Tuesday, 6 January 2009

Luxembourg Calls for EU Treasury DT 5/1/09

I read this with some professional satisfaction as it is exactly what I forecast in my last, pre-Xmas blog on 24th Dec 08. I summarise AEP's piece below.

"Germany is coming under mounting pressure to rescue Europe’s weaker states by agreeing to an EU agency with powers to issue bonds for the eurozone as a whole for the first time.

Any such move would amount to the creation of an “EU Treasury” to back up the single currency, in effect compelling Germany to share its elite credit rating with weaker states such as Italy, Greece, Spain and Ireland

The proposal is certain to cause apoplexy in Berlin where any suggestion that German taxpayers should be made liable in any way for the huge public debts of Europe’s weaker states is a neuralgic subject."

The stresses in the Euro system are starting to show particularly in the Greek-German bond spread which is now 2.14%. The Greeks and the Italians have many billions of maturing Euro bonds to refinance this year. Who is going to buy these bonds? Greece and Italy have 'previous' on bond defaults so it is going to be very difficult. The pressure for an EU Treasury and tax base will grow but as AEP says its the German tax payer who will have to pay and they are not happy bunnies at this prospect.

The bond market is the most powerful force on Earth. As Bill Clinton's first campaign manager James Carville put it:

"I used to think if there was reincarnation, I wanted to come back as the President or the Pope or a .400 baseball hitter. But now I want to come back as the bond market. You can intimidate everyone."

The EU are on collision course with the bond market and my confident prediction is the market will win. This is a god sent opportunity for UKIP as EU reputations will be trashed in this confrontation. But is UKIP, current sole proprietor N Farage, up to capitalising on this opportunity? Well time will tell. I hope NF can and will exploit this chance to do real damage to the EU.

I read with sadness that Gawain Towler may be in some difficulties re his MEP candidacy. If true, it is disappointing this was not detected earlier in the MEP selection process as it may be potentially damaging to all candidates on the SW list. The SWCC passed a resolution before the MEP selection process started that the candidates selected by the SW selection sub-committee of Elizabeth Burton, Jeff Mager and David Bendall and non-voting chairman Malcolm Wood should be presented first to the SWCC for approval before being sent to Mr Gill and the NF's national political committee. This resolution was not accurately reproduced in the final SWCC committee minutes and was not implemented by the selection sub-committee. The sub-committee's recommendations went straight to Mr Gill bypassing SWCC scrutiny.

Whether this would have helped Mr Towler we will never know. I am portrayed by some as anti UKIP. I am not. I stand for sticking to the rules and upholding democratic decisions. Those who think that they know better put us on the slippery slope that leads to the swamp of endemic sleaze that engulfs the UK's three main political parties.

My views have not changed since I stood for MEP selection and can be found on my web site



The Pub Consultancy Service said...

Your comments of course Eric have nothing to do with the fact you will inherit the number 3 spot if Gawain drop out.

Eric Edmond said...

Your statement is incorrect. Check you facts with Nigel Farage.

Junius said...

I see that Farage's sock puppet is at it again.

Farage must be getting desperate if he has to resort to using people like Bob FM to fight his battles!

Greg_L-W. said...


Why am I not surprised that Farage's incubus The B.F-M. has felt the need to make a fool of himself as ever, with an inaccurate statement designed to denigrate and damage people he does not know and clearly does not understand!

Farage's dishonest and corrupt cabal have already shown The B.F-M. to be wrong.

Further IF The B.F-M. has a clue about the allegations regarding Gawain Towler or if he knows nothing (which would be more in keeping with his track record)may I suggest - S.T.F.U.

Many will note The B.F-M's frequest boast that he has phoned his contacts to get the official spin - he overlooks the fact that many of us are contacted WITH the facts but one would hardly expect anyone to tell a garrulous and particularly dim ex cop now running a pub anything confidential!

Note the behaviour of The B.F-M. which is so similar and untrustworthy to Mark Croucher and without integrity or anything of value to contribute - just imature and not very bright - Just another self seeking self importNT PUPPET!

I'd ignore him if I were you Eric The B.F-M. repeatedly proves to be a foopl and unlike you has no future just a past - at least you were elected by the party, he just acts in self interest as a puppet.

Greg L-W.