Category Archives: Finance

Britain deserves better than the EU

Dan Hannan is worth a listen. He nails it giving the case for Brexit, giving an optimistic view of Britain outside the EU. The EU is a relic from a former age. The only trade bloc in the world that experiences nil economic growth since 2008.


Britain deserves better than the EUAlternative News Network | Alternative News Network.

Ex-CIA Whistleblower: ‘Most terrorists are false flag terrorists, or are created by our own security services’

 

false-flag-pic

This is a flashback interview on the Keiser Report from March 2015 with whistleblower David Steele. Steele is a 20-year Marine Corps intelligence officer and the second-highest-ranking civilian in the U.S. Marine Corps Intelligence, on top of being a former CIA clandestine services case officer.

According to Steele:

“Most terrorists are false flag terrorists, or are created by our own security services. In the United States, every single terrorist incident we have had has been a false flag, or has been an informant pushed on by the FBI. In fact, we now have citizens taking out restraining orders against FBI informants that are trying to incite terrorism. We’ve become a lunatic asylum.”

Let that sink in for a sec.

Delivered by The Daily Sheeple

 

Ex-CIA Whistleblower: ‘Most terrorists are false flag terrorists, or are created by our own security services’ | The Daily Sheeple.

Germany’s Largest Bank Says Massive UK Growth After Brexit

Chancellor of the Exchequer George Osborne deliver a speech on the potential economic impact to the UK on leaving the European Union (EU), at a B&Q Store Support Office, on May 23, 2016 in Chandler's Ford, near Eastleigh, England. Osborne warned that Brexit would lead Britain into a 'year-long recession'. (Photo by Daniel Leal-Olivas - WPA Pool/Getty Images)

Germany’s largest bank has predicted British stocks will be the best performing in the continent and top UK firms will outperform EU rivals by as much as 5 per cent after a Brexit.

The forecast, from Germany’s Deutsche Bank, comes on the same day that the British Chancellor of the Exchequer George Osborne threatened tax hikes by reaffirming his catastrophic forecast for the economy, based on claims from the Institute for Fiscal Studies (IFS) – a Europhile think-tank funded by the EU and the British government.

The IFS claims to be “politically independent”, yet receives 50 per cent of its money from the UK government and 10 per cent from the European Research Council (ERC) – financed by the EU and established by the European Commission.

The BBC, meanwhile, has not yet reported the news from Deutsche Bank. Furthermore, last night BBC News cited the IFS to dismiss claims Brexit would make more money available for public services, and introduced their spokesman as “many economists”.

While Europe’s fourth biggest bank and the world’s largest foreign exchange dealer might seem like a more reliable source than the IFS, many online took to Twitter to mock the bank’s claims (which featured on the front page of The Sun this morning) by highlighting yesterday’s volatility in the market.

Deutsche Bank’s predictions are based on the assumption that the value of sterling will continue to decline after falling by eight per cent since its November peak, making British goods cheaper abroad and driving exports.

A note from the bank stated that the UK stock market “tends to outperform during periods of GBP (pound) weakness” and claims the pound could fall by another five per cent by the end of the year.

Deutsche Bank concludes: “In the case of a Leave vote in the UK referendum (a scenario to which bookmakers’ odds attribute a 30 per cent probability), we expect UK equities to outperform the European market, given GBP downside in such a scenario as well as the market’s defensive sector structure.”

When UKIP leader Nigel Farage dismissed warnings about sterling falling after a Brexit by saying “So what?” over the weekend he was similarly mocked. There appears, however, to be sound reasoning behind his stance.

 

Germany’s Largest Bank Says Massive UK Growth After Brexit.

5 reasons so many Britons favor Brexit and want to dump the EU

 

Just as Americans wouldn’t want U.S. tax, immigration and regulatory policy to be controlled by an imaginary American Union office based in Buenos Aires, many British don’t like their country being controlled by European Union bureaucrats in Brussels.

That is why the latest polls show more British side with the “Leave” than the “Remain” campaign ahead of the Brexit referendum on June 23.

Americans wouldn’t like an American Union — call it the AU for short — responsible for 60% of laws, which is the share in Britain that come from the EU in Brussels rather than from Parliament in London. We wouldn’t like an AU telling us we couldn’t deport criminals or control our borders, as the EU does to Britain.

We wouldn’t want an AU ruling that we could no longer buy food by the pound, but would have to buy it in kilos because in Latin America food is measured in kilos. That is what the EU tells Britain. Everything from tomatoes to butter to flour has to be sold in kilos.

Americans wouldn’t like an American Union telling us how many hours we are allowed to work. According to EU law, Brits cannot work for more than 48 hours a week, averaged over 17 weeks. People who do work more have to sign a form saying that they agree to opt out of the 48-hour week. People who work in certain occupations, primarily transportation — airlines, shipping, trucking — aren’t permitted to opt out and cannot work more than 48 hours even if they want to do so.

Congress didn’t pass a cap-and- trade emissions trading program when it was proposed under a Democratic Congress in 2009-2010. America wouldn’t like to have such a program imposed by an American Union. But the U.K. has to take part in the EU Emissions Trading System. It requires 15% of electricity to be generated by renewables by 2020, even if this raises the price of electricity for British households.

To meet these EU regulations, the U.K. is burning wood pellets from the U.S. because wood is considered a renewable. America exported over 4 million short tons of wood pellets to Europe in 2014, and about 80% went to the U.K. The U.K. is converting its coal plants to burning American wood. Although environmentalists favor renewables, many, such as Debbie Hammel of the Natural Resources Defense Council, believe that burning wood harms forests and increases carbon emissions.

Americans wouldn’t like an American Union setting standards for cars and trucks. But that’s what the EU does to Britain with its numerous automobile directives.

“Defeat devices,” which allow emissions to appear lower when the car is tested, are banned, but as the Volkswagen scandal has shown us, this has little effect. The EU red tape doesn’t always bring results.

The object of these rules is harmonization. One aspect of the EU is to get rid of national identity, to create a U.S. of Europe. No matter that countries like their national identity. They do not want to be merged into a blended whole. The blandness of the EU is one reason that nationalist parties, such as UKIP in the U.K., the National Front in France, and the Catalan nationalist parties in Spain have grown in power.

Some suggest that the British economy will be more stable if it stays in the EU. But the EU itself has massive economic problems, with a growth rate of 1.4%, underfunded public pensions, and bloated welfare obligations. Its lack of control over its borders has resulted in over a million refugees and economic migrants, some of whom are linked with ISIS and are planning terrorist attacks. Under EU law, all have to be housed and fed at EU taxpayer expense. This is no recipe for stability.

President Obama should appreciate Britain’s desire for independence, said British historian Andrew Roberts in his acceptance speech on winning the Bradley Prize in Washington on Wednesday.

Yet Obama visited Britain in April and tried to bully the British into remaining in the EU by telling them that “the U.K. is going to be in the back of the queue” in any trade deals—even though Britain is one of America’s biggest export markets. Roberts said that when the U.S. wanted help in fighting Iraq, then-Prime Minister Tony Blair didn’t put America at the back of the queue, but pledged his complete support.

During the Cuban Missile Crisis and the Korean War, Britain stood with America. The EU is taking decisions ever further away from Parliament, in contempt of national sovereignty. No wonder the Brits are fed up. Just as the U.S. wouldn’t want to live under an American Union, and declared freedom from England 240 years ago, now Britain wants to declare freedom from the EU.

 

5 reasons so many Britons favor Brexit and want to dump the EU – MarketWatch.

Lessons from Norway, Denmark and Ireland – scare stories pre-EU referendums always prove to be wrong. Britain will save £15 Billion in VAT if we leave.

A warning from Norway, Denmark and Ireland: In the context of the IMF story, it’s worth noting a letter in yesterday’s Telegraph from prominent NO campaigners in several countries, who have experienced the blast of EU propaganda ahead of referendums.  They point out that establishment scaremongering always proves to be wrong (as it was in Britain’s €uro debate in the late nineties).  Worth a read.

Lord Guthrie switches to Leave

Field Marshall Lord Guthrie was Chief of the General Staff (Head of the Army) from 1994 to 1997, and Chief of the Defence staff from 1997 to 2001.  Back in February, Lord Guthrie along with other military figures co-signed a letter drafted by Downing Street calling for Britain to remain in the EU.

However he has now switched to Leave, saying that it was a mistake on his part to sign the earlier letter. He is quite explicit about his reasons.  He is concerned about the formation of a European Army, which he believes (as the Leave Campaign believes) will undermine NATO and so weaken the West in the face of possible external threats.  Well done Lord Guthrie.  It takes courage and strength of character to admit you made a mistake, and to correct it publicly.  Clearly Lord Guthrie has little confidence in the assurances from Downing Street that we have a veto on the plan.

IMF: Doom and gloom all over again

Have they no shame?  The IMF has chosen to issue a new warning of a post-Brexitrecession, just days before the Referendum, and during the purdah period.  A cynic might see the hand of Downing Street in this: it is bound by purdah rules, but it can orchestrate interventions from international organisations.  In fact the IMF had previously outlined its findings, but it gets a second bite at the cherry by issuing the detailed report.

Professor Patrick Minford of Economists for Britain dismisses the findings, saying they are based on extremely negative assumptions on trade and investment, and use flawed models.  An economic model is like a computer program – “Rubbish in, rubbish out”.  The IMF concludes that by 2019 the UK economy will be between 1 and 5% smaller than it would otherwise have been.  We should remember that the IMF is a creature of the EU (it has been criticised for trying to bail out the €uro when its focus should be on poorer countries).  And its head, Christine Lagarde, is a former French Finance Minister, and Agriculture Minister.  I suspect her motive is not to protect the UK economy, but to keep British tax-payers’ money flowing to French farmers.  She is currently facing charges and a possible jail term in France for embezzlement and fraud.

A warning from Norway, Denmark and Ireland: In the context of the IMF story, it’s worth noting a letter in yesterday’s Telegraph from prominent NO campaigners in several countries, who have experienced the blast of EU propaganda ahead of referendums.  They point out that establishment scaremongering always proves to be wrong (as it was in Britain’s €uro debate in the late nineties).  Worth a read.

EU status quo?  In the self-same letters column (link above) is a letter from none other than the Duke of Wellington, in which he concludes: “Voters must therefore think very carefully about taking their country down the road of so much uncertainty (i.e. Brexit) against the imperfect but known status quo”.  I resorted to Twitter to rebut this point.  The EU is anything but a “known status quo”.  We have “a tsunami” (Commissioner Sefcovic) of new EU legislation waiting till after the referendum.  Then we have the European Army (see Lord Guthrie above). The €uro crisis.  The competitiveness crisis.  The immigration crisis.  Accelerated Turkish accession.  The EU is no status quo.  It’s a work in progress, a moving target, a runaway train.  Let’s get off before it hits the buffers.

Carney can’t stop scare-mongering

The Daily Mail reminds us that Mark Carney, Governor of the Bank of England, was previously with Goldman Sachs, which has given half a million to the Remain campaign. But Carney claims to be neutral, and “just doing his job”.  You may, if you wish, take a different view.

Daily Star seeks to politicise the Jo Cox tragedy

Generally the media have been pretty fair and respectful in their coverage of the Jo Fox tragedy.  Shock, outrage, anger, but no attempt to score cheap political points.  Several papers report that the assailant shouted “Britain First” as he committed his assault, and some papers link that to a far-right political party of that name

The Daily Star, however, runs a banner headline “MP dead after attack by Brexit Gunman”.  This is disgraceful.  Brexit – the Leave Campaign – is a great, cross-party national movement that seeks to restore the independence and self-determination of our country.  To attempt to smear the Brexit and the Leave Campaign by linking it to a deranged and murderous loner with hard-right sympathies is downright mischievous.  To exploit this tragedy for a political purpose is worse.

Alex Massie in the Spectator:  In a disgraceful piece in the Spectator, Alex Massie makes the same mistake.  Referring to UKIP’s latest Brexit ad featuring the line “Breaking Point”, he says, in effect, that if we say we’ve reached a breaking point, we can’t be surprised if people break.  To paraphrase: if you draw attention to reasonable concerns about immigration, you’re responsible for acts of mindless violence.  Let’s have no political campaigning in case a deranged person misinterprets it.  Sorry Alex.  Wrong.  Cheap. And reprehensible.

And a European Commissioner can’t resist point-scoring over a tragedy: Commissioner Dimitris Avramopoulos, European Commissioner for Migration (yes really)posted a Tweet which clearly linked the Jo Cox murder to the Brexit debate. He should be ashamed.

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A small technical point that could cost Britain £15 billion a year

This is such a detailed technical point – but with a sting in the tail that could cost the UK more than our net budget contributions to the EU.  Under EU VAT Directive 2006/112/CE Article 402 (yes, it has that many articles), the EU will switch from charging VAT in the country of destination of goods within the EU, to charging VAT in the country of origin.  So what? you might ask.  Won’t it all come out in the wash?  ‘Fraid not.   We currently collect the VAT on all those imported goods sold here.  When the switch occurs, the country of origin will benefit from the VAT.  But because we in the UK have a huge trade deficit with the EU, we’ll collect very much less VAT in the UK.  Of course we’ll get the VAT on UK goods exported to the EU – but that’s a much lower figure.

On the current balance of payments, the loss of VAT to the UK is estimated at around £14 billion a year.  We’ll have to pay it if we remain.  We can avoid it with Brexit.

Angela Merkel and the Top Table

The Times reports Angela Merkel’s aperçu that “Britain needs its seat at the top table”.  She means, of course, in the EU – but that’s a rather quaint idea of a top table.

After Brexit, we shall still be permanent members of the UN Security Council – a real top table.  We’ll be leading members of the G7 and the G20.  And NATO. And the Commonwealth.  And the World Bank. And the IMF.  And the OSCE. And the OECD.  And importantly, we’ll resume our full seat on the World Trade Organisation – currently occupied on our behalf by Brussels.

That’s quite enough top tables to be going on with.  We don’t need to be part of the slowest growing economic area in the world (excluding Antarctica, as Boris has remarked).  I am tired of being told “We need to be able to influence decisions in the EU”, for two reasons: first, we can scarcely influence those decisions as it is.  As an “Anglo Saxon” economy, we’re in a structural minority, and we are outvoted more often than any other member-state.  And secondly, the price for that trivial influence over the EU machine is that we allow foreign institutions to make the majority of our laws.  Not a good deal.  Better to have 100% control over our own country than an 8% vote in Brussels.

You think Brexit might damage the UK? Just see what the €uro is doing to Italy

In recent days the bond spreads of peripheral EU countries have been rocketing skywards.  Don’t imagine for a moment that the €uro crisis has gone away – it’s erupting again in the last week before our Brexit referendum.  Let’s get to the lifeboats before the ship goes down.

Whistling in the dark

As EU politicians start to realise that Brexit is looking likely, they’re whistling in the dark to keep their spirits up.  It will be an opportunity to reshape the EU, they say.  Pity they didn’t think of that earlier.  “We’re not afraid of Brexit” says Guy Verhofstadt. “Sometimes a divorce is better than too many compromises” says Vivian Reding.  Yet they may have a point: the shock (to them) of Brexit may force the EU reforms which we couldn’t achieve as a member.

EU Commissioner sent to UK to campaign

Despite promises by Brussels not to interfere in the Brexit debate, the Express says that Agriculture Commissioner Phil Hogan is coming over to convince us all of the merits of EU membership. Tough call.  Interesting that they send an Irishman.  While Brexit will be good for Britain, it may be less good for Ireland.  Perhaps he should declare an interest.

The Times declares for Remain

The Times heads it editorial, calling for Britain to Remain, with the words “The best outcome of next week’s referendum would be a new alliance of sovereign nations dedicated to free trade and reform”. Of course – but that new alliance of sovereign nations can only come from a Brexit vote.  It is wholly at odds with the EU as it stands – and the EU doesn’t do reform.  If Cameron failed to achieve even modest reforms when he could wield the threat of Brexit, does the Times imagine we can do better after we’ve run up the white flag?  Brussels will take a Remain vote as the final solution to the British problem, and as an endorsement for more of the same – ever closer union, political and fiscal.

I recently attended a debate amongst (mainly British) academics in Paris, and one of their “experts” castigated me for suggesting that the Times was pro-EU.  Nice to be vindicated by events.

Only five days to Independence Day!

Roger Helmer MEP

 

Lessons from Norway, Denmark and Ireland – scare stories pre-EU referendums always prove to be wrong. Britain will save £15 Billion in VAT if we leave.

#1 Reason to Vote Brexit: Goldman Sachs, JPM, IMF Seek Remain

 

Brexit logic is a curious thing.

The list of names of organizations who are against Brexit are the very same names that ignite memories of housing bubbles, blown economic forecasts, and the rising income inequality woes the left rails against.

Yet, the British left sings the praises of preposterous claims made by Goldman Sachs, JP Morgan, the IMF, and David Cameron who have all blown economic call, after call, after call!

 

Will Anyone On the Left Stand Up for Brexit?

Praises to Counter Punch writer Oliver Pawley for his insights in Will Anyone On the Left Stand Up for Brexit?

Goldman Sachs, JP Morgan, The IMF, David Cameron, George Osborne, Hillary Clinton, Mark Carney — it’s a list of names that many on the left would surely like rather see condemned than side with in a democratic debate. Yet the build-up to the forthcoming referendum on Britain’s EU membership sees them doing exactly that.

Goldman Sachs warn us that homebuilders and banks would be the worst affected if we chose to leave the EU. It’s hard to think of two sets of industries that have failed the British people more in recent years.

At least twice George Osborne has warned the British that leaving the EU would cause house prices to fall, the second time he came out with a figure of 18 per cent as an upper bound. UK house prices could halve and they would still be high — particularly in London and the South East. The latest wheeze to extend the bubble appears to be the introduction of intergenerational mortgages.

This kind of financial ‘innovation’ combined with ever rising student debt means Britain’s young graduates face a lifetime of debt servitude. If Brexit really could bring down house prices the millennials and the generation beneath them ought to be clamouring for it, yet the pollsters suggest they don’t and that three-quarters of 18 to 24 year-olds want to remain.

The threats from the Remain camp that leaving the EU will be a catastrophe for the UK’s economic cooperation with the continent are overblown. Anyone who has spent any time in central London recently will have noticed the huge quantity of continental Europeans employed in the capital. It seems very unlikely that their home countries, many of which are beset with economic difficulties, would want all these people delivered back to them. It is also hard to believe that those countries would wish to jeopardise tourism from the UK, or the spending power of British pensioners living out their days in the sunshine of Southern Europe. The idea that deals could not quickly be done to facilitate movement between Britain and the EU as well as mutually beneficial trade agreements is absurd given that it would in nobody’s interests, least of all big business, to do otherwise. Angela Merkel’s recent hint that Britain ‘will never get a really good result’ in negotiations if it leaves the EU is unlikely to be popular with German firms which exported 90 billion Euros worth of goods and services to the UK last year.

Much of Britain’s left perceives the EU as some sort of enlightened force for good but this isn’t a notion that stands up to much scrutiny. Has it formed a bulwark against US imperialism as we were told it would? Not at all, European leaders have meekly followed America’s neo-conservative agenda leading to disaster. Indeed, Europe’s refuge crisis is the direct result of the Western establishment’s gauche attempts at terraforming Iraq, Libya and Syria into groves of economic opportunity for the few. Sadly, the recent terrorist attacks on European soil haven’t raised the right questions about events both at home and abroad. Instead of trying to curb civil liberties and drop more bombs, European leaders ought to be considering the deeper reasons for discontent. Is Brussels’ Molenbeek district really a hotbed of jihadist sentiment because of few internet videos and radical clerics or does it have more to do with the 40 per cent unemployment rate of Muslim men? Is a foreign policy that supports the continued ruination of Muslim lives abroad ever going to be compatible with amicable relations at home?

Then we have economic policy which has been a disaster. Where was the European sense of fraternity when Greece as in trouble? It completely disappeared. Europe’s leaders chose to protect their failed bankers and broken single currency and throw the Greek people under a bus.

Compare this to Iceland which sits outside of the EU. Its response to the financial crisis was not to kowtow to bankers but to jail them. The Icelandic economy has now recovered to a size above its pre 2008 peak, a target far away from the likes of Greece.

While the Goldmanite European Central Bank chairman Mario Draghi prepares to pump money into a corporate black hole, the youth of Southern Europe see their futures evaporate into a sclerotic mist of unemployment, under-investment and hopelessness. Why does Britain’s left wish to support an EU that propagates such unfairness? Is it not time to admit that Europe has been captured by financiers and will not prosper until their influence is reduced and un-payable debts written-off?

#1 Reason to Vote Brexit

I did a search for images that portray the current situation. This one is perfect (red text mine).

Goldman on Brexit.2png

I merely reminded these yokes that without some incentive to stay in their pathetic little state, we’d take our globally ruinous business elsewhere“.

The British left bows down to that message.

But for now, it’s backfiring…

Mike “Mish” Shedlock

 

#1 Reason to Vote Brexit: Goldman Sachs, JPM, IMF Seek Remain | MishTalk.

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