The EU Commission proposed yesterday a Paris based EU financial regulator with direct powers over credit rating agencies and a co-ordinating role, which is a carte blanche to do anything, over short selling, credit default swaps etc. The existing ratings agencies have angered the EU by daring to downgrade Eurozone debt. The 'speculators' are of course a standard political device for shifting the blame away from the politicians.
Van Rumpy and J M Barroso support these aims saying markets 'tendency of not looking enough at fundamentals etc' must be curbed. I opine that is exactly what markets are doing and they are looking at the fundamentals and they don't like what they see. As for the age old question, 'Who regulates the super regulator?', why Sarkozy and Merkel of course.
The real agenda as I have oft stated is to get the lucrative finance business out of London to Paris and Frankfurt but of course it will end up not there but in Zurich, Singapore or the Caymans.
Just to show we are not so different from the Greeks one proposal to reduce Greek debt was to sell the government stake in loss making Greek nationalised industries like their railways and ports. Guess what solution one of our new clean brilliant MPs proposed yesterday? Sell of HMG's stake in RBS, Lloyds, Northern Wreck etc. I told you Greece and the UK are in the same financial mess for the same reasons.
Our local rag printed mine and other letters calling for a Yeovil by-election following Laws deceit. Here's hoping.