Moment of Truth

It’s been a pretty black week, in which we’ve found out that the EU regards people’s private bank accounts as state property to be looted at will. And it may not just be the EU.

These kinds of policy suggestions coming from governments and central banks are extremely worrying for depositors, because it implies that what is happening to Cypriot depositors and Cypriot banks could be forced onto British and American depositors…

Just what in the world do financial regulators think they are doing even implying that depositor guarantee funds could be used to bail out banks under such an eventuality? Such a recommendation — and the attendant possibility of insured depositor haircuts — could severely impact confidence in the banking sector, just as it has done in Cyprus. The possibility that insurance money may go down the toilet to bail out illiquid banks will make some uneasy to invest their money in the banks. If a severe banking crisis looms, it could lead to bank runs, just as is happening in Cyprus. The trend, if events in Cyprus and Europe continue to escalate, and if other jurisdictions do not take steps to protect depositors from banker greed, is toward depositors losing faith in the banking system, and seeking other stores of purchasing power — mattress stuffing, bitcoin, tangibles.

Essentially, if there is to be any confidence in the banking system, the possibility of depleting liquidity insurance funds to bail out banks needs to be taken off the table completely. The possibility of insured depositor haircuts needs to be taken off the table completely. If banks need bailing out, the money must not come from insured depositors, or funds designed to compensate insured depositors. If banks fail, the losers should be the uninsured creditors.

And it’s not just that our bank accounts have become state property, but that we ourselves have become state property. And, in order for us to be more productive serfs, we are to stop smoking, stop drinking, lose weight, and keep fit.

And our cars are to be replaced with bicycles, and our power stations with wind farms, on the pretext of ‘global warming’ that isn’t happening, in order to ensure our compliance in our new serfdom.

In the same week, in Britain, we have learned that the press is to be regulated. Which of course fits in perfectly with state control and state ownership of everything. The serfs can only be allowed to express state-approved views.

In Britain these fundamental changes are now being introduced by political parties which are ostensibly conservative and liberal and democratic, but which are in fact socialist. David Cameron is a socialist. Nick Clegg is a socialist. For only socialists would accept measures which subordinate the individual to the state, and introduce new measures along the same lines. The entire British political class, and the the political classes across the whole of Europe, have been co-opted by the socialist EU. It really is the EUSSR.

However, on the bright side, the Cypriot political class seems to have remembered, at the last minute, that they also are Cypriots living in Cyprus, and have refused to countenance the theft of their fellow Cypriots’ savings.

The result, next Monday, will probably be that the ECB will cease to provide funds for Cyprus, and the country will be bankrupted. And that will hopefully mark the beginning of the disintegration of the EU. Because it is now quite clear that Spain and Portugal and Italy are more than likely to be treated in the same way as Cyprus. And perhaps in those countries the EU-co-opted political classes will also belatedly recognise, like the Cypriot parliament, that they too are primarily Spaniards and Portuguese and Italians, and start putting their own countries and their own citizens above the imperial ambitions of the EU.

And if the new German anti-EU party – alternative für deutschland – can make headway, the EU may dissolve very rapidly indeed, as more or less every country heads for the exit. And with that will dissolve all the socialist measures accompanying EU state control that have been enacted in recent times (including, of course, smoking bans). It will, of course, be very painful. But at the end of the day, the peoples of Europe will be back in charge of their own countries, and no longer subject to the tyranny of Brussels.

And if nothing else good has happened this week, it must have at last dawned on a great many people across Europe that the EU is not a benign organisation, shepherding a happy European family, and that it is quite prepared to throw entire nations to the wolves if they don’t obey orders from Brussels.

For this has been the week in which the mask of civility has slipped, and revealed the underlying fascism of the ‘project’. It has been a moment of truth in European politics.

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About Frank Davis

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37 Responses to Moment of Truth

  1. jaxthefirst says:

    Every time I hear about yet another atrocity committed by the EU against the Member States it likes to pretend it is helping, my hopes rise that this time they will have gone just a step too far. But no. Somehow they just manage to keep going. It irritates the life out of me that the UK, as one of the largest contributors to the EU’s coffers could and should have called a halt to their power-crazed ambitions long ago but because of the gutless and self-interested nature of our politicians (of all shades), we compliantly went along agreeing with them and continuing to pour endless good money after bad into the EU’s financial black hole. My only hope is that this latest tactic, risking as it does the financial reputation – and thus trustworthiness – of the whole region, might be a big enough threat by association to our own financial services industry (the largest and most profitable of our economic sectors) that even our spineless lot will have to bite the bullet and call time on the vindictive and arrogant leaders of the EU by pulling out altogether. And that really would herald the end of the EU’s reign of terror – and about time, too.

  2. Marvin says:

    “And if nothing else good has happened this week, it must have at last dawned on a great many people across Europe that the EU is not a benign organisation……..it is quite prepared to throw entire nations to the wolves if they don’t obey orders from Brussels”.

    ————————————–

    Aint that the truth!!……people I have spoken to this week, who are largely apolitical, have been absolutely horrified at the (so far attempted) theft of peoples savings.

    Lets not forget either, as Merkel has implied, the Cypriot banks may never reopen, in which case they will have stolen 100% of the deposits, not 6 or 10%.

    It seems to me that the Cypriot people are being collectively punished (just like smokers who refuse to quit) for not obeying the fascist rulers in Brussels. It’s the same mindset.
    The EU Commission and their banker friends should be very, very careful, before they openly declare class war and I believe they are.

    Like all fascists they are cowards and want to survive. Cyprus is small, I do not believe for one second they will try this naked robbery on the larger nations.

  3. nisakiman says:

    And with that will dissolve all the socialist measures accompanying EU state control that have been enacted in recent times (including, of course, smoking bans)

    I think you’re being over-optimistic there Frank. The smoking bans have been driven by smoker-haters who are only political insofar as it suits their agenda. The political hierarchy may change, but TCI will not. They will fight tooth and nail to keep the gains they have made, promising the ever gullible politicians, local or otherwise, that any relaxation of the bans will result in hundreds of thousands of fatalities and tens of billions in health costs directly as a result of any change in the law. The politicians will of course believe them.

    No, any changes to the smoking bans will come from grassroots pressure / civil disobedience, not from any Damascene conversion among the political classes.

    • Frank Davis says:

      I don’t agree. The antismokers need state funding to pursue their programmes, and very soon now (if not already) these state funds are going to vanish, as tax revenues dry up almost completely. They could flourish in boom times, when the government had plenty of money to spend (and when it spent far too much), but other – genuine – concerns are going to take precedence over their transparently bogus claims. Education, unemployment, housing, and *real* health concerns. An awful lot of pressing concerns will be calling upon governments’ dwindling resources, and politicians won’t be able to please everybody, and the antismoking campaign will be axed, because it is the most inessential ‘health’ measure. It hasn’t been very successful anyway in getting smokers to quit smoking. Yes, they’ll fight tooth and nail. And they’ll lose. Because conditions no longer favour them.

      Add to that the fact that the war on smokers has driven smokers out of pubs and restaurants and many other places, and stopped them spending as they used to do, and there will be a strong economic case for relaxing the bans.

      That said, I honestly don’t know why they’ve been continuing to get state funding in recent years, and have managed to successfully push for display bans and plain packaging. But then, as I understand it, in the UK the ‘cuts’ by the coalition government have been mostly nominal so far. They aren’t always going to be nominal, however.

  4. The NY Times ran an article where some official made a warning that I felt was a bit understated. Here was my response:

    ===

    The article stated “as much as 10 percent of the €65 billion in deposits placed in Cypriot banks would flee the country as soon as banks’ doors open again, ”

    As much as 10%? Try about NINETY percent. Why would Cypriots give their money to a bank for safekeeping with the open understanding that at any time the Mob decided it needed money it could waltz in the doors and take it from their deposits? The money wouldn’t necessarily flee the country, but a good bit of it might disappear into mattresses and gold coins.

    ===

    Imagine the shape Cyprus (or just about ANY country) would be in if the general populace suddenly decided that banks weren’t actually safe and, since they weren’t getting piddle for interest anyway, all decided to withdraw their funds! Fortunately the legislators seem to have put the kibosh on this pretty quickly, but what the Q was going through the minds of the idiots running the EU when they proposed it? If they had some sort of difficulty with Russian money-laundering or something there MUST have been more rational ways available to address the problem!

    :/
    MJM

    • Frank Davis says:

      I think that there’s rising panic inside the EU. Nobody inside it seems to know where this draconian policy came from. “Not me, guv!” seems to be on the lips of everybody.

      • harleyrider1978 says:

        The actual fact is there busted,bankrupt and Kaput! Thats whats driving the madness. They know the worse is comming and they are happily ready to destroy everyone and everything in their frenzy to keep the bogus EU and other socialist governments alive around the world. Today GDP is using government spending as a big denominator in their growing scheme that everything is getting better picture. For over 6 years now everyone with any salt has known if the governments quit printing money the whole Pyramid Scheme collpases. Its going to collpase anyway and harder than it would have had they just let the market forces decide what survives and dies economically. Instead weve got 1000s of trillions of currencies floating all around the world making each others money even more worthless as they fight to devalue and collect a quick bounce against the other guys currency…..It will be a collapse so great a new name will be coined!

    • roobeedoo2 says:

      Hi MJM, there was an online campaign in 2010, fronted by Eric Cantona, to get people to do this http://www.bbc.co.uk/news/magazine-11811238

      It wasn’t successful – perhaps the timing was off or there wasn’t the evidence then of an overt grab for private cash as there is now. Smokers have actually blazed a trail here as they voted with their feet when governments usurped property rights with the introduction of the smoking ban in pubs etc. The figures from our little ISIS survey have demonstrated this up.

    • LOL! I just happened to notice a typo in my first sentence that stated the OPPOSITE of what I’d intended! :> It SHOULD read:

      “The NY Times ran an article where some official made a warning that I felt was a bit UNDERstated.” I.E. they were warning that 10% of depositors might worry about their money being “legally” stolen and thus be tempted to remove their money from the banks, while I felt it might be more like 90% of depositors!

      – MJM

  5. roobeedoo2 says:

    Off today so happened to see the Sky News anchor interviewing Deborah Arnott about this storyhttp://news.sky.com/story/1068176/child-smokers-thousands-more-take-up-habit

    He gave it a good go, suggesting several times to DA that all the measures taken against smoking is making it more attractive to kids. She sounded shrill and quite frustrated that a decision hadn’t been taken on plain packaging yet. She got to hold up a packet of ten cigarettes, hiding the brand with her hand (it was deep purple packaging – not sure which brand that is) and an example of the proposed packaging with yucky health warning on full display. This stunt didn’t work as the smaller, branded pack blended in to the studio backdrop, virtually disappearing. Also, it was very noticeable that she has very creased skin around her mouth, something female smokers are charicatured with having (or will get if they carry on smoking).

    • roobeedoo2 says:

      Ref my last comment on DA’s appearance, I was watching in HD and that can be very cruel on some people; she didn’t look a picture of health.

      • Rose says:

        To cut a long story short.

        Number of children taking up smoking rises 50,000 in a year

        “We urge the government to show their commitment to health and introduce plain, standardised packs as soon as possible.”
        http://www.guardian.co.uk/society/2013/mar/22/number-children-smoking-rises-year

        Nothing like putting a little extra pressure on the government if the Plain Packs consultation is not going too well, while inadvertently suggesting that all the previous impositions that they demanded to “protect the children” have had the opposite effect, assuming that anyone was to take their numbers as correct.

        • harleyrider1978 says:

          Whats more telling is that DA openly admits their entire anti-smoking agenda is a terrible failure. DA tries to use past failure as a point to support more failures like plain packs!
          All Cameron has to do is grasp the failure part and run with it to end the witch hunt against smokers! He can toss in the EU failures in with the batch to kick the whole damned socialist movement down to the channel and let it swim back to Europe where it was born!

        • Frank Davis says:

          kick the whole damned socialist movement down to the channel and let it swim back to Europe where it was born!

          I wouldn’t want to wish this on my European friends. So let it drown in the Channel instead.

        • Rose says:

          Chris Snowdon explains how the CRUK study was done.

          UPDATE

          “I missed this explanation from CRUK. The figures are based on the official stats after a lot of jiggery-pokery. The following garbled words are the closest thing we have to a methodology…”

          http://velvetgloveironfist.blogspot.co.uk/2013/03/tobacco-control-doesnt-work-admits-cruk.html

        • beobrigitte says:

          About 207,000 children aged 11 to 15 started to smoke in 2011, a sharp rise from 157,000 in 2010,
          So, the smoking bandid not stop “chiiiildren” from picking up smoking?

          the charity [CROOK] found after analysing data from surveys of children on their smoking habits conducted in 2010 and 2011. It urged the government to commit to putting all cigarettes in plain standardised packs.

          CROOK has done surveys asking minors? Did they seek parental consent?? (What happened to this constant warning “do not speak to strangers?” we parents were told to vaccinate our children with for their own safety?

          Rose, I could not agree more if I tried!
          Nothing like putting a little extra pressure on the government if the Plain Packs consultation is not going too well, while inadvertently suggesting that all the previous impositions that they demanded to “protect the children” have had the opposite effect, assuming that anyone was to take their numbers as correct.

  6. harleyrider1978 says:

    Smokers encouraged not to light up while watching their kids play

    Saturday, 23 March 2013

    COUNCIL chiefs are appealing to smokers to help keep play areas in the borough’s parks cigarette-free.

    Enfield Council is introducing its voluntary ban on smoking in park play areas to prevent youngsters inhaling second-hand smoke while they are enjoying some fresh air.

    Chris Bond, cabinet member for environment, visited the refurbished play area in Durants Park, in Hertford Road, Enfield Highway, on National No Smoking Day last Wednesday in order to gauge support for the voluntary ban.

    He said: “The last thing people want is for children to have to inhale someone’s second-hand smoke when enjoying the facilities.

    “So we are encouraging parents not to light up while their kids are enjoying themselves.

    “This ban means parents and carers will know that they can bring their children to any play area within an Enfield park and know they won’t have to worry about their little ones inhaling second-hand smoke or curious toddlers picking up cigarette butts.”

    National No Smoking Day was established in 1983 and takes place on the second Wednesday in March to help smokers who want to quit.

    http://www.enfield-today.co.uk/News.cfm?id=9780

  7. Frank Davis says:

    ZeroHedge. EU now wants more money.

    Troika Hikes Cyprus Bailout Demands, Says “Conditions Worsened”
    Submitted by Tyler Durden on 03/22/2013 – 12:18
    Just when you thought you knew the rules, the Troika has changed them… (via MNI)

    TROIKA SAID CONDITIONS WORSENED, WANTS BILL TO REFLECT
    TROIKA HIKED CYPRUS CONTRIBUTION TO E6.7 BN VS E5.8 BN: SOURCE

    • harleyrider1978 says:

      Its a continuous never ending cycle! Even if they robbed all the depositors money the world over theyd still need more bailouts every few months in all these countries. Its literally game over but for some reason they just cant admit defeat and do what must be done,The collapse of entitlements and utopian government so large it cannot be supported any longer.

    • harleyrider1978 says:

      Frank I just heard its the IMF pushing for a depositors tax,then they just said that Russia would be for CYPRUS putting up its natural resources as collateral for future loans among other things. What it boils down to is they are finally reaching for imaginary holdings to base value upon to keep pumping printed money with! Seems Russia gave Cypriot banks Euros and they in turn dumped the money into buying worthless Greek Bonds………..Everybody the world over is holding everybody elses debt and they ran out of banks that were solvent enuf to carry the debt! Now its in a good banks versus bad banks thing. Its simply more smoke and mirrors and its the investors along with the credit rating agencies behind the scene who are demanding VALUE be shown even if its plastic unreal value in something! We are entering the phase of shadow values where nothing is now worth something! Just like the Precautionary Principle that gave no-proof the same standing as real proof! Remember Owebamas idea of a TRILLION DOLLAR COIN 2 MONTHS AGO!!!

      • beobrigitte says:

        Harlery there is a major problem with this:
        then they just said that Russia would be for CYPRUS putting up its natural resources as collateral for future loans among other things.

        These natural resources are also part of Turkey…. One might ask if this makes it easier for the EU to overlook Turkey’s poor records on human rights….

        • harleyrider1978 says:

          Beo what I wrote came str8 from bloomberg business chanel about 3 hours ago. Like I said there creating assetts that dont even exist! Its getting that bad………..I suppose next they will start selling the rights to moon mining,then move onto the natural resources of MARS,VENUS etc etc………………Even Haileys Comet might be sold!

  8. harleyrider1978 says:

    This is how they handle the cigarette packaging in America:

    “WASHINGTON — The federal government, facing a court-imposed deadline and fierce opposition from the tobacco industry, has decided to abandon its legal fight to require cigarette makers to place large, graphic labels on their products warning of the dangers of smoking.”

    http://azstarnet.com/news/national/feds-quit-legal-battle-over-graphic-warnings-on-cigarettes/article_9ced817c-9111-11e2-bce2-0019bb2963f4.html
    Feds quit legal battle over graphic warnings on cigarettes
    azstarnet.com
    WASHINGTON — The federal government, facing a court-imposed deadline and fierce opposition from the tobacco industry, has decided to abandon its legal fight to require cigarette makers to place large,

    • harleyrider1978 says:

      Ive a feeling the above has put the final nail in the American Tobacco Control agenda coffin. Add in Bloomies failed sugary drinks prohibition recently destroyed by a state court and the judge literally telling bloomberg the health dept does not have such powers to induce such regulations. This and a few other wins set the stage for the collpase of the Nanny State and its supporters.

  9. harleyrider1978 says:

    France: IMF chief Christine Lagarde’s house raided by police …
    http://www.globalpost.com › Home › Regions › Europe › France
    Jennifer Mattson

    by Jennifer Mattson – More by Jennifer Mattson
    2 days ago – Authorities searched Lagarde’s home as part of a fraud investigation into former French president Nicolas Sarkozy.

  10. I just submitted the following to the SKY story. Sitting in the moderator’s queue at the moment:

    ===

    Hmmm… think maybe it’s because the smokers have all been thrown out into the streets to smoke so all the kids are seeing people out there smoking and laughing and having a gay old time outside the pubs?

    I’ve got a SOLUTION! Just GET RID OF THE BAN in pubs, and maybe encourage all businesses to set aside some comfortable indoor smoking areas for their employees, customers, and visitors!

    Hey, it’s a lot more likely to reduce kids smoking than this whole “plain packs” craziness with the colorful zombie-type pics that kids will love to collect on the packs!

    Odd that the Antismokers aren’t pushing to get rid of the ban, doncha think? Ever consider that it’s because their REAL concern isn’t about kids smoking at all? In reality a good bit of the drive behind their movement simply comes from two areas:

    (1) money: either money to be made as individuals from grants and groups, or money to be made as corporations from all the NicoGummyPatchyProducts. And…

    (2) neuroticism: crazy fears about smoke and germs and pollutants, control fetishes, morality policing, and other such factors fueling irrational psychological drives.

    Go ahead, try challenging Deb Arnott and friends to move smoking back inside adults-only pubs and out of the sight of children and see what sort of reaction you get. And then wonder WHY you get that reaction.

    • beobrigitte says:

      Go ahead, try challenging Deb Arnott and friends to move smoking back inside adults-only pubs and out of the sight of children and see what sort of reaction you get. And then wonder WHY you get that reaction.

      Wonder? ASK !!!!!

    • Walt says:

      Except I think you just gave them fodder for the idea (one they’ve already got, and use to support park bans, for instance) that the sight of smokers is bad For The Children. They’re getting bolder and running out of “science” to back outdoor bans and more and more admitting that such bans are a) to protect children from the sight so’s they don’t get ideas, and b) to “help” smokers quit. The more likely upshot (likelier than their reversing bar bans) is instituting sidewalk bans. Be careful where you tread here.

      • Hmmm… Good point Walt. It’s an argument I’ve used for a number of years, but you’re right: they’ve moved to a point where they MIGHT try to turn it against us.

        However, they’re sort of backed into a corner. Since they’re pushing to ban it in apartments, if they ALSO ban it on the street, they’ll basically have pretty much banned it altogether… which would then leave the government without its duty taxes!

        – MJM

        • harleyrider1978 says:

          Mike it cant continue. Whats happened is theyve caused smokers to just have to be criminals and not obey any of their anti-smoking laws. In fact even those in the general public have had enuf of it now. Especially as the Nazis go after them too aka,gun bans,fat bans,higher obama care rates for fat and smokers or whatever the next social target is say maybe drinkers…………….Its comming full circle to where the banners have effectively made everyone an enemy of theirs! Even among their own members.

    • Good catch Harley! :)

      I found this interesting too: “it would introduce a fine of up to one million crowns for selling alcohol and cigarettes to youth under 18 years and up to two million crowns for their sale to children under 15.”

      I’m guessing “crown” is something of a misnomer for their currency unit.

      – MJM

    • beobrigitte says:

      Roithova also noted that practically all governments included the fight against smoking in their long-term programmes,

      Classical example of tobacco control lobbying tactics:
      ‘Tell reluctant governments that practically ALL other governments are ahead and that they are in progress to implement bans…..’

      Glad to see the Czechs aren’t falling for this easily.

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