And another little gem from the BBC this morning at 7.09am. At a time when the eurocrats have shot themselves in the foot with their demanded bank heist of savers deposits in Cypriot banks, the BBC’s Chris Morris was in Italy, in Rome. He was talking to the Chief Executive of an Italian bank who was assuring the world that Italy’s banks were as sound as an….erm..Euro! Morris then SUGGESTED that perhaps the solution to the banking crisis was…yes, more Europe to which the Italian agreed. Nice bit of totally biased pro EU propaganda there, folks.
What people need to realise is that, now a precedent has been set, the next Labour govt, led by Milliband and Balls, will decide to put RBS and Lloyds into receivership and steal their deposits. Of course they wont harm the “little people” but only those with wealth who clearly need to have their pockets picked on behalf of “the people”. Beware holding money in Uk bank accounts……
An interesting but flawed assertion. Any business put into receivership requires to liquidate its assets in order to meet or partially meet its liabilities. In the case of a bank its assets are primarily the monies it has advanced to individual, businesses and corporations. Its liabilities are primarily those deposits held on behalf of customers.
As such the bank, in receivership, would require to seek repayment of the advances to fund its liabilities to depositors. As banks have always lent a multiple of deposits then it is unlikely that there would be sufficient funds to repay the depositors let alone be a surplus for a government to “steal”.
The result is that the BofE would have to take on the assets as lender of last resort and the government would have to fund depositors under the existing deposit guarantee scheme.
Dear Fred,
I wanted you to know that I am watching events very closely on the ABN front. It is in Scottish interests for RBS to be successful, and I would like to offer any assistance my office can provide. Good luck with the bid.
Yours for Scotland,
Alex.
Anyway, Albaman, I’ve been away.
How’s all that working out?
http://www.bbc.co.uk/news/uk-scotland-scotland-politics-16835023
Asked about the support he gave to Mr Goodwin when he led the bank, Mr Salmond said he would done “things differently”.
He said: “If we all had our time again we’d look at things differently. I think there are very few people who can justifiably say that they anticipated the full extent of the financial collapse – the financial crisis.
“I mean I know some people claim they did but I think if you examine the record you’ll find there’s very few people on the planet – and I am certainly not one of them – who anticipated it.
“So, yeah, of course, if we had the benefit of hindsight we’d do things differently and I am sure that is true of lots and lots of people.”
This is the end of the beginning of the end. The Cyprus Putsch on savings and deposits is desperate and reeks of someone/thing in its death throes. Very soon (admittedly it’s gone on longer than many thought) the Germans will just not want to pay any more. The Cyprus situation will edge Greece back to the precipice edge etc…
The solution to all EU problems is ‘ever closer union’.
When will people that this is nothing to do with the EU ?
This is the Eurozone which is something completely different !
What are you trying to say?
Two Faces of the same coin to me.
The Eurozone IS the main part of the EU. It is the zone that all EU-philes want to incarcerate the rest of us who have stayed free(ish) so far.
Ah, monomania: not at all the sign of a deranged, myopic political system on the verge of a psychotic breakdown which may very well take all of us down with it.
What’s the German for “Apres Moi, la deluge”?
Ze Marsch Fur ze ‘Dambusters’, nicht wahr?
I have a CD which includes the Dambusters March and the enclosed leaflet is in English and translated into French and German.
For the Dambusters the English says “From the film about the RAF raid on the German dams”. The French says “From the film about the allied raid on ther German dams”. the German version says “From the film of the same name.”
I used to work in an office with German accountants. You could always tell where they were in the building by the sound of the Dambusters March being hummed by the rest of the staff as they passed by.
70th Anniversary this year – real men – real courage – real heroes.
Compare and Contrast to the Beeboids who have for years denigrated their sacrifice and the MPs who desecrate the meaning of the word ‘Honour’
How can you call this a bank heist? That’s an outrageous lie!
If you went out and gambled away all your money at a casino, and then came to me asking to be bailed out would I be robbing you because I only offer you 80% of what you lost?
Of course not! The Cypriots have only themselves to blame in this. They didn’t just lend money to Greece when it got into terminal economic difficulties thanks to its lunatic socialist government, they actually borrowed more money so they could give it to them. Now the chickens have come home to roost and they’ve realised their stupidity and come to Europe with the begging bowl.
Instead of being grateful for the assistance they cry that they’re not being given a 100% bail out! What a barefaced cheek ! Even an idiot could have seen this coming!
No one is running the story as to the consequence of this though, the movement of massive amounts of funds from the bankrupt Cypriot banks to British banks which is good news for us.
Nor are they running any stories about the ‘revenge’ that Putin has threatened on Europe, and what form that might take. Imagine the consequences of him turning off the gas.
I have total sympathy with the Germans ,Dutch ,Austrians et al in not wanting to bail out profligate overspending in other countries. Of course we in the UK are in much the same state as Italy,Spain etc but we are just devaluing our way out of it and wrecking so many people savings with quantitative easing.
If Ballseconomics ruled things would be even worse. But you never ,ever hear this on the BBC so addicted are they to the statist overspending that got us in the mess in the first place.
Because the BBC howl down any real attempt at austerity this government dare not impose cuts in spending, so it just takes money from those who saved and gives it to those who didn’t by the backdoor.
Once again the state broadcaster is running the country in favour of its clients and democracy is the loser.
This is not overspending by a government!
This is case of idiots within the banking sector ruining the companies they worked for because they could not get their minds onto their own national interest, and attempted to bail out a bankrupt friend in the naïve belief the friend would pay them back!
Bankers and the stupid government did wrong (again), but punishing ordinary citizens isn’t the answer. Putin could have prevented this, but Russia is probably really as broke as anyone else. And you have to feel sorry for any legit Russian business who did their banking through Cyprus just to keep it out of Putin’s reach in the first place.
The bankers and mandarins themselves will suffer no consequences at all from this, no matter how much of a thrill people like Robert Peston get from banks taking a haircut. Lessons will not be learned unless the people involved are thrown out. Sounds familiar somehow….
Just a word of support for the Cypriots – they were borrowing money at 3% and lending it to Greece at 13%. So a nice little earner then. And remember that was back in the old days, when the Euro was totally guaranteed not to fail and everyone was telling them how safe it was. Then the EU cam along and bailed Greece out and they lost 75% of the money they had lent to Greece, more than their annual GDP! So what I am saying is that this whole story has been totally predictable ever since Greece was bailed two years ago. The EU masters knew then that this would happen, and the whole thing is a total scam!
I do expect the KGB to hand out some ‘lessons’ for people who steal their money by the way, expect that to be the next move. And, I think that fear was probably the main reason that Cypress voted down the first EU offer, and expect it to have an influence on all the rest of their decisions too….
I agree….the Cypriot Banksters and the ‘Communist’ government played the Eurozone ”wont let a bank go bust game’ and lost…hurting little people as always.
They bought Greek Bonds big time knowing they were worthless (and knowing the graft and corruption on the mainland) thinking they could swap the junk for good money when it went pear shaped.
Merkel in election year isn’t playing that game.
The days of 8% interest rates are over for depositors foolish enough not to have got out on time. The Bond holders have been torched …as the banking strategy was slow motion ponzi. Hope the directors are well hidden as they might be expecting a few Russian late night visitors
By the way I am not a EU fan.
I just do not see why the Euro is still alive and valued at such a high level. The currency is slowly but surely devouring each and every economy in all the Eurozone countries and will continue to do so until somebody (in the city, I suppose) decides that they are no longer going to entertain the unnecessary , politically invented currency. The problem is that due to the ‘out of the closet’ and unapologetic biased pro euro reporting by the bbc (and Sky news (the quality of which has severely decreased over the last couple of years)). I cannot recall meeting anyone either in England or in Europe who actually sees the euro as a positive thing – it is all control by politicians.
Please can we just get on with life withiout the EU or the euro……
The Euro project has an interesting history, and is a monument to one politicians fantasy over reality thinking.
That man is Helmut Kohl a man whose determination to give Germany a stable currency market for its exports allowed Italy to break the rules for entry, and by doing so allowed countries like Greece who were nowhere near meeting the conditions for entry .
One day we might hold our politicians to criminal account for the harm they do to us whilst pursuing their dreams at any cost, that way they might stop to think of the consequences first.
My dear thoughtful, may I respectfully suggest that you read : The Great Deception, by Christopher Booker and Richard North.
And afterwards come back and still attribute the EU project to Helmut Kohl?
There is no doubt that a common currency was a European goal from an early stage, and that Maastricht was the fore runner to that, however Kohl was the man who forced through the project way before the participating countries were ready for it:
Instead of waiting until the economic requirements for a common currency were met, chancellor of Germany Helmut Kohl wanted to demonstrate that Germany, even after its reunification, remained profoundly European in its orientation. He even referred to the new currency as a “bit of a peace guarantee.”
The published documents prove that the Kohl administration was extremely well informed about the state of Italy’s finances. Many austerity measures were merely window dressing. Kohl then faced the German federal election on 27 September 1998. Gerhard Schröder was the candidate of the Social Democratic Party (SPD) for the Chancellery (and was elected). Schröder called the euro a “sickly premature baby.” Kohl pushed through the common currency against all resistance; his experts essentially confirmed the assessment of Schröder.
I don’t think anybody really sees the euro as a positive thing, on its own merits. The people who express support for it are really looking at the long-term goal behind its creation: The Socialist US of Europe. That’s why they went ahead with it in the first place. If the euro dies, so does the utopian dream. Anyone who is pro-euro is really pro-that.
This is not true! The Euro as per above was pushed by Helmut Kohl to provide a more stable currency in countries where wild swings, usually down gave problems to German exporters. I believe that the motivation of the US dollars problems and the wishes of oil producers wanting a currency with more long term value also wanted it.
I don’t believe that there is any evidence that it was for “The Socialist US of Europe” If I had found any then I’d certainly have remembered!
There was a remarkably good programme on the BBC a while back about the Euro, by Robert Peston I think, where Norman Lamont told how he had pointed out to the European politicians all the obvious faults in the Euro which are now becoming plain for all to see. He was told they knew about them, but were going to press ahead anyway. That seemed to me confirmation that it was a political goal, to be achieved regardless of the realities.
I’m sure you’ll have heard of beneficial crises, which are frequently used to give the EU powers it would not get if it were open about it at the start. Only these beneficial crises may have now taken on a life beyond the control of our lords and masters.
They went ahead with the euro project precisely because it was the first step towards uniting Europe politically. That’s the only way the problem countries could be made to behave in order for a stable currency to work. The reason the euro was doomed from the start is because they put the Wagen before the Pferd. I didn’t realize this was in dispute. What was the Maastricht Treaty all about, if not the launchpad for political union?
OF COURSE the Euro is a political project. It is not as if this is a secret, not that the BBC is ever likely to tell you about the history of the EU and the Euro. It might be a bit inconvenient if they ever told the truth in a series about the “September Programme” of Chancellor Bethmann-Hollweg – where he set out the Imperial German war aims for WW1 (No 4…………)
“We must create a central European economic association through common customs treaties, to include France, Belgium, Holland, Denmark, Austria-Hungary, Poland “sic”, and perhaps Italy, Sweden and Norway. This association will not have any common constitutional supreme authority and all its members will be normally equal, but in practice will be under German leadership and must stabilise Germany’s economic dominance over Mitteleuropa.”
Chancellor Bethmann-Hollweg 1914
http://www.wwnorton.com/college/history/ralph/workbook/ralprs34.htm
The European Commission has started preparing the ground for legislation that would prevent member states from undertaking major tax, labour or financial reforms without running it by the commission and other governments first.
The suggested scope of covered policies would implicate virtually all national government legislation – including competitiveness and employment laws, reforms that cover product and services markets, as well as those affecting tax systems and network industries.
The proposals – to eventually take shape as a draft legislation later this year – are part of a general attempt to induce the interdependent 17-country eurozone to behave more as one political and economic entity.
The law could also hand far more power to the European Commission, which already has greatly increased oversight on national budgets since the start of the crisis in 2008.
From the EU Observer on 21 March. What the EUSSR is in the process of trying to impose is precisely why the euro was dreamt up in the first place. The whole concept was that by creating a single currency those countries involved could eventually be forced into ever closer fiscal unity leading eventually to a single financial and budgetary system run apparently by Brussels but in effect under the control of the ECB/Bundesbank which, as recent events have shown, means subjugation to the German Government.
Dunno why but the site won’t allow the posting of large url links
It’s a common thing in spam, so the filters don’t like it. Try tinyurl.
This is the leftist mindset writ large. The solution to the problems created by big government is always more government involvement. There’s a lot of ideological pride at stake here. They’ll resort to anything, however harsh the cost to others, to keep their project alive. There’s a seriously demented pathology driving these people.
EVERY sensible person should by now have heeded Nigel Farage’s warning of some time ago…
“Who the hell do you people think you are? You are very, very dangerous people indeed.”
http://www.nytimes.com/2013/03/22/opinion/global/germany-calls-the-shots.html?_r=0
Explains why the Germans really really want the Euro !
Ah it is increasinly uncommon to find a person on the left capable of framing a cogent arguement, so lazy have they become with the effectiveness of their bully words of ‘isms & phobias’, there’s not many these days who would even try so here’s a mark for trying! Not that you present a dogent arguement though!
Why does a thread which wanders a bit off topic have to include the main topic at all? We are free to discuss, to counter, to propose, to educate each other – something we are able to do without calling one and other nasty names (check out the leftie forums for illustrations of this!)
Have a read of the NYT link I posted, and see if you recognise anything contained within it that has been broadcast by the BBC. I’m sure most of it will come as a surprise as you say the BBC has to show different viewpoints, but it fails to show the ones it doesn’t agree with or finds downright distasteful.
To summarise so far.
The first domino in the Euro fiasco has fallen.
The rest will now fall as sure as Eggs and Edwina’s knickers did.
Will this be the last attempt at Communism? Probably not.
Will Barry & the USA Democrats now see the light? Same answer.
Will China survive when its export market collapses? Ditto.
End result? Bad.
When? Soon.
What to do? Stock up on baked beans.
Effect on world climate? Smelly!
BBC report says? Man had ear bitten off.
Good morning Mr Angry
X X X
An interesting guest on the today program laid it on the line, you could hear the shock & the desperation in the interviewers voice.
The Euro is based on a flawed model and it is inevitable it will fail. You have seen and continue to see the failures of countries on the periphery like Ireland and Cyprus, but it is also eating away at the core members like France & Italy, inevitably they too will be bankrupted.
One of the biggest mistakes Cyprus is making now is to try to stay in the Euro. The price of this is tens of thousands of jobs, they should return to the Cyprus pound and allow it to devalue, this way the island will not be as rich, but the pain of recession will not be as bad.
I wonder if one of the conditions of the German bail out of Cyprus is that they do not leave the Euro after all there is only one country benefitting from membership, and that’s the Germans.
Not the BBC-NUJ political line on E.U:-
“One of the nastiest and most immoral political acts in modern times”
By MAX HASTINGS
http://www.dailymail.co.uk/news/article-2299078/One-nastiest-immoral-political-acts-modern-times.html
The NUJ, as the TUC, supports UK membership of the E.U, of the Euro, and actively campaigns for the the enlargement of the E.U to include 80 million Muslim Turks.
It is not surprising to seem such policies politically reflected in the output of BBC-NUJ ‘News’ programmes.
This article contains most of what I’ve been saying on this page, the only point where we differ is on the ‘heist’ which I think is a bit rich!
If someone is good enough to offer you money you don’t go calling them a thief for failing to provide everything you wanted. Cyprus could have raised the extra to avoid this but failed to secure the funds.
Unless it leaves the Euro unremitting austerity and recession are in store for decades.
Dear colditz,
Again you go with the ‘Nutty Nigel’ insult, as per your John Cleese being ‘washed out’. You support Levenson as only people who make insults online have something to fear, but you seem unaware that ‘Nutty Nigel’ and claiming John Cleese is ‘washed out’ are both insults.
Best
Kyoto
The next time I read a weblog, I hope that it doesnt disappoint me as a lot as this one. I mean, I know it was my choice to read, but I really thought youd have something intriguing to say. All I hear is often a bunch of whining about some thing that you could fix should you werent too busy looking for attention.
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