For anyone who might have thought that the Daily Telegraph in general, and Ambrose Evans-Pritichard in particular, was going to be in the side of the angels during any referendum campaign, today's article is the wake-up call. It combines the straw man technique with scary headline to produce a "perfect storm" of FUD, guaranteed to send all the City wuzzies scurrying to their bunkers to count their bonuses.

Classic of its genre, the hook on which Ambrose bases his scary movie is Athanasios Orphanides a former member of the European Central Bank's governing council.

Orphanides is a member of the euro-elite and just the sort of person one would go to for a dispassionate account of Britain's prospects outside the EU. This is the man who served as Governor of the Central Bank of Cyprus, the country with a banking sector equal to 835 percent of its GDP, so large it is threatening to destablise the euro.

View full article here

He's certainly taking a hiding in the comments

I think the biggest problem of "europe" is also the largest problem of any other nation.

The problem is fiat money. Its a major problem that will only ever bankrupt the world. Would like to see a return to a standard (does not really matter what the standard is, Gold, Silver, Platinum...... whatever, just so long as money has a defined value) this regulates itself, it prevents governments becoming too big or living beyond their means. If forces discipline, which is why governments dont like it.

Sound money is something I do think should be added into the Harrogate agenda.

Bit risky that ... letting one percent go free.


You're right about Ambrose though. He's crossed the Rubicon. Athanasios Orphanides as a credible source? He really must be kidding.

Switzerland doesn't do so badly either.

I think it is the circles in which he moves. His journalist pals, and all his city mates are telling him that leaving the EU would be a "bad thing" and it's time to come back into line.

It's the apparent about turn and the fact that AEP now appears to be relaying scare mongering propaganda from tainted sources.

Here's an interesting take on it from The Slog.

http://hat4uk.wordpress....tween-the-eu-and-the-uk/

The whole financial system and banking system in the EU and the EU is a mess of unpayable debt, which has to be glossed over and ignored. It's like the coyote in the cartoons who runs off the edge of a cliff and doesn't fall as long as he keeps running and doesn't accept there's nothing supporting him but air.

If the Eurozone is petrified into bailing out Cyprus, they're certainly not going to mess with the City and precipitate a global collapse. So all we see here is empty scaremongering to frighten us into staying in the EU.

Like I said ...

"So huge is the London market, as one of the hubs of the global banking system, that if the ECB tried on predatory policies, it would be buried. Already fragile, the euro would be shattered by the onslaught of hostile trading, and the euro-wuzzies would be cleaning toilets for a living the following day".

It was suggested elsewhere that we lock 99 percent of them up. Sounds good for parliament as well.

Graham Bishop is also listed as a Director of the Federal Trust, a well-known 'charity' lobbying for federalism
https://www.duedil.com/d...3/graham-porteous-bishop

'Friends of Europe' have been covered, note that their 'partners' include the FT, and most of their money allegedly comes from the European Commission http://en.wikipedia.org/wiki/Friends_of_Europe

Giles Merritt was actually cheer-leader for Blair as EU President
http://www.guardian.co.u.../eu-tony-blair-president


Suspect Ambrose obligingly reproduced a dissembling piece of propaganda written for him, although the good news is that those Telegraph readers with a brain are scathing in their comments (amidst all the trolls and clucking turkeys who just like the sound of their own voice).

The Lisbon Treaty is actually quite strict on the principle of free trade and the free movement of capital between EU and third countries, allowing only exceptionally justified and temporary restriction - for a few months. Measures that constituted 'arbitrary discrimination' or 'disguised restriction on the free movement of capital and payments' might be immediately actionable.
The article suggests they've been considered and dropped.

As regards Deutsche Bank and BNP Paribas being under political pressure to repatriate operations, we've had this guff before, too from Kamal Ahmed, who is too gullible to suss Deutsche are actively trying to diversify away from Germany, e.g. they have a listing on NYSE.

As the French bankers are no doubt salivating at the prospect of paying Hollande's super-taxes as the price of saying 'merde' to the pesky rosbifs, I suspect there will be just a little resistance to any 'political pressure'.

Edited by user 01 February 2013 20:00:57(UTC)  | Reason: Not specified