Currently the bankers at the BIS meetings on bank regulatory reform are successfully watering down all proposals for international regulatory reform to a point that there will be no effective difference between Basle II CAD rules before and after. How on earth are they able to do this less than two years after they brought our economic system to its knees, cost Joe Public trillions of dollars to bail the out and became the most loathed group of people in the Western world?
Well its politics dear boy. The Eurozone banks are in such a mess that much stiffer new regulations would make this public especially in the homeland of the main proponent of stiffer regulation Dr Frau Merkel. In order to keep this away from the voters gaze all meaningful discussion has been shifted into BIS committees which are inaccessible to the public but are open doors to the bank lobbyists. Bankers have much longer time horizons and more intelligence than pin brained politicians whose horizon never extends past the next election. Its no contest! The bankers will have their way and in five years time all will be forgotten and a new generation of Millipedes will be telling us how they have solved the bank problem, we have learned lessons, its different now we are in charge blah, blah blah.
Back in Greece trouble is starting even earlier than I opined. Greek fuel drivers are on strike in the holiday season. The tourists are cancelling bookings big time so no Euros there for Greece. The police cannot cope. The Greek army and Navy have been called in to deal with the strikers. It's all going to happen to us except our Army is in Afghan, our Navy is all admirals and our police only know how to fill in forms and as Private Eye pointed out have an Acting Chief Constable who bears an uncanny resemblance to Alice Tinker from the Vicar of Dibley.
As for UKIP, well its still celebrating shooting itself in both feet with Elco and thus handing millions of funds back to LibLabCon to use against UKIP in the next election.