Tuesday, January 06, 2009

Was the pound/euro year end trough contrived?

There was an intriguing quote (HT Eureferendum blog) at the end of the link included in my post of last Sunday titled "Britain will be unable to meet EU payments" as follows: A Treasury spokesman declined to comment on the impact of exchange rates, pointing out they could go up and down. He confirmed the rate used for EU contributions was always fixed at the end of the previous year. The contributions referred to are of course Britain's to the EU. Now we are into the New Year an interesting pound/euro rebound seems to be taking place, this quote is from the Belfast Telegraph half an hour ago: The pound rose as much as 3.4% to 92.51 pence per euro, strengthening to less than 93 pence for the first time since December 22. The pound traded at 92.80 pence last night from 95.69 on Friday. Surely our so-called partners in the EU (aided by the so-called experts on the Bank of England Monetary Policy Committee at the 7th November 2008 meeting) could not have manipulated the markets to maximise EU receipts? This blog will follow exchange rate developments with interest! Meantime how is Britain now to pay, surely the task will not be made easier by another interest rate cut on Thursday leading to further sterling devaluation - if no cut comes then was not the 7th November 1.5 per cent slashing (which has had zero positive effects on the economy) dreadfully politically timed considering the hundreds of millions of pounds impact on Britain's payments to the worthless and corrupted EU? Especially as Britain is now locked into that rate throughout 2009 regardless of the disasters which may yet befall the euro currency? Who removed political considerations from monetary policy? None other, of course, than the deranged occupant of Number 10 Downing Street - the Prime Slime! Did the worthless MPC consider exchange rate impacts on 7th November? Who is responsible now that the Government has delegated governance to academic amateurs whose own motives have never been assessed by any electorate? Why have the opposition parties not queried these aspects and recent disturbing events? These matters must be aired before Thursday!

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