To amend the TreatyPosted by Richard Thursday, March 24, 2011All you have to do is put it to the vote and the boys and girls will roll over and give it their assent, without so much as a second thought as they pocket our money. Trebles all round chaps.They seem to have forgotten who they are working for.COMMENT THREAD

To amend the Treaty

Posted by Richard Thursday, March 24, 2011

All you have to do is put it to the vote and the boys and girls will roll over and give it their assent, without so much as a second thought as they pocket our money. Trebles all round chaps.

They seem to have forgotten who they are working for.

COMMENT THREAD

On the trot - by Richard...

The European Council has agreed on the fiscal framework of the permanent rescue mechanism in the Eurozone called the European Stability Mechanism (ESM).

The ESM is to replace the European Financial Stability Facility (EFSF), a temporary bailout fund set up in May 2010 by the cabinets of countries in the Eurozone, whose fiscal assets reach €440 billion. ESM is expected to become operational in July 2013. The joint assets of the ESM will be €700 billion.

This was the substance of the treaty change sneaked past parliament, regularising a position where the EU has been acting without treaty cover (i.e., illegally) in bailing out Greece.

The news was announced by the European Council President, Herman van Rompoy, who says that: "We reconfirmed the operational features of the permanent stability mechanism. We will make sure that €500 billion is available."

What makes this very different, of course, is that it locks in, as a treaty obligation, the requirement for non-Eurozone countries, such as the UK, to contribute to this fund. Hence, when Portugal comes begging, the government will be putting its hands in our pockets to keep the "colleagues" solvent.

But, having stuffed us all for what is estimated to be another £3 billion – when and if it is called off – the happy chappy cammy is seen chuntering away to his new bestist friend Sarkozy as they go for a little trot this morning in Brussels – snapped by an incredulous reader. Does he ever stop pontificating?

It is quite entertaining, meanwhile, to have Warren Buffett prick the bubble, telling us what we knew already: that the collapse of the euro is far from "unthinkable". Never mind that it is only a matter of time, and many of us have been confidently predicting its demise ever since it was set up.

Nevertheless, Buffett believes there will be "huge efforts" to preserve the euro, which will continue to be the case as long as the "colleagues" can dip their hands in our pockets and do not suffer the consequences of their own stupidity. One notes, in that context, that ex-prime minister Socrates turned up at the European Council, this time as the "caretaker" prime minister of Portugal. No doubt Dave touched him on the sleeve and murmured a few kind words of sympathy.

In the meantime, says Buffett, struggling peripheral countries like Portugal must find a way to resolve fiscal crises. "You can't have three or four or five countries that are in effect free-riding on the other countries. That won't work over time," he says.

I suppose that's what being a guru is all about these days ... making statements of the bleedin' obvious. So why aren't we rich and famous?

Another day, another crisis - by Richard...

Now that he's had his fun in his toy parliament, Euroslime Dave must attend the business of our supreme masters, flying out to the ruling European Council for a meeting that the media babies stillinsist on calling a summit, and probably will to the end of time. There is probably no better example of the fourth estate's inability to come to grips with the realities of the modern world than this.

As you gaze in awe at the comics this morning, it comes over once again how far the babies have lost it. They are still locked into past, the days when budget day meant something other than the politcal theatre it has become. There is one grown up on the block though - but he's not in the MSM.

Anyhow, at the real seat of power, high on the agenda will be the political crisis in Portugal. Dave will immediately be plunged into discussions on whether another bailout will be needed. The UK is variously reported as being exposed to the tune of £3 billion, to help the "colleagues" drag yet another delinquent country from the brink, in an increasingly vain attempt to save the euro and the European economic system.

The funny thing is that we got that posturing child Osborne yesterday giving his pretend budget, hailing the £2 billion he was going to extract (i.e., steal) from the oil companies, in order to "pay" for his pathetic cut in fuel duty. And here we have the very next day the cheerful little chappie having to find that amount, and fifty percent more, to throw into the European conflagration.

What will actually be going on in Brussels, though, is anybody's guess. They go through this tired ritual of issuing a communiqué, but it is long since that everyone knows it is written in advance and agreed before the Council gets under way. The actual business being conducted will bear very little relation to the label on the tin. Moreover, much of what is up front is so complicated and convolutedthat most people have long since stopped taking an interest. But it's all make believe anyway - events are driving the wagon, not this motley crew.

By way of light relief, there will be some fun on Libya. The Great War Leader will be earnestly consulting with his confères in a last-ditch attempt to sort out which of the French interests should be placed first in the order of priorities. Following that, Dave will emerge, suck in his lips and look pompously important, in order to tell the hand wavers what is reely going on.

Round about his pretty little head, one would like to think that the whole financial caboodle is about to go totally awol and will soon go screaming down the Rue de la Loi like some demented Katherine wheel that has worked loose from its nail. But things never seem to happen quite that way – unfortunately. Nevertheless, this time could be different and we could be about to see the whole damn box of fireworks blowing up.

We live in hope, but not much expectation

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