Re: Eurozone will collapse...
 

There seems to be a growing movement to have a referendum on Europe ,anyone think we will get one ?.I think that while Cameron is riding high with the British public for using the veto he may as well consolidate his popularity by giving us one

http://news.sky.com/home/politics/article/16127900

Re: Eurozone will collapse...
 

No I am not suggesting that no action be taken, what I am suggesting is that a transactional tax applied to London for what is nearly 37% of all Globex trading in the world will see that $1.3trillion throughput per day go elsewhere and destroy the City of London and put in jeopardy 1.3million jobs and 11% of the treasury total tax take.

It is a certainty that the application of a Tobin tax would turn the City of London into a comparative ghost town and the European inner core would never see the 50billion Euros they theoretically thought it would raise for their benefit. It was a spoiling tactic with no winners and us as the biggest losers.

There is a public anger against the banks and rightly so but it has nothing to do with the operation of the major clearing of Globex trading in the City of London. That operation facilitates global trade and as a facilitating middle man makes a fortune for the UK.

The problems within the banking sector stem directly from the repeals of the Glass Steagall act which was brought in to separate retail and speculative banking arms of banks. In 1999 that was repealed and progressively banks valued themselves including retail holdings of private and business clients and traded massively in derivatives which risked not only their own worth but that of its client base deposits. Something that had kept the banking system safe from the 1930's was thrown away on I believe Clinton's watch and we followed suit. Greed overcame prudence and here we are again with the problems the act was designed to protect against.

The answer is the re-imposition of the measures that served the banking industry for so long which involves a reversion back to the total separation of retail and speculative banking.

For the public it is overly easy once a prejudice has been set for a reaction against anything and everything to do with a sector which invariably means that the good and bad get lumped into a convenient parcel. The public generally are led by one liners and few bother to unravel the details to understand what went wrong and how.

Clegg will never redeem a moral stance as he cannot even keep a signed pledge. He is just complaining because he was left out of the loop and is responding egotistically.

Looks like you may be concerned personally. Vested interests do not make for sound judgements whether it be millions or pennies. We, as a country, have been manipulated into a no win position and the way forward must be for the good of the country which means all of us.

There is a raft of bond sales due in Europe starting tomorrow. Germany's last bond sales in November was a failure and if the summit was deemed to be a failure to address the underlying problems, which it patently was, then the prospect of further escalating problems is fairly high.

Merkel will not\cannot commit Germany's financial might behind the problem and is seeking every solution bar the unpalatable ones to Germany. Therein lies the Achilles heel. Should the markets decide not to buy bonds from European countries, Germany may be isolated in the midst of desperate countries and be forced to act or Europe is lost.

These political\financial strategies are played out over decades and it may prove, in time, that we have lost a battle but avoided being the metaphoric losers of a war.

Re: Eurozone will collapse...
 

We may get one if/when what's going on in the Europe now is agreed and an attempt made to impose/apply a Tobin Tax (and other undesireable measures) on the UK in spite of the veto we exercised.

Re: Eurozone will collapse...
 

Bring it on i say.

Re: Eurozone will collapse...
 

Surely resisting any "imposition" wouldn't be that hard as we are net contributors to the circus.

They need our money more than we need them.

Re: Eurozone will collapse...
 

Our net contirbution pales into insignificance when compared to the debt problems so many EU countries face. To survive the EU needs to tackle its spending and continue borrowing at affordable interest rates. In that context our direct contribution to the club is irrelevant and if we don't soon cut our spending we'll be in the same boat as Italy.

Re: Eurozone will collapse...
 

It doesn't work like that, by being in a bloc when a country like the US goes all protectionist and hikes up tarriffs to favour it's own people the EU would do likewise on a US export, it doesn't really have the same impact our little island doing it by itself.

Re: Eurozone will collapse...
 

It will cost jobs in the short term no doubt, however I think the financial sector has clearly damaged other sectors. It is a trojan that needs to be dealt with. The statement "not in britians interests" I didnt like, as the whole idea was it to be europe's itnerests as a whole not just our own country. Seems a selfish attitude.

One thing I will concede on is its clear the population here is anti europe tho, not perhaps as one sided as on this forum but a defenite majority. So ultimately if the people dont want it then on that basis cameron did the right thing, but he didnt say it for that reason he said it for the city of london.

Re: Eurozone will collapse...
 

If only there was a worldwide "General Agreement on Tariffs and Trade", now covered by the World Trade Organization (WTO).:rolleyes:

Let's suppose it did happen. It's unlikely that the UK on it's own would have a big enough negative impact in the first place for anybody to feel the need to take that sort of action. It would be more likely that the EU would pose a problem to the US, simply because of their pig-headedness and hatred of the US. In that instance the UK wouldn't be on the receiving end of any US actions. So will people stop talking total and utter nonsense about possible outcomes that are never going to happen.:mad:

We never had(nor will have) any input to any proposals, so not submitting to Berlin's demands won't have a negative impact on any potential influence. Simply agreeing to what Berlin says, is not having influence.:rolleyes:

Re: Eurozone will collapse...
 

Yes it had but decimating it now doesn't undo all that's been done does it?

We should be working to keep the City and banks (much of which we now own via RBS and Lloyds/HBOS) at the top of the pile whilst making sure that the sort of dubious practice the govt. of the time and FSA so miserably failed to identify/deal with can never happen again. Perhaps regulation by the B of E will be more effective. Anyway, I'd far rather see the City's massive taxes used to help rebuild the industries it damaged here than see it and the money it generates benefit other countries.

Re: Eurozone will collapse...
 

Thats just it we have no control soon things get warm in europe they will move there head offices to asia markets anyway. Infact go far saying UK needs to prepare for the worst case scenerio that the financial sector will walk out london. those banks we own is'nt garanteed either especially when the governent believe selling it off. Once gone they lose that security of keeping them here.

Yes there was the danger but that danger not gone away because cameron went to bed with them courted them. Motto is never trust banker cameron should heed that warning very close to his chest.

There lies the issue we simply too scared to take them on. I think its toss up who right like said by god if cameron loses what he protecting then the help from EU.

Personally way I see the lesser of two evils was possible accepting the agreement but thats personal opinion.

Fear this one will bite cameron up the backside.

Re: Eurozone will collapse...
 

I find it difficult to believe you think that, as, by your previous posts, you have been an avid supporter of Cameron and the Coalition....;)

Re: Eurozone will collapse...
 

Well at first I was actually half supporting the move I was in two minds but more think about it 26 v 1 looks very dangerous odds.

Look at another way if we are right we still lose if we are wrong we still lose but lose very badly.

Thats what basing me feelings on we may as well conformed. Was the gamble worth it I not sure it was.

The other is it not best interest to help eurozone out

Re: Eurozone will collapse...
 

It would undo it over time.

There is no way to deal with it without them crying over it and leaving or at least threatening to leave which ultimately would make the government back down. The government needs to stop been afraid of the banks, call their bluff.

Its evident how powerful they were back at the time they won the overdraft charges case, the system was simply too scared to make them hand billions back to consumers.

Re: Eurozone will collapse...
 

They don't like it up 'em!