Several commentators have pointed out how Sarkoy's little plan enabled Cameron to go back waving his fictitious non veto and crying no referendum in our time. Sarky will gain electorally in France for kicking the rosbifs. Always a vote winner in France. Cameron's real problems lie on the home front and keeping Sam Cam in her recently refurbished Downing Street kitchen. Its a wonderful piece of political chicanery. He can now walk tall as Clegg says with the Tory backbenchers with the Lib Dems booing and hissing him like a panto villain. That's exactly what the whole show is, a Xmas pantomime with as little relation to reality as Dick Whittington. Turn again Cleggon Lord Mayor of Brussels town say the bells of Old Bailey and Clegg will certainly do that after a suitable spell in sulking to impress his grass roots. Ah British politics is indeed fortunate to have found two such consummate actors to replace Tony, a thespian par excellence to whose performing expertise all wannabe UK politicians aspire.
The financial marketeers however do not go to pantomimes. Pole dancing clubs are more their line. These rude menials pay no attention to the honeyed words and crocodile tears of our politicians.They are philistines who do not appreciate the beauty and weaving movements of the political dance. None of them would every appear on Strictly like Widdy or Curry! They are baser mortals whose only saving grace is to make money for themselves and if that fails help themselves like politicians try to do, to the money of others. What really annoys our political elite is these crude, rude people are far more successful at robbing the populace than our political elite and unlike our MPs don't get caught. Now how can that be? Only one explanation is possible, they must be smarter than the politicians but as Napoleon Bonoparte pointed out that's not too difficult.
Even as I write the Merkozy deal is unravelling politically. The FT today prints a story picked up by Richard North that several countries, Hungary, Sweden, Denmark, Ireland see problems getting it through their national parliaments. The most damaging comment comes from the Czech PM, 'Right now there
is not much more than a blank sheet of paper and even the name of the future treaty might change. I think it would be politically short-sighted to come out with strong statements thatr we should sign that piece of paper.'
Possibly Dave no pals might have some pals soon.
On the finance front today's DT business, AEP et al, run a story entitled 'Euro rescue may cost UK extra £30 bn. This seems to be confirmed by an IMF statement which is €50 bn different from the Merkozy Euroean Council statement to our detriment.
Today's Ipsos Mori poll has Tories at 41%, Labour 39%, Lib Dems 11%. That leaves 9% to be share beteeen the SNP, Plaid, Greens BNP and UKIP. Its not a great result for rant ng Nigel.
Reuters today reports, Italy paid a euro era record yield of 6.47 percent to sell five-year paper at its first auction of longer-term debt after the EU moved towards greater fiscal integration at last week's summit, but failed to convince markets it can solve the debt crisis.
The average yield at Wednesday's sale compares with an auction rate of 6.29 percent Italy paid a month ago, which was also a euro lifetime record high.
Rome sold 3 billion euros (2.5 billion pounds) of the September 2016 BTP
The difference between a 10 year bond yield and a 5 year bond rate depends on the slope of the yield curve This auction has pushed up the 10 year rate to 7.17% this morning. Investors will be getting very nervous and there is a huge amount of Italian bond out there to be nervous about.
Thus today's German auction of 2 year bonds went at 0.29% compared with 0.39% at the last two year auction. Put the two results together and the conclusion is investors will pay up for safety. They are scared.
In the UK unemployment has hit a 17 year high in October. Thos Cook is shutting 200 of its 1300 branches. I wonder what Millipede will go on today at PMQs, an embarass du choix as Sarky might say.
I break here to listen to PMQs. Will there be any PM answers? I doubt it.
Cast iron fairly trounced Millipede at PMQs so Labour may be looking for a new leader sooner than expected. I see the Mail is reporting serious unrest in the LibDem ranks over Clegg's terrible performance over the last few days. Huhne the heir apparent is putting the boot in. Evrerything is not quite rosy for the boy however as it seems some Euroseptics may put a motion calling for a referendum. Better make that a vote of confidence Dave. Heads you win and Tails you win.