Tag Archives: Brexit

UK deep state plots to thwart Brexit, by George Callaghan

If Brexit goes through, ordinary British people may get the idea that they, rather than the Deep State, should be deciding how they’re governed. By George Callaghan at theduran.com:

  • In 2016 the British people voted for independence. This was despite the despicable threats of the EU elite

Decades ago the British deep state hatched a nefarious plot against the British people.  The elite wanted to foist European unity on an unwilling populace. The notion of the conceited Whitehall elite was that the peasants were stupid and the mandarins knew best. In late 1940s the United Kingdom politely declined offers to join the proposed European Coal and Steel Community. This was an embryonic European Economic Community. As Churchill said ‘we are with Europe but not of it.’ One Labour MP sagely said of joining the European project ‘the Durham miners won’t wear it.’ Those were the days when MPs quaintly cared about serving their constituents.

Harold Macmillan sought British accession to the European Economic Community. The French President de Gaulle rightly rejected the British application. De Gaulle was doing the British a favour. He correctly surmised that the United Kingdom would never be fulling committed to the EEC and that the bulk of the British people were adamantly opposed to such a venture. Charles de Gaulle was a visionary perhaps 70 years ahead of his time. He said that if the UK were admitted it would be forever sticking its oar in. These were prophetic words!

In the late 60s Harold Wilson’s Labour Government sought British membership of the EEC and was again rebuffed. In the early 1970s Edward Heath’s Conservative Government applied to the EEC for a third time. On this occasion Heath’s efforts were crowned with success. It only succeeded through subterfuge of the grossest character. Heath was warned by civil servants that the United Kingdom would have to sublimate itself to European sovereignty. Nevertheless Heath would not let the truth get in the way of his vaulting ambition. He released an official statement that ‘this involves no loss of essential national sovereignty’. Edward Heath did that in full knowledge of this being an outrageous falsehood. The public were assured that the idea there would one day be a single currency was a preposterous scare mongering tactic. In 2002 Heath was asked whether in the early 1970s he had envisaged the UK joining a single  European currency. ‘Yes, of course’ he chortled.

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The Bear’s Lair: The Brexit War is entering its Western Front phase, by Martin Hutchinson

A good article that handicaps the various possible Brexit outcomes. From Martin Hutchinson at tbwns.com:

As this column forecast four weeks ago, Treason in the Brexit process prospered, and Brexit has been postponed to October 31. Businesses groaned, as the uncertainty prolonged itself to an unendurable length. Most likely, Brexit will now either be abandoned or diluted to a degree where Britain does not break free of the EU’s regulatory straitjacket. However, the battle is not yet over, so I thought it sensible to use this Easter respite to offer some thoughts on how to maximize the chance of a genuine return to a free Britain.

Andrew Roberts, in a splendid recent Wall Street journal op-ed, pointed out that George Washington would not have given up his dream of American independence because of a mere 3% potential loss in GDP (if at that time they had possessed the concept or the ability to measure it). That heavily understates the case. The true loss in per capita GDP (i.e. living standards) from American independence was about 15-20%. In 1776, the American colonists had the highest living standards in the world (and among the lowest taxes, which makes one wonder why the silly people wanted independence at all – oops, sorry, that’s Hate Speech!)

By 1790, U.S. living standards were considerably lower, and well below those in the mother country. Profitable trade patterns had been disrupted – the Boston smugglers found it very difficult to make a (moderately) honest living when there were no longer any legitimate British suppliers to undercut. Furthermore, American government under the Articles of Confederation was a shambles with no control over tariffs imposed state by state – so the United States suffered the same loss of income from 1776 to 1790 as did the countries of former Austria-Hungary after 1918. Meanwhile from the end of 1783 Britain enjoyed an exceptionally competent free-trading, free-market government under the Younger Pitt, and was thus by 1790 considerably richer than its ex-colonies.

Thereafter, the Napoleonic Wars boosted U.S. wealth (neutrality was profitable) and depressed British wealth, so that by 1815 the U.S. was again wealthier than Britain, on a per capita basis. However, after 1815 rapid U.S. immigration, foolish economic policy (we’re looking at YOU, Andrew Jackson) and the Civil War once more caused U.S. living standards to lag those of the peaceful rapidly industrializing Britain. Only after 1870, as Britain began to suffer severely from its unilateral free trade policy, did the United States pull decisively ahead.

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Act II of the Most Important Political Event of the 21st Century Begins in May, by Tom Luongo

The fate of Brexit will make or break the EU and Great Britain. From Tom Luongo at moneyandmarkets.com:

Brexit is the most important political event of the 21st century. It cuts across so many of the dominant narratives playing out daily in the headlines that it is almost mind-boggling.

In fact, just about any theory you can dream up as to why Prime Minister Theresa May has worked so assiduously to betray and delay Brexit likely has an element of truth to it. I could spend this entire article listing them.

The biggest issue, of course, is that the European Union is a project without end. Its goal is creating the template for world government with only nominal nods to individual states still retaining control over their destinies.

But they don’t get to do so over anything that actually matters. And not in perpetuity, either.

So, with May openly conspiring with German Chancellor Angela Merkel on pushing back the date of Article 50 to Halloween, it’s clear that the next six months will be used to step-by-step end this pesky Brexit nonsense once and for all.

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Farage and the Charge of the Brexit Brigade, by Tom Luongo

Nigel Farage has cut to the chase and now heads a party called Brexit, people who want Britain to leave the European Union without all the games, machinations, and bullshit that have been heaped on the process so far. From Tom Lungo at tomluongo.me:

Nigel Farage will be prime minister of England one day. Note I didn’t say the United Kingdom. There are real secessionist movements which the next phase of his quest for Brexit which will likely tear the U.K. apart.

But that’s the future. The present is, however, even more interesting than that.

Farage has rightly navigated the last nine months of the Brexit saga to emerge the front-runner in a complete realignment of British politics after making a mess of things post-referendum.

And there is no more proof needed than the polls released by YouGov this week of people’s voting intentions for next month’s European Parliamentary elections.

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Assange Arrested, Brexit Squashed — Just Another Day in the Empire, by Tom Luongo

The empire is going to do everything it can to hold on to its power. From Tom Luongo at tomluongo.me:

And down goes Julian Assange, right beside Brexit. If there was ever any doubt that The Powers That Be are unrelenting in their cruelty just look at the 24 hours starting on Wednesday.

First Theresa “The Snake Oil Lady” May kicks 17.4 million voters into the weeds.

And then she oversees the arrest and judging of Wikileaks founder Julian Assange.

The timing of this is important beyond dovetailing it with her Brexit betrayal. They had to go after Assange now, because Theresa May’s time in office is ending.

A Jeremy Corbyn-led government would not grant the U.S. it’s prize.

Corbyn, for all of his faults, would be a breath of fresh air in the unraveling of the ‘special relationship’ between the U.S. and U.K. in foreign policy for as long as he lasted in office.

Still think Theresa works for anyone other than her owners?

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The EU Is Tearing the UK Apart Over Brexit, by Tom Luongo

Brexit may tear both the EU and the UK apart. From Tom Luongo at strategic-culture.org:

Brexit has been a fascinating thing to watch. Despite all of the twists and turns, the incomprehensible motions, legal maneuvers and behavior of Prime Minister Theresa “I Surrender” May, for me there’s been a simple through-line to it all.

The EU does not want Brexit and if it were to happen it will inflict incredible damage to the British political system and its integrity.

This is really no different than what happened in Greece in 2015. And it was directed by Angela Merkel than and it is being directed by Merkel today.

The EU’s intransigence in negotiations, aside from it having no other option, is an elaborate bluff to separate and divide the British political class, now that the people have voted to leave.

It preyed on the divisions within the U.K.’s structure, empowering Scottish ‘nationalists,’ the SNP, while offering power to the eternal victim-status seeking Labour leadership. It knew it had a Tory leadership willing to play ball with them to find a way to deliver BRINO – Brexit in Name Only – and a civil service that would provide all the supporting data to gaslight millions.

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Can the EU Survive the Next Financial Crisis? by Alasdair Macleod

The short answer to the question in the title is no. Alasdair Macleod explains why. From Macleod at mises.org:

Despite the ECB’s subsidy of the Eurozone’s banking system, it remains in a sleepwalking state similar to the non-financial, non-crony-capitalist zombified economy. Gone are the heady days of investment banking. There is now a legacy of derivatives and regulators’ fines. Technology has made the over-extended branch network, typical of a European retail bank, a costly white elephant. The market for emptying bank buildings in the towns and villages throughout Europe must be dire, a source of under-provisioned losses. On top of this, the ECB’s interest rate policy has led to lending margins becoming paper-thin.

A negative deposit rate of 0.4% at the ECB has led to negative wholesale (Euribor) money market rates along the yield curve to at least 12 months. This has allowed French banks, for example, to fund Italian government bond positions, stripping out 33 basis points on a “riskless” one-year bond. It’s the peak of collapsed lending margins when even the hare-brained can see the risk is greater than the reward, whatever the regulator says. The entire yield curve is considerably lower than Italian risk implies it should be, given its existing debt obligations, with 10-year Italian government bonds yielding only 2.55%. That’s less than equivalent US Treasuries, the global risk-free standard.

Government bond yields have been and remain considerably reduced through the ECB’s interest rate suppression and its bond-buying programs. The expansion of Eurozone government debt since the Lehman crisis has been about 50% to €9.69 trillion. This expansion, representing €3.1 trillion, compares with the expansion of the Eurosystem’s own balance sheet of €2.8 trillion since 2009. In other words, the expansion of Eurozone government debt has been nearly matched by the ECB’s monetary creation.

Bond prices, such as that of Italian 10-year debt yielding 2.55%, are therefore meaningless in the market sense. This has not been much of an issue so long as asset prices are rising and the global economy is expanding, because monetary inflation will keep the fiat bubble expanding. It is when a credit crisis materializes that the trouble starts. The fiat bubble develops leaks and eventually implodes.

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