I have held off writing about the Cyprus crisis until, I hoped, the smoke clears. That now seems unlikely in the near future indeed the opposite seems to be happening from which I deduce nobody knows what was agreed. The best account of what has happened so far that I could find was in the Wall Street Journal, far and away the best financial paper in the world, click WSJ to read it. It is a long piece but well worth a good read. I miss my WSJ, |US edition, which I used to read assiduously at the BoE.
Farage has had a good Cyprus crisis. There is an excellent piece under his name in today's Telegraph, click DT to read. Farage is absolutely correct. The EU panic is as it was in Greece, Portugal, Spain etc, all about saving their beloved Euro. They don't care about the millions of young lives they are ruining in these countries. They will eventually end up like Mussolini strung up from a lampost but not before they have reduced their own, and everbody else's country, to economic and social ruin.
Farage was also excellent last night on Newsight where on his new hot topic of immigration he recently pinched from the BNP, he annihilated the useless ex Lab female minister and A N Other, a man so non descript I cannot recall his name. Times are good for Mr F and he is proving Napoleon's dictum that luck trumps brains in politics. There is one cloud on Nigel's horizon I hear there may be a pending bitch fight on the electronic media for his favours.
It is interesting to have so many colourful flawed heterosexual politicians like Nigel and BoJo dominating the UK media to say nothing of Berlusconni in Italy. That is just the way to get people interested in politics. Men who can flaunt their failings and still triumph
Its a pity Flashman Cameron cannot live up to the fictional Flashman. His reheated speech on immigration etc yesterday just showed him up as a not very good PR man selling a deeply flawed product. No wonder so many Tories want to ditch him asap. The only fictional character I can compare Millipede to is Adrian Mole but he did lust after Blair Babe Pandora I think.
Cyprus has lost its financial sector for all time. Its German Euro denominated tourism will also be in freefall given it is now a very expensive compared to Turkey and I presume Northern Cyprus so I expect the economy to contract by 20% over the next 2 to 3 years.
The reason for delaying bank opening yet again cann only be they don't know how much money is left. The haircut I opine is more likely to be 50% than 40% on residual bank deposits over 100k€
10 comments:
I course of I have done some thinking on Camerons so called new immigration policy, but thinking about it, will it really work? I think not. If we look at his proposals in detail, the obvious thing that confronts us, is effectively another "Mount Everest" of middle class bureaucracy, firstly, one, can already see the proposals on driving licences will be subject to legal challenge and the good old blood sucking English lawyers will expliot this human rights loophole to the last drop of life blood. And of course I fail to understand the policy of allowing illegal immigrants into the country in the first place and then unleashing our corrupted and over expensive legal system to clean up the mess, of course there will be all sorts of problems with this proposed legislation, number one, will not boubt be increased crime due to lack of benefits, once detained in prisons the immigrants will prove to be no doubt impossible to remove, as lawyers fight to the bitter end upholding their every legal right, a privilege now denied to most true British Citizens, who effectively get treated like third class citizens in thier own country, by the class arrogance of our basket case judges, of course the police will also love this legislation, making arrests and false claims for overtime, we will just see an increase of the detention mess we are already in. As for the driving licence idear the DVLA is already an overburdened miss managed mess in deficit, part privatised, with stakeholder interests being paid at the expense of the tax payer, another westminister creation made dysfunctional by obsessional laws, trying to dig it's self out of a black hole by the maladministration of fines and hidden charges,complete with continued applications of laws that will only seek to speed up the destruction of the British economy. If David Cameron was really serious about immigration which he is not, he would have choosen the simpler and less costly route, such as Austrialia, on entry immediate removal, Bye, Bye, you're on the next plane out, this is the really the only effective policiy available, I thinks Camerons proposals on immigration are nothing but fudge, they simply won't come to anything, our good old Judges and Lawyers will certainly see to that!
Cyprus got what it deserved - a tax haven is an anti-democratic institution. When all the little people conform to the rules and pay their taxes, those with loads of dosh try to hide it from the taxman. When the political and commercial elite awad themselves undeserved rewards for failure then try to elude the taxman that's a double whammy.
I've no grumbles with a genuine entrepreneur who creates something beneficial in the way of jobs for the lesser mortals, and pays taxes.
And what about the merits of the high speed rail project; the rolling stock and railroad materials will probably be made abroad. What benefit is that to us ?
It's more internal consumption when what we need is investment in products that can be sold abroad
to provide income.
Labour started it with PFI projects i.e. Hire Purchase at inflated interest rates.
I despair of these stupid politicians.
of course Alan. you talk a lot of sense, state workers in Bitian are robbing the country blind. this is the problem, some of these cases being exposed lately cause many grave concern, why are they not being sent to prison one might ask. it's the same with the pensions in the state sector, police taking early retirement on health grounds, getting full pensions and then taking second jobs and getting DLA as well, it's legalised theft, if that's not bad enough robbing another pension at 65 they haven't paid a penny for, I like the one they caught last year, X cop working for the DWP after early retirement, even had the cheeck to claim benefits after getting full police pension and second job salary. The one law brought in by May, that is effectively any good, is the requirment for police officers to disclose assets and savings, some one suddenly thought to ask where did you get that half a million in your bank account, about time.This one should apply to all state workers.Of course many in government are now self employed, not paying full taxes, there are some good examples and cases on the web, even those in the tax officers are doing it.We have to remember this is not private income but money taken from the tax payer in the first place.
You both make very good points, we have the same problems in Norfolk, some very disturbing cases involving the Norfolk Police and public services, we had police on £157,000 yearly salary, taking retirement under the two third final salary scheme, returning back in to he same jobs with a pay increase up to £159,000 + pension, I can't think of any police worker who is worth over £250,000 a year, it's madness, this is going on everywhere in the public services includind workers on the NHS pay roll, they are simply taking the P.No wonder we have a deficit at over 1.3 trillion.
Of course this is true, not only do they get these gold plated pensions at 50,55, they also get the state pension at 65, there are so many state workers also claiming benefits it's hard to believe, but the government doesn't want ordinary tax paying workers to know this.Heating all their swimming pools in sunnier climbs.
Of course what you say about young lives being ruined is not as bad as you suggest, firstly, I work closely with the probation service, and the mass criminalisation of britains youth is generating lots of jobs for the middle classes, last year alone we convicted nearly 2 million, 500,000
for alarm distress alone, with the government policies on immigration we are able to obtain an unlimited supply of immigrant workers, who do not have any police record, British Convicts are securing our future in the new industries of the Justice System, we now have the opportunity to becom e rich at the expense of convicts, New labour got something right at least, this is one of the biggest growth industries in all of Europe, on other EU counrty comes anywhere near the growth we are witnessing.
PO, this is an interesting article, I work in pychiatric medicine and mental health care, the vast majority of our patients requiring treatment do have police records, we have seen a massive increase in these statisics in the last decade, if you take a closelook at our financial projections, this growth will cost the tax payer 14.5
billion a year by 2017 I.R.P. figures. It is fact that the mass criminalisation of the British working class population by government has created some of the largest areas of growth in the British economy, obviously people convicted of offences in the UK are debarred from employment, as a consequence of their Eco-social,conditions they develop a range of mental health issues, such as depression, caused through poverty and general living conditions, the mass criminalisation of Britians youth has seen a massive growth increase, with a fiugre I read in O.T. being at around 20 Million, this is set to rise by 11% by 2015 at current growth rates, of course industrialisation of crime has created one of Britains fastest growth areas, both in job creation, and finacial growth, the growth in the area of criminal services has grown faster than any other area of industry in the whole of the EU, creating secure long term jobs for the middle classes and sercurity that no other country has witnessed, we now have in effect an organised conveyor belt type system in place, that creates, jobs, not only for our profession, but that of the Police, Courts and Social Services,the financial growth we have seen in these industries in the last ten years is astounding,with projections by 2018
50% of all citizens in the UK will have some sort of personality dissorder, note reseach disclosures on web. We in this industry are certainly not critical of the growth New Labour brought to the industry, they have created many jobs!
I do indeed have the Home Office figures for sections under the Mental Health Act last year, this is my area of reseach, in 2012 to 2013 over 55,000 people were detained under 135, 7,000 by the police, this is a growth area,Immigration has helped with the economic growth, creating many jobs for migrants, and recruiting graduate psychiatrists from India to help you with this probelm,Only last year MP Priti Patal raised her concerns in the House, Brtian was still not doing enough, with to many ill people on the streets of the U.K.I hgave taken the matter up with the MP in my area, and she has promised british citizens will get the teatment and best treatment in her letters, This is why you need Immigration in Britain so we can help you with crime and mental health, we have had some wondefull success at the Helesdon Hospital in this area, with large growth to the advantage of the middle class communities.
Psychiatry has a very important role to play in society, it is important for dicipline and role
model examples, I deal with patients every day,in many cases
it is noted in their records, some
of these people are at political
odds with authority, or would be
like to cause policital disharmony
in the communities, psychiarty helps in the stabilisation of government politics and the two party system, it is a safety buffer
to the avantage of the whole of middle class society, keeping us
safe from danger.
Someone, somewhere is guilty of mismanagement, we wake up this morning to find patients being treated in emergency tents on the car park in sub zero temperatures, these are the most shocking scenes ever witnessed in Norfolk, the computor systems are in complete chaos with patients records and appointments being deleted from the system, the NHS here as broken down, they should have good their spending priorities right, these pictures on the front of the local EDP are disgusting, it's become like the third world.Is cyprus as bad as this I wonder. The images have shocked the country, is this what a Tory government is all about.
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