Theresa May’s Brexit deal negotiated with the EU offers all the disadvantages of EU membership and none of the potential advantages of leaving the EU. It’s the worst of all worlds. From David Brown at gatestoneinstitute.org:
- This Brexit “deal” is anything but good for the nation.
- This “deal” will cost the British taxpayer £60 billion; require that the British still comply with EU rules without having any say in what those will be, and worst of all, it permits the British to leave the EU only if the EU agrees. It commits the British effectively to subjugation by the EU in perpetuity, with no recourse should the British change their mind. It is a prison. It is also the first step of the EU toward its dream of global governance: unaccountable, untransparent, unelected by the public, and with no way out.
- There is still a way out of this mess; an easy alternative. The solution is No Deal. Without any further action, the UK’s membership of the EU will lapse on March 29, 2019, and unless that majority can unite around a viable alternative, we will leave. Even better, according to a House of Lords report, there would be no legal obligation for the UK to make any payment as part of a financial settlement.
But, we have nearly left the EU haven’t we? After all, we keep hearing about this deal. We must be nearly there by now, surely?
Just because some of us are immersed in this stuff, many of us are not. Back in the real world where people are trying to find their bus passes, generally keep warm, or asking who will do the school pick-up, Brexit is not everyone’s first and overwhelming thought.
The EU is trying to stop rising nationalism across Europe, but in so doing may accelerate it instead. From Alastair Crooke at strategic-culture.org:
The EU leadership is trying to contain a crisis that is emerging at increasing speed: this challenge comprises the rise of contumacious states (i.e. the UK, Poland, Hungary and Italy), or of defiant, historic ‘cultural blocs’ (i.e. Catalonia) – all of whom are explicitly disenchanted with the notion of some coerced convergence towards a uniform EU-administered ‘order’, with its austere monetary ‘disciplines’. They even dismiss the EU’s claim to be, somehow, a part of a greater civilizational order of moral values.
If, in the post-war era, the EU represented an attempt to escape the Anglo-American hegemony, these new defiant blocks of ‘cultural resurgence’ which seek to situate themselves as interdependent, sovereign ‘spaces’ are, in their turn, an attempt to escape another type of hegemony: that of an EU administrative ‘uniformity’.
To exit this particular European order (which it originally was hoped, would differ from the Anglo-Americanimperii), the EU nevertheless was forced to lean on the latter’s archetypal construct of ‘liberty’ as empire’s justification (now metamorphosed into the EU’s ‘four freedoms’) on which the EU strict ‘uniformities’ (the ‘level-playing-field’, regulation in all aspects of life, tax and economic harmonization) have been hung. The European ‘project’ has become seen, as it were, as something that hollows out distinct and ancient ‘ways-of-being’.
Posted in Business, Debt, Geopolitics, Governments, History, Immigration, Insurrection, Law, Politics
Tagged EU, Italy, Nationalism, Unintended consequences
Unfortunately, Switzerland is becoming more like the rest of Europe. From Soeren Kern at gatestoneinstitute.org:
- The EU has now increased the pressure by resorting to blackmail: Brussels is making its recognition of Switzerland’s SIX Swiss Exchange, the fourth-largest stock market in Europe, contingent on Swiss acceptance of the framework agreement.
- The measure was opposed by a coalition of Swiss business groups, which convincingly argued that it was a question of economics and access to international markets for the export-dependent country. “Ultimately, it is about maintaining prosperity in Switzerland and keeping the companies and jobs here,” said Monika Rühl, director of the business group Economiesuisse.
- “The SVP rejects a one-sided submission to EU institutions, aimed at establishing an institutional connection of Switzerland to the EU apparatus, with a dynamic EU legal takeover and, ultimately, the subordination of Switzerland to the EU Court of Justice. A dynamic adoption of EU law would be another massive erosion of our direct democracy.” — Swiss People’s Party.
|(Image source: iStock)
Swiss voters have resoundingly rejected a referendum calling for the Swiss Constitution to take precedence over international treaties and law.
Two-thirds (66.2%) of voters in the November 25 referendum opposed the “self-determination” initiative, put forward by the eurosceptic Swiss People’s Party (Schweizerische Volkspartei, SVP), the largest party in the Swiss parliament.
Will Italy face off with the European Union? From Tom Luongo at tomluongo.me:
Deputy Prime Minister Matteo Salvini just declared himself the leader of the Europe’s future. He refuses to budge one inch in negotiations with the European Union over Italy’s budget now threatening to take down the government.
And in doing this he not only speaks for Italians, he is now speaking for that growing part of the European population who sees what the EU is morphing into and recoiling in horror.
Protests in France over Emmanuel Macron’s new tax on diesel have turned violent. The British leadership has completely betrayed the people over Brexit. They may win this battle but the animosity towards the Britain’s leadership will only grow more virulent over time.
As the core leadership in France and Germany fades in popularity, held in place because of domestic political squabbling, Angela Merkel and Macron are ratcheting up the rhetoric against the rising nationalism Salvini represents and are now pushing hard for their Federation of Europe before both of them leave the scene in the next few years, at best.
If they lose their battles with Salvini and Hungary’s Viktor Orban they may be run out of office with pitchforks and firebrands.
Posted in banking, Currencies, Debt, Economy, Geopolitics, Governments, Politics
Tagged EU, European banks, Germany, interest rates, Italy
Governments don’t care about their subjects, they rule them. The EU is no exception. From Tom Luongo at strategic-culture.org:
Watching the complete betrayal of Brexit by British Prime Minister Theresa “The Gypsum Lady” May is proving to be a wake up call for Italians. The latest polling results coming out of Italy show that while the populist coalition in Italy is unpopular in Brussels it is still very popular with Italians.
And that’s a good thing because when you look closely at Brexit negotiations it is clear that all that matters is the EU retaining power over the U.K. and not what is in the best interest of anyone involved, British or otherwise.
The Italian coalition partners still command nearly 60% of all Italians’ support, only their preference has changed. Lega now outpolls Five Star Movement (M5S) 33% to 26%, while the other center-right parties, namely Silvio “Stalking Horse” Berlusconi’s Forza Italia have collapsed (from 14% at March’s elections to just 7% now).
And roughly that same number now see the EU as mistreating Italy. These numbers will only get worse if the EU goes through with levying fines against Italy for submitting a budget Brussels doesn’t like.
Moreover, now we’re seeing support for Italeave rise as well. A recent poll by Politico Magazine posted over at Zerohedge shows a slight majority of Italians under age 45 are ready to do just that, leave the European Union.
The over 45 crowd is still enamored with the ideal of the EU tying together a warring Europe rather than confront the reality of what it actually is, a distant and tyrannical oligarchy led by unelected technocrats with strong ties to old money and old power.
Posted in Business, Debt, Economics, Economy, Financial markets, Geopolitics, Governments, Law, Politics, Taxes, Trade
Tagged Brexit, EU, Greece, Italy
Italy may want to think twice before it pisses of the EU. The ECB has been the only buyer of Italy’s debt, and Italy wants to issue €275 billion next year. From Don Quijones at wolfstreet.com:
“Who will purchase the €275 billion of government debt Italy is to issue in 2019?”
The ECB, through its army of official mouthpieces, has begun warning of the potentially calamitous consequences for Italian bonds when its QE program comes to an end, which is scheduled to happen at the end of this year.
During a speech in Vienna on Tuesday, Governing Council member Ewald Nowotny pointed out that Italy’s central bank, under the ECB’s guidance, is the biggest buyer of Italian government debt. The Bank of Italy, on behalf of the ECB, has bought up more than €360 billion of multiyear treasury bonds (BTPs) since the QE program was first launched in March 2015.
In fact, the ECB is now virtually the only significant net buyer of Italian bonds left standing. This raises a key question, Nowotny said: With the ECB scheduled to exit the bond market in roughly six weeks time, “who will purchase the roughly €275 billion of government securities Italy is forecast to issue in 2019?”
With foreigners shedding a net €69 billion of Italian government bonds since May, when the right-wing League and anti-establishment 5-Star Movement took the reins of government, and Italian banks in no financial position to expand their already bloated holdings, it is indeed an important question (and one we’ve been asking for well over a year).
Posted in Currencies, Debt, Financial markets, Geopolitics, Governments, Investing, Money, Politics
Tagged ECB, EU, Italian debt, Italy
It looks like Brexit will be sabotaged, one way or the other. From Tom Luongo at tomluongo.me:
The only words that were left out of Theresa May’s announcement of achieving Cabinet approval over her Brexit deal were Mission Accomplished.
Theresa May was put in charge of the U.K. to betray Brexit from the beginning. She always represented the interests of the European Union and those in British Parliament that backed remaining in the EU.
No one in British ‘high society’ wanted Brexit to pass. No. One.
No one in Europe’s power elite wanted Brexit to pass. No. One.
No one in the U.S.’s power elite wanted Brexit to pass. No. One.
When it did pass The Davos Crowd began the process of sabotaging it. The fear mongering has done nothing but intensify. And May has done nothing but waffle back and forth, walking the political tight rope to remain in power while trying to sell EU slavery to the both sides in British Parliament.
Posted in Geopolitics, Governments, History, Horseshit, Insurrection, Law, Politics, Trade
Tagged Brexit, EU, Great Britain, Theresa May