Posh Peoples Banker Humbled By Public Backlash To Authoritarian Debanking Policy

Much discussion in UK media and as far away as The USA and Australia this week has focued on the decision by Coutts (the posh people’s bank,) to ‘de-bank’ former UKIP leader Nigel Farage, the political outsider who successfully steered the campaign to take Britain out of the EU to victory in a national referendum. According to Coutts initial responses to media attention the decision was taken  because of reputational concerns. 

Bizarrely, when Farage, now host of a popular radio talk show, took his story to the media Coutts told the BBC that the Farage account closure was due to financial requirements. This was probably was one of the worst corporate cock ups in recent history because it was so easily falsifiable, especially for a skilled operator like Farage whose track record shows he knows how to use the media. After after days of media fury about a corporate war on free speech, stirred up mostly by the former Ukip leader himself, and a genuine public outcry because in this era of automation, digitization and depersonalisation, banking is an essential service and if it can happen to Nigel Farage because his bank don’t like some of his opinions, it can happen to any of us.

Coutts have now caved in following criticism from everybody from Prime Minister Rishi Sunak to Stan the bloke in the pub who has an opinion about everything, the bank and its parent company Nat West group have issued a grovelling apology to Farage for comments made about him during a meeting of the bank’s wealth reputational risk committee.

Alison Ross, the chief executive of NatWest  this afternoon released a lengthy apology for the ‘deeply inappropriate comments made in the now published papers. They ‘do not reflect the views of the bank’, she said, adding ‘I believe very strongly that freedom of expression and access to banking are fundamental to our society and it is absolutely not our policy to exit a customer on the basis of legally held political and personal views.’ The bank has now offered ‘alternative banking arrangements’ at NatWest.

It was deeply disturbing that Nigel Farage was debanked by Coutts for his political and social attitudes but becomes truly sinister when we consider that apparently no other bank was prepared to offer him an account and they all marched in lockstep (goose step?) with Coutts.

If he could have easily moved to another bank it would have been shameful that Coutts, the bank that discriminates on the basis of wealth. also discriminates on the basis of politics, while being quite happy to offer services to some of the world’s most brutal authoritarian tyrants, a number of very unsavoury east European oligarchs and authocratic leaders of Arab oil states in which the concept of human rights simply does not exist, but the fact that other banks took a similar stance becomes a matter of totalitarian oppression.

Because of the nature of their business banks should not be able to select their customers on the basis of political positions just as they cannot discriminate on grounds of race, religion, skin colour or sexual orientation. Coutts was wrong to kick NF out for the reasons set out in the report and the other banks should not have been able to so glibly refuse his custom without a sound reason for doing so

As mentioned above banking is an essential service in the modern and increasingly cashless world. To deny anyone access to banking facilities is tantamount to erasing their social existence, hamstringing their ability to earn a living or but essential goods and services and ultimately eliminating them from society. Withdrawing banking facilities in a way which would inhibit that person’s ability to make alternative arrangements without acceptable reasons is an intolerable injustice. 

 This practice is akin to isolating someone, no matter how ill, from access to health services because his/her legitimately stated/held views do not confirm to the ‘diversity, inclusion and equality’ [DIE] narrative promoted by political, media and business establishment organisations. Such cancellation represents a gross violation of that person’s inalienable rights to free speech and personal liberty the fundamental destruction of a basic human right to access an essential service without which normal existence is rendered impossible.

The most alarming thing of all is that leaders of powerful corporate organisations, not to mention public services managers, can so easily terminate individuals’ bank accounts (or access to services) with little or no accountability. 

We associate such tyranny with regimes Nazi Germany, communist Russia, modern China, North Korea or certain Middle Eastern theocracies. The large dossier compiled by Coutts on Nigel Farage without his knowledge is a most sinister development of a kind that we thought was confined to brutal totalitarian police states, not the so-called liberal democracies.

 

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University free speech society told free speech a ‘red risk’, external speakers must be vetted

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Don’t Be Fooled, Elites Have Been Planning This Power Grab For Years

by Phoenix Capita, 15 May 2020

As long as large portions of the economy remain on lockdown, the government will be forced to perform massive stimulus programs/ social spending. As I write this Friday morning, the House is preparing to vote on a $3 trillion stimulus bill later today.

While the particular bill in question is chock full of Democrats’ legislation (more abortion funding, banning voter IDs, etc.), and likely won’t make it through the Senate in this particular form, the White House and the GOP are both in favor of providing additional stimulus checks to Americans in the near future.

Put simply, regardless of specific political affiliations, the political class is currently in favor of spending vast amounts of money right now.

All of this money has to come from somewhere. Currently, it’s the debt markets (the Treasury will borrow $3 trillion between April and June alone). But at some point, the Powers That Be will begin looking for new sources of capital.

Indeed, if history has taught us anything it’s that once the government/ elites use a crisis to make a massive power grab, rarely if ever is that power given back to the people.

We saw this with the Patriot Act in 2001, the policy response to the 2008 crisis. And it’s happening again today with the economic shutdown. While individual states will all eventually reopen, the fact is that the US just took a massive jump towards outright socialism/ central planning. And the political class LOVES it.

This will result in a collapsing economy, which in turn will mean lower tax revenues, which in turn will mean a greater need for capital to finance social spending programs/ unemployment/ stimulus checks.

The debt markets will pick up much of the slack here, but at some point the political class will start looking for new sources of capital.

That source will be you, me and everyone else.

The plan behind this has been in place since 2011. Elites knew well in advance that another crisis was coming, and they put in place legislation that would allow them to:

1)    Freeze bank accounts and use them to “bail-in” financial institutions/ banks.

2)    Close the “gates” on investment funds/ money market funds to stop you from getting your money out.

3)    Impose wealth taxes and seize unused assets.

Did you know the IMF has already called for nations around the world to introduce a wealth tax of 10% on NET WEALTH as soon as possible?

If you think that’s bad, consider that the Fed plans to both seize and STEAL savings during the next crisis/ recession.

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EU States Rebel Against Brussels As Van Leyen Demands Borders Stay Open

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With zero growth in the German economy over the final quarter of 2019 as manufacturing remained in a slump and exports fell, the wisdom of Britain’s middle and working class voters choice to leave the failing European Union was vindicated again. The German figures highlight the many challenges facing the Eurozone, which is hamstrung because it consists of 19 different economies (eith of them economic basket cases,) all needing very different solutions.

German’s state statistics agency reported today there was zero growth in the fourth quarter and a mediocre 0.6 percent increase for the whole year. And that paltry figure has only been achieved with the help of financial jiggery pokery from the European Central Bank (ECB)

Germany´s troubles are central to the economic difficulties of the 19-country eurozone economy and the European Central Bank, which has for several years been trying mask the reality of flagging growth and inflation with negative interest rates and newly printed money. Germany has been a manufacturing and export powerhouse in recent years and has propped up the rest of the sigle currency zone, but with German manufacturing in the doldrums and exports rendered uncompetitive due to increased costs imposed by ineffective and pointless “green” policies imposed on member states by Brussels, those areas have been sluggish and only debt funded consumer spending has kept the country out of recession. But debt funded spending is only ever a short term solution.

Carsten Brzeski, chief economist at ING Germany, told a German Financial Newspaper, “In general, the German economy remains stuck between solid private consumption and a paralyzed manufacturing sector.”

Slowing global trade and the uncertainty caused by the U.S.-China conflict over trade have been one problem. Another is structural change in industry, particularly the auto business, where companies must sink billions into developing electric cars and new services based on smartphone apps, both to meet regulatory pressure for lower greenhouse gas emissions and to head off competition from from the tech sector.

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EU Very Good for Germany, Not So Much for Everybody Else

 
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Will Macron / Johnson Skulduggery Lead To A Hard Brexit?

When Boris Johnson’s Conservatives crushed the Corbyn – led, anti – Semitic, terrorist loving, far – left, borderline Maoist incarnation of the Labour Party in the UK’s General Election  on December 12 (thus giving Donald Trump’s hopes of re-election as US presiident in 2020 as the Democrats seem determinted to pick an equally whacky, far left candidate as their nomineee,) the resulting solid majority voters gave Johnson led many political pundits to predict that it would marginalise the Brexit lobby and free Johnson to negotiate a soft landing type deal with the EU.

But, love him or hate him, Johnson is a far more astute politician than that. He knows his impregnable majority is down to traditional Labour voters deserting the party, not simply over its failure to take a clear position on leaving the EU as most of mainstrwam media would have us believe, but for many identifiable reasons whoch can be condensed down to a single sentence by saying the working classes believe Labour has abandoned them and is not the party of lawyers, academics and managers.

The working classes are not stupid, though not all are highly articulate as Labour’s lawyer – politicians tend to be, and not all are academically gifted as most of Labour’s university educated candidates, parachuted into safe constituencies in working class areas by party headquarters tend to be, they know where their interests lie. And it is not in the hands of a party that would open the borders to millions of uneducated, unskilled third world migrants, or which promises to fund its profligate public spending by “taxing the rich.” Working class people are not easily fooled, they know the seriously rich have their money tied up in trust funds and investments which are protected from the taxman. And they know those investments can quickly be moved offshore should any future Maoist government threaten to seize personal assets.

They also know something which socialist economists (who generally have a sub – zero IQ rating,) remain blissfully unaware of. The majority of invested wealth is held by pension funds and investment trusts used by small savers. So Labour’s “tax the rich” pland would hit the moderately well off, the thrifty and those who had no choice but to save for retirement by paying into a company pension fund as Labour’s taxation plans have always previously hit hardest at those whose votes Labour has relied on. Well that’s socialism for you folks.

So after a hundred years, as Labour has gradually moved more and more towards becoming the party of affluent intellectuals, the working classes have seen through the pretence. Socialists do not care about the working classes, socialist care only about their votes as a stepping stone to power.

However, as previously mentioned, Boris Johnson is an astute politician, he knows that former Labour voters did not turn out and vote Conservative, instead they stayed at home and did not vote, while large numbers of traditional Conservative voters who had stayed at home in the previous election in protest as Theresa May’s inept leadership and  attempts to negotiate a leaving deal with the EU that would effectively keep the UK tied to EU law and policies made by unelected bureaucrats in Brussels. And Johnson knows if he wants to be re-elected he must get the Conservative voters out again at the next election, and at least keep the Labour voters at home if he cannot persuade them to switch alliegence.

It is perhaps with all this in mind Prime Minister Johnson appears to have chosen to play it tough with the EU.

Then he could undermine Brexit by giving back all the concessions during his subsequent negotiations with the EU over a trade deal.

This analysis should have been the correct one given the staunch opposition by the political elite in the U.K. to Brepxit.

So the political situation in the UK has changed. For all the haters say about him, Boris has the likeability factor while more of Labour’s likeable figures are gone, stepp[ed down like Andy Burnham, now Mayor of Manchester, or defeated, like Caroline Flint, for may years the hottest female politician in Britain. And because the Conservatives know they must hold the working class to hold on to power, and working class voters by a considerable majority support our leaving the EU, a soft Brexit is no longer a viable way forward.

This is probably why Boris Johnson is almost channeling Nigel Farage in his ‘come and have a go if you think you’re hard enough’ approach to trade negotiations with the European Union.

The modified Withdrawal Bill passed by the new Parliament with six Labour defectors in the week before Christmas strengthens Johnson’s hand as he embarks on new trade negotiations with the organisation that said it would absolutely not renegotiate Theresas May’s Brexit In Name Only deal,  by removing any potential extension of negotiations beyond the end of 2020. There are a ton of changes noted in the Guardian article linked above covers.

The original two year transition period EU Chief Negotiator Michel Barnier was planning on using to bully whoever became political leader of the UK into accepting whatever one – sided conditions the EU chose to impose is gone. January 31st Brexit happens, and for the following eleven months the EU can negotiate or we leave at the end of the year on WTO terms (Hard Brexit). This would hit the EU, and particularly the EU’s biggest economies, Germany, France, Italy and Spain far harder than it will hit Britain which has an enormous deficit in its trade with the EU, largely because EU protectionism prevents us sourcing many of our imports more cheaply from outside the Union.

Although the political situation is changing in Britain, it is changing in Europe too.

Given the context of his negotiations with French President Emmanuel Macron in October which secured the current Withdrawal Treaty, it seems Boris sees more clearly than Theresa May ever did that it is Britain rather than the European Union which negotiates from a position of strength.

The keys to understanding the EU’s weakness is the shifting dynamic between France, Germany and the U.K. in relation to their relationship with the United States, the underlying weakness of the EU single currency system, The Euro, and the political weakness of Emmanuel Marcon as, after struggling for a year to resolve the internalo conflict with the Yellow Vests movement’s protests over high taxes,  he now faces a general strike against his proposed reforms to France’s retirement and pensions policy .

Simultaneously Macron is pushing France to unseat Germany as the de facto rule-setter for the EU. He wants more integration at every level, but most importantly fiscally, while the fragile coalition government led by Chancellor Merkel could fall at any time, plunging Berlin into chaos.

Macron, a former Goldman Sachs Investment Banker understands that the euro is in trouble and that around half the 27 members of the Union are economic basket cases. Since the 2008 financial crisis the European Central Bank (ECB) bought aaround €1.5trillion of junk bonds in its efforts to prop up Eurozone economies. The French president also sees the flaw in this policy is because of the lack of fiscal integration of EU member states, this puts enormous pressure on the more successful economies which are already stalling due to the EU’s expansionism. For the euro to survive at least three  things need to happen.

1. There needs to be a single entity capable of issuing and redeeming Euro-zone sovereign debt. Until and unless that happens the weaker states will continue to issue Euro denominated bonds and rely on the ECB to buy them.
2. The euro has to weaken considerably to remove the garrote around the necks of countries like Spain, Portugal, Italy, Greece and even France. Unfortunately for the past three and a half years EU officials have been forcing the bank to keep the value ofv the Euro high to undermine the UK pound.
3. Much of the existing sovereign debt needs to be converted into a Eurobond, doing away with much of the stock of debt as liabilities for member states like Italy and Spain.

Macron also understood that British voters would never accept the EU overturning Brexit in the same way as it had previously overturned results of democratic votes in France, Netherlands, Denmark, Ireland, Portugal, Greece, Italy and most recently Spain, and the way it had planned with the government of long term EU loyalist Theresa May. He saw the opportunity to cut Britain loose, thuse easing the path of France to more power, and to shaft Germany at the same time.

Germany will not be eager for any of these developments, the current single currency system is designed to benefit German’s manufacturing base and underwrite its mercantilism. The status quo suits Germany fine, the country has benefited handsomely from the hollowing out of member states economies through the internal trade advantages the Euro gives German business. Once the weaker economies are insolvent, Germany has used its financial clout to force debt restructuring, buying up assets at pennies on the euro. The prime example of this is what happened in Greece.

This explains why the single currency system is designed the way it is. What Emmanuel Macron sees as a flaw was in fact a plan, rather it was the plan. They may claim to have had genuine reasons for doing this, but this is classic colonialism.

But, what does this have to do with Brexit? Quite a lot actually.

Macron installed convicted criminal and former IMF chief Christine Lagarde as head of the ECB to push for fiscal integration and to politically blackmail the Germans into going along with it.

How? By threatening to write down or allowing default on the massive $850 billion in TARGET 2 liabilities German banks have in euro-zone sovereign debt on their balance sheets.

But there’s no way City of London and the crown would survive the British people’s anger at underwriting the costs of this shakedown and subsequent debt crisis.

Nigel Farage and the other hard Brexiteers understood that this was a key issue, but one that didn’t resonate with voters. Fishing rights and immigration get people to the polls, not bailing out German banks.

But, make no mistake, Farage, the old commodities trader, knows that breaking the British banking system free from the EU’s and put up a hard border, as it were, between them is the key to a successful Brexit.

And I suspect, after it was clear they couldn’t convince the British people otherwise, that City of London and the Crown saw this as well.

So, Macron and Johnson looked at the landscape clearly and with the blessing of the British political class negotiated a settlement.

By allowing Johnson and the U.K. to get clear of the fiscal and political storm, Macron gets even more leverage over Germany whose economy is the one hurt most by a hard Brexit.

The Germans run a huge trade surplus with the U.K. Cutting that down weakens the euro and Germany at the same time.

Germany will insist on bail-ins of depositors versus bailing out the Italian government. But Macron realizes the only way for the EU to survive the coming debt crisis is to over-ride Germany’s deflationary attitudes. They are going to have to print euros like no tomorrow.

He may throw Merkel a bone in the negotiations but it won’t be much. Macron is many things, but he’s not stupid. He knows the Euroskeptic populists will eventually rise to power in Italy, Spain, Portugal and potentially even Germany. He knows he’s in trouble in France. And he knows the wheels have come off Merkel’s federalization bandwagon because German taxpayers are sick of propping up the European Projectfinancially.

The miserable results returned by the two leading German political parties supporting moves towards a federal Europe are an indicator of the public’s disillusionment with EU policy. Prime Minister Johnson may be just what France has been waiting for in order to tip the balance of power in its favour.

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Germany sliding into ‘dangerous’ anti-Europe hysteria warns top economist
As Germany’s economy continues to stutter one of the country’s top economists has warned the country is desending into “anti-Europe hysteria” amid growing criticism in the country of the European Central Bank (ECB) and surging support for the Eurosceptic, anti – immigration AfD Party.

Salvini Accuses Leftist Govt of Giving Away Italian Sovereignty to EUMatteo Salvini leader of the hugely popular Populist League (Lega) party, which, despite having a democratic mandate, was excluded from the government of Italy by a stitch up enigineered by the Euronazi EU Commission in Brussels, has accused Giuseppe Conte the Italian prime minister apponted by the EU, of handing over Italian sovereignty to the European Union bureaucrats

EU’s Top Eurofederalist admits EU wants an empire
The leader of the Alliance of Liberals and Democrats in Europe (ALDE) told CNN that plans to reform the EU and devolve power from Brussels back to the nation-state proposed by the populist paries that have spring up in member states, and led by Matteo Salvin’s Lega (League) in Italy, Marine le Pen and her Rassemblement National in France and Hungary’s Victor Orban, leader of the Fidesz party would mean that the bloc “will die inside.”

Little Donny Tusk The Polish Has-Been Tells Britain How To Vote.

Donald Tusk, who is the President of the European Council and was the centre-right Europhile Prime Minister of Poland from 2007 to 2014 made the remarks in support of his former Deputy Prime Minister, Anglo-Pole Jan-Vincent Rostowski who is standing as a Change UK candidate in London for Thursday’s election.

EU Dictatorship: German MEP says process of choosing Juncker successor a hoax as European elections near
The process of selecting the person who will succeed Jean-Cluade Juncker as European Commission President is a deeply flawed “hoax” dreamed up by “Eurofanatics” who want to create a United States of Europe, a German MEP said today. Hans-Olaf Henkel made his remarks as the prospective candidates – known as Spitzenkandidaten, in Germany, jockeyed for position.

Europe’s Nationalists Unite Behind Salvini Ahead Of EU Elections

With the EU elections due in May this year expected to deliver another body blow to the dream of a Federal European superstate, Europe’s more conservative nationalist parties have today announced an alliance that is aiming to become the strongest group in the European Parliament, with a view to forcing to radical reform on the EU bureaucracy in Brussels, which dictates policy on security, migration, family and the environment, according to Euro News.

Harold MacMillan’s EU warning revealed
Harold MacMillan, British Prime Minister from 1957 to 1963 gave us a chilling warning about the EEC – (European Economic Community) – before Britain joined the bloc, claiming that Germany had planned on using the trading bloc, as an instrument to assert its supremacy across the continent once more. On Wednesday, 3 April, 2019 The House of Commons voted in favour of legislation which forces the Government to request another extension for ‘Brexit’, giving our current Prime Minister Theresa May more time to show us the comtempt the ruling elite have for the principles of democracy.

Leaked Document Reveals Unacceptable Demands Made By EU Ahead Of Final Talks Before Brexit Deadline
A Secret document has revealed concession the EU is demanding before beginning fresh talks on Brexit ahead of the 12 april dealine. According to a memo seen by the Sunday Times, Brussels is demanding the UK must continue to pay its share of the EU budget, must implement new measures on citizens’ rights, and sign a legally binding agreement to arrangements to avoid a hard border between Northern Ireland and The Republic.

Merkel: EU Members Must Cede control Of Their Border To Brussels
German Chanellor Angela Merkel sparked outrage today and pushed the EU cloers to its final disintegration when she stated that EU Member states would be forced to surrender on of their most important sovereign powers, control of their borders, to Brussels in order that the unelected bureaucrats of the European commission could ‘manage’ immigration (i.e. open the border crossings and let any criminally inclined bunch of fanatics enter Europe.

Spanish Socialist Budget Fails As Budget Rejected; New Elections Expected

We predicted last year when the socialist leader Pedto Sancjez usurped the Spanish government after the collapse of the minority government led by Mariano Rajoy collapsed, could not last. In a widely expected but destabilizing development, Spanish conservatives and pro-independence Catalonians voted to back a slate of amendments to a government budget on Wednesday by a wide margin of 191 votes out of 350,

EU Stitch Up To Promote Euronazi Selmayr’s Is Typical Of The EU’s Contempt For Democracy
#
The former Prime Minister of little Luxembourg Jean-Claude Juncker to ensure his chief of staff was installed as the new Secretary-General of the European Commission, in what one senior Eurocrat has called “an impeccably prepared and audacious power-grab” at the top of the European Union.

Disastrous Manufacturing Figure Herald German Economic Recession

Germany has long been the prop that held up the economically feeble EU, in which more than helf the 27 members that will remain in the bloc after Britain leaves are economic basket cases (some due only to the strictures of Eurozone membership, others because of the traditional weakness of their national economies,) so with Germany slipping towards the recession we and other well informed blogs and news site have predicted since Merkel’s ‘open doors’ immigration policy allowed a couple of million iliterate, uneducated, unskilled and unemployable immigrants to flood into the country, incresing the bill for welfare services exponentially, problems for Germany’s high – tech manufacturing led economy which needs highly skilled, well educated and adaptable workers and professionals was inevitable.

When we wrote about the early signs of recession in the German economy we were scoffed at, called far – right nut jobs and conspiracy theorists, and inevitably, racists because anyone but a racist would know that a couple of millon unemployable immigrants living on benefits can only boost a high – tech economy.

Today, for all the auusurances by Europhile politicians and bureaucrats that everything in the European Union is on the up and up, Germany is on red alert for recession following the biggest collapse in activity for its mighty industrial sector since the financial crisis. Technically Germany already is in recession, they’re just not willing to admit it.

The eurozone’s bigge,t and most powerful economy relies on exports but its car industry has been punished by a slowing global economy,   government policies promoting electric vehichles which nobody want to buy because they are hideously expensive and useless, and the fallout of the trade war between the US and China.

Financial information service IHS Markit’s latest snapshot of Germany’s manufacturing growth – where a score under 50 signals contraction – dipped to 41.4, its worst level since 2009, as demand from non – EU trading partners slumped. There were also worrying signs that the manufacturing slump is spreading to the service sector after firms in that sector experience their first fall in new business since 2014.

Confidence among German businesses is the weakest since 2012, private sector job creation is stalling after six years of growth and companies are eating into backlogs as new orders begin to dry up, the figures showed.

Germany’s economy shrank an overall 0.1pc between April and June. Monday’s dire survey data comes after recent official figures showed a sharp 0.6pc drop in industrial production in July.

Phil Smith, principal economist at IHS Markit, said Germany’s manufacturing data was “simply awful”, with combined readings for services and manufacturers “firmly in contraction territory” and the weakest for almost seven years.

MORE on GermanyEurope
The Daily Stirrer
 

Cracks In EU Unity Facade Are Beginning To Show

Coincidental with the bizarre events in the UK’s Supreme Coirt, where judges tried to usurp the power of parliament to themselves in a globaloist bid to stop Brexit, the economic situation in Europe, which as we have reported many times is dire, has entered into a critical period.  With one of the two net contributors o the EU treasury about to leave,Germany, which for decades has propped up the bloc financially as more and more economic basket cases were absorbed into Brussels’ wannabe empire, has stumbled into if not actually a recession then something very like one

Year on Year (YoY) growth in the German economy, from July 2018, July 2019 is 0.4% – what you would expect in the middle of a depression, and significantly less than the official inflation rate (while the real rate of inflation is, predictably, higher still. UK growth figures are slightly better coming in at 1.2%. Poor old Italy recorded a GDP growth of -0.1% YoY, (that’s a minus sign by the way).

Italy has a Debt-to-GDP ratio of 132% and finally France with a growth rate of 1.4% and a debt-to-GDP of 97% is effectively broke. That’s the big four in the EU/Eurozone.

So, the biggest economies in EU/Eurozone have a growth rate ranging from -0.1% to 1.4%. Oh, and I almost forgot negative interest rates are now becoming the norm in The Eurozon and 85% of German Bunds are non-performing and/or at negative interest rates.

Inexplicably the ECB is getting geared up for another round of QE, which means that the euro is going to be devalued. Of course, the Americans aren’t going to be best pleased with this turn of events but doubling down on the policy that failed is par for the course with the EU. Only a few years ago they decided the way to resolve the problem of mass immigration was ………… more mass immigration, and are currently proposing more politicalintegration of member states to counter the resurgence in nationalism triggered by …………….. wait for it ………………. forcing political integration on member states.

By failing to support US trade tariffs on nations that have pissed off Washington, the EU has involved itself peripherally in the US tade war with the world. but this can onlu=y increase problems. Germany in its present economic travails, and lined up to take the biggest economic hit from Brexit, is not going to welcome any increased costs for its export industries.

Most importantly this includes the cost of the raw material essential to Germany’s manufacturing/export sector. Natural Gas and oil are piped to Germany from Russia and the construction the of Nordstream 2 pipeline, which the US wants to alt to put Putin in his place, is crucial to the German economy. America wants to force Germany to buy more expensive, less reliable, Liquified Natural Gas (LNG) by taking alternative suppliers out of the picture and is threatening to impose sanctions on any company and/or state to get their own way.

GERMANY’S ENTSCHEIDUNGSZEIT (DECISION TIME)

This is a clearly a case of “deja vu all over again” and a moment of truth for the Germans. Do they do what the Americans tell them, which would be economic suicide, or will they pursue their national interests and give Uncle Sam the finger. This was precisely the setting in 1985 though with Japan then the object of US financial and economic destabilisation.

The Plaza Accord was a joint-agreement, signed on 22 September 1985, at the Plaza Hotel in New York City, between France, West Germany, Japan, the United States, and the United Kingdom, to devalue the U.S. dollar in relation to the Japanese yen and German Mark. The resulting recessionary impact which pushed up the value of the Yen against the dollar in Japan’s export-dependent economy.

This created an incentive for the expansionary monetary policies that led to the Japanese investment bubble of the late 1980s. The Plaza Accord triggered the Japanese asset price bubble, which progressed into a protracted period of deflation and low growth in Japan known as the first Lost Decade. Has Germany, and by implication Europe learned the lesson one wonders?

Bearing this in mind it should also be noted that Germany is a big investor in Russia.

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Negative Interest Rates – Final Nail In The Coffin Of Neoliberalism?

Negative interest rates, in plain terms a situation in which we pay bankers for holding our money, are the latest ruse of politicians and economists to make uis start spending our investments and savings, thus kickstarting the global economy they have screwed up.

The idea is if your saving and investments are costing you rather than earning a little, you will start spending instead of saving. More likely, when people understand they are being shafted again the backlash will become to big to contain with propaganda.

Click the link to learn more about this latest globalist scam to grab out money

 

German economic crisis: industrial output plunges to ‘disaster’ level -other economic data revised down

This news site and our sister publication Original Boggart Blog have spent three years arguing logically and reasonably against the emotionally overwrought ravings of people who supported ‘Remain’ in the 2016 EU referendum and cannot accept they lost. Brexit will be a catastrophe, they scream, people will starve, we wil have no medicines or toilet rolls, no food or water or beer or anything, toilets will explode and spew boiling sewage and blood into our homes, aircraft will fall out of the sky, clocks will run backwards and our nostrils will be assailed by wet dog smelss because no nation of a mere 60 million people can survive outside the EU.

And those of us stubborn enough to pick up the gauntlet have pointed out that Canada (30 millonish) Australia (20someting million, New Zealand (more sheep than people,) and the 85% of the world’s nations that are not EU members seem to do OK. And then we have backed up our assertions with evendence that since the referendum was won by Leave predictions of economic collapse for britain have failed to materialise, while for most EU nations, stagnation is turning into recession. The latest evidence for this is another news item showing the mighty German economy, on which the EU has always depended and will depend even more once the UK leaves, is running into trouble.

Yesterday (6 August 2019) it was announced that industrial production in Germany dropped by a greater degree than expected in June, showing a 1.5% month on month decrease, thus compounding fears that Europe’s biggest economy is facing an imminent recession.

Output fell 5.2 per cent year on year from June 2018, the German national statistics office revealed on. According to Reuters, analysts had estimated output would fall 0.4 per cent during the month compared with May. Production, excluding energy and construction, was down 1.8 per cent.

These figures from Destatis come only a day after the same source revealed that factory orders, driven by an increase in demand from countries outside the eurozone, were higher than expected. While those figures offered a glimmer of hope among a plethora of bad news for EU economies and particularly for Europe’s economic powerhouse, business analysts pointed out that new orders have dropped by an average of 0.7 per cent every month throughout this year.

June’s decline in output “kills off any hopes that the strong orders data published yesterday marked the beginning of a recovery”, said Andrew Kenningham, chief Europe economist at Capital Economics. “Business surveys uniformly point to a further contraction in July, so things look set to get worse rather than better.”

Other economic data published this week included revised down figures for services that showed the sector in Germany had grown at a slower rate in July than had been earlier thought, prompting fears that the eurozone’s biggest economy is heading into a recession.

German website Handelsblatt commented: “If both sides remain stubborn, this can jeopardise the stability of the financial markets.

Concerns that the industrial output drop exacerbates long – standing fears over German economy first appeared on The Financial Times website. That such concerns are being expressed by serious economics writers in a heavyweight publication like The Financial Times exposes the level of scaremongering based on fake news that hasd been used in the Brexit debate by those determined to overturn the result and deny the democratically expressed will of the people.

Germany slips into economic meltdown as US-China trade war escalates
Germany looks to be headed for economic meltdown (as this publication has predicted since early in the year,) due to the trade war between the US and China […] Sebastian Dullien of the Institute for Macroeconomics and Business Cycle Research claimed the German Chancellor is burying her head in the sand regarding how Trump’s tariffs will impact German exports …

Germany: Economy crisis a growth stalls – car production crashes
Germany’s federal Government today reduced its growth forecast for the EU’s largest economy today after for the second time in two months as plunging car production figures sent shockwaves through the Eurozone. The German economy, already technically in recession, has been propping up the economically stagnant EU for years. After Brexit of course …

Europe’s Bank Crisis Arrives In Germany: €29 Billion Bremen Landesbank On The Verge Of Failure
… yesterday we observed a surprising development involving Deutsche Bank, namely the bank’s decision to quietly liquidate some of its shipping loans. Reuters reported, “Deutsche Bank is looking to sell at least $1 billion of shipping loans [a market sector] whose lenders face closer scrutiny from the European Central Bank.

Europe Prepares To Join The Currency War
Things seemed to be going to plan for the European Unon’s single currecncy, The Euro, which was the biggest single step in the plan to merge the twenty eight member states into a single political entity. Ties to the German economic powerhouse the poorer nations of southern Europe could not manage their finances efficiently and soon became dependent on bailouts from the European Central Bank with were made with attached conditions suggested by Germany. It seemed that as long as the German economy prospered the ‘European project,’ (referred to, a tad unkindly perhaps, by this news site among others as Greater Germany,) would stay on track.

Germany admits hard Brexit will cause havoc in EU financial markets – ‘Common sense MUST prevail’
Germany, the EU’s most powerful economy, has urged Prime Minister Theresa May and the EU’s chief negotiator, the pompous French clown Michel Barnier to do all in their power to avoid a hard Brexit due to risks of French instransigence disrupting the financial sector. This would be catastrophic for the EU’s financial markets, though the leading German economists say the prospect is becoming “more likely every day”.

Yanis Varoufakis bombshell: Pound to Euro Exchange Rate ‘Paradox,’ weakness of pound against Euro is good news for UK

posted by Phil. T Looker, 22 July 2019

Former Greek finance minister Yanis Varoufakis claimed the reason why the euro is valued so highly compared to the pound or US dollar is because of a “delicious paradox” which sees the Eurozone actually being on the verge of a dramatic break-up, newly-resurfaced footage reveals.

Despite the uncertainty [surounding Brexit], the euro has largely remained strong since the 2016 referendum but, according to former Greek Finance minister Yanis Varoufakis, there is a shocking reason why this has occurred.

Mr Varoufakis called it a “delicious paradox”.

In a 2018 debate at the Oxford Union, the Greek minister explained: “Why do the money markets value the euro so highly compared to the pound, the American dollar?

“Suppose you are a Singaporean, Chinese, American or even a German investor, and for some reason, you agree with me that the fragmentation of the Eurozone is at an advanced stage, and the euro has never been weaker or more problematic.

“Should you sell your euros?

“No, let me share a secret with you. You should shift your euros to a German bank account.”

Mr Varoufakis explained that if the Eurozone breaks up and all the countries revert to their pre-euro currencies, euros held in German bank accounts will be re-denominated into Deutschmarks, which will be stronger than any other European currencies because of the country’s “huge account surplus”.

READ FULL STORY at express.co.uk

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How Much Does The UK Actually Send To The EU

Big kerfuffle this week over Conservative Party leadership contender Boris Johnson facing a court hearing over his claim, made during the EU Referendim campaign, that Britain sends £350million a week to Brussels. Originally the Rabid Remainers tried to claim somebody in the Leave campaign (they weren’t quite sure if it was Boris, Nigel Farahe, Jacob Rees – Mogg, Michael Gove or somebody else and didn’t really care,) had said all of the money would go to the NHS. Nobody had actually said it of course but such is the solipsism of the globalist camp that if they want something to be true, they can easily convince themseles it is true.

The claim is in fact true but misleading. If the amount paid into the EU budget is taken, then it is close to £350million a week. Our net contribution (i.e. after the amount paid by the EU to fund various EU supported projects means the net amount we contribute to the EU is somewhat less. However that £350million is not the full story:

from The Bruges Group

The true cost to Britain being a part of the European Union is close to £661 million per week since 2010, a number hidden from the British taxpayers due to an intricate payments system and largely ignored by the mainstream media.

Our estimated figure encompasses £80billion lost to the Treasury after the European Court of Justice forced tax rebates to multinationals.

A key area of controversy is on the rebate, an annual, purported “reduction” in United Kingdom’s contribution to the EU budget that’s equal to about 66% of the difference between what the UK contributes to the EU budget and its receipts from the EU.

Even after the rebate, in membership fees alone, Britain shelled out £70.6 billion since 2010.

Data derived from a briefing paper on “The UK’s contribution to the EU Budget” indicates Britain contributed between £8-10 billion per year. The same report acknowledged “the UK made the second largest net contribution to the EU budget in absolute terms, and the third largest net contribution per head of population” in 2015.

If the EU exceeds its budget, as it did in the fiscal year 2014-2015, UK is responsible for footing the difference. We did that year in the amount of £1.7 billion, as reported by the Daily Mail.

The EU demanded the amount after recalculating the income of member states dating back almost 20 years, penalizing the British economy that was found to be larger than previously determined. The article detailed Britain “paid the amount due” in full with two instalments not subject to rebates.

Parliament has no control over these payments since Britain is part of the EU and civil servants are legally obliged to pay these costs. Britain is increasingly relied upon as a financial support structure for Eurozone countries facing serious financial difficulty or at risk of defaulting on their debt

oblications.

>>

EU’s Top Eurofederalist admits EU wants an empire
The leader of the Alliance of Liberals and Democrats in Europe (ALDE) told CNN that plans to reform the EU and devolve power from Brussels back to the nation-state proposed by the populist paries that have spring up in member states, and led by Matteo Salvin’s Lega (League) in Italy, Marine le Pen and her Rassemblement National in France and Hungary’s Victor Orban, leader of the Fidesz party would mean that the bloc “will die inside.”

Little Donny Tusk The Polish Has-Been Tells Britain How To Vote.

Donald Tusk, who is the President of the European Council and was the centre-right Europhile Prime Minister of Poland from 2007 to 2014 made the remarks in support of his former Deputy Prime Minister, Anglo-Pole Jan-Vincent Rostowski who is standing as a Change UK candidate in London for Thursday’s election.

bYellow Vest Violence Erupts Again, 23rd Straight week Of Protests
Clashes between Gilets Jaunes (Yellow Vest) protesters and French riot police on Sturday (20 April,)during the 23rd straight week of protests across France. Police arrested 137 protesters Euro News reports.

Brexit Is Now About More Than Leaving The EU

Until now we have not posted anything in the past few days on Brexit. Our position is well know to our readers, let’s face it, the saturation coverage left nothing new to be said. The whole thing is a craptangle, but it was obvious from when the Conservative Party engineered a situation in which Theresa May was left as the only candidate for the leadership that there could be no other outcome.

EU “Sounds Alarm” Over New US Sanctions On Russia; Germany Threatens Retaliation
Late on Friday (21/07/17), Congressional negotiators agreed to advance a cross – party bill that would punish Russia for its (alleged) interference in the 2016 election according to the Wall Street Journal. And while it seems improbable that President Trump would sign the bill if it reaches his desk, the loudest complaint about the bill to date has emerged not from the Oval Office, but from US allies in NATO and the European Union …

Nigel Farage Swipes Back At Irrational, Screeching, Crazy Clinton
US Democratic Party presidential candidate Hillary Clinton launched a hysterical, irrational attack, filled with half truths and blatant lies, against the most prominent figure in the campaign to get Britain out of the EU (Brexit), UK Independence Party leader Nigel Farage, during a speech at a rally today. Mrs Clinton, responding to Farage’s address to a large and enthusiastic audience at a Donald Trump rally, may have been rattled at the prospect of having such a hihly effective campaigner in the rival camp …

Rebellion Against EU Authoritarianism Escalates As 8th Member Nation Threatens Referendum
Brussels went too far, they crossed the line in moving from an economic union to a political pan – European political empire. In the end it was a race as to which member state would quit first, Britain, Natherlands, Denmark or Italy. In the event it is Britain.

Is Brexit A Harbinger Of Doom For The ‘Experts’
The Brexit vote, the decision by a democratic majority in Britain to leave the European Union has sent shockwaves around the world. Not only does the EU now face a tsunami of departures, the usurpation of democracy by ‘experts’ ( technocrats ) has been challenged and exposed as a sham.

BREXIT vs. GREXIT – The Truth About The European Union And How It Treats Members
Unless the testicularly deficient politicians stand up for their nations he only thing that will halt the European Union’s push beyond Europe’s geographical borders to incorporate Asian, middle eastern and north African nations is war. Power is addictive and the bean counters of Brussels have ambitions far beyond Europe.

The Hypocrisy and Snobbery Of The Remain Campaign And The Antidote

When I had to defriend a Facebook contact because she was arguing in favour of the EU, it was not simply because I support Brexit that I had become pissed of with her, it was the snobbish and condescending way she dismissed supporters of LEAVE and their case. People are entitled to their opinion on the European Union, but they should check the ‘facts’ they post in support of their arguments.

The Labour Case For Brexit by Kate Hoey M.P.
After my short intro is a savage indictment by Brexit supporting Labour MP Kate Hoey of the way the Labour Party has abandoned the working class and is now trying to betray the party’s proud heritage and its roots in the industrial areas by taking Britain into an undemocratic, corporate controlled, capitalist friendly, elite dominated globalist control freak project.

Dutch Referendum This Week Shows why We Should Leave The EU.
Few of you were aware probably that there is an EU referendum vote in The Netherlands this week. As usual with anything negative about the EU barely a word has been printed in the topic in mainstream media and the silence from our notionally unbiased national broadcaster The Bolshevik Broadcasting Corporation (BBC) has been deafening.

French, Belgians, Dutch, Italians Follow Britain in Euroskepticism
Europeans want us British to lead them out of Europe. Don’t be fooled by project fear, the European Union (aka the Euronazi Federal Superstate) is falling apart. There will not be chaos if we leave, there will be chaos if we stay.

Head Of European Institute: Brexit ‘Better’ For Everyone
Brexit would be the best result of Britain’s in / out referendum for both Britain and the EU i a Belgian professor who heads up the European Institute at the London School of Economics (LSE) has said.

Johnson’s article lines up his reasons why Britain must exit on June 23rd. It’s time to be brave
OK, I know a lot of you think Boris is most accurately described by a word many people find offensive, but he’s put together a very good argument here on why we must leave the EU. Published in part here under ‘fair use’ terms and conditions, in the public interest …