When chaos rules - by Richard... Monday, February 21, 2011

When chaos rules - by Richard... Monday, February 21, 2011

The Ghastly Guardian is reporting that the European Union "faces legal and political challenges" over its handling of the recent carbon markets crisis, when some markets had to close hurriedly after thieves had made off with rather large quantities of carbon allowances.

What is entertaining – although not in the least surprising – is that the markets remain in chaos. The novelty comes with EU officials due in aBelgian court today to answer a demand to name companies in possession of stolen allowances. This follows a legal challenge by TCEI of Italy, a holding company for trading house, The Cube Energy, which is hoping to recover 267,991 allowances that were stolen.

Not least of the problems that the parties are trying to resolve, it seems, it who currently owns what, after stolen certificates were bought unwittingly by innocent traders. No one seems to know who should take the loss – buyer, seller, or issuing governments. TCEI is hoping that transfer of the stolen allowances will be frozen until this is sorted out, allowing recovery action to be taken.

On the other hand, the EU seems confident it will win its case, and withhold the information asked for, a move which might not exactly inspire future confidence in the system.

The EU's committee on climate change, meanwhile is looking to reassure national governments and carbon exchanges that the EU has the right level of security in place, while energy minister Greg Barker is endearing himself to the Euroslime by demanding that standards be raised to UK levels "to prevent further thefts". You can almost predict the glee when the UK gets turned over by hackers.

The obvious lesson, though, escapes the "colleagues" – the very obvious lesson that, if you start selling something of no greater substance than moonbeams, someone, somewhere is going to get ripped off. So far, it has been taxpayers and energy consumers, so no one is going to lose much sleep over a few traders on the slab. In fact, in certain quarters, there might even be the occasional smile.

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It's Foxtrot Oscar time - by Richard... Sunday, February 20, 2011

Millions of households face an inflation-busting rise in water bills this week, with some increasing by up to 8.5 percent, or so we are told. Well, I haven't paid my water bill for two years, and don't intend to start now. A local monopoly, top-loading its charges with unnecessary regulatory costs – on the back of EU legislation – riven with inefficiency and unable even to guarantee the water supply, is not one which naturally invites sympathy.

All I actually want them to do is come to my door, as an honest trader would have to do, look me in the eye and tell me they're worth the money they want me to pay them. They don't do that. Instead, they inflate the charges and send in the debt collectors.

Well folks, it's Foxtrot Oscar time. You know it makes sense.

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Surrender of the euroslime - by Richard...

A spokesman for the British Armed Forces Federation, said: "The Conservatives made a lot of noise before the election about how they would treat the Armed Forces if they got into government but so far all this talk has proved hollow".

Of course, it was the British Armed Forces Federation – amongst others – that was flying the flag about how hard done-by the armed forces were under Labour. But now we get one defence source saying: "When Britain withdraws from Afghanistan in 2015, the Treasury will be knocking on the door of the MoD with a very big hammer – there will be a substantial reduction in troops numbers leaving an Army with a strength of circa 80,000". 

Then we get told: "We will be moving into an era of sharing capabilities with our European allies. The days of being able to do everything are long gone."

And there it is ... the Euroweenies are taking over. Euroslime Dave and his European Army are on the march, with Liam Fox out in front. The Euroslime have abandoned the idea of an independent nation, with our own foreign and defence policy. Now we have to get it back - once we've got rid of the slime.

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