In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘Michel Barnier’

Don’t be taken in by Project Fear – staying in the EU is the risky choice

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.

Boris Johnson


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.

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Yanis Varoufakis: Greece is Finished

Posted by seumasach on February 19, 2015

Varoufakis’ thinking is perfectly in tune with that of Michel Barnier, the European commissioner who devised the EU’s banking union plan. The three main points of Varoufakis’ plan correspond to those of the banking union which will come into full force by the end of 2015, Those are, firstly, a “bail in ” of the banks instead a “bail out”, whereby creditors and shareholders of the banks take the rap rather than taxpayers. This process to be overseen at pan-European level rather than at the level of the nation states. Secondly, mutualisation i.e. Eurobonds and , thirdly, reconstruction of real economy through an pan-European investment programme. It is the opposition of the City of London to this “dirigiste” project drawn up by the avowed Gaullist, Barnier, which accounts for the fact that no one hears anything of it. What Greece is doing now should help bring it centre stage and shift the balance of power in Europe away from atlanticist-style finance capital towards precisely such a centralized and dirigiste model.

Naked Capitalism

26th June, 2012

Yves here. Yanis just posted an interview with ABC (Australia’s BBC) which describes how Greece cannot be salvaged. Its fate will be determined at the eurozone level, and its possible outcomes range from bad to awful. You can watch the conversation here. Transcript below:

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EU to tackle ‘shadow banking’

Posted by seumasach on March 20, 2012

New Europe

19th March, 2012

As part of regulatory reforms in the financial sector, the European Commission has decided to tackle the growing area of non-bank credit activity, the so-called shadow banking, which has so far eluded the focus of prudential regulation and supervision.

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