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the eussr wants repayment from britain, or else!

The EUSSR want £6 trillion from muggins Britain. If we Britain does not pay, then they will be very mean, or even sulk!

Are the remaining EUSSR members remaining going to pay back all the contributions that have been turned into EUSSR infrastructure, or are they going to pay rent on it?

Are they going to start paying their share on NATO? President Trump was suggesting a $300 billion bill for Angela Merkel.

Are they going to pay the welfare bills for the 3 million or so lodged in the UK; offset by the one million lodged on the continent?
This means compensating for all the extra housing, hospitals, schools and other infrastructure.
Of course, in France for instance, an expat Brit is charged 30% of their health service bills (that is, 30% is not reimbused). On the other hand, a French expat in Britain receives their health care entirely for free.

The EUSSR is a net beneficiery. Net beneficieries do not claim on their benefactors, other than in the world of socialism madhouses.

Is the EUSSR going to claim tariffs on the British exports? Of course, Britain will not charge tariffs on the larger value of imports to the UK - because Britian is nice.

I saw a benefits programme recently. Acouple of doleys were threatening that they would not invite me to their wedding unless I contributed to the costs of the wedding.

Someone cannot be serious.

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i was only following orders - the mad euro

Continuing from yesterday's news item, the rickety magical euro delusion, here are excerpts from an October, 2016 interview with Otmar Issing, one of the German 'architects' of the  European Economic and Monetary Union (EMU).

"I had to accept this political decision to create a monetary union and to abandon national currencies."

"I wondered if there was any bigger structural change than abandoning national currencies and introducing a new one. Nobody could be sure how savers, investors and financial markets would react."

"The 11 countries that joined the euro were heterogeneous. Now there are 19 members: the heterogeneity has increased.[...] Quite a few countries – including Ireland, Italy and Greece – behaved as though they could still devalue their currencies."

"Also, as long as member countries remained sovereign states, they needed to abide by the Stability and Growth Pact. But, unfortunately, Germany and France violated the pact in 2003, delivering a fatal blow to the pact from which it has never recovered. Now the European Commission (EC) more or less ignores it."

" [...] if a country such as Greece or Italy is paying interest rates more or less the same as France, Germany, Luxembourg, the Netherlands and Finland, it is not because markets believe in the same solidity of public finance. It is because they know the ECB will come in and support those bonds. The idea of installing a politically controlled mechanism on the fiscal policy of member states via the Stability and Growth Pact has more or less failed. Market discipline is done away with by interventions by the ECB. So there is no fiscal control mechanism from markets or politics. This has all the elements to bring disaster for monetary union."

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the rickety magical euro delusion

From a correspondent:
Are there EU bonds, as well as French bonds and German bonds?

Anyone can issue a eurobond, even you. The euro part refers to the currency in which the bond is denominated.

The euro is a right pig's ear. In effect, nobody is in charge. The member countries still have their own national banks, while every country in the EUSSR serves its own interests as they pretend 'solidarity'.

This becomes complicated if you really want to try to understand it. To some degree you can't understand the EUSSR, it is secretive and depends on who wants what and how much power they have.

There is an old saying, it goes sommat like this:
If you owe the bank thousands you are in trouble,
if you owe the billions, they are in trouble.

It is important to understand this.

The biggest 'borrowers' are the states, and they have no real intention of paying back. Their so-called borrowings are essentially a form of hidden taxation.
The politicians/states borrow from the banks. The banks are not independent as many a very naive person will tell you.
The monetary systems are heavily controlled by the states. Modern state money systems are nationalised, and 'regulated'. They are not normal free businesses.

The Exchange Rate Mechanism (ERM) is an EUSSR construct, forcing currencies that are diverting in value to stay locked to the artifical value that is The Euro.
On the UK exiting the Exchange Rate Mechanism (ERM), attempts to force a false value onto the pound ceased. The exit by the UK allowed the market to re-establish, without the UK banks 'speculating' against the Bank of England and the government. Instead of exiting the ERM, the pound could have been defended by bonfiring ever more circulating pounds.
It is important to realise all this stuff distills down to force at ground level, not to mathematics!

For example, the Dutch could introduce a parallel currency. Leaving the euro is not nearly so difficult as the extremists/enthusiasts keep claiming, especially for a smaller viable entity like Dutchland. Here is an approximation of their introduction of a parallel currency:

This is the new guilder. It starts pegged to the euro.
• The euro will still be legal tender in Dutchland.
• All new loans and mortgages over 10,000 guilders will not be issued by Dutch banks/
• All uncivil servants will be paid in guilders in one year's time.
• Any person may transfer their money to guilders.
• You may demand your pay in guilders.
The guilder, in my view, would tend to appreciate against the euro.

Large holders of wealth have snippets of power, not more dinners. They cannot 'wreck' a currency by gambling on it, that is just politicians posturing.
People will still want to buy cheese or flowers, so negative effects on Dutch trade due to currency speculation is likely to be minimal.

The controlling government (Dutchland) can do just about whatever it wishes regarding setting up trading bodies and mechanisms. It can make up any set of 'rules' it likes. In the end, it comes down to guns, or riots (a lesser form of war).
This could include a temporary period of running two currencies. It would be feasible, least in principle, if only because whatever a government decides is feasible as long as they have the guns to back it up.

The wealthy and the intelligent will just move out when they see a tidal wave forming. Government sheer the sheep, the wealthy buy politicians and helicopters.

In modern states, governments control the quantity of money.

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abelard's primer on post-brexit 'inflation'

From a 'correspondent':
"Of course the fall in value of the pound since 1985 isn't all due to the Brexit vote. However, this morning, some financial guy said on the radio that while it had indeed been drifting down since the middle of 2015, the sudden drop last June was obviously due to the 'leave' result. You don't have to be a genius (or a Remoaner) to see that."

Brexit had pretty well damn all to do with the 'fall of the pound'.

It's a matter of emergent phenomena.

You pile up sand. New grains fall on the pile grain by grain,
and then the pile slips.
Ah say you, the last grain 'caused the pile to slip'!

In fact, the pile slipping was because of the accumulation of grains.
The slippage was not due to the action of the final grain.

The UK is, and has been, inflating faster than the euro, and Brexit just put a small panic in the herd.
The herd was nervous all along, all markets are.

Was it the feather that floated past the eyes of that nervous cow at the right hand end of the thousands causing a financial stampede?
No, life is just like that. Life is nervous as it seeks to survive, or to get the last bit of juicy grass.

It is greed and fear, not the latest grain of sand, let alone a nasty big noise, that drives markets and finally panics the grazing herds.

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