Posted by seumasach on February 29, 2016
It’s risky choice for the interests of those British banks and hedge funds, backed by the Murdoch press, in particular, who are calling for Brexit. They know that the deal Cameron negotiated pathes the way for Michel Barnier’s planned bail-in program for the European banking sector, with no British veto on financial regulation, and that the likes of Barclays, RBS and TSB will likely be first in line for bail-in. That means that shareholders and creditors will lose out this time rather than being bailed out as in 2008. What is really interesting about this is that a section of the British elite, led by Cameron and Osbourne, accepts the demise of these British financial interests, that they accept the inevitable. What remains is a global reset, a new global financial system which is no longer controlled by the West, and the refoundation of the financial system on a new basis. It is not hard to see why there has to be a referendum on this revolution even though the stakes are not being explained to the British people.
19th February, 2016
Are you frit? Are you frightened? Have they spooked you yet? It is now obvious that the Remain campaign is intended to provoke only one emotion in the breast of the British public and that is fear.
Posted in British economy | Tagged: european bank "bail-in", Michel Barnier, new global financial system, no more bailouts-put banks into receivership | Leave a Comment »
Posted by seumasach on February 21, 2016
21st February, 2016
It is unusual for the British establishment to risk a consultation with the people unless major changes are underway- changes which are sufficient to provoke divisions in the establishment itself. It goes without saying that the negotiations with the EU are not essentially about child benefit for Polish families living in the UK. They are about “sovereignty” although in a very limited sense: the “sovereignty” of the City of London. The deal struck triumphantly by Cameron is revelatory. It shows that conflict within the establishment concerns the least bad option for the City: whether to face exclusion from the EU market and displacement by Paris or Frankfurt as Europe’s leading financial centre or to remain inside Europe and to take up arms against a sea of Eurozone banking regulations and by opposing end them. That is the question!
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Posted in Battle for Europe, UK economy | Tagged: bankrupt Britain, Britain into Europe-Europe out of NATO, Cameron's EU deal, Chinese soft power, european bank "bail-in", european banking union | 2 Comments »
Posted by seumasach on October 29, 2014
12th December, 2013
Parliament and Council Presidency negotiators reached a political agreement Wednesday on the draft bank recovery and resolution directive, the first step towards setting up an EU system to deal with struggling banks. This directive will introduce the “bail-in” principle by January 2016, thereby ensuring that taxpayers will not be first in line to pay for bank failures.
Posted in Battle for Europe, Financial crisis | Tagged: bail-in directive, european bank "bail-in" | Leave a Comment »