David Craig, on June 18th, 2016Here’s a very short (1 minute) video from a recent EU conference. In it, Angela Merkel’s glove puppet, EU Commission President Jean Claude Juncker, is clearly pissed out of his tiny mind as he dances, bitch-slaps other EU leaders and fools around while also telling the Hungarian PM (the guy who doesn’t want his country turned into an *sl*mic republic) that he’s a ‘dictator’.
If Britain votes to ‘Remain’, we will be handing over our country to this drunken buffoon and his unelected side-kicks all obeying orders from Berlin. This is not why we fought in two world wars:
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You know damn well we can control our borders now if we wanted to. But we have our own club called the Commonwealth which anyone can join to stick their hands in our pockets and live here. This won’t change after Brexit and neither will we stop Europeans. Never mind Brexit, let’s exit Commonwealth
Brexit is not the most important problem facing markets, it is mounting problems in the European banks.
Democracy is not only ignored by the EU’s unelected commissioners; it is written out of the EU’s constitution. There should be no doubt about Brussel’s view of democracy and referenda. Jean-Claude Junker, President of the European Commission, is reported to have said, “There can be no democratic choice against the EU treaties”, and Celia Malmstrom, the EU Commissioner for Trade, said “I don’t take my mandate from the European people”.
It’s all about the banks
Political instability for the EU is a significant and visible threat, but is not the immediate problem, which is financial. As a result of savings and spending imbalances, none of the core Eurozone states can stand on their own. Substantially, Germany’s private sector savings are loaned to the governments of, and businesses in, France Italy Spain Portugal and Greece. None of these governments are able to repay German savers, nor are they able to roll over increasing debts indefinitely. Furthermore, bad debts are piling up in their private sectors, with Italy now a basket case, where non-performing private sector bank loans officially amount to nearly 20% of GDP.iii
Caught in the middle of these imbalances are the private sector banks. Because of the scale of these problems, it is no longer a patch-and-mend issue, but a serious systemic problem. The European banking system has been struggling for survival ever since the Lehman crisis, reflected in the dismal performance of share prices for nearly all the major banks.
Since this time last year, UniCredit, Credit Suisse and Deutsche Bank have seen their share prices more than halve. Worryingly, the crisis lows of last February, when the Italian banking system’s current difficulties began to surface in the financial press, are being breached.
Market commentators are blaming this on fear of Brexit, but one look at the financial condition of the European banks tells us a different story. The banks must be struggling with deposit contraction on their balance sheets, fuelled by a combination of negative interest rates and systemic fears, at a time when their loan books are burdened with bad and irrecoverable debts. It looks like the modern equivalent of an old-fashioned run on the banking system, led by the pension and insurance companies, which are becoming increasingly concerned about leaving balances with the banks.
Brexit will come and go, but a European banking failure will remain with us, whatever happens on June 23rd.
https://www.goldmoney.com/research/goldmoney-insights/brexit-is-getting-the-blame?gmrefcode=gata
Switzerland withdraws longstanding application to join EU .
The upper house of the Swiss parliament on Wednesday voted to invalidate its 1992 application to join the European Union, backing an earlier decision by the lower house. The vote comes just a week before Britain decides whether to leave the EU in a referendum.
Thomas Minder, counsellor for the state of Schaffhausen and an active promoter of the concept of “Swissness,” said he was eager to “close the topic fast and painlessly” as only “a few lunatics” may want to join the EU now, he told the newspaper.
Hannes Germann, also representing Schaffhausen, highlighted the symbolic importance of the vote, comparing it to Iceland’s decision to drop its membership bid in 2015.
“Iceland had the courage and withdrew the application for membership, so no volcano erupted,”
https://www.rt.com/news/346884-switzerland-eu-membership-application-rejected/