Mounting Costs

We reach 500 days since voting to leave

As yet another milestone is passed it seems that the only change has been the total paid for Bruxelles club membership – and that the amount paid at date is much more than our earlier estimates.

Based on the Office of Budget Responsibility estimates the total paid since our historic vote 500 days ago has grown to some £19,000 million – even allowing for the UK rebate!

So while The Guardian, and the BBC, today push a story that a no deal EU exit would add an extra £930 to our shopping bills (!) there are many that have got to the point of saying We need to leave no matter what …

Feedback

Das Kapital – ECB President, Mario Draghi, did as expected announce the continuation of his euro printing policy but at the reduced rate of 30,000 million per month into 2018. A move that may help avoid the bubble bursting before Draghi’s retirement next October.

Spanish Steps – the build-up of pressure within Catalonia came to head this month with unprecedented results. The month of October saw this part of northern Spain have a vote on independence, become an independent republic and then revert back a region of Spain again. The key issue being that the vote was considered illegal, by Spain and the EU, because Spain has a law that bans regions from leaving. So blocking any real regional independence moves no matter how strongly supported by the people. Surely a situation that would cause a national outcry if proposed for the UK.

Many would expect that such an outright ban would be an issue to be condemned by the UN or at least the EU. Apparently not. But then the EU seems particularly unwilling to accept regional splits or democratic decisions that go against its master plan .. A lesson for Scotland in there somewhere.

Das Kapital

At the end of this month the European Central Bank (ECB) plans to review its stimulus policy for the Euro.

Euro_Banker444And ECB President, Mario Draghi, has promised to maintain interest rates at their current level of -0.4% “well past” the end of its current bond-buying programme. Now bond-buying seems like a sensible and prudent activity except it is simply weasel-words for providing cheap money to European corporations. Money that helps keep beneficiary companies – like Ryanair – in the Pro-EU camp.

The money is cheap not just because interest rates are set so low but also because it is being printed by the ECB. And it is being printed at a rate of 60,000 million euro per month!

So far the total new money created under the leadership of President Draghi has topped 2,000,000,000,000 euro (= 2 trillion). With that much money pumped into the system it is hardly surprising the European economy seems to be expanding – what else could it do?

To quote one of the comments posted today – It’s a completely unsustainable situation which will collapse like a pack of cards very soon because Europeans will realise that their money has been devalued by the ECB’s policy.

But despite some German banks getting worried the chances are that Draghi will have no option but to keep feeding the monster that he has created. So we will have no choice but to watch the euro balloon getting bigger and bigger while hoping to be far enough away to avoid getting hurt when it does eventually burst.

Words You Should Never Expect To Hear ..

Sweet_Barnier2_200No chance of any attempt by Jean-Claude Juncker or Michel Barnier to apply the lyrics of the Moody Blues 1965 hit –

We’ve already said “Goodbye”
Since you gotta go, oh you’d better
Go now go now, go now, go now
Before you see me cry.

Instead today we have them and their puppet parliament berating the UK for not agreeing to their one-sided demands. Pathetic.

Sadly our Prime Minister has repeatedly failed to take the initiative. A stance that the country so badly needs. Businesses in both Britain and Europe have been well aware of the June 2016 result for plenty long enough to prepare for the transition – and yet a weak UK position now offers the EU a further two years of much the same as before.

Why? When businesses would benefit much more from a clear switch-over to national independence as soon as possible. We really do have to Go Now ..

Meme Revisited

Back in May 2016 our Meme of the Day was just that – a meme.

Less that eighteen months on and it now seems more like a nightmare vision of a EU plan coming to fruition. Those Polish authors of the original magazine certainly hit the spot – but then Poland still remembers the terrible experiences of the past.

Today fewer and fewer Eurocrats seem worthy of our trust … especially after making public admissions that they intend to keep taking subtle, low profile steps towards a future that the masses would not accept if it was spelled out in advance.

Euro Army Soon?

Slip Slidin’ Away

BreakOutEUchains2bTheresa May’s speech in Florence today might as well have been backed by music and lyrics from Paul Simon –

Slip slidin’ away, slip slidin’ away
You know the nearer your destination
The more you’re slip slidin’ away

Her offer to give the EU an estimated £20,000 million and hang on to transitional membership until the end of 2020 pushes the UK into funding the EU for longer but with little or nothing in the way of benefits. It translates into a poll tax of £600 on every person taking part in 2016 vote and means that it will have taken our politicians 1,652 days to actually implement the results of that referendum. Grandad seems to remember Prime Minster Cameron threatening that our leaving would be on the day after the vote!

So now we need to add a 1,000s column to our Leaving The EU Scoreboard but still live in the hope that someone will have the guts to call a halt to the whole charade and do what it said on the tinLeave!

How Much?

It seems that Grandad was wrong! The UK’s net weekly contributions to the EU are now estimated at far more than than the £121 million we have been using to date. Stories circulating today quote Office of Budget Responsibility’s estimates for 2017 to 2022 at more than twice our previous figures.

So rather than painting a black picture of EU’s consumption of our taxes Grandad has been seriously understating how much the Brussels Eurocrats have been syphoning off from the British economy – and out of our essential services. Apologies to all for making the EU seem less of a financial burden than it actually is …

Some more accurate estimates for the side of the bus