The biggest sore point in relations between Britain and the EU is undoubtedly the fact that Britain remains outside the Euro. And the reason that Britain has been unable to be rammed inside the zone by Blair despite his desire to do so over ten years is also without any doubt. It is the British housing market.
A quick look across the Irish Sea demonstrates what would happen in Britain if interest rates were not able to be set to tame the housing beast. Asset price inflation in Ireland which had a similar boom-prone housing market, with high levels of owner occupation, personal debt and banks willing to lend based on interest rate tracker mortgages saw an uncontrollable decade-long boom converting ordinary folk into millionaires. And naturally enough the boom has turned to bust sending the Irish economy reeling. That would have been the effect of the Euro on Britain too had Blair been so foolish.
The bust in Britain is bad enough, but if interest rates had been kept down at Euro level since 1999 the boom and bust would have been far bigger.
The housing markets in Britain and Ireland, however, couldn’t be what they are without the banks all competing to lend, and it seems that there is now a long term EU programme to dismantle readily available bank lending to individuals on easy terms. It is interesting to note that the curious attempt to nationalise as many of Britain’s banks as possible by Gordon Brown, (courtesy of EU Regulation), ensures that fewer and fewer banks and Building Societies will be able to seek new mortgage business once they are under government ownership. In Ireland tracker mortgages are also being removed.
You could not imagine measures more clearly designed to destroy a market, and to send confidence crashing than to withdraw the funding that the market depends on, and yet that is exactly what Gordon Brown and his EU colleagues are doing, in the process smashing British consumer confidence and sending jobs reeling. That of course is the intention. If the EU can smash the willingness of Britons to keep borrowing and buying houses, and force them to into a mortgage-less submissive straitjacket, they will finally be able to argue that Britons no longer need an independent financial existence, and they can be subsumed into the eurozone as a depressed economic zone in need of assistance.
It was of course the EU that ensured that banks got into the mess in the first place by backing the Basel 2 banking regulatory environment, where banks were encouraged to lend to less creditworthy customers and remove the risk of doing so by repackaging the debt and selling it on – creating the sub-prime crisis in America, and the banking crisis in Britain. This ensured a decade long boom to bed in the Euro, and now the inevitable crash is being used as the excuse to press on further with EU political objectives. Of which number one is to smash Britain’s economy into a state where it can be more easily devoured. Never doubt the pleasure that Britain’s two year long slump will be giving to Brussels as they try to reduce Britain to a size that they can cope with.
Will Brits learn the lesson as the Lisbon-rejecting Irish are doing? Will they finally see the light? The EU cares nothing for their survival – in fact rather the opposite. By enforcing a no new lending policy in Britain’s newly and unnecessarily nationalised mortgage market, the EU is condemning the country to an unnecessarily severe downturn which will massacre jobs and businesses. It could however achieve Brussels’ longer term objective of destroying Britain’s housing market, so we can be squeezed kicking and screaming into the eurozone.
THOUGHT – How come Britain’s golden economy of 1997 can be destroyed so conclusively as it has been in the last eleven years predominantly by the actions of Chancellor Gordon Brown, and yet the worldwide spin merchants are managing to present him now as not only the saviour of Britain’s economy but also of the world’s?
The answer is that this role of world saviour has been planned a long time by the EU and the IMF. Brown is acting as instructed and speaking as instructed by his controllers. The plan is to con the Americans by using a Brit into allowing a new world order to exert control over their economy. Brown couldn’t even tie his economic shoe laces and is entirely compliant with the desires of those who control his potential future career development. The strangest thing is that the Americans so far seem to be falling for the ruse.
One can only hope that Obama is equal to the task of dismantling the EU-chicanery which is projecting Brown as the saviour of the world while the USA is conned into yielding power to hidden bureaucracy planning to control the world. Who cares about the Moslem threat? The real threat to the freedom of the West is far more sinister and hidden, and it already controls its media. Brown is the puppet of the movement to control the world, and he has achieved his first mission – to destroy Britain’s economy. Next up his controllers want him to take control of and to destroy the American economy.
Come on America. You’re not as dumb as the Brits and willing to throw away your liberty and economic independence, are you?
WHY DO THEY HATE PRIVATE PEOPLE BORROWING MONEY?
Because they believe that the world must be controlled by a select elite few who have the vision of how to save mankind, while they line their own pockets of course. If all money is controlled by the state, then all individual freedom to make choices can be hemmed in and blocked. It is the exact opposite of the philosophy that drives America – that all individuals have a right to the pursuit of happiness, and so on. It is a creed predicated on the evil and stupidity of mankind, who has to be tightly controlled and barred from making free choices. You can see this philosophy hard at work in all the actions of the EU, and now in the attempts to bring America’s economy to heel, by the international bureaucratic elite. If America still believes in the pursuit of happiness, then it had better start fighting now. Obama should state his position on the basics of the American philosophy of life. Does he agree with the Founding Fathers? Or is he too sold out to international bureaucratic elitism? Time will tell….or Irwin Stelzer.
And if you think such ideas are mere fantasy, Read On