Cameron vetoes EU Treaty change

[SWP's back]

Back on topic!

There is a theroy that there was never a treaty to veto! Has anyone seen it? And if there was a treaty many countries would have to have had a referendum, many countries would have voted no!

So they go for an inter government agreement with no legal sanction! It was a ruse to try and fool the markets, and by looking at today's markets it's not worked, it's falling apart already, because many countries still value their independence.

It's not a matter of if the Euro implodes it's a matter of when it implodes, but we can not be smug here our own banking and economy sit on a knife edge as well.

Two huge banks (Commerzbank and Crédit Agricole) have been bailed out, there is certainley not enough money to bail them all out.

It's time for a global reset I am afraid, time to start again, when you think about it it's not real money they are talking about, it's number of a PC screen, there are hardly any assets to back it up.

The markets are down 1%. hardly as if they threw a hissy fit.

 

[Rammy Blue]

The markets are down 1%. hardly as if they threw a hissy fit.

I love your blind optimism, mate.

In all seriousness, and without getting heated about it, I'd love to know upon what you base your optimistic view of the current situation?

 

[Ducado]

It's when people realise that that what is dragging the world down is just a made up game of 1's and 0's just pixels on a screen, nothing to to with real buisiness.

We allowed a (not just here) banks to run like private casinos taking risks they did not understand. We allowed western economies to b built on debt and rampant consumerism, in this country whole industries are based on those two principals.

We have allowed ourselves to be governed by professional politicians more interested in themselves than serving their country.

People have accused me of being right wing, but the truth of the matter I neither right not left wing, I am more what you would call a radical realist, I realise that the system is broken beyond repair and no ideology will save it. A total reset is needed, so that countries and people can get back to living within their means

 

[Ducado]

Back on topic!

There is a theroy that there was never a treaty to veto! Has anyone seen it? And if there was a treaty many countries would have to have had a referendum, many countries would have voted no!

So they go for an inter government agreement with no legal sanction! It was a ruse to try and fool the markets, and by looking at today's markets it's not worked, it's falling apart already, because many countries still value their independence.

It's not a matter of if the Euro implodes it's a matter of when it implodes, but we can not be smug here our own banking and economy sit on a knife edge as well.

Two huge banks (Commerzbank and Crédit Agricole) have been bailed out, there is certainley not enough money to bail them all out.

It's time for a global reset I am afraid, time to start again, when you think about it it's not real money they are talking about, it's number of a PC screen, there are hardly any assets to back it up.

The markets are down 1%. hardly as if they threw a hissy fit.

Italian 5 year bonds were trading at 6.5%, it's the bond markets you really need to be looking at, as the stock markets mean very little in this context, in the longer term there is simple not enough money to bail every bank and country out, Governments know this, sure they can turn on the printing presses, and have some hyper inflation but that will just bring about the same result

 

[SWP's back]

The markets are down 1%. hardly as if they threw a hissy fit.

I love your blind optimism, mate.

In all seriousness, and without getting heated about it, I'd love to know upon what you base your optimistic view of the current situation?

Depends where your money is in all honesty.

Some great opportunities and some places that will nose dive.

 

[Ronnie the Rep]

Interesting to hear Merkel sucking up to Cameron whilst the Irish are having second thoughts. Maybe in a couple of months Dave will be a hero in Europe as well!

 

[BoyBlue_1985]

Interesting to hear Merkel sucking up to Cameron whilst the Irish are having second thoughts. Maybe in a couple of months Dave will be a hero in Europe as well!

Yeah i was quite shocked to read that. Looks like they were caught out and put on the back foot by that veto

 

[metalblue]

Back on topic!

There is a theroy that there was never a treaty to veto! Has anyone seen it? And if there was a treaty many countries would have to have had a referendum, many countries would have voted no!

So they go for an inter government agreement with no legal sanction! It was a ruse to try and fool the markets, and by looking at today's markets it's not worked, it's falling apart already, because many countries still value their independence.

It's not a matter of if the Euro implodes it's a matter of when it implodes, but we can not be smug here our own banking and economy sit on a knife edge as well.

Two huge banks (Commerzbank and Crédit Agricole) have been bailed out, there is certainley not enough money to bail them all out.

It's time for a global reset I am afraid, time to start again, when you think about it it's not real money they are talking about, it's number of a PC screen, there are hardly any assets to back it up.

Rumours rumours...neither of those banks have been bailed (at least yet) - at this stage we're only talking capital requirements at this point so a bailout for commerzbank quite possibly; CA hopefully not.

Regarding the wider situation it is uncertainty that is causing much of the noise we see and I have doubts Germany/France have the will to do what is required not only that the whole thing is fraught with changes to treaties which in the current climate we see countries playing to domestic audiences as soon as they step off the plane. It is a mess that the world has grown very weary of it but so long as it doesn't grow much worse I fear they will keep kicking the can down the road.

Italian Bonds are being traded by the equivalent of loan sharks at the moment, the real money lenders are required but until some certainty returns it won't happen.

 

[Ancient Citizen]

Interesting to hear Merkel sucking up to Cameron whilst the Irish are having second thoughts. Maybe in a couple of months Dave will be a hero in Europe as well!

Very interesting. The Irish may not be alone in their re-think of this treaty ammendment, it looks like it could come apart at the seams very shortly so making any criticism of Dave look irrelevant.

 

[twinkletoes]

It's when people realise that that what is dragging the world down is just a made up game of 1's and 0's just pixels on a screen, nothing to to with real buisiness.

We allowed a (not just here) banks to run like private casinos taking risks they did not understand. We allowed western economies to b built on debt and rampant consumerism, in this country whole industries are based on those two principals.

We have allowed ourselves to be governed by professional politicians more interested in themselves than serving their country.

People have accused me of being right wing, but the truth of the matter I neither right not left wing, I am more what you would call a radical realist, I realise that the system is broken beyond repair and no ideology will save it. A total reset is needed, so that countries and people can get back to living within their means

Totally agree but none of financial sector did their homework pricing Greek, Italian and Spanish debt at the same rate as Germany at the introduction of the euro.