Friday, 11 November 2011

Cameron has not a clue what to do about Eurozone crisis

I wrote yesterday about the weird out of character performance of my former Bank of England colleague Matthew Hancock now a Tory MP on A Neil's lunch time programme. I opined the only reason I could think of was that his old boss G Osborne had not a clue what to do. Today's DT centre page piece by Iain Martin entitled 'Dithering is leaving Britain without a role' implies neither does Boy Dave! He has been led by the nose by the EU loving FCO into an impossible position.

The FCO's whizzo idea to increase UK influence in the EU and consequently decrease Franco Prussian effect was to support increasing the size of the EU. It failed! We ended up with a huge influx of mid Europeans taking our jobs, houses etc and Sarky and Merkel not only still run the EU but have tightened their grip and power in Brussels. They have successfully pursued regime change in Ireland, Portugal, Grrece and Italy. In the last two they have successfully installed their puppet Eurocrats, described as technocrats, as PM.

How is it in British interests to support a Franco Prussian hegemony in the EU? How was it in British interests to support Christine Lagarde, a prospective French presidential candidate as the managing director of the IMF, a role she now combines with her membership of the ruling EU politburo!

Cameron is running scared. He wants to hang on as PM. Why? What is he achieving? Better to have another election now which would at least oust the EU phile Lib Dem bums from government seats. An election the Tories would easily win. Is Millipede II a credible electoral threat?

As Iain Martin writes Cameron should tell the FCO to convene a summit of the group of 10 in London asap to stick it to Sarky and Merkel. If the FCO don't like it start firing the Permanent Sec plus a few ambassador and fill their jobs with outside appointees untainted by the love Johnny Foreigner and to hell with British interests culture that pervades the FCO.

Yesterday's DT business gave the figures for September's UK Italy trade. UK exports to Italy, £803m. UK imports from Italy £1.2bn! That is pretty well the pattern across all UK EU trade explaining our £12 bn trade deficit last month fueled of course by the BoE's money printing  to boost UK demand whilst of course the  German's keep the screws on EU demand through their control of the ECB. Again UK policy helps Johnny Foreigner not British workers. Lets not forget the EU phile claims that 3 mn British jobs(no source ever given!) depend on the EU market. On these figures 4.5 mn EU jobs depend on the British market but of course all we ever hear from on the BBC is 'British business'. Presumably the same British businessmen that awarded themselves 50% pay increases last year whilst laying off the few UK workers not yet replaced by low cost immigrants.

Remember it was British business that urged UK membership of the ERM. Now ho much did that cost? Who cares they still got their obscene bonuses for lousy performance.

I expect to soon see more trouble on the streets of Europe as austerity really bites. We will not be immune.

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