Cameron should concentrate on banking threat to Britain from the EU this week
As is usual in matters related to the EU, the UK media are virtually silent on the matter this morning, so let me quote the following from New Zealand, linked here:
The ideas will be discussed at a European Union summit in Brussels on June 28/29, the 19th such meeting to try to quell the euro zone's 2-1/2-year-old debt and banking crisis.
The crisis is complicated by the interdependence of heavily indebted governments and the banks that help to finance them by buying their bonds. Germany, the EU's paymaster, is opposed to asking its taxpayers to backstop other countries' banks.
''If adopted, these measures will break the adverse feedback between the banks and the sovereign and other destructive links that are making the crisis so severe,'' the BIS, based in Basel, Switzerland, said in its annual report.
Common banking rules would shore up confidence in the euro because depositors would no longer have a reason to flee lenders they fear might fail, the BIS said. Greek banks have lost about 30 per cent of their deposits since the start of 2010.
''With day-to-day normality attained through a unified currency and banking system, leaders will have the time they need to finish building the broader institutional framework that the monetary union needs for its long-term viability,'' the report said.
It said recent banking union proposals offered quick progress because they would operate within the existing terms of economic and monetary union.
''The conclusion is hard to escape that a pan-European financial market and a pan-European central bank require a pan-European banking system,'' the BIS said. ''Banks in Europe must become European banks.''
Emphasis of the final paragraph of the above quote was added by this blogger.
So what is our Government doing about this grave threat to our national independence? Looking at the newspaper bible of the modern Conservative Party under David Cameron's leadership this morning, we read the following:
David Cameron is to admit that the welfare system is causing “huge resentment” for hard-working taxpayers as he pledges to target working-age families in a “fundamental” overhaul.
The Torygraph does however have mention of the BIS and its Annual Report, how it chooses to report that matter may be seen from this link.
Extraordinary is it not, yet I bet if you asked most Brits on their way to work this morning if they believed Britain still had a free press and broadcast media, they would reply in the affirmative! That is where our freedoms went, mostly thanks to blinkered and uncaring ignorance.