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UK Readies Apocalyptic Flotilla Of Emergency Supplies In Case Of “No-Deal” Brexit

October 24, 2018

UK Readies Apocalyptic Flotilla Of Emergency Supplies In Case Of “No-Deal” Brexit

UK authorities are drawing up plans to charter a flotilla of supply ships to ferry in emergency food and medicines in the event of a “no-deal” Brexit next March, according to FT, which reports that the move was “greeted with disbelief at a stormy meeting of Theresa May’s cabinet on Tuesday.”

The cabinet was told that the heavily used Dover-Calais route could quickly become blocked by new customs controls on the French side, forcing Britain to seek alternative ways of bringing in “critical supplies”.

The warnings about the consequences of a disorderly British exit from the EU came at a cabinet meeting which saw ministers divided into two camps over how to unlock a deal in Brussels. One witness said there was “an almighty row”.

The prospect of Britain facing shortages of perishable food and medicines provided a bleak backdrop to the cabinet discussions, as Mrs May urged her ministers to back her attempts to secure a breakthrough. –FT

Theresa May announced weekly cabinet discussions on preparations for Brexit, deal or no-deal, saying “The government’s priority is to secure a deal.”

May’s de facto deputy, David Lidington, told the cabinet that under a no-deal Brexit, the Dover-Calais route would be significantly crippled – running at just 12-25% of normal capacity for up to six months.

“Whatever we do at our end, the French could cause chaos if they carry out checks at their end,” said one UK official. “Dover-Calais would be the obvious pinch point. The French would say they were only applying the rules.”

If Britain left the EU under World Trade Organization rules, the UK and EU would be in different customs jurisdictions and would be expected to carry out checks on trade across the English Channel.

…click on the above link to read the rest of the article…

A Fake Brexit and the “Noble Dream” – Claudio Grass Speaks With Godfrey Bloom

September 2, 2018

A Fake Brexit and the “Noble Dream” – Claudio Grass Speaks With Godfrey Bloom

Introductory Remarks: The “Anti-Politician” Godfrey Bloom, by PT

Most of our readers will probably remember former UKIP chief whip and European Parliament representative Godfrey Bloom. As far as we know, he is the only politician who ever raised the issue of the workings of the fractionally reserved central bank-directed monetary system in the EU parliament. This system is of course central to the phenomenon of the recurring boom-bust sequences plaguing the global economy.

Godfrey Bloom (left) and interviewer Claudio Grass

It is also a major means of redistributing wealth from the poor and the middle classes to those who are already rich and own most of the assets likely to appreciate in price due to monetary inflation (an unavoidable side-effect, irrespective of their wishes). Moreover, it creates an insidious, hidden “inflation tax” that benefits the State to the detriment of all those engaged in real wealth creation, from workers to entrepreneurs.

It is probably no wonder that the ruling caste is usually quite reluctant to discuss the issue openly. Besides, it seems likely that most of what Bloom said went right over the heads of most of his colleagues in Strasbourg anyway. On one occasion he also had a few choice words on the nature of the State and pointed out “who the real tax avoiders are” – which they surely didn’t want to hear, since he noted they were right in there in the room with him.

Godfrey Bloom on the scam of fractional reserve banking

Bloom quotes Rothbard: “The State is an institution of theft”

…click on the above link to read the rest of the article…

Brexit – Will The EU Collapse Anyway?

August 8, 2018

Brexit – Will The EU Collapse Anyway?

Brexit - Will The EU Collapse Anyway?

By TruePublica: It is impossible for anyone who even occasionally visits the news to ignore just how dramatically the world has changed in the last 10 years. The epicentre of the crumbling world order that we have all known was the global financial crisis. It literally shook the foundations of the Western world and the institutions that upheld it – and today they are now falling down one by one. Will the European Union be one of them as its own existential threats continue to mount?

Political systems such as democracy are now known to be failing the world over to some degree or another and all of a sudden, many of us have started to wonder about a world without those structures we took so much for granted. Unfortunately, others have embraced this new found fragility more eagerly than others and with frightening consequences.

It, therefore, should come as little surprise that the past decade has been assessed as a period defined by systemic dysfunction and political change. As we enter the next decade this dysfunction will characterize the momentum of a decade’s worth of disruption and one regional area of change will undoubtedly be the European Union.

There is no point in researching for material in this article with the assistance of the hatemongering MSM rags typified by the likes of the Daily Mail, Express, Telegraph et al. We have looked at many articles, periodicals and predictions – and there has been for some time a growing belief amongst many in the financial and geopolitical environments that the future prospects of the European Union is at best ‘challenging’ but more likely dismal.

…click on the above link to read the rest of the article…

“God Help Us” – British Army Readied In Case Of Hard Brexit

July 30, 2018

“God Help Us” – British Army Readied In Case Of Hard Brexit

Just as was extremely evident prior to the actual vote in 2016, scaremongering around Brexit (deal or no deal) is escalating among the cognoscenti or desperate Remain ‘told you so’-ers.

Britain’s Sunday Times reports that UK ministers have drawn up plans to send in the army to deliver food, medicines and fuel in the event of shortages if Britain crashes out of the EU without a deal.

Blueprints for the armed forces to assist the civilian authorities, usually used only in civil emergencies, have been dusted down as part of the “no deal” planning, with helicopters and army trucks used to ferry supplies to vulnerable people outside the southeast who were struggling to obtain the medicines they needed.

However, as ominous as this sounds, The Sunday Times admits – a number of paragraphs into their “Army on standby for no-deal Brexit emergency” story – that a source inside the Ministry of Defense said they have not yet received “a formal request” to assist the civilian authorities.

And while desperate not to have this positioned as the work of “Project Fear’, pro-EU opposition MP David Lammy took aim at the news on Twitter saying: “God, help us. This is not coming from Remainers. This is not project fear. Pro-Brexit Ministers are drawing up blueprints for the army to deliver food, fuel and medicine if we leave the EU with no deal,” adding his own touch of hysteria… “We have a duty to prevent this self-immolation.”

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God, help us. This is not coming from Remainers. This is not project fear. Pro-Brexit Ministers are drawing up blueprints for the army to deliver food, fuel and medicine if we leave the EU with no deal. We have a duty to prevent this self-immolation.https://www.thetimes.co.uk/article/army-on-standby-for-no-deal-brexit-emergency-dz3359lrf …

…click on the above link to read the rest of the article…

The Mystery Behind Economic Growth

April 20, 2017

THE MYSTERY BEHIND ECONOMIC GROWTH

With sound money and free markets, the evolving production of businesses increases the purchasing power of money over time.

We learn, out of the blue, that “the Eurozone is performing well, but with opinions divided on the causes, doubts linger over whether it is a sustainable recovery” (Daily Telegraph, 19 April). We are also told that economic growth in the US is stalling, as evidenced by downward revisions by the Atlanta Fed, and the fact that the rate of increase in Loans and Leases by commercial banks is also stalling. The Bank of England was unable to forecast the strength of the UK economy in the wake of Brexit.

This article explains why this confusion occurs. It is clear the economics profession is ill-informed about the one thing it is paid to know about, and the commentary that trickles down to the ordinary person is accordingly incorrect. State-educated and paid-for economists always assume the private sector is the problem, when it is the burden of the state, and the state’s futile attempts to manage the consequences of its actions through the corruption of money.

By misdirecting their attention to the private sector in the search for solutions, economists confuse growth in gross domestic product with progress. Growth is the expansion of a balance sheet total, reflecting an increase in the amount of money spent in the economy between two dates. Progress, on the other hand, is the improvement in living standards we get from more efficient production and technology.

Take Italy as an example. The chart below is of quarterly real GDP. Bear in mind the annualised rate is four times the quarterly figure.

Italy Real GDP

GDP is today’s standard measure of economic performance, and it shows that the volume of consumer transactions in Italy today is well below the record achieved in 2008, before the financial crisis. That’s still down over 7% after eight years.

…click on the above link to read the rest of the article…

The Floodgates Begin To Open

October 16, 2016

The Floodgates Begin To Open

It’s now clear that what governments did to counter the Great Recession may have delayed systemic collapse, but did not resurrect the old normal. Growth around the world is anemic – which is to say debt continues to increase faster than the productive capacity to service it – and inflation (the other way to shrink a debt burden) remains below target.

Now “anemic” is becoming “non-existent.” In the US, mini-credit-bubbles like auto loans, home mortgages and student loans are sputtering, leading economists to dial back their rosy scenarios for 2016. The Atlanta Fed’s GDPNow forecast for Q3 growth, for instance, was a robust 3.8% in August but is now less than 2% — and still falling.

gdp-now-oct-16

Not surprisingly, everyone is starting to panic. In the UK, where admittedly Brexit has created a unique situation:

Mark Carney: Bank of England will tolerate higher inflation for the sake of growth

(Telegraph) – Official data on Friday showed house building, infrastructure and public construction all slumped in August, indicating that the UK’s building industry is slowing sharply and could even enter a recession. Construction output dropped by 1.5pc in the month, an unexpected drop after growth of 0.6pc in July, according to the Office for National Statistics. Separate Bank of England figures showed banks suffered a big drop in demand in the months following the Brexit vote as fewer Britons were prepared to take major financial decisions. Demand for mortgages dipped strongly, with a net balance of 44pc of banks reporting a fall in customer interest – the biggest negative score in almost two years.

Bank of England Governor Mark Carney told an audience in Nottingham that the current environment of low inflation was “going to change”, with the drop in the value of the pound likely to push up prices across the economy.

…click on the above link to read the rest of the article…

 

When Government Controls All Wealth

July 3, 2016

When Government Controls All Wealth 

Sliding Into Absurdity

BALTIMORE – Stock markets continued their rebound on Wednesday. The Dow rose 284 points… or just over 1.5%. London’s FTSE 100 Index was up 3.6%. And Europe’s equivalent of the Dow, the Euro Stoxx 50, was up 2.7%.

brexit-2No wonder the Dragon and his partners in crime flooded the EU banking system with “money” this past week…

Investors have realized Brexit isn’t the end of the world. First, because they think it won’t really happen. After all, elites can fix elections, buy politicians, and control public policy… surely, they can fix this!

A letter in the Financial Times reminds us that Swedish voters cast their ballots against nuclear power in 1980. The government just ignored them, doubling nuclear power generation over the next 36 years.

Second, because investors see the panic over Brexit leading to more spirited intervention by central banks! The EZ money floodgates – already wide open – are to be opened wider.

The U.S. has its QE program on hold, but Europe’s scheme is gushing like Niagara. Mario Draghi at the European Central Bank buys $90 billion a month in bonds. And he’s not only buying government bonds; he’s buying corporates, too.

Less Than Zero

In Japan, always a trendsetter, the Bank of Japan has bought so many bonds it has pushed Japanese government bond yields below zero – out to more than 45 years on the yield curve!

In other words, you can now lend to the bankrupt Japanese government until 2051 with no hope of making a single yen, nominally, on your investment. Now, with bonds stacking up in their vaults, the Japanese feds are diversifying. They’re buying exchange-traded funds (ETFs), too.

JGBJGB weekly over the past 5 years….still a widow-maker! – click to enlarge.

Via its ETF purchases, the BoJ buys about $30 billion of Japanese stocks a year. This has made it a top 10 shareholder in about 90% of the companies listed on the country’s Nikkei 225 Index.

…click on the above link to read the rest of the article…

Central Bankers Around The Globle Scramble To Defend Markets: BOE Pledges $345BN; ECB, Others Promise Liquidity

June 24, 2016

Central Bankers Around The Globle Scramble To Defend Markets: BOE Pledges $345BN; ECB, Others Promise Liquidity

There was a reason why we warned readers two days ago that “The World’s Central Bankers Are Gathering At The BIS’ Basel Tower Ahead Of The Brexit Result“: simply enough, it was to facilitate an immediate response when a worst-cased Brexit vote hit. And that is precisely what has happened today in the aftermath of the historic British decision to exit the EU.

It started, as one would expect, with Mark Carney who said the Bank of England is ready to pump billions of pounds into the financial system as he stands at the front line of Britain’s defense against a Brexit-provoked market crisis. The BOE governor declared that the central bank can provide an extra 250 billion pounds ($345 billion) through its existing facilities. It also has further measures if needed to deal with what he described as a “period of uncertainty and adjustment” after Britons voted to end their 43-year membership of the world’s largest single market.

The pound plunged to a three-decade low, British and global stocks tumbled and European bond spreads widened as the Brexit vote unfolded on Friday. Investor bets on a July interest-rate cut rose and Standard & Poor’s said the U.K. will lose its top credit rating.

“Some market and economic volatility can be expected as this process unfolds,” Carney said in a televised statement in London after the referendum result. His comments followed Prime Minister David Cameron’s announcement that he will step down this year, which will inject political uncertainty into an already volatile period. His full announcement is below and his statement can be found here:

…click on the above link to read the rest of the article…

My letter to the Philadelphia Inquirer in defense of Brexit

June 18, 2016

My letter to the Philadelphia Inquirer in defense of Brexit

Dear Sirs:
Trudy Rubin claims that “Brexit would be a huge step backward”, but she never explains why. Oh, she does correlate the growth of the EU regulatory state with the collapse of the Soviet Union, but this is not cause-and-effect. The Soviet Union collapsed because NATO stood guard over the Western democracies until the internal cancer of communism had destroyed the Russian economy. Even Ms. Rubin admits that Europeans resent its (the EU’s) massive bureaucracy, myriad regulations, financial disasters, and open border policies. Furthermore, she admits that Brexit probably would lead to the dismantling of the EU. Is this not democracy in action? The Europeans, of all people, understand the dangers of large, undemocratic, centralized, bureaucratic states, of which the EU is just the latest incarnation.

Patrick Barron

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