awareness - European Union-ROMANIA
Sunday, November 4, 2012
What's worse than an unelected hack steamrolling the lives of ordinary people?
Ireland's former attorney general, former minister for Justice and now
practicing senior council one Michael McDowell was on national radio earlier
today, wondering out loud why the country was not debating a Federal Europe that
is being foisted on small countries by dint of an economic crisis exported from
the core to the periphery. He wondered why Ireland was not paying enough attention to the UK's efforts
to de-couple itself from core competencies and obligations being foisted on it
by EU "Euro fascists" (my words). He wondered, if crossing the border from the
Irish republic was going to be akin to crossing the border from East Germany
into West Berlin during the dark days of the USSR. Entering the land of the
free?I agree with his sentiments, federalism is a complete misnomer, buried deep
inside the velvet glove of federalism is the Iron fist that will be used more
and more boldly to smash the sovereign nation state. It is nothing less than a
takeover of most states within Europe by Wolfgang, Von Rompuy and other
egotistical men such as Barroso and Rehn. Dangerous people who know not what
they are unleashing across the Eruopean continent. These are people who would
barely get people to cross the road with them under their banner of a federalist
Europe but who are marveling at the power an economic crisis has bestowed upon
them. Small wonder they want to make crisis permanent? It is the UK once again
who are standing up for what is left of democracy in Europe and god knows that
in itself tells us a lot about how far the rot has gone because we know that
democracy in Britain itself has been significantly eroded over the last 40
years.
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6 comments:
This is not a fresh crisis it is simply a extension of the original one four years ago. In other words very little has changed apart from the political rhetoric
Banks are massively over leveraged just like they were at the start and still have all that bad debt festering on their books.
The debt and the people behind it have gone nowhere and the Banks need regular injections of funny money to remain solvent.
Creative accounting has been used to it's limits but the debt remains just off the balance sheet.
Where the Banks expect to raise the billions they need without more QE is something of a mystery but one thing is certain it will not come from savers or retail deposits. That option is now dead and buried thanks to the last four years of them abusing savers while taking all they can from the QE pot.
The most important rule that drug barons usually follow is DO NOT use your own products on yourself. The Mafia bosses know that but the banking pimps still haven't learned that lesson yet and continue to inject themselves with financial fixes.
Fortunately the majority of us can decline drugs but sadly nothing protects us from the whores of banking and their addiction to greed and fraudulent business.
Imagine you lend out a million pounds, and the borrower defaults. That loan isnt an asset, its a liability. All loans are liabilities because you can never be guaranteed 100% that your borrower is going to pay it back. You are either dumb or a shill working for a bank.
I very much hope there's an emergency plan in place to nationalise all the banks, separate bad debts from good debts, break them up, claw back as much money paid in bonuses to the people who caused the problems, including jail time for some of them, and start again.
My only fear is the system has gotten far too big and the the break up will be uncontrolled and the landing harder than Felix Baumgartner with a dodgy parachute.
The ludicrous size of the balance sheets suggests the latter.
So the banks have to have the money they lend and they cannot class likely bad debts as assets.
If they had run their businesses with a fraction of the requirements they place on businesses wishing to borrow we would not have experienced the crash.
That they will try to find ways around the rules is inevitable.....it is somehow in their DNA. Rather like all criminals.
On Friday, European Commissioner for Financial Programming and Budget Janusz Lewandowski, Poland's representative in the EU's executive, said it was time for Britain to make a fundamental decision regarding its future in the European Union. "Of course there are limits," he said in an interview with the German daily Süddeutsche Zeitung. "We can't finance more Europe with substantially less money."
When asked if he was referring to budgetary criticism coming from London, Lewandowski said: "Of course I am also referring to Great Britain. Either they see their future in the European Union in the long term or they don't."
Lewandowski's comments come on the heels of several brash comments on the budget coming from leading British politicians. Parliament on Wednesday heaped pressure on Prime Minister David Cameron to push through deep cuts to the EU's proposed budget, as several members of his own party joined the opposition in a non-binding vote on the matter.
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