Wednesday, 4 November 2009

European Empire orders break-up of UK banks

In the last week or two, the European Empire has ordered the break-up of Northern Rock, Lloyds and Royal Bank of Scotland.

Before the UK Treasury could bail out UK banks, they first had to get the permission of the European Empire and then ask the European Empire how much they could lend the banks and on what terms. The terms were that the big banks would be consolidated and then forced to break themselves up into smaller units with a narrow focus that would destroy the UK's world-leading financial sector (despite the recession, London is still the centre of the financial world) and leave them unable to compete on the world stage.

The objective of the European Empire, for a long time, has been to destroy our economy so that our financial sector is dragged down to the level of insignificance and obscurity the rest of the European Empire enjoys. When the financial sector is permanently hobbled, the euro will be almost inevitable and if they do a really good hatchet job on the economy, we might find ourselves asking the European Empire for handouts instead of subsidising most of the continent as we have done for the last half a century. And with a new EU regulator for banking and finance, they have been handed the power to create an EU-wide financial sector.

When you lose control of your economy, you have lost your sovereignty. Successive UK governments - Liebour and Conservative - have handed over so much control of our economy to the European Empire that the Chancellor has to ask for permission before he can save a bank from bankruptcy and is powerless to prevent the break-up of the banking groups that have made London the financial capital of the world.

2 comments:

subrosa said...

Wonko, I read somewhere that the interference of Europe in this case is a good one.

The Westminster government put a halt to the Competitions Committee investigating the takeover of TSB a year ago and they also had put a stop to any British investigations into the bailed out banks since.

Don't know how accurate that is though.

Tim Bowling said...

Further EU interference announced this week with the news that the Government will have to appoint a Trustee to oversee the break up of the state owned banks if they are unable to keep to the four year timetable as set out by the unelected eurocrats in Brussels. Critically this Trustee will have to be approved by the European Commission, so we are likely to have someone of the calibre of Screaming Lord Kinnock or Mandelson. Marvellous - just what the banking sector needs at it's lowest ebb, another unelected euro-nationalist poking his nose in to something he knows very little about.