Cameron. Please don’t bother us with any more of your referendum promises.

Draghi’s Bazooka? 
Or Draghi’s pea-shooter?
ECB President Mario Draghi, desperate to find some compromise between German bail-out fatigue and Greek austerity fatigue, has finally come up with his “Big Bazooka”.  He’s promised to do “all that it takes”, and to spend “unlimited funds” buying the debt of southern European countries.  He prefaced his remarks with “In appropriate circumstances”, which rather spoiled the effect. 
And in deference to German sensibilities, he promised to “sanitise” the money.  This would not be printing money (like the Weimar Republic).  It wouldn’t be Quantitative Easing (that wicked Anglo-Saxon ploy).  Oh No.  Draghi would “sanitise” the transaction, by using only money taken from somewhere else, to ensure that the balance sheet stayed balanced.
Only one problem.  Just where does Signor Draghi have access to “unlimited funds”, which he can shift from one trouser pocket into the other?  And how do the people from whom he’ll take the money — presumably the Germans — feel about it?
This isn’t a solution.  The German Constitutional Court has failed to condemn the ESM.  But we still wait for Spain and other debtors to agree to give up national democratic control of their budgets. Spanish Prime Minister Rajoy has unsurprisingly expressed doubts.  And the German Bundestag has to approve the spending.
Even if all that works, it will only buy time.  It will do nothing to redress the vast and growing imbalances in competitiveness in the eurozone.  It will not price Greece and Spain back into international markets.  It will not put food on the table in Athens.  It may relieve the symptoms for a few months, but it doesn’t address the cause. And the cause is the €uro itself.  It’s a bankruptcy machine.
Another Referendum Promise?
Cameron is flying a kite.  There have been discreet suggestions that at the Tory Conference he may offer some kind of EU referendum, to pacify his sceptics.  But of course we all remember his mendacious “Cast-Iron Guarantee”, so we won’t be taken in next time.
I suspect he plans some kind of nugatory renegotiation.  He’ll come back with some trivial concessions (as Harold Wilson did in 1975) and offer a referendum on them.  But we can tell him now: we won’t be taken in again, so he needn’t bother.
 EXTRACT from Roger Helmer‘s letter from Brussels.  UKIP are the third party now, he says, ahead of the Lib Dems.  The problem might be that UKIP is already ‘owned’ out of public view from the top of the party.  Oh well, if it does nothing else than pressure either Cameron into making concessions to euroscepticism, or his backbenchers into getting rid of him, UKIP will serve a good purpose.

Richard North’s take at EU Referendum blog.

Eurocrash: countdown to treaty

Richard North12/09/2012   278


Barroso 368-dig.jpg

The full Barroso “state of the union” speech is now available online, with a report also from our state broadcaster, the BBC.

I am still reading the speech and absorbing the details. But there can be no doubt now, no doubt at all. We are on our way to a new EU treaty. The “money quote” is as follows:

Today, I call for a federation of nation states. Not a superstate. A democratic federation of nation states that can tackle our common problems, through the sharing of sovereignty in a way that each country and each citizen are better equipped to control their own destiny. This is about the Union with the Member States, not against the Member States. In the age of globalisation pooled sovereignty means more power, not less. 

And, I said it on purpose a federation of nation states because in these turbulent times these times of anxiety, we should not leave the defence of the nation just to the nationalists and populists. I believe in a Europe where people are proud of their nations but also proud to be European and proud of our European values. Creating this federation of nation states will ultimately require a new Treaty.

“Our citizens and the new world order need an active and influential Europe”, he says, and he means to get it. The commission, he promises, will present explicit proposals for the necessary treaty changes ahead of the next EU parliamentary election in 2014, “including elements for reinforced democracy and accountability”.

The Tap Blog is a collective of like-minded researchers and writers who’ve joined forces to distribute information and voice opinions avoided by the world’s media.
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5 Responses to “Cameron. Please don’t bother us with any more of your referendum promises.”

  1. Anonymous says:

    Gruppe Drei

  2. Anonymous says:

    Even if the UK had a referendum, the EU wouldn’t be satisfied until they got the ‘right’ vote.

    – Ireland had to vote twice until the EU got the ‘right’ vote.
    – Holland had to vote 6 times until the EU got the ‘right’ vote.

    And let’s not talk about the accounts that haven’t been audited yet since the EU’s creation all under the Common Purpose wing of Neil Kinnock.

  3. Anonymous says:

    But Cameron has just appointed 3 new advisors to the treasury. All three are bankers and under suspicion of fraud in their own countries.
    I suspect their intentions are to advise Britain to pay more to aid bankers and banks like “Standard Bank” .
    HSBC accused of more fraudulent dealings worth £7 billion, funny how Cameron’s family banks keep popping up in allegations and main stream media doesn’t report it.
    John

  4. Twig says:

    @Tapestry
    I know you have a professional interest in gold, so I thought you would find this article intriguing:

    Why Gordon Brown sold Britain’s gold at a knock-down price
    http://blogs.telegraph.co.uk/finance/thomaspascoe/100018367/revealed-why-gordon-brown-sold-britains-gold-at-a-knock-down-price/
    ~~~

  5. wasp says:

    There are many different “Group Threes”, which one is Anon. 11/11 referring to?
    They Range from Neo-Nazis to Pop Groups.

    REGARDS …….. WASP

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