Saturday, January 31, 2009
Sobering comments from San Francisco.
Iceland, for its part, is already as good as bankrupt. In Eastern Europe, a number of countries are wobbling — Latvia has already had to request aid from the IMF and the Eastern European Development Bank. In the capital city of Riga, 40 people were injured in a violent protest that took place on Jan. 13.
Great Britain is also in trouble. And if it weren’t for the protection that their membership in the common currency provides them with, some euro zone countries would be fighting for financial survival right now. America, on the other hand, is banking on the fact that it is still considered stabile despite it’s enormous problems — and that the Chinese still hold a huge chunk of their currency reserves in US bonds.
So will things get better? It would be an illusion to believe that countries have learned from their past mistakes, US economists Reinhart and Rogoff warn. In fact, another state could go bankrupt at anytime and take its people down with it.In this crisis, nothing is unimaginable anymore. Yet the man in charge in an interview in the Daily Telegraph today says all the country needs is confidence! Seeing Brown performing in front of the international financial criminals at Davos to the nonsense world issue questions posed by the fawning Ms Amanpour it was clear that he had lost contact with any trace of reality.
Image that epitomises the EU
The rage is here at last.
Labels: EU Worker Outrage
Friday, January 30, 2009
Confused thought on Immigrant Labour
Labels: Total Boycott
Boycott Total Service Stations
Labels: Total Boycott
Labels: EU Worker Outrage
Thursday, January 29, 2009
Immingham strikers portend future EU Conflicts
More Unanswered questions from Gordon Brown
Labels: Gordon Brown
Plans afoot to break Nice Treaty Rules on EU Commission
Wednesday, January 28, 2009
Brown is the Pits - IMF report shows!
World economic growth is set to fall to just 0.5% this year, its lowest rate since World War II, warns the International Monetary Fund (IMF).
In October, the IMF had predicted world output would increase by 2.2% in 2009.
It now projects the UK, which recently entered recession, will see its economy shrink by 2.8% next year, the worst contraction among advanced nations.The IMF says financial markets remain under stress and the global economy has taken a "sharp turn for the worse". (Link)
Killing off the Common Market
France had also seen an upturn in sales after the government introduced a bonus of €1,000 at the beginning of December for people scrapping a car at least 10 years old and replacing it with a new vehicle with carbon dioxide emissions of less than 160g/km.
The French government claims its scrapping bonus will lift car and van sales by 100,000 in 2009.
So when the detail of Lord Mandelson's car rescue package announced last evening eventually becomes clear, how much will the UK Government give me for an old banger? From the piffling amount mentioned, probably not much more than a bag of sweeties in the glove pocket, hardly a giant incentive to buy a Jag or a clunking great Land Rover is it!
So is this still a Common Market for cars? Seems less than an even playing field to me! I trust none of these moves will in any way distort competition!
Labels: Mutilated Common Market
New German challenge to Lisbon Treaty
The new legal action, running to over 200 pages, is concerned with economic as well as political issues, which the complainants say are not addressed by the Lisbon Treaty.They argue that a prognosis on European integration given by the country's constitutional court in a 1993 judgement on the Maastricht Treaty - which paved the way to the euro - has turned out to be false.
Instead, EU integration has been characterised by "continuous breaches of the stability pact, a presumptuous over-stepping of power by the European Commission, unaccountable leadership and dissolution of the separation of powers," say the authors in a statement on Monday(26 January), according to German daily Frankfurter Allgemeine Zeitung.
They say that the constitutional court cannot approve the Lisbon treaty because it "strengthens the current practice of dismembering the division of powers and mixing of competences."
The complaint is being brought by Markus Kerber, a commercial lawyer, Dieter Spethmann, a former chief executive of Thyssen, former MEP Franz Ludwig Graf Stauffenberg and economist Joachim Starbatty.
Labels: EU Lisbon Treaty
Top Lloyds Bankers Beg fo More Pay
Lloyds Banking Group has sounded out shareholders about a change in its executive remuneration plans that could generate pay rises for its directors despite being bailed out by the taxpayer.
The bank, in which the government holds a 44% stake, is understood to have approached big City investors between a month and six weeks ago with outline proposals for a modified pay package for the executive team of the bank .........Eric Daniels, the Lloyds chief executive, is currently paid a basic salary of £1.03m.
The bank's other five executive directors before the HBOS takeover was announced had a basic salary of between £590,000 and £680,000.
They also have short- and long-term incentive schemes that include annual bonuses of up to 200% of basic salary, with the exception of Daniels, who can boost his salary with a 225% bonus payout.
Labels: Lloyds Bank
Tuesday, January 27, 2009
New US Treasury Secretary would go straight on EU-wide Criminal Database
Yesterday's Senate vote was closer than anticipated; the tally last week in the Senate Finance Committee was 18 to 5. In his confirmation hearing before the finance panel, Geithner was grilled on his failure to pay almost $50,000 in taxes. He accepted responsibility, saying his errors were “careless” and unintentional.
“In another time and another place this probably would have been a far more difficult issue for him to get over,” said Kevin Petrasic, a former congressional staffer who is now an attorney at Paul, Hastings, Janofsky & Walker, a law firm in Washington. Lawmakers “had to really think hard before deciding that somebody with his credentials was not the type of person we needed” during a financial crisis.
Nevertheless, the tax errors that prompted at least some of the votes against him will reduce his effectiveness, said Peter Wallison, who was Treasury general counsel under President Ronald Reagan and is now a fellow at the American Enterprise Institute in Washington.“He just won't carry the same moral authority,” said Wallison. This blog considers it odd that this would have been a more difficult issue in another time and place, to my mind nothing should come before restoring trust (as my post on the corrupt House of Lords tried to make plain this morning) and stating that the present mess should excuse officials having laxer standards than should normally prove acceptable flies in the face of logic.
Britain's Rotten Parliament
Cash for Answers
If the House of Lords loses its credibility then it loses its legitimacy.It is time that the half finished job of reform was completed
Czech President Klaus publishes book on Lisbon Treaty
Monday, January 26, 2009
European Criminal Records Information System (ECRIS)
Brown abandons Sterling
It is wrong to put temptation in the path of any nation,
- For fear they should succumb and go astray;
So when you are requested to pay up or be molested,
- You will find it better policy to say: --
"We never pay any-one Dane-geld,
- No matter how trifling the cost;
For the end of that game is oppression and shame,
- And the nation that pays it is lost!"
Gordon Brown or Thomas Jefferson?
Sunday, January 25, 2009
Looking Back - Number three
Labels: EU tyranny
Insanity from the Independent on Sunday
Can we afford present levels of public spending?
The real question is can we afford not to spend on big infrastructure projects?
Naturally enough the panel does not answer, nor even attempt to consider the centuries old dilemma for the poverty stricken - namely how do you spend money you do not have and which NONE will lend?
Labels: Credit crunch.
Purchasing Peers - Democracy's Death Knell
Truscott — a former Labour MEP who was a government minister until 18 months ago — made it clear he had exactly the right credentials.
In the course of their short tea-time conversation he agreed to help them amend a government bill that was harmful to their client, in return for cash. He said he had done similar work before. He said he had intervened on the Energy Bill — a piece of legislation he had been responsible for as a minister only months earlier. His fee was seemingly modest by peers’ standards, but probably not for most people outside the house. He charged £2,000 a day, which would have added up to £72,000 for the three-day-a-month one-year contract he later proposed....
The House of Lords is supposed to be an important check on the power of the Commons, where mature and independent peers bring their experience to bear on proposed legislation.However, we found that four Labour peers were willing to help amend laws for a fee.
Saturday, January 24, 2009
Friday, January 23, 2009
New challenge to Lisbon for Czech Court - Lisbon update.
Labels: EU Lisbon Treaty
Progressivism = Marxism
Maggot Members of Parliament
“The ACA system”—
the additional costs allowance system—
“is so deeply flawed, the shortfall in accountability so substantial, and the necessity of full disclosure so convincingly established, that only the most pressing privacy needs should in our view be permitted to prevail.”
When the High Court went over the same set of issues, and was asked to do the same balancing exercise, it said in its judgment:
“We have no doubt that the public interest is at stake. We are not here dealing with idle gossip or public curiosity about what in truth are trivialities. The expenditure of public money through the payment of MPs’ salaries and allowances is a matter of direct and reasonable interest to taxpayers…they bear on public confidence in the operation of our democratic system at its very pinnacle, the House of Commons itself. The nature of the legitimate public interest engaged by these applications is obvious.”
That is a coruscating verdict on a system that we have allowed to continue over the years. That is why I say that the abuses were waiting to happen.
Let us be clear: the effect of the withdrawal of the proposal overnight is that we are now back in the situation that the court judgment brought about. We are going to have an expanded publication scheme, and I welcome that. It is a good thing, but we are now also subject to the decision under FOI law that the details of our expenditure should be published. I am not sure whether this is an example of the dark forces still being dark, but there is clearly still a feeling among some hon. Members that if we can only agree to an expanded category of items to be published, we will somehow be able to extricate ourselves at the eleventh hour from the decisions that have made the publication of our expenditure inevitable. I say to those dark forces that that is not the case.
Labels: MP Maggots
Thursday, January 22, 2009
Looking Back - Number Two
Labels: BBC Treachery
Criminal activity within Lloyds Bank
"For more than 12 years Lloyd's facilitated the anonymous movement of hundreds of millions of dollars from U.S.-sanctioned nations through our financial system," said Acting Assistant Attorney General Matthew Friedrich.
"Lloyds stripped identifying information from international wire transfers that would have raised a red flag at U.S. financial institutions and caused such payments to be scrutinized," he said.
Although the money must be forfeited, under terms of the deal Lloyds will not presently be prosecuted because it accepted responsibility and has vowed to abide by the U.S. laws. After two years the U.S. will forego prosecution and formally drop the criminal charge.
In a statement, the bank said: "We committed substantial resources to a thorough internal investigation, the results of which were shared with U.S. investigators and regulators.
The British Prime Minister asked yesterday, 21st January, eleven days after the widespread report of this fine, by a Member of his own Party about the absence of any prosecutions or inquiries into this matter in the UK, quoted here, replied:My hon. Friend is making very detailed allegations. Our sanctions policy against Iran has been one of the toughest in the world. It is tough on banks, tough on oil companies and tough on other institutions. I will of course look at the allegations that he has made, but I can tell him that we and other countries are leading the world in the sanctions against Iran. As reported by Robert Peston, BBC Business Correspondent, on his blog on 17th September, 2008 it was the Prime Minister who appears to have been the facilitator for the takeover by Lloyds of HBOS read here from which I quote: UPDATE 10:32AM: I am hearing that this deal has been negotiated at a very high pay grade level, with the Prime Minister, Gordon Brown, talking to Sir Victor Blank, chairman of Lloyds TSB, about how helpful it would be if Sir Victor could bring himself to end the uncertainty hanging over HBOS by buying it. Does not the apparent ignorance of the Prime Minister of the huge fine levied against Lloyds as conveyed by his reply in the House of Commons yesterday not then appear quite extraordinary, as does the non-reporting of the question in the UK media a silence as deafening as the absence of reporting on the fine itself by the majority of the media since 10th January 2009 when it was announced? Many wonder what has gone wrong with British banking under the regulatory regime imposed by Gordon Brown and subject to a speech by Lord Turner last evening, read here. My posting of 18th September last year titled "The Halifax, Bank of Scotland and Lloyds" raised many concerns still unanswered. Many deeper questions are raised than those Lord Turner chose to cover last evening as yesterday's parliamentary exchange and the media silence vividly illustrates. They would seem to go to the heart of Britain's system of governance.
Wednesday, January 21, 2009
British official debt worst since 1978
Labels: Bankrupt Britain
Lloyds Bank $300 million fine raised at PMQs
Andrew Mackinlay (Thurrock) (Lab): Were the Serious Organised Crime Agency, the Financial Services Authority or our security and intelligence services fast asleep, or were they part of a cover-up in relation to Lloyds TSB’s illegal handling of money from Iran to get round sanctions? Surely we need a statement about why this bank—and no individual has been prosecuted in the UK—laundered in America $300 million of Iranian money and money from London that related to the Sudan. I think we should be told.
The Prime Minister: My hon. Friend is making very detailed allegations. Our sanctions policy against Iran has been one of the toughest in the world. It is tough on banks, tough on oil companies and tough on other institutions. I will of course look at the allegations that he has made, but I can tell him that we and other countries are leading the world in the sanctions against Iran.
See my post of 10th January on this topic, from here.
Labels: Lloyds Bank
MP expenses must be declared
Gordon Brown- Cadaverous Cadaver Carver!
Tuesday, January 20, 2009
Kaka gives verdict on Britain. Brown doomed, Hope ahead.
Skycar back on track
Monday, January 19, 2009
Skycar Expedition in the Charente
Sunday, January 18, 2009
Finally an MP spells out the debt disaster!
When the Government effectively nationalised RBS, it took over a bank with a 2,000,000,000,000 (pound) liability. It’s a huge number – 2trillion (pounds), yes, trillion.
Not so long ago, billions sounded like big numbers, now it is trillions.
How long before we are counting our debt in zillions? Two trillion pounds is more than every UK person and business together earn in a year. It’s four times the annual tax revenue of the country.Elsewhere in the same paper one of these bad loans to a Russian former billionaire is reported linked here. As in all other Sunday papers the fact that the government is about to announce another huge banking bailout, mostly estimated at two hundred billion pounds, also makes the headlines. Read the column by John Redwood and consider the fact that this next 200 billion pounds will not be the end - then telephone or e-mail your MP and make it plain this move will not have your support. The small amount of money now left in the country for governmental discretionary spending must be retained for helping the victims of history's worst ever economic depression!
Saturday, January 17, 2009
The Disastrous Rowing Ethos
For courage rarely surfaces until retirement. Just how brave is our British habit of staying tight-lipped about unfolding policy calamities while still part of the policymaking team - and then, after a decent pause and a garnish of ermine, swinging about in the Upper Chamber with a “my Lords” here and a “my noble and learned friend” there, to pronounce on all the mistakes you apparently saw coming for years? How proud should a man or woman be of that?
There will always be disingenuous hindsight; but all too often the retired luminary is being honest when he says that he knew at the time a doomed policy was doomed......
It sometimes seems that we all trudge down a long road we suspect is leading nowhere, nursing our private doubts and keeping our mouths tight shut.This is exactly the problem. I feel sure we have all been guilty at one time or another of falling into the trap spelled out in the paragraph immediately above. If we are to come through the present economic collapse where a fresh start is so urgently needed we must all speak out against the disastrously mistaken route of enormous borrowing now being undertaken by Brown and Darling!
Labels: Oxbridge wreckers
Friday, January 16, 2009
An apt question from the Shropshire Star!
Questions over EU treaty powers
LETTER: The arrogance of the political class appears boundless. It has been reported that the European Union is now trying to take control of our North Sea oil reserves, apparently under secret powers written into the Lisbon Treaty.
This raises two vital questions.
What are these supposed secret powers?
The Lisbon Treaty was available for public scrutiny, are we now to understand that further documentation exists hidden from the public and Parliament?
Additionally the Lisbon Treaty, although ratified by our (seemingly anti-British) Parliament, does not come into force until all member states ratify it. As the Irish have not ratified the treaty, how can powers be taken from a mechanism that does not exist?
Labels: EU Lisbon Treaty
US Pension Contributions Shocker
Anglo Irish Bank Nationalisation
Euro Currency insanity now clear for all!Follow the logic of the two year Irish guarantee of its bank deposits. In spite of French re-assurances it is not available elsewhere. Therefore looking at the approaching abyss will savers across Euroland not seek the security of that Irish guarantee? Read the latest mess of Gordon Brown, here, who announced a rise to fifty thousand sterling with no commencement date thus causing another crisis. (Note the Telegraph headline actually labels this as a panic! I am keeping that word for the real thing). What will Ireland do with all that cash? They will not obtain realistic market returns with a similar two year guarantee so the chances will get ever greater that the banks will indeed fail, drowned in a sea of un-investable cash, and that the Irish taxpayer will have then to compensate any euro investor, an idea so clearly preposterous that in a normal world it would beggar belief. Yet that is the situation within the EU this very morning. I repeat "an idea so clearly preposterous that in a normal world it would beggar belief." Yet here we are, would an Icelandic Government bank guarantee for its depositors who lent twenty time that nation's GDP be worth a lot? How much is an open-ended Irish Government guarantee worth or more pertinently up to what level of exposure? With Brown's daily billion pound promises of expenditure, how much is a commitment by this British Government worth - or again more pertinently up to what level of commitment? My guess looking at recent pledges and the rapidly cratering tax receipts he has already passed the point where funds can be relied upon - next stop the IMF and/or default!
Labels: Gordon Brown
Buddy Holly Tribute - Rave On
Labels: Buddy Holly
Weep for England
Labels: MP Maggots
Thursday, January 15, 2009
St George's Holiday - Hit Rate Grows & Mad as Hell
Heathrow Runway another non-announcement!
Czech EU Council President attacked for insufficient Lisbon support
Labels: EU Lisbon Treaty
Chilling news for Lloyds HBOS Shareholders and Taxpayers
The newly merged Lloyds HBOS bank will set up a toxic vehicle for its housebuilding and commercial property investments, Building can reveal.......
The source said: “This is just like what banks have done elsewhere in isolating their toxic debt. The idea will be to get maximum value from the portfolio either through a sale or more dedicated management of the assets.”
The portfolio includes investments in housebuilders Crest Nicholson, Miller, Gladedale and Tulloch Homes. It also has stakes in retirement housing specialist McCarthy & Stone and social housing specialists Keepmoat and Apollo.
The vehicle will also include HBOS’ commercial property investments.
It is understood that the carrying value of the vehicle on the new bank’s book will be nil.
Let me repeat the valuation NIL, yes folks a big fat ZERO!
Britain's threatened energy supply
State Grammars outperform Fee Paying Schools
Labels: Grammar Schools
Patrick McGoohan RIP
Labels: The Prisoner
State aid for a new UK Car undustry
Labels: Electric cars
Wednesday, January 14, 2009
Looking back 1 - The Greenspan Standard
St George's Day Holiday - Update 2
LIBERTAS ADVERTISING INTERNSHIPS
Fed Chairman's London speech translated.
Build new nuclear plants now!
Tuesday, January 13, 2009
St George's Day Holiday - Update
"Ancient lords - not quite tyrants" -YET
Labels: EU tyranny
UK trade deficit at 8.3 billion is worst EVER
Labels: Gordon Brown
Seminar in Prague slams anti-democratic Lisbon Treaty
The EU reform Lisbon treaty will bring more power to European officials who are not under democratic control, critics of the document agreed at a seminar in Prague.
They say they see a solution in the rejection of the current treaty and drafting of a new document.
Labels: EU Lisbon Treaty
Ukraine stops Russian Gas again!
Poland's President under French Pressure over Lisbon.
Social Mobility killed off in the UK!
Labels: Social Mobility
Monday, January 12, 2009
Massive support for English Public Holiday
Shareholders give resounding NO to Brown's S?U?P?E?R?Bank
Sunday, January 11, 2009
Brown's excuses and disgraceful US blame game blown!
Labels: Gordon Brown MP
Gas thefts begin - Britain faces cuts!
Declan Ganley in Poland.
One voice of sanity - John Redwood.
We should remember the origins of our problem. The Monetary Policy Committee kept interest rates too low for too long. The banking regulator allowed banks to balloon their balance sheets and supplement this excessive lending with off-balance-sheet devices that came to haunt them in the bad times. The economy ran faster than could be comfortably handled, leading to a large balance-of-payments deficit as we sucked in what we could not produce at home, and a large private sector borrowing binge. Asset prices escalated giddily on the back of easy money. Homes became unaffordable without taking on a huge mortgage, which would prove too burdensome come higher interest rates or job loss. Once the authorities called time on excessive debt, there was bound to be a downturn. Their decisions to hold rates too high for too long, and then to require banks to hold more capital and cash to support their lending when we were well into the downturn, made the problem considerably worse.
I argued strongly for lower interest rates a year ago to take the edge off the coming decline. I argued against nationalising banks. I would have kept them in business by having the Bank of England act as lender of last resort, providing cash and loans against proper security, and offering stronger deposit guarantees when needed. The aim should be to see them through, with their shareholders and senior executives taking all the hit for past mistakes. The government's role towards the banks should be that of the intelligent bank manager, not the owner needing profit and access to cheap cash for himself.Please read it all, then get on the telephone or e-mail the party and make clear that as Mr Redwood cannot replace David Cameron absent resignation, then at the very least Cameron should replace Osborne with Redwood. At least one front bench will then have a member who understands the current crippling reality! (Post copied on Teetering Tories)
Labels: John Redwood MP