Sarkozy & Merkel want your cash and your job to pay the PIGS

The only concrete proposal to emerge from the latest Sarky Merkel meeting was for an EU wide Tobin tax on all financial transactions. Where do most big financial transactions take place in the EU? The City of London which is not even in  the Eurozone!

Its a wonderful bit of political chicanery.  Tax those who cannot vote you out of power! A Tobin tax is an old favourite of the French as it reduces the City of London's competitive advantage and thus enhances the business prospects of Paris and Frankfurt as financial centres. What will Dave and boy George do to resist this latest attack on the City by the EU? They could veto it but I doubt they have the guts so I guess as usual they will do nowt and just pay up inn Euros and jobs.

Sarkozy pulled a similar trick 3 months ago by putting an additional tax on holiday homes just after my wife bought herself a house in Brittany. Now the vast majority, 80% plus of holiday homes in France are owned by the French who vote in French elections.. Sarky has therefore decreed they will not be liable for this tax which will only apply to non-French owned holiday homes. All of course against the EU rules but what are they there for but for the French, Italians, Spanish etc to ignore when it suits them. Only the Brits obey the rules proving they are really stupid.

Mean while the ECB continues to buy PIGS paper with newly minted money so now Italian and Spanish 10 year bond rates are 4.99%. But as the actress said to the bishop things have to pop out somewhere in this case the Euro money supply and resultant inflation something not lost on Merkel's German coalition partners.

I congratulate all UKIP members who vote against Farage's pan European party proposal but do not think you have won this war. Farage will be back with honeyed words about allowing UKIP MEPs to join with mid European racists and fascists into a pan European party is necessary for Nigel to speak with a strong voice in Brussels as the Foreign Office like to say. I also say F. O. to these Farage's tales.

This will be accompanied by threats of resignation at the party conference and to the 100% Farage controlled NEC and of course tales of party bankruptcy. Now who banrkupted UKIP? Answers on the comments section of my blog please.