Thursday, September 30, 2010

Another Irish Bank nationalised?

The report of the nationalisation of Allied Irish Bank is from The Guardian, so it may well not be reliable, nevertheless it is linked here. As things seem to be deteriorating at a growing pace, I will endeavour to more regularly update this blog over the coming days. Given the total failure of the mainstream media to report ongoing events, let alone provide debating platforms for informed people with opposing views to offer potential solutions, it seems the least that I can do! For now I am to my bed.

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The Euro-currency was France's price for German Reunification - Der Spiegel

An astonishing article has appeared in Der Spiegel which includes the allegation that President Mitterand of France gave his assent for the destruction of the Deutshemark under changed conditions, linked here: Mitterrand, at any rate, knew what he wanted for France. He demanded that Kohl agree to introduce the euro earlier and under different conditions than the chancellor had wanted. Thatcher, given her critical stance toward Europe, lacked even this option. From then on, she contributed little more to the game than her foul mood. This seems an incredibly damaging moment for German public opinion to calmly swallow such astonishing revelations as the whole long Der Spiegel article covers, especially given the implication of the news from Ireland, Spain and Portugal during the past week. The Der Spiegel column running to nine pages begins here. So as this blog and its forerunner Ironies have suggested all along, the Euro Currency could never possibly last in the long run, have the German leaders, therefore, also relied on this obvious fact and this moment of the common currency's collapse is in fact all part of a very long term plan?


Trichet and Ireland.

The Slog has some interesting comments, linked here, from which I quote the following, "The ECB [EU central bank] is running scared of overt action on Ireland" theorised a top UK-based currency trader, "If they pile in [to Ireland] with stabilisation fund cash, the market will panic. They're spending the money on the currency to try and calm people down. It makes sense to do that, but you'd walk a long mile to find anyone here who believes this is anything other than Trichet buying his own currency." This must make the ECB a holder of the worst investment portfolio in history: billions in junk bonds, billions of bad debt in euros, and increasing holdings of the shared currency. Watching Bloomberg and CNBC it is pretty clear what is now happening, all these market manipulators are pretty much fighting for survival and will practically well stop at nothing, one this morning was making the case that it has been transparency on the banks which has caused the crisis!


IMF warned of abrupt UK Housing Crash in 2003!

Seeking an old posting in the archives of my blog Ironies in September 2003 to link from the posting beneath this, I came across this fascinating posting published on 18th September 2003 which I just had to repeat in full here today: +++++

Thursday, September 18, 2003

UK Housing Crash warns IMF According to the IMF as reported in The Independent Tony Blair would do better to stay home this weekend and worry about the economy in what is supposed to be 'his country' IMF sounds alert over housing crash The IMF said soaring housing markets posed a threat in the UK, US, Australia, Ireland and the Netherlands, warning that "the risk of an abrupt unwinding cannot yet be ruled out".

posted by Martin at 9/18/2003 11:09:00 PM +++++ Well folks seven years, yes that is correct a full seven years on it looks as though "an abrupt unwinding" is what we are about to get.

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Eamon, things are not all right in Dublin!

Last night I reminded older readers of a bit of Python, read here, unhappily this morning as long expected there is absolutely no chance of a Constitutional settlement for Ireland, let me explain: 1. The mainly Anglo Irish Bank debts just announced are presently estimated at 34 billion euros, read here. 2. The Irish Government previously provided an open ended guarantee to meet these debts to save the assets of mostly foreign debt holders. Presumably for reasons of EU solidarity (hahahahahahahahehehehehe!!!!!). 3. The Irish Constitution is over-ridden by the Lisbon Treaty, formerly the EU Reform Treaty and before that the EU Constitutional Treaty. Like every other EU member Ireland now has no constitution of its own. 4. The Lisbon Treaty has no rescue mechanism or emergency support programme for member states in such difficulties as it is a non-transfer union as defined under the Maastricht Treaty under the terms of the Growth and Stability pact that was blown out of the water by France and Germany in 2003. (One post of many on Ironies on this topic is linked here scroll to 12th September 2003). 5. Ireland has thus bankrupted itself to aid the larger banks of the bigger member states and can now do nothing to either pay the debts or like Iceland, restore its competitiveness through devaluation. A new Constitution for the Irish Nation outside the EU and withdrawal from the Euro seems its best hope, unless we see an extraordinary display of EU solidarity from Germany in the very near future which would finally seal the fate of the EU once and for all with the German electorate!

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Jail for Gordon Brown!

It is extremely gratifying for this blogger to read a call for the jailing of the former Prime Minister, Gordon Brown, in a national newspaper. Jeremy Warner an Assistant Editor of the Daily Telegraph writes in that newspaper, linked here: "The case is quite easily constructed; that he did willfully take the brakes off public spending, that he failed to control the recklessness of the banks, that he stripped the Bank of England of its powers of financial supervision and gave them instead to a shiny new, politically correct but wholly inept regulator, that he misled parliament over the state of the public finances....." It may often have seemed fanciful in the boom times of recent years when I called for just such a future policy, there are several other members of the former cabinet who should eventually join him if this nation is ever to restore a working democracy. In a couple of years further in to this age of austerity the demands across the towns and villages will, I believe, achieve just that, but a good start can be made with Brown. Introducing the Brown Levy I suggested here, here, here and here,will add to the pressure and is daily becoming a more urgent necessity in the face of the now obvious UK Property Price collapse which will simultaneously require the amended equity loss sharing arrangements long proposed on this blog..

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Wednesday, September 29, 2010

How are things in Dublin ... Eamon? Monty Python remembered!

Well all eyes will be on Ireland tomorrow when the latest estimated (full???) costs of the Anglo Irish Bank fiasco are announced. Am I alone in recalling the Monty Python sketch with the Zulu warrior on the phone being asked "How are things in Dublin, Eamon?" The script for that episode is linked here, unhappily I could not find the video, an excerpt is quoted here for the flavour: +++++

(As she puts the phone down the front door beside her opens and there stands a huge African warrior in war paint and with a spear and shield. At his feet are several smart suitcases.)

Eamonn: Mummy!

Mrs Little: Eamonn. (he brings in the cases and doses the front door) Mervyn! Look it's our Eamonn - oh let me look at you, tell me how... how is it in Dublin?

Eamonn: Well, things is pretty bad there at the moment but there does seem some hope of a constitutional settlement.


I wonder if things will be so hopeful or so funny tomorrow?


EEAS - The EU Diplomatic Service - Why?

If you have trouble getting your mind round the full scale of the complete disaster that is the EEAS, read the following from Roger Helmer MEP of the Freedom Assocuation: +++++
Fringe Event at Conservative Party Conference
What's Wrong with the EU Diplomatic Service?

Fringe Meeting, Austin Court, Tuesday Oct 5th, 9:00 a.m.

Back in July we were voting in the Strasbourg Plenary on the proposal to set up the EEAS -- the European External Action Service, or EU Diplomatic Service (under the wise and guiding hand of Baroness Ashton). And looking down the voting list, I and a couple of colleagues saw that we were whipped to vote in favour.

It had to be a mistake. As a Party, we've always opposed the EEAS, and we opposed the Lisbon Treaty which provided its legal basis (or at least we opposed Lisbon until it was ratified). But clearly we would not actually be voting in favour -- would we?

I turned round to our Foreign Affairs Spokesman (at least we still regard EU issues as foreign, even if Brussels regards them as domestic), Charles Tannock MEP (London), two rows behind me, and I shouted "Hey Charles, there's a mistake. We're down to vote YES on EEAS!". To which he replied "That's right. Instructions from London". Shocked, I immediately voted NO anyway, as did Nirj Deva and Dan Hannan. And to their credit, several other colleagues, although caught by surprise, at least had the presence of mind to abstain.

So which way now for euro-sceptics in the Party (which is most of the membership)? I have written to William Hague requesting an explanation of this volte face, but to date have received no reply. There's more to this -- much more. So come and hear Nirj and me talk about it at our fringe meeting in The Freedom Zone (co-sponsored with The Freedom Assn) at 9:00 a.m. (if you can make it that early!), in Austin Court, right alongside the main Conference venue (but outside the security zone).

More on TFA at



Liam Fox must resign if defence cuts continue

As the Defence Secretary's letter to the Prime Minister has been leaked in full, read here, he will be left no option but to resign from the Government if the planned cuts continue. It would be unbelievable if any true Conservative could remain in the coalition if such cuts to the nation's defence went ahead while the NHS and overseas aid remained ring fenced. The fact that the UK looks set to lose its hedge funds from their City of London base as a result of French manipulations under majority voting procedures, also reported this morning, read here, (although there is something fishy about the reporting as it states France would have the ability to veto legislation where Britain would not and then talks of majority voting). It is difficult to see how George Osborne can remain in the Cabinet given the constant gift of new powers over the City by Cameron and Clegg, he will soon be facing 25% cuts with a fast eroding tax base. What complete chaos!


Tuesday, September 28, 2010

New Labour Leader, Ed Miliband, silent on the EU

The new leader of the Labour Party in Britain, made a long speech full of the usual platitudes and containing faint praise for his predecessors (never did I think to hear again Harold Wilson's ludicrous phrase of the white heat of technology!), but a huge gaping hole was left in all his proposals for the future of the nation in its present dire straits, by ignoring its present complete subjugation to the EU - not one single word, nor even a passing reference. Miliminor, (as this blog will refer to him until the moment he confronts the greatest issue in politics, talked of changing politicians and politics), if he dare not even mention the title of the organisation that threatens Britain to an extent far greater than all the many other perils, then what hope can there be. Once again Britain has its three main parties led by puppets of an alien and hostile foreign tyranny.


Fannie, Freddie and Feddie

First heard on CNBC addressed to former Federal Reserve Board member Professor Kroszner, now of the University of Chicago, on Squawk Box today: Fannie, Freddie and Feddie - says it all really!


This man is risking your money!

The frontpage of German magazine Focus features a picture of ECB President Jean-Claude Trichet, with the headline: "This man is risking your money". The article argues that "the interest rate time-bomb is ticking: central banks endanger prosperity". The magazine wonders whether the ECB will become a "bad bank" itself, arguing that its ongoing low interest rates, junk bond purchases and aid to private banks harm savers and investors. (Thanks to Open Europe) See also our video post of last evening.


EU flag of shame over the Ryder Cup

Golf, a fine sport where the individual mainly pits himself against his past performance, is to carry the stigma of being the first sport with a team competing under the shameful collectivist banner that represents the EU Commission and supposedly some other of its associated institutions. Compounding this minor irritation, after all the foul flag has now been thrust everywhere in our faces over many years, the President of the EU Commission, Barroso (One of several Presidents with which the EU is saddled) is to descend on Wales not just to make a speech, but appear on the first tee as the tournament opens (no doubt with his new expensive media poodles in tow). The report is in today's EU Midday Express from which I quote:

President Barroso to cheer on Team Europe at Ryder Cup 2010

President of the European Commission, Jose Manuel Barroso will be speaking at the opening ceremony of Ryder Cup 2010 golf competition between Europe and the United States. The ceremony will take place at 15h30, Thursday September 30th at Celtic Manor, Newport, Wales. The Ryder Cup is the one major sporting event where Europe plays as a single team. President Barroso will also attend the next morning's tee-off to cheer on the players. This will be the President's first visit to Wales and in the margins of the event he meet with the Welsh First Minister.

May the US victory be as complete and thoroughly demeaning as the EU deserves. Not so long ago this was a tournament of British players versus the USA, fitting I guess as Britain effectively no longer exists the EU should have effected this total power grab!


ONS numbers confirm Labour tried to buy the General Election last May!

The Office of National Statistics has confirmed the figures that show UK growth in the second quarter of this year, read the Reuters' report here, from which I quote the opening paragraphs:

(Reuters) - The economy grew at its fastest pace in nine years in the second quarter of 2010 and growth in the first three months of the year was revised slightly higher, official data showed on Tuesday.

Analysts, however, said the pace of growth is likely to fall sharply given that it has relied heavily on a drop in household saving and a big rise in government spending.

It is incomprehensible to me that while what Brown and Darling clearly tried to rig here was a false mini-boom for the second quarter, which was the latest date the election could have been legally and feasibly held, yet these two shady wreckers of the British economy are still walking the streets as free men! If lawyers are at a loss of where to start, given all these men accomplished in wrecking the nation (thus finishing the job their forebears begain with an independent Scotland) may I suggest they look at the flogging off of the Inland Revenue offices to a tax haven company based overseas, fully detailed in back issues of Private Eye magazine. Footnote: A later report from Bloomberg, linked here, gives further evidence of the fiddling, I quote: In the third estimate of GDP for the second quarter, the statistics office revised up its measure of government-spending growth to 1 percent from 0.3 percent because of late data, mostly from central government. That was the biggest increase in six quarters.

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Mr Beane, Deputy BoE Governor, OutBeans Atkinson!

An item in the Daily Telegraph this morning, linked here, with a photograph of the extremely shifty looking character bearing the name Charles Beane and holding the title Deputy Governor of the Bank of England, reports that this man has yesterday truly shown the complete lack of probity, let alone plain commonsense, that drives the thoroughly reckless and increasingly desperate individuals who still govern us. The totally misguided advice the newspaper reports this clown Beane to be offering "Older Households" and those with savings is to stop complaining about low interest rates and to start spending to help the economy. Since when does spending help the economy? It tweaks the indices that the BoE and others have devised to give the impression of prosperity in a morally (and soon economically) bankrupt nation, perhaps, but senior citizens buying a second flat screen TV or new French or Japanese car will merely destroy their chances of survival in the coming years of depression those, such as this particular clown Beane, have helped to create. This blog has known that this nonsense has been Government policy for years and regularly warned of the consequences, well they have arrived and Beane's words proved this end has been deliberately contrived by either very devious men or complete and utter fools. Look again at the photograph of Beane and his boss in the paper and form your own view as to which of the two they be. Hang on to what savings you have and prepare for the rainy day, which the likes of the sallow Beane is now realising, men such as he can no longer ignore. I bet those of you who voted Conservative at the last election are truly surprised to be today receiving such amazing and suicidal advice, am I right?


Monday, September 27, 2010

A Good Night Video for Mr Trichet at the ECB as he ponders his next steps over the PIGS

The ECB - soon the biggest spender in history, but who picks up the tab?

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Insight into the start of the panic over the Euro.

Good insider insight gathered together by the Wall Street Journal reporting team: The first part came this weekend linked here, titled EU set Secret Committee to save the Euro, a Dangerous Divide and the second today titled Currency Union Teetering, Mr Euro forced to Act, linked here. While the UK media was asleep on the job as usual during the crisis over the early days of last May this blog was doing its utmost to keep readers abreast of both the events and the deeper political skulduggery as seen through this blogger's eyes. As may be verified from our blog archives for last May, linked here, I blogged over 40 postings during this period, starting on the 1st May with one titled "Bond scalping begins . Is the EU nightmare soon to end" to "Economic Governance was always the EU objective" on the last day of May, linked here. Nothing in the EU is ever what it seems and rarely as it is reported in the UK, if you want to prepare for what is next heading your way, then why not join our small but savvy regular readership. YOUR DEMOCRACY HAS ALREADY BEEN STOLEN? WILL YOU STILL STAND SILENTLY BY AS THE NATION'S REMAINING WEALTH GOES THE SAME WAY?


Treasures from the threads - Number forty-seven

To an article in the Daily Telegraph this morning on the general crisis in Britain's housing market, linked here, comes this:
1 second ago
A three bedroom semi, with one of those bedrooms in reality a half a room, plus garage, on the outskirts of London but without the benefits of London, is in all seriousness NOT worth nearly 400 grand!! Let's be sensible; this is first time buyer property as my parents were when they bought it for £4000 in the 1955. Where are these first time buyers that can afford to buy such a house? How many have 40 grand for a 10% deposit? Which banks are daft enough or reckless enough to lend that amount? A couple would need a joint income of £144,000 to buy that. Are you lot nuts? Are you living in a dream world? Living in mainland Europe now, I am just looking at the UK and laughing at your madness. Your productivity and profitability are lagging so far behind you'll never catch up with that kind of thinking.

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Sunday, September 26, 2010

Short sales of houses explained.

Short sales was not a term I had come across before reading this article in the Washington Post. It is a complex concept but well explained and therefore I have linked the article from here.


Ireland's Mortgage Mess - Another warning for the UK

The property price crisis remains the biggest danger§ How many times must we point this out but helplessly look on as the second government in a row does absolutely nothing to address the approaching disaster. A report in the Irish Independent this morning, linked here, details the numbers of mortgagees within the Irish Republic having their mortgage interest payments met by the state, an incredible 17,500 recipients, such policies are not sustainable and merely serve to maintain house prices at their ludicously high levels to the benefit of nobody while steadily eroding the resources of the state! In the USA such numbers appear microscopic, in the two years since the US Federal Government assumed responsibility for the mortgage providers Fannie Mae and Freddie Mac the cost to the Treasury in direct government aid was 150 Billion, that is correct 150 Billion dollars, see Reuters from this link if you do not believe me. Government Ministers who rate their own wealth in the value of their property portfolios, often obtained on the basis of capital gains accrued on mortgages funded by the taxpayer, seem unlikely to be able to grasp this nettle, hence the lack of any plan let alone rational consideration of the true awfulness of the crisis being faced. Such wealth is illusory, grasp that fact and go from there. Exchange rate depreciation and inflation will not cure the problem that exists up and down the country where professionals necessary for the provisions of community services cannot afford the properties in which their families need to live at the salary levels the local communities can afford to pay. This blog has tried to suggest sensible solutions which I have now become tired of linking. State payments to subsidise underwater homeowners is like the squillions paid to the failed banks, waste pure and simple.

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A peaceful Sunday to All!

I hope my readers, wherever they may be are able to enjoy a peaceful Sunday and will enjoy being introduced to, or reminded of, this version of Psalm 23.

Saturday, September 25, 2010

Ireland's Government crumbles under Euro Currency death throes

A defection from the governing coalition in Ireland is but the latest sign of the coming collapse of the EU common currency. Read the report from Reuters, linked here.

The lesser of two Milibands!

So younger brother Ed narrowly beat David Miliband for leadership of Britain's always misguided but once proud Labour Party, and today its sole opposition party of any substance. The fact that two Milibands, both sons of this man, Ralph Miliband (née Adolphe Milibande) can within one generation insidiously insert themselves to the heart of Britain's political system speaks volumes on the active memberships of all our political parties. The fact that his elder brother ran him such a close second should condemn Labour to extinction. We will have years to pull to pieces the policies that Miliband Minor pretends to hold and hopefully quickly provide insights into the real plans and dangerous political philosophies no doubt deeply buried at the core of the existence of both brothers. Adolphe buried so close to his idol Karl Marx in Highgate Cemetery must be rocking his grave with mocking mirth as the country he entered with forged papers (according to the linked Wikipedia report) now lies within his sons' grasp!


A silver lining to the black cloud of Britain's debt?

As I have hinted in earlier postings made this week on the general topic of the collapse of the Euro, with proper planning and deft diplomatic footwork Britain could soon set itself on a golden path to renewed prosperity. Gold and silver both rose to dizzying heights of relative dollar values at the end of this week, read one report from Bloomberg via the Sydney Morning Herald, linked here, headlined "Silver hits 30-year high as gold touches $US1300" Where can investors find protection for their capital in a world offering interest rates close to zero or effectively below zero when considering inflation and the exchange rate risks. On top of these considerations comes the real prospect of sovereign default? The three main credit rating agencies are quite frankly effectively discredited especially since the granting of AAA status to the EU rescue package backed by states themselves about to tap into the available funds! Who can investors now trust with their money? While the focus of Britain's relationship with the eurozone group of countries must be supportive and meticulously correct during the period of crumble and collapse of the common currency (Britain can ill afford providing justification for any accusation that they have in some way contributed to the coming chaos as they have managed to achieve to date) steps could nevertheless be undetaken to prepare new debt instruments, backed by the historical probity and centuries long record of non-default by the Bank of England, which could offer investors some certainty of a return of their money at a similar purchasing value, which is what is presently apparently being sought in the rush into precious metals, with their zero returns and accompanying risks of value erosion should quantatitive easing be sensibly be abandoned. If Britain had not lost the capacity to bring forth political leaders of character, such a scenario would be feasible. Given the reality of our Coalition Government we will instead, no doubt, simply be dragged down with the rest of the Continent, thus gaining nothing from our brave effort of having retained our national currency over recent years, in the apparently vain hope of eventually salvaging some of our lost sovereignty. Could Cameron, Clegg, Osborne and Cable devise such plans and present them as both believable and feasible? Better chance of that than of either of the two Marxist-bred Miliband brothers even wishing to restore wealth and prosperity to the nation, their cause seems one of political ideology of a nature always resisted in our islands! The fact that one or the other of these brothers will later today be announced as leader of the Labour Party and now sole opposition party, will make 25th September 2010 one of the blackest days in British history, whatever turns out with the Euro.

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Friday, September 24, 2010

IMF Reform and the Euro - A case for renewed British Independence

As the demise of the Euro is practically a racing certainty in any rational or logical analysis, is it not time the Eurozone group hastened its end rather than allowing the death throes to endlessly be drawn out. Take the IMF. In a report from the Washington Post, yesterday, linked here, the US argues for less European influence within the IMF. Without the Euro currency, the fully justified US case for change at Europe's loss of influence would be considerably lessened. Has enough damage not already been accomplished to the real economies of Europe's economies without pointless continuation of the diseased currency? Much interest has resulted in the comments of Iain Martin in the Wall Street Journal which I linked earlier in the week, but may be read again from here. The thrust of the article is that the Cameron Conservative Party policy is now to accomodate the EU, rather than oppose it, a fact which must be blindingly obvious to readers of this blog, if not the entire conscious UK nation given their appalling death blows to democracy of the past few months. But the case made by the Deputy Editor of the Wall Street Journal Europe highlights that government policy is fatally flawed. A quote from the comment: Mr. Cameron had decided long before he failed to win an overall majority at the general election that he was not going to die in a ditch over Europe. He prepared accordingly, removing his commitment to a referendum on the Lisbon treaty on the grounds that it was too late and would look ridiculous.

Mr. Cameron also put in a lot of effort into wooing Ms. Merkel and Mr. Sarkozy ahead of the election, reassuring them that he would be a good member of the European leaders' club. This work has continued since he took office.

The position of the Coalition Government is therefore now strongly pro-EU. In fact one can clearly go so far as to say that it is heavily biased towards preserving the Euro at practically any cost, it having been stated that a Euro collapse would be a disaster for the UK given our entanglements. Van Rompuy of course is on record as stating the EU cannot survive without the Euro, although of course none care what he might say, his sole purpose being as a decorative but hugely expensive non-entity figurehead feeding the farce that the EU is a major world player. The figure he actually cuts betrays that myth perfectly. Cameron and Clegg had better wake-up. For what worth will a policy of preserving the Euro at any cost be worth when the ineviatble failure arrives? The purpose of Government is to prepare for the unexpected, up to the summer recess of Parliament the general european received wisdom was that the Euro would prevail. As September ends it is difficult to find any informed observer who would now expect the euro to survive in its present form. Britain has become used to Governments and politicians who have delegated governance elsewhere, that must end forthwith. In the coming days or weeks the unexpected (across the EU not just unexpected but the apparently unthinkable) will arrive, the emphasis of the entire British Cabinet should now therefore be how Britain itself, with its own precious independent currency (surviving largely thanks to those such as myself labelled as dangerous fruitcakes over many years) can best weather, if not take advantage of, the coming international financial chaos. Prime Minister Cameron is lowering his banner and conceding defeat to the EU at the very moment when victory in the form of national economic survival lies within his grasp! With economic independence regained from the EU can democracy be then far behind, can older, more reliable and more ancient blood ties with our former friends in our one time Dominions be re-awakened, in spite of the disgusting treachery of Edward Heath and those who have followed in his footsteps?


Thursday, September 23, 2010

Eurozone Double Dip Discerned

The Wall Street Journal this morning in New York headlines a report "ECB WATCH: Threat Of Double Dip May Prompt Unexpected ECB Moves" from which comes this:

The economic outlook for the 16 countries in the euro zone is deteriorating, and growth in the region may come to a standstill in the fourth quarter.

Euro-zone private-sector output growth in September slowed beyond expectations to a seven-month low, preliminary results of a survey by data provider Markit showed Thursday.

Ireland, meanwhile, posted an unexpected decline in second-quarter gross domestic product. The country's GDP dropped 1.2% from the first quarter, dashing hopes that the economy had turned a corner.

Cast your minds back to the departure of ECB head Jean Claude Trichet at the press conference before his departure for a holiday, on which I posted on this blog "Smug and self-satisfied Trichet heads for St Malo" linked here, which included this paragraph: The silver tongued and similarly white-haired manipulator of markets, amongst whose many disgraceful battle honours can be numbered the Credit Lyonnaise collapse and the european Exchange Rate Mechanism fiasco, has neatly bluffed the markets, so that like all good eurocrats he can depart for his lengthy undeserved summer vacation, secure in the knowledge that the fog he has dispersed will remain mostly impenetrable until well after his return to Frankfurt. Well the Central Bankers have finally returned to work as the sun slips south across the equator and the fog, for a brief moment, before the winter chill forces a return, has dispersed and the true disaster area of the euro of which Trichet has for long been a prime architect, is clearly in its death throes. How could the ECB head have then gone on holiday, knowing what was in store for us all, after all, this blog got it spot on!

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I see the loom of the DeutscheFranc just below the horizon.

The death knell of the Euro has been sounded. Ten year interest rates for Ireland and now Portugal above six per cent are not sustainable, the ludicrous concept that countries forced to incur such payments can realistically be expected to fund the rescue of Greece and later no doubt others, may seem sensible to those befuddled by the fog of the EU having been trapped within or around its Institutions over many years. These eurofanatics may still believe that holding the concept of European Monetary Union together for all 27 member nations is still feasible as intended in the EU Treaties, the saner world outside will not. We are thus heading towards a MarkFranc or perhaps more likely a DeutscheFranc as this posting's title suggests. In the Global Arab Network yesterday an article titled "Lack of common vision could sink Euro -Impede EU progress" by Katinka Barish descibes the problems neatly, one quote being the following: To avoid such dangerous imbalances in the future, the eurozone countries need to better watch and coordinate their economic policies.... The Franco-German alliance – traditionally the motor behind big integration projects – is fraying. Chancellor Angela Merkel and President Nicolas Sarkozy do not get on and they disagree on fundamental points of eurozone reform. Merkel prioritizes strict rules for all EU members and sanctions on fiscal sinners while Sarkozy wants discretionary economic policy coordination among the eurozone members. Because they diverge on so many points, there’s almost daily consultation between Berlin and Paris. In spite of the public and apparently growing differences between the two main forces behind the EU project, they will surely soon discern that should they continue not to hang together then they will quickly fall apart, most likely at the seams. Signs that this is being recognised by President Sarkozy in Paris came at the end of last month when it was announced that a report is being prepared to discuss the convergence of France's fiscal system with that of Germany. A sensible first step to any currency union as the failure of the Euro so painfully points out. EU Observer had more on this topic linked here. Whether or not such a union is possible will very much depend on a means being found of disposing of the ECB liabilities resulting from the long and disastrous Euro experiment, or whether the resulting squabble will prevent agreement on the best way ahead, thus strangely leaving Europe with only one viable reserve currency, the Pound Sterling, all this of course, yet remains to be seen, thus throwing further confusion into an already chaotic world economy!


Wednesday, September 22, 2010

For which Nation does Nick Clegg speak at the UN?

Nicholas William Peter Clegg (such refreshingly cosy sounding familiar Christian names) has his family tree listed on the Wikipedia web site which is linked here. The information provided seems largely backed up in an article from "Family Detective" on Nick Clegg which appeared shortly after he beat Chris Huhne for the leadership of the Liberal Democrat party, which is linked from here. On Wikipedia Clegg allows this thumbnail description: Clegg is multilingual: he speaks English, Dutch, French, German, and Spanish. His background has informed his politics. He says, "There is simply not a shred of racism in me, as a person whose whole family is formed by flight from persecution, from different people in different generations. It’s what I am. It’s one of the reasons I am a liberal." His Dutch mother instilled in him "a degree of scepticism about the entrenched class configurations in British society". Before we go further let me declare my interest in this particular subject, Clegg is a typical Euro leech, who normally would not be worth the effort of investigating, British politics is full of such pensioned apparatchiks whose (tax dubious) EU pensions would be at risk were they not to spend every waking minute extending the seditious powers of this foul institution. Yesterday morning it was reported, however, that Clegg had stepped over the line by suggesting that the use of Tax Accountants was somehow immoral. Let me be clear on this blog's position on tax, namely that it is the duty of every citizen, in the interests of his own family, for whom he/she is ultimately responsible to reduce their tax payments to the legal minimum within their country of residence. Secondly let me re-iterate that the evasion of national taxes is theft of their taxpaying countrymen's funds especially when they are accomplished by secretive amendments and hidden clauses in various EU Treaties. Such evasion should IMO become a criminal offence that would thereafter place large numbers of Britain's Great and the so-called Good, being such recipients, firmly behind bars - our Deputy Prime Minister, Nick Clegg would, because of his EU background, necessarily be among them. But Clegg is not just any old greedy British failed politician milking the system for all he is worth, in fact Nick Clegg can hardly be considered British, let alone English at all. Even the two linked articles above show he is at best only one quarter British, yet the missing portions of the Wikipedia illustrated family tree (note number 21) and background of the humble origins of his supposed British forebears raise more questions than are answered. How, for instance, from his oh so humble origins, did Dr Hugh Anthony Clegg rise to edit the British Medical Journal and earn such a lengthy tribute, linked here, which noted that he was quite an internationalist as a member of the Council of the World medical association and initiated (and later served as its Secretary) the First World Conference on Medical Education. A surprising feat implying considerable international networking for an individual with the background described in the last two paragraphs of the Telegraph link. Speculation and research on my own ancestry with a similar anomaly I have learned cannot easily be discovered let alone explained, so we will leave such questions aside. It is clear enough from the undisputed facts and background that Nick Clegg is by no means a typical average Brit! Four languages indeed, I am deeply envious I must admit! So how did this internationalist arrive in Downing Street at the heart of Britain's Governmental power? Well obviously the EU has played its part, in fact looking at the article on Clegg's expenses manipulations, linked here, we discover this startling information: The claims also include two bills for the Liberal Democrat leader’s home phone in Sheffield, one for £105.88 and the other for £121.56. These detailed four calls to Colombia, including two mobile phones, three to Vietnam, including two mobiles, and 21 calls to Belgium, including six mobiles. Draw what conclusions you wish from these mistaken claims, in my mind far more damage has been done to Clegg's reputation as a freely acting typical Englishman that he likes to portray than to his other facade as an English gentlemen, unlikely to be putting in 21 calls to Belgium, home country to the odious EU, drug-war torn Colombia and even Vietnam let alone claiming their costs from the poor old British taxpayer. Yet worse, far worse is to come today! Fresh from his appearences on TV this past weekend and exhortations at his party conference in Liverpool when he lectured the nation on the burning necessity for massive and immediate cuts (which this blog does not dispute) he is now prepared to stand before the UN and on behalf of these same suffering taxpayers, proffer untold bounty and largesse to be spread around the world by organisations broadly similar to the corrupted EU and generally stuffed full of Clegg-like clones syphoning much of the donated funds as they laboriously make their way to the poor. Only a leader of a nation acting on behalf of interests beyond that nation's shores would attempt such perfidy. Who does Clegg represent, it speaks for itself really, does it not? Anybody and anything other than the UK appears the only answer. Look again at the family tree for Nick Clegg on the Wikipedia link at the head of this posting, and ponder was he perhaps selectively bred and meticulously programmed by the sinister forces behind the EU from his earliest days to appear as a virtual Englishman while working towards our final destruction, not much that he does seems to work against such a theory? Is Nick Clegg, perhaps, a prototype model of an EURobot? How can Conservative MPs allow such an outrage to continue? Ask them if you plan to attend their conference.

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Portuguese borrowing costs jump one whole percentage point

The report from the Wall Street Journal's Market Watch is linked here. A quote: Reports said the government sold 450 million euros of four-year bonds at a yield of 4.695%, up from 3.621% in a previous sale. Portugal reportedly sold 300 million euros of 10-year bonds at a yield of 6.242% versus 5.312% in a previous sale. A one per cent jump on the four year cost seems bad enough, but ten year interest rates of effectively six and a quarter per cent seems horrendous! Bring back the Escudo must soon become the only sensible recourse. PS Must reads for this afternoon David McWilliams in the Irish Independent on the real meaning of 6% plus interest rates, from here, followed (if you have the stomach) a good description of David Cameron's slippery treachery on the EU from Iain Martin in the Wall Street Journal, from here.

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Britain's pension disaster!

The UK pension gap is now reported as the worst in Europe, this comes on top of another detailed report on Briton's woes linked from the posting beneath this earlier this morning. This quote comes from The Herald of Scotland, linked here, fittingly from the country where the main culprit in causing this mess now furtively mainly lurks, namely former PM, Gordon Brown: The income shortfall facing many workers retiring this year has been exacerbated by plunging annuity rates. The rates paid on annuities, bought by the vast majority of workers at retirement, last month reached their lowest level on record, according to Investment Life & Pensions Moneyfacts. It said the average annuity rate paid to a man had fallen by nearly 46 per cent since 1995, while the rates paid to women were down by 42 per cent over that period. The real disaster is not just that annuity rates have almost halved since 1995, but that the pension funds accumulated for people soon to retire have shrunk by often similar percentages during the same period due to Brown's pension fund tax grab. Many pesioners have the clear evidence of this theft easily available in their annual pension statements and eventual annuity returns all of which make a mockery of the final pension estimates provided by the pension suppliers down the years. This has been state theft, yet the main criminal walks free to sit inWestminster Hall to fete the Pope in his celebration of the takeover of his hated neighbouring country to the south. The country, which with his predecessors he has now virtually brought to its knees. Justice demands his actions be made the subject of a criminal inquiry. One area of investigation being where exactly these billions of purloined public savings actually arrived, for it clearly was not for the public good, one look at the books of our PFI mortgaged public buildings such as hospitals and schools will prove that fact. Unless Cabinet Ministers of the previous administration are brought to account and serve time, such abuses will surely continue.


Why Britain is worst place to live in Europe!

The question raised in the headline to this post does not need asking to the millions of Britons who now live overseas. The findings in a report issued this morning, full details here, will be no surprise to those of us forced into exile by the incompetent and self-serving governance inflicted on the UK over recent decades. Regular readers of this blog will likely similarly be unsurprised. The residents of Britain, with ancestors from our islands, are the ones who are the victims of this conspiracy, and similarly are also the ones partly at fault as election after election they renew the mandates of the corrupted low-lives who have chosen a career in British politics or its public services as an easy option to enrich themselves with an idle lifestyle entirely at the long suffering taxpayers expense. The middles classes upon whose shoulders this burden now sits need to find ways of demonstrating their disgust and use their taxpaying leverage to enforce change.


Tuesday, September 21, 2010

Ashton - The Robber Baroness!

The cost of the EEAS under the useless creature calling herself Baroness Ashton has its hands in the pockets of the entire EU citizenry, with no ability to perform any useful function whatsoever. A report in today's Daily Telegraph is linked here. Any slightly in touch EUofficial or MEP, grasping the realities of today's world economy, would draw back from such excesses, possible aware that the growing deep unpopularity of their functionaries is rapidly spiralling out of control. Robber Barons of the past had nothing on these greedy occupants of the ivory towers of the EU , therefore, a seemly exit from the EU now appears an increasingly unlikely scenario. On 11th April 2009, as invited, I informed President Barosso of the dangers that he then faced, which were repeated on this blog, read here, elsewhere I warned MEPs that things were likely to deteriorate so quickly that they might wish to consider the wisdom of joining such a corrupt group, perhaps they now should reconsider the wisdom of their profligate wastage of others hard earned money. A quote from April 2009: +++++ The world is facing economic melt down but none in the EU Commission, nor apparently in the EU Parliament recognise the realities of this situation. Budget cuts are supposedly impossible. Waste is enormous. The last thing that the citizens of the EU can afford is 5 more years of MEP and EU Commission hugely inflated salaries, expenses and pension rights for essentially non-productive time-servers. Since the Commission launched its ‘Better Regulation Agenda’ in 2005, the annual cost of EU legislation across the bloc has gone from €108 billion to over €161 billion – an increase of 50%. Link This is ALREADY intolerable and will arouse more anger as economies continue to contract and unemployment grows! The means by which the Lisbon Treaty is being imposed is demeaning to the whole concept of democracy and European unity, the people involved make themselves despicable! When economic growth resumes a European Council should only then meet to appoint a new Convention of relatively young Europeans from the 27 present member states to consider a better way forward. To quote Oliver Cromwell "It is high time for me to put an end to your sitting in this place, which you have dishonored by your contempt of all virtue, and defiled by your practice of every vice; ye are a factious crew, and enemies to all good government; ye are a pack of mercenary wretches, and would like Esau sell your country for a mess of .." There I ran out of permitted characters, others may wish to continue this quote +++++

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"Panic begins to grip UK Housing Market"

As this blog has long and repeatedly pointed out the real disaster in the UK economy is the coming house price collapse. Arabian Money, linked here, has also now spotted the reality, this quote comes from the linked article, headlined the same as this posting:

"..... the house price to income ratio is twice its long term average. For it to revert to this long term level requires either a doubling of salaries or a halving of house prices. It is not hard to see which option is the more likely in the current age of austerity.

But this is going to be a major shock to the UK national psyche. The bubble has been forming so long it has become accepted as a new reality. Few younger property owners remember the 1990-3 house price crash. Corrections can and do happen even in a market where supply is as tight as in the UK housing market."

(Blog editor's added emphasis)


Monday, September 20, 2010

Nigel Farage on the state of the EU

Sweden's established parties rocked as British Tea Party is formed

Survival, yes survival to even maintain the essentials of life will soon become the main concern of everyday life for tens of millions of people living in the so called prosperous developed West. Our currencies are about to be rocked by further rounds of quantatitive easing, in other words, the printing of money with only one inevitable consequence - the trashing of its worth. In the EU the ECB will continue to act as a lender of last resort to banks and sovereign nations alike with nothing and nobody, absolutely zero to back-up their commitments. In Britain I wrote in length last Saturday, of the treacherous self-serving political consensus which through disregard of our constitution has handed control of our country to foreigners apparently solely for the financial gain and continuance in power of our present political class. Peter Hitchens in his Mail on Sunday column puts it more delicately but just as effectively and it is linked here. In the Telegraph we were also informed of a new ray of hope in that a British Tea Party is to be formed linked here. It has seemed to me for a long time that change will only arrive with the democratic removal of the representatives of our three main corrupt parties from Parliament, which requires an educated and informed electorate. After my own personal experiences with UKIP and Veritas I began to believe that given the deliberate destruction of Britain's election system this was looking increasingly impossible. I now am beginning to believe that I have underestimated the shallowness and greed of the leading members of our main political parties which is now set to actually bring down the entire system that supports them. In the coming atumn when the needed spending cuts are finally announced, will the people turn to some represenatives and leaders with decency and a readiness to act with honesty, we must hope such a change will perhaps arrive before it is too late. It seems the Swedes at least are ready to contemplate complete change!


Saturday, September 18, 2010

In memory of John Gouriet.

I only became aware of John Gouriet's death just now when browsing the Samizdata blog this evening. I did not know the gentleman, but received some helpful encouragement from him in my early days of trying to reverse the tragedy which has now overtaken our country. In case others missed it, the Telegraph obituary is linked here. He will be greatly missed.


Greatest Ever UK Traitors at Westminster Hall.

Click on the image to better view the captions for each individual's treachery in destroying the sovereignty and democracy of the country they were appointed to protect.
The body of the geatest living Englishman of my lifetime, Sir Winston Churchill, once lay in State in Westminster Hall before his State Funeral in St Paul's to which he was carried on the River Thames. Also within Westminster Hall the concept of Absolute Monarchism was brought to an end within England at the trial which resulted in the execution of King Charles I, one of the charges being: The secret treaty with the Scots was considered particularly unpardonable; "a more prodigious treason", said Cromwell, "than any that had been perfected before; because the former quarrel was that Englishmen might rule over one another; this to vassalise us to a foreign nation."[142] Cromwell had up to this point supported negotiations with the king, but now rejected further diplomacy.[142] (see Wikipedia) Yesterday on 17th September 2010, a mere 70 years since our victory over Germany of the Battle of Britain a clutch of former premiers backed by their treacherous facilitators gathered under the ancient hammer beam roof of this noble hall to witness the greatest celebration of vassalisation that the UK could ever imagine would have been possible in a mere 65 years since the nation had saved Europe from tyranny. Never has this ancient roof been forced to preside over such a treasonous assembly! But is it treason? Were their motives, however mistaken, possibly not taken with the best interests of the nation at the forefront of their minds? In the past some small doubts, could perhaps, have been allowed in that direction. In September 2010 none such can any longer been maintained. These betrayals were undertaken for their own personal enrichment and the removal of democratic constraints from their own self-serving political parties. In the very week that the first EU Council President Van Rompouy (hopefully also the last) has stated that without the Euro there can be no EU, outside of Westminster Hall that same currency continued to be shaken to its core as the price of gold and silver reached new dizzying heights and rumours of the possible demise of Irelands banks shook the markets. The irony of the situation must surely have struck home as the Pope, the last beneficiary of the principles of Absolute Monarchism, (which Sir Winston Churchill's illustrious forebear John Churchill had strived to remove from mainland Europe at the Battle of Blenheim), head of the Vatican State and present leader of the expansionist, secretive and overbearing Roman Catholic Church, chose to address the attendees on the dangers of materialism and the benefits of public service which once were the true ground beliefs of English Protestantism, now effectively rubbished and destroyed by these same pictured ex-Prime Ministers in their pursuit of material gain and non-accountable power for their Party successors. The EU has been designeed to establish a self-perpetuating non-elected elite, nothing could be ever clearer than that in this Autumn of 2010. Were these former Premiers not traitors, then they would clearly have refused to attend this shameful charade. The EU is now up a blind alley, as the meeting this week of the European Council in Brussels more or less effectively confirmed in the vexed area of economic governance. The present Treaties do not allow effective sanctions for the Euro Group members, but because of the trickery, double referendums and sheer serial lying about the final intentions of the EU project no new Treaty can conceivably be rammed through all 27 former nations ever again. E Everywhere across Europe the citizens have to prepare to pay the bills for the greed and mis-governance of those in charge of the EU, continuing this very week with huge forward payments planned to effect the EEAS which cannot possibly have any value as there remains no common foreign policy in Europe. The video of the shameful scenes from Westminster Hall may be watched here. Note the YouTube caption to this video clip is incorrect, the scene is the historic Westminster Hall, once part of England's betrayed and neutered Parliament. (Edited at 1225 GMT)


Friday, September 17, 2010

The Irish Property & Banking Crisis

First watch the video! Now read this link to FT Alphaville. Then off you go and have a pleasant weekend if you can, recalling perhaps, that Ireland was encouraged to join the Euro currency to weaken the historic link between the pound sterling and the Irish punt in the now successful endeavour of undermining the UK, stripping it of its assets and democracy and corrupting the structures of its society. All these EU successes are apparently being celebrated during the Papal State Visit presently under way!

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Eurozone scalping its citizenry!

Construction output down 3.1% month on month in July and a massive 7.5% in the Group of 16 euro nations year on year. Anybody would think summer 2009 were boom times! Full details from here.


Catholics cleverly manipulate Pope's schedule to maximise the impact of their conquest of England's Protestantism!

Across the world two of England's best branded sports which it has given the world, lawn tennis and rugby have their headquarters in South West London, the former at Wimbledon and the latter at Twickenham. How best to spread the message worldwide that England, the ancient enemy of their power obsessed church, has been conquered. Sporting fans with no interest in religion, spread out across the entire English speaking world will thus be forced to become aware that the Roman Catholic church is grinding a figurative but very deliberate leather clad German foot into our faces, as Pope Benedict this morning, very deliberately made his much televised way from Wimbledon to Twickenham!. How came this about? The BBC is to blame, not the broadcasting propaganda unit of the EU in this case but Blair, Brown and Cameron. Treacherous Prime Ministers who have taken it in turn to betray the country whose interests it was their duty to protect. Since when could the spread of the Catholic faith be seen as fulfilling that function?


The Quiller Memorandum

In a brilliant piece of programming coordination some astute individual at Film 4 Movies arranged for the Quiller Memorandum movie to be scheduled as the pope was conducting the first mass of a papal progress occurring during a misguided State Visit by the present occupant of the Vatican to the British Isles. Quiller played by George Segal is working for the British intelligence srvice to try and wipe out a deeply burid Nazi cell in Berlin. At the end of the action it appears that two German heroines of the story, a headmistress and teacher, are in fact spreading the same nazi propaganda to a new generation of German youth and that in future (post 1966) it would become impossible to tell who such people were. Try and get it on video or watch for it coming again on Film 4. The Trailer may be seen below, though the theme of Nazism has been avoided in these excerpts, particularly Segal being asked by the treacherous school mistress and former lover, "Did you get them all"-----"Nearly all" he replies and walks off passing the astonished headmistress who had believed him dead with the camera panning to the children filing passed his ex lover back into their classes. Wikipedia, linked here, also has the plot detailed, which again seems to have been sanitised of the Nazi references making it all seem somewhat irrelevant which today is clearly the opposite of the truth. (A part of the dialogue where Segal suggests it is absurd for Germany not to wish to be a powerful nation goes to the heart of the theme when he states it is perfectly reasonable that his country the USA wishes to be strong, quickly adding not aggressive). There are also some clever allusions to the then ever present British Class system in the screenplay which add to the film's chilling reality when being viewed in 2010 while a German Pope makes his triumphant way across our EU subjugated nations of our once United Kingdom.

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Thursday, September 16, 2010

China to get its foot in EU's door via Greek desperation

A strange item in the Greek press report of the EU Council meeting held today in Brussels, I quote: The Greek premier also announced that Chinese Prime Minister Wen Jiabao will be visiting Athens next month. China's colonisation programme well evident in Africa seems about to move into the economically desperate, defenceless and totally misgoverned area of the despicable EU. The source report is linked here. No wonder Greek PM Papendreou is so confident he will not default, he appears to be cozying up to the Communists from China, at least they may initially prove more reliable than Slovakia. Is there any leader in Europe aware of what they are about? See the post below!!

Thank God we have such a man to lead us!

We Europeans are really lucky that we have thrown away our democracies and the powers of our 27 once democratically elected parliaments to be led by such a towering figure at this time of International Economic Crisis. Lucky too that his Vice-President from Luxembourg could so easily divert us from the grave economic problems facing the world..... especially severe for the "once upon a time" former sovereign countries of Europe!


England's ancient heartlands spared Pope's presence

The interactive map provided by the Daily Telegraph and linked here illustrates quite clearly that the West and South Western Celtic fringes together with the Saxon Kingdoms such as Wessex , Northumbria, East Anglia, Sussex and Kent all escape this visit. While the visit to Birmingham prevents the inclusion of Mercia in this fortunate list, we can console ourselves that like London, Birmingham cannot really these days be considered as an English City. The letter I quoted yesterday (on my posting of the Pope's visit) from Queen Elizabeth I to five Catholic Bishops asserts the more ancient pedigree of her Protestant Church. Those interested in her argument may wish to learn more of the "ancient monument of Gildas" she refers to. This is believed to have been in Kent while Gildas himself is well described in this link, where much further reading is available.

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Van Rompuy's summons to his minions

As the Pope arrives on a detestable State Visit to Britain (see our first post of yesterday below) our supposed Prime Minister has been "invited" (of course were he to refuse we would not even know how we are being governed) by yet one more of the several men who now presume to rule us without any democratic legitimacy whatsoever. Read the letter of "invitation" from here, and note the Foreign Secretary, the administrationally challenged William Hague, has also been summoned to attend. This is to continue the illusion that with the EEAS the economically sclerotic EU has some influence in the world! No mention of how the shortfall in funding for Greece caused by Slovakia's absolutely correct decision not to cough up to the EU's illegal fund, is to be discussed, nor even which other countries may similarly review their own commitments given the ever deteriorating world economic outlook. France seems ready to pick a fight over the delusions of the EU Commissioners that the legal consent to their right to perform their duties under Lisbon is merely a charade in the French view of the world, read here. Cameron's pathetic attempt for the EU to actually do something positive outside its own introverted area of interests is relegated to an afterthought and will achieve precisely zero. The EU distracts the attention of the leaders of the EU's former nations from doing what they should to mitigate the economic turmoil about to strike their citizens, instead they would sooner argue over the diminishing power they hold to further outdo one another and over inflate the already overbloated Commission. A true farce were it also not such a tragedy.


Wednesday, September 15, 2010

EU suffers defeat at the UN

The report is in EU Observer linked here. Van Rompuy and Ashton, who will continue to sit with the Vatican and Red Cross, should have realised that UN stands for the 'United Nations', perhaps they thought they could squeak in as democracy has never been a pre-requisite to membership! Good to see that being a Nation still remains the main criteria, a small and rare victory for common sense from the UN General Assembly.

The politics of the Pope's visit to Britain

Officially the EU is a secular, therefore non religious organisation. Yet, as with all else connected with this multi-tentacled organisation, nothing is ever as it seems. The Independent in a leading article "A mistake of State" today expresses some of the many doubts but mainly from a religious viewpoint, linked here, yet far more important is the political symbolism which to my mind is hugely significant. Here we have a German Pope, a one time member of the Hitler Youth, a successor to a line of leaders who have used their position of wealth and power as the most implacable enemies of the peoples of these islands, often using their Scots allies to try to destroy our hard won freedoms and liberties which they presumably feared as a threat to their own power. Fitting therefore that ths visit will begin North of England's border with Scotland. The Catholic Church lies at the heart of the EU project, its flag symbolises this fact, read here. For centuries British Protestantism has been our main protector of our liberties. I quote below a letter, written just over 450 years ago, to five Catholc bishops from the First Queen Elizabeth (how her namesake has betrayed her heritage, having twice visited the Vatican to kiss the papal ring and now hosts this man on a State visit as he arrives to view the conquered and downtrodden landscape of this sorry EU outpost - our once sovereign nation):
[Queen Elizabeth's reply to an address from five Catholic bishops] "Sirs,—As to your entreaty for us to listen to you, we have it yet, do return you this our answer. Our realm and subjects have been long wanderers, walking astray whilst they were under the tuition of Romish Pastors, who advised them to own a Wolf for their head (in lieu of a careful Shepherd) whose inventions, heresies, and schisms be so numerous, that the flock of Christ have fed on poisonous shrubs for want of wholesome pastures. And whereas, you list us and our subjects in the teeth, that the Romish Church first planted the Catholic faith within our realms, the records and chronicles of our realms testify to the contrary, and your own Romish idolatry maketh you liars; witness the ancient monument of Gildas, unto which both foreign and domestic have gone in pilgrimage, there to offer. This author testifieth Joseph of Arimathea to be the first preacher of the word of God within our realms. Long after that period when Austin came from Rome, this our realm had Bishops and Priests therein, as is well known to the wise and learned of our realm, by woeful experience, how your Church entered therein by blood, they being martyrs for Christ, and put to death because they denied Rome's usurped authority. As for our Father being drawn away from the Supremacy of Rome by schismatical and heretical counsels and advisers, who, we pray advised him more or flattered him than you, good Mr. Father, when you were Bishop of Rochester? And then, you Mr Bonner, when you were Archdeacon? And you Mr. Turberville? Nay, further... who was more an adviser to our Father than your great Stephen Gardiner, when he lived?.... Was it not you and such like advisers that... stirred up our Sister against us and other of her subjects? Whereas you would frighten us by telling how Emperors... have owned the Bishop of Rome's authority. It was contrary in the beginning, for our Saviour Christ paid His tribute unto Cæsar, as the chief superior; which shows your Romish supremacy is usurped.... We give you, therefore, warning, that for the future, we hear no more of this kind, lest you provoke us to execute those penalties enacted for the punishing of our resisters, which out of our clemency we have foreborne." —From Greenwich, Dec. 6, Anno Secundo Regni. I hope that the people of England will find calm and dignified ways of displaying our national disgust at the actions of OUR leaders in arranging this disgrace wherever the Pope travels in our country, remembering that he is merely fulfilling and relishing centuries of endeavour by his church to arrive at this end. The video recording from the Scottish blooded Prime Minister, David Cameron may be viewed here: A message from the pope also on video stating he is looking forward to a "joyful celebration may be viewed from here. Joyful Celebration, I could hardly have put it better were I in his triumphalist shoes, but since when do a victor's celebrations bring joy to the vanquished and defeated? "An incredibly important and historic visit" Cameron says. Why does he think so, I wonder? He is nevertheless absolutely correct whatever his particular reasons for describing it as such may be, never IMO has he spoken truer words, and as such it is an insult to all living Englishmen and our ancestors who have fought for centuries to avoid the secret subservience this man as head of the Vatican State represents. State Visit indeed! (Edited 1230 GMT to fix a link and make minor adjustments)


Tuesday, September 14, 2010

House Prices Emergency

Reuters reports that in the UK the house price index had its biggest monthly fall in August since May 2009, read it here. The reality of the crisis now re-appearing will be aggravated by the past government's efforts to keep underwater borrowers, as those with negative equity are sometimes known in the USA, in their home even if unable to meet their mortgage repayments. This category of borrowers will now grow in the UK as the masses of public sector parasites are necessarily shed by a bankrupt state employer. Things are developing faster in the USA where a short term refinancing programme is now being pushed by Fannie Mae, becoming known as an Obama Refi, see this explanatory link which includes the following interesting but alarming fact (with my added emphasis): One of the biggest dangers facing the housing market is the glut of underwater homeowners who could default if their financial situations or home prices worsen. About 11 million borrowers, or 23% of households with a mortgage, were underwater as of June 30, 2010, according to CoreLogic Inc. That number is expected to double next year. The constant stream of encouraging forecasts of stronger economic growth, activity and recovery in the near future presently flowing from the European Commission, the ECB and various former national European Governments, all in direct contradiction of the factual information of deteriorating conditions in the real world can, at the end of the day only make matters worse. If 23% of homeowners are in negative equity today and that number doubles in the coming year to almost half of all homeowners, how many will then become Walkaways sending back their keys? What effect will that have on the still floundering, and in the UK nationalised, banking (so-called) business?

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Why cannot our politicians realise their duties are to the British?

Two conflicting headlines from the British National Press this morning, the first I quote is in The Guardian, linked here: +++++

Nick Clegg vows to lead way in new global poverty fight

Deputy prime minister to tell UN that Britain's aid programme will prioritise women in developing countries.


The second is from the Daily Telegraph, linked here:


Cuts will bring civil unrest, says police leader

Britain faces widespread civil unrest, strikes and more crime as a result of cuts in public spending, one of the country's leading police officers will warn.

+++++ Does anybody in politics detect a possible contradiction here, if there is blood on the streets of Britain will we be consoled by knowing that women in the third world have been prioritised by our numbskull coalition government?

Monday, September 13, 2010

The EU rules our Seas

Read this complete and utter garbage issued by the EU press office today from here. I wonder if the Commissioner concerned even understands the irony of a "three pronged approach." Oh for a re-incarnation of Poseidon otherwise Neptune, the rear end of EU Commissioner Damanaki would seem a perfect planting place for a firmly jabbed Trident! A perfect remedy for overblown troughers!


Treasures from the threads - Number forty-seven

On the Basel bulls**t to an article in the Daily Telegraph. Try the blog link at the very end - Good Stuff from a former World Bank Executive Director:
33 minutes ago
Recommended by 2 person
In Basel III, as in Basel II, the capital requirements are still set “in relation to risk-weighted assets (RWAs)” even though it was the risk weights which proved to be most wrong. It was a low risk weight of only 20% which generated a capital requirement of only 1.6 percent (.08 x .2) allowing banks to leverage 62.5 times to 1, which drove the banks to stampede after the triple-A rated securities collateralized with lousily awarded mortgages to the subprime sector. Also if a bank lends to a small business then it needs 8 percent in capital but if it instead lends that money to the government of a sovereign rated AAA to AA then the bank needs no capital for the risk-weighted assets since the weight is 0%... lunacy! Since the risk weights have not been modified at all in Basel III, let me assure you that the Basel Committee still has no idea about what they are doing. Frightening! Basel III does mention that “These capital requirements are supplemented by a non-risk-based leverage ratio that will serve as a backstop to the risk-based measures described” but since that supplement seemingly will be small and what really counts are the marginal capital requirements for different assets Basel III does not provide a solution. The Basel Committee is still so fixated with looking at the gorilla called “perceived risk” so as to completely lose track of the ball. No financial or bank crisis has ever occurred from something ex-ante perceived as risky they have all resulted, no exceptions, from excessive lending or investment in something perceived as not risky. Basel III still constitutes an arbitrary and regressive discrimination of small businesses and entrepreneurs whose needs we in fact most want our banks to attend. With the same risk-weight discriminations, the higher the capital requirements are, the higher the real effective discrimination. Banks were authorized by the Basel Committee to lend to Greece leveraging 62.5 to 1! Now even after being sunk, we are still in the hands of exactly the same banks with exactly the same regulators following exactly the same fundamentally faulty regulatory paradigm… Help! Per Kurowski A former Executive Director at the World Bank (2002-2004)


A good analysis of the EU crisis.

Although written by one whose name conjures images of overpaid mandarins being wined and dined for legislative exemptions and favours as appeared to be the case from press reports of the Permanent Tax Secretary at HRMC, Dave Hartnett, this weekend; the linked article from the September edition of the Chartered Management Institute by Lord Eatwell, has a brilliantly concise explanation of the economic crisis in the EU, where mainly in its final paragraph does the author's biased past as an advisor to the windy & empty vessel Neil Kinnock, and present Labour peer shine through. A brief edited extract:

First, the economic health of our economy is inextricably tied to the economic health of the rest of the European Union. It is obviously in our interest that those to whom we sell over 60 per cent of our exports should be prosperous, providing a growing market for British goods. But perhaps of even greater importance is the financial stability of Europe. If the Eurozone were to collapse the resultant financial apocalypse would engulf us all.

Second, it has become evident over the past few weeks that the economic institutions of the European Union in general and of the Eurozone in particular require fundamental reform. Without major changes to the institutions of monetary and fiscal management the persistent weakness of the past decade will persist, (blog editor's note that is of course what persitent things tend to do ....persist) and we will all be buffeted by recurrent storms.

And my objection to the final paragraph which states the following:

It is becoming increasingly likely that the Eurozone will suffer a prolonged stagnation, not unlike the Japanese “lost decade” of the 1990s. That would be very bad news for Britain. A reassessment of economic policies and institutions is necessary throughout Europe. Britain should be taking a lead.

Well it is really just the final sentence, which in a sane world would read: Either "Britain should now leave this growing disasterof the EU centred around the eurozone." Or at the very least "Britain should be vigourously working to reduce its reliance on moribund EU markets by renewing its former trading links with the rest of the world". Britain cannot take a lead in the Eurozone, a fact of which an economics Professor with his impressive credentials and present President of Queen's College Cambridge, should be well aware. How, pray can a nation lead a group other supposed nations, of which it itself is not even actually a member?

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Property prices - picture a leaking barrage balloon

Property prices have risen faster than inflation for so many decades that modern man seems incapable of contemplating that there is now nothing left to keep them up. Cartoons often can convey complicated concepts where words fall short. As I cannot draw, let me describe a cartoon picture. Picture Great Britain above which floats a leaking and therefore descending huge barrage balloon, dirigible or whatnot. So high has it been and so large has it become that it virtually covers the entire island. It is called "House prices". As it falls threatening to crush the mass of pygmy like figures below, they manfully grip any stick pole or cane to hand to keep it aloft, yet gravity cannot be defied. Any observer would see that evacuating to areas yet uncovered by the monstrosity provides their sole means of escape. My view that senior members of the Government must cut themselves free from the fantasy of ever rising home prices is designed to allow them to cut the false bonds that restrict their freedom of movement and as it were with one bound be free! It is their own attitude of mind that prevents them from perceiving the reality. Last week it was announced that British land development prices for new buildings had fallen to one third of their 2007 peak. That is the extent of the fall that, disregarding inflation on building material costs , now faces the homeowner, that is right a fall of two thirds or 66%! Frightening is it not, yet nobody has done, nor indeed is doing anything about it. The money thrown at the banks and therefore down the drain since 2007 has merely succeeded in deferring the reality, as does the Basel III fiddling of last evening. The problem is worst in the USA, then Britain and thereafer in the other English speaking nations such as Australia in my view. Trust must return to our means of exchange, namely money, is that possible with patent failures King, Trichet, Bernanke and Geitner working at the solution under political leaders seemingly mainly concerned with the impossibility of maintaining their ill-gotten gains from the property price bubble they themselves created and benefitted from almost entirely at the public's expense. Since Nixon broke the last link of the US dollar to gold, "In God we trust" on the coinage, should have become "In the Fed Chairman we trust" which certainly seemed true through the Greenspan years but must today be farcial when viewing the efforts of Bernanke! Another aspect of the wider view would reveal that our bust barrage balloon was in fact part of the wider EU supported by other illusory and leaking dirigibles but that as they say is an entirely different kettle of (almost extinct) fish!