November 17, 2014

We love EU, we love EU not

Posted in Irish Independent · 54 comments ·

You can feel the wealth everywhere in central London. The place has changed dramatically from the city I lived in during the 1990s. Back then it was almost sleepy: huge, yes; manageable, hardly; but excessively wealthy, no.

Fifteen years ago, rich and poor lived cheek by jowl. Most swanky streets were within spitting distance of inner-city council estates. Guttural geezers and shopaholic Sophies – both decked in Kate Moss Burberry – shared the same pavements. The Tube was the underground warren where all classes rubbed shoulders at rush hour, and London’s public parks were equal opportunity resources at weekends.

Today, it is different.

I am writing from a café in Marylebone High Street, just off Oxford Street. A few years ago, the streets around here were pretty much residential, mansion block affairs with a few upmarket shops side by side with down-at-heel London boozers. Today, this area is a consumer mecca: upscale, high-end and downright expensive.

What has happened?

London has become a home to the super-rich. As the global 1 per cent got wealthier, London morphed into their secure playpen where no one asks too many questions. Russians, Arabs, financiers and the like descended on the place, driving up house prices and squeezing out local punters, who have re-grouped in the suburbs, leaving the centre to the mega-rich.

But where the mega-rich go, so too do the dirt poor, commuting from the nether regions to service the social effluent of the super-affluent. So not only is London rich, but it is also deeply unequal.

As a result of these changes, London feels profoundly less British and certainly less English, and much more European and Asian.

Interestingly, in tandem with this change in ethnic complexion, or possibly because of it, there has been an upsurge in British/English patriotism.

When I lived here, a significant minority, but still a minority, wore the poppy in November. I thought they were just Tories. This, too, has changed – and in the past days, London has been a veritable poppy-fest. Everyone is festooned as if the garland distinguishes the real Brits from the shifty foreigners.

The link between the rise in al-fresco poppy patriotism and the rise in anti-European sentiment is unambiguous. When I lived here, anti-Europeanism was the preserve of the right of the Tory party; today, it is mainstream.

All countries have their national myths. We will have the 1916 stuff in a couple of years, and the Brits have the poppy, which seeks to romanticise that most unromantic of events: the almost casual slaughter of an entire generation of British and Irish men in Flanders – our relatives.

The British have made remembrance the national myth. They remember a glorious Britain before the EU. It was a standalone island, an uninvaded, unconquered, and never-defeated Britain. In the mythology, it stands in direct contrast to today’s European Britain, which is compromised, shackled, ceding sovereignty to a bunch of bureaucrats from nations that rolled over when they were asked to fight.

The image of a strong, unfettered and independent Britain is the promise of UKIP, large parts of the Tory Party, and significant chunks of today’s English electorate. And London’s very wealth and majesty feeds into this notion that an imperious Britain, driven by London’s riches and energy, can go it alone.

Significantly, the dynamo that drives both the poppy patriotism and the 21st century urban cleansing to make way for the mega-rich is the City of London.

The City and its riches offer some people a view of what the world could be like without Brussels. Whether it is true or not, the success of the City forges the image of a New Britain – a type of freewheeling, no-holds-barred Singapore or Hong Kong off the coast of Europe.

Just to give you a sense of how significant the City is and how persuasive the independence narrative is, consider that the square mile that is Canary Wharf, London’s financial sector, accounts for 10 per cent of the nation’s GDP. It is the largest exporter of financial services in the world.

The IMF says Britain is the largest net exporter of financial services, insurance and pensions in the world, with a trade surplus of $67 billion in those industries.

According to the UK Treasury, the industry provided 1.4 million jobs, with further employment in secondary industries. Fifty thousand alone were employed in the insurance sector. Financial services paid £27.5 billion in income tax and national insurance in 2011-12 – some 12 per cent of the total.

London handled 36.7 per cent of global currency transactions in 2009 – an average daily turnover of US$1.85 trillion and 17 per cent of all global trading in equities – a higher proportion than anywhere except New York.

British fund managers, predominately based in London, managed portfolios worth 11 per cent of all funds under management in the world. London hosts three major derivatives exchanges that account for around 15 per cent of global trade in commodities.

In 2005, Britain managed 22 per cent of the world’s private equity investments. The British Bankers’ Association estimates that at the end of 2006, London accounted for 40 per cent of the world credit derivatives market.

It’s easy to see why the City would embolden those, like the mayor of London, who are prominent in the ‘UK divorcing from Europe’ camp.

But if Britain did separate after a referendum, would the City remain unscathed?

The City is home to over 250 foreign banks, all of whom enjoy access to the single market via Britain’s EU membership. Might this change if Britain left the EU?

We saw in the Scottish referendum that big finance doesn’t like changes in the status quo. Finance likes the world just as it is. Why wouldn’t it? After all, the industry and its employees are doing very well, thank you very much.

However, if Britain were to leave, would the associated political instability and the increase in risk (concerning trading with the EU, where previously there had been no risk) prompt US banks in particular to hedge their bets and set up in Dublin, which would then be the only English-speaking capital city in the EU?

It is a prospect worth considering as the British political class gets set to convulse itself yet again over Europe and sovereignty, all orchestrated to the blindingly jingoistic background noise of The Dam Busters, War Horse and Downton Abbey.

  1. Pat Flannery

    Don’t let the door hit you on the ass as you exit the EU John Bull.

    • DB4545

      This is the narrow minded nonsense that I hoped this Country had moved on from. I spent eight years in London took advantage of the opportunities that came my way, got my head down and worked my arse off and it paid off. London works in a way that I hope Dublin(my native city)does one day. That is business without the sleveen, stroke pulling, rezoning, would you like a pint or a transfer Guard shite that passes for normality in this Country. Is there corruption and strokes in London? Of course there is, but get caught and you are going to jail as Jeffrey Archer and others found out to their cost. Tesco has the serious fraud office(is there a trivial fraud office?) investigating its business operations. Could you honestly and truthfully see that happening here? That’s why we were referred to as the financial wild west some years ago. What’s changed that would give global finance confidence in our institutions, corporate governance and enforcement?

      David answered the question, the markets like the status quo. Our nearest neighbours don’t have permanent friends or permanent enemies they have permanent interests and you f**k with those interests at your peril and you will pay a price. Put our own house in order and then maybe we earn the right to pass comment on our neighbours. I wish we had some of London’s problems. And its opportunities.

      • Deco


        London works in a way that I hope Dublin(my native city)does one day. That is business without the sleveen, stroke pulling, rezoning, would you like a pint or a transfer Guard shite that passes for normality in this Country. Is there corruption and strokes in London? Of course there is, but get caught and you are going to jail as Jeffrey Archer and others found out to their cost.


        100% correct.

        Did anybody get jailed over the Irish Life & Permanent Loan to Anglo ?

        Did anybody even get a fine ?

        It was an 8 billion Euro fraud. With the taxpayer being stuck with the consequences of deliberate deceit.

      • Colin

        On the ball DB4545!

        Any relation to R2D2 or CP30?

        • DB4545

          Thanks Colin, don’t know either of those ID’s I’m afraid.There’s a number of indicators that point to serious problems in this little State of ours.

          1.One was mentioned in the Sunday Times a few weeks ago. No senior retired member of our permanent Civil Service has published their memoirs in recent times. This would be the norm in most Western democracies and it normally shines a light into areas that need it. It begs the question has silence been bought?
          2. I’m not aware of any high ranking member(above sergeant or inspector) of our police service being charged with any serious offence within recent memory. This is not a criticism of the police service who carry out their duties honestly and professionally. It’s just not statistically possible to have that level of compliance in any organisation benchmarked against international norms. Unless you live in North Korea.
          3. The culture of the “family seat” for Tds’ has become so entrenched that the Dail possibly has more inherited political seats than the British House of Lords.

          These are not good indicators of an open transparent representative democracy.

        • westfalls

          Not on the ball , more like on the balls

          LOL what rubbish
          “Is there corruption and strokes in London? Of course there is, but get caught and you are going to jail as Jeffrey Archer and others found out to their cost”
          How could anyone consider writing such tripe

          Corrupters and strokers get promoted even beyond the PETER PRINCIPLE…..

  2. Sceptred Isle

    Ireland and certainly not Dublin are part of a Sceptred Isle and high ranking appointments in Ireland are corrupted and praised for being so .Irish Laws will never hold the TRUSTS expected with Responsibility and Hiberno English is not an Original that can Win the hearts and minds of international investors.

    Prancing and dancing is only wishful thinking .

    History has always been kind to London.

    • westfalls

      What London ? “”"”London or City Of LONDON”"”

      When the Rothschilds are on your side ,, yes you can depend on “”"LUCK”"” about two centuries of “”"LUCK”"”

  3. jfcassidy95

    David, as always interesting commentary. I lived in Edmonton in the early 1980s, a far cry from London today.

    The recent Global Financial Index shows that London has dropped slightly, the inference being uncertainty about EU membership, regulation, and attitude to foreigners. See:

  4. bluegalway

    As a Londoner I have to disagree with the author in his view about London.
    It is a blinkered and somewhat biased view.
    I was born there (Kilburn) in January, 1969 to Irish parents.
    It is indeed a very different place to day but not because of the immigration of the super-rich, but the mass immigration of economic migrants.
    As former Labour Cabinet Minister Peter Mandelson said only recently “we practically sent out search parties to find people and bring them back to the country”. And that was before the entry of new EU members in 2004 and 2007.
    A dossier revealed in 2007 by former Labour advisor Andrew Nether said that “in 1999 we (New labour) set about a mass immigration programme to rub the Right’s nose in it after 18 years of Tory rule”. The objective was that immigrants tend to vote for those that let them in, so the urban centres of Britain would become Labour strongholds.
    In 1991 the UK Census showed that 78% of Londoners were ethnic British.
    In 2001 that fell to 65%.
    In 2011 that slumped to 45% – the first capital in the industrialised world where the natives were in the minority. And in only 20 years.
    Already in Dublin the percentage of native Irish is only 73%.
    When that falls below 50% will McWilliams and others be writing about the Irish going around wearing shamrock to the blindingly jingoistic background noise of The Quiet Man, The Field and The Comitments?

    • DiarmaidM

      That 45% does not include the 12% who are ethnic Irish like yourself. So it is you who are part of this issue that you are talking about. You are no more British then the children of any Pakistani, Indian or West Indian immigrants who came to London in the 50s, 60s and 70s…. On the other hand I would think that all of you _are_ British and should not be seen as some negative aspect of a great city such as London.

    • coldblow

      I’m not sure I fully agree with your first sentence but you are quite right after that. John Waters made a good point in a recent article in the Independent about the 2016 commemoration after seeing a postman in Stillorgan with Royal Mail on his sack.

      I’m 1958 south-east London myself but living in Ireland since 1987.

      • Colin

        Careful now Coldblow, you’ll have Panti Bliss supporters trolling you for being fascist and bigoted and anti-equality and all that jazz. They are organised ‘group-think’ fascists. Sure all they want to do is raise a child with 2 Daddies instead of 1 Daddy and 1 Mammy, come on and feel the love.

        As Churchill famously said, ‘the new fascists will call themselves anti-fascists’.

  5. Petal

    The EU petal that David might love is an economic zone in Dublin Docks holding Guantanamo Employees with their own residences and Heliport and passports without accountability to the Irish Finance Acts . Sponsorship would then be from higher sovereign power outside the EU .

  6. jbradyyvoir

    “uninvaded, unconquered, and never-defeated Britain”. Was there not that fella William the conqueror?. William III of Orange (“King Billy” although with some inside help. Two examples of successful domination from the European continent.

  7. “We’re only making plans for Nigel
    Nigel’s whole future is as good as sealed….”

  8. michaelcoughlan

    “We love EU, we love EU not”

    Really? I presume you mean;

    “We (the brits) love EU, we (the brits) love EU not”

    The article hints that the “wealth” concentrated in London stems from it’s exporting of financial services. Any chance it’s “wealth” is derived from all the Rehypothecation going on?

    If the brits left the UK chances are the square mile would look for a status similar to vatican city.

    In the human body the colon serves as the storage vessel for all the shite happening in the body. The square mile serves the same function in the World economy for all the shite (Rehypothecation) happening in the markets.


    • Daniel Waxonov

      Great post!

      More magic tricks from the financial elite..”money for nothin’”

      …but it was ‘good’ of the banksters to ‘consider’ outlawing [secondary] cdo’s….what a magnanimous gesture to deny themselves of of their many weapons of mass financial destruction ! It makes us all sick!

      Follow the white rabbit – the summary link ;)

      The tech venture capitalist Bill Gurley [speaking of incendiary bubbles in silicon valley] thinks ” ‘the burn rate’ for companies is the highest it’s been since 1999! He also thinks that the number of people working at money-losing companies is the highest it’s been since 1999.”

      • Daniel Waxonov

        The entire Transatlantic region is in the grips of an inferno and the “burn rate” is alarming!… only a deluge of sanity will put out those risky flames!

        Glass Steagall + Hamiltonian Credit System + Physical Economic Development on a Mega Scale.

        And to get to these goals,Obama must be impeached. That’s Real.Real f*cking urgent that is…enough limbo dancing,i say.

        • Daniel Waxonov

          If Bach or Furtwängler were alive today,just bear with me now,would they,in their quest for Greatness,choose to fuse their creativity with the best technology available to them,like Hans Zimmer for example? Both in composition & performance too?

          If they did choose to incorporate current keyboard technology for example and other advancements in music tech, to enhance their art,might the ‘magic’ be lost, rendering it ‘soulless’? I’m Beeting my brain try to answer that one…Hmmm

          • michaelcoughlan

            A pointless post. Somebody reading it might think you are a nutter having a conversation with yourself on a public board.

            Don’t wind up in the same cul de sac of madness as the other bonbons. Focus your fertile mind on practical commentary which has relevance to the status quo and agenda set by the owner rather than the way you would like things to be.

      • michaelcoughlan

        Welcome back bonbon.

        I was getting real fat lazy and dumb without you guys to keep me on my toes. I sincerely hope our host doesn’t ban you guys again. I always look forward to your posts.


        • Daniel Waxonov


          Are you feeling ok my man?…your first post was a welcome with open arms,the next,i’m a nutta? So,you couldn’t decipher the cryptic flow of my post eh,,,,from the ending scene of the Inception movie ( that deals with reality,or the illusion thereof ) and the fact that some people continue partying and remain oblivious to disaster,despite all the evidence to the contrary?

          Economies are haemorrhaging Michael, and any ban ought to be on dreamers,believing and trusting lying politicians and any further bans ought to be of popular opinion and optimism bias of “ah shur,it’ll be grand”.Speaking of cul-de-sacs,maybe we need to face the reality, not as we want it to be, but as it is,,,that maybe we are merely at the start of a zero growth period,set for another few decades?A point worth making?

          everything’s supposed to be different than what it is

          • michaelcoughlan


            Your analysis like your mates is accurate I suggest. Your responses are off the wall. I didn’t say you were a nutter.

            As for banning people. Hitler, Stalin, Pol pot tried all that.

            The reality is that the whole world is in the same territory as Zimbabwe; Rampant inflation in stock markets and rampant deflation in real economies.

            You can only CONTROL YOURSELF AND YOUR OWN MIND. Thats the reality. If everyone else is too lazy intellectually to change their own circumstances then so be it.

            best regards,


  9. Adelaide

    England’s economy, which means London, is a basket case of financial wizardry and property bubbleliciousness, it’s based on smoke, mirrors and easy money and will go up in a puff of smoke. The term economy is inappropriate, it’s a casino. And though lovely for a weekend visit, for Londoners it’s increasingly a brutish unrewarding grind outnumbered by transient migrants, Oxford Street no more represents London than its politicians represent the democratic will of its native people.

    “London is a Casino Gulag.” Max Keiser.

  10. “In October, the Labour MP Geraint Davies presented the International Trade Agreements (Scrutiny) Bill to Parliament, which proposes more transparent negotiations and which would “empower Parliament to amend international trade deals which threaten a country’s democratic interests.

    Davies said: “I support encouraging international trade with the many jobs that it creates and of course businesses should be able to invest with confidence in Britain. But TTIP gives corporations the right to subvert the democratic process and sue governments just for enacting laws that they disagree with.

    “That’s why I’ve proposed a Scrutiny Bill to bring these treaties back under the control of our Parliament to be examined by British MPs, as opposed to bureaucrats in Brussels.

    “There are real concerns about democracy, public services and British sovereignty and my Bill will ensure that both TTIP and other trade treaties receive the careful scrutiny that they deserve and not the free-for-all that the European Commission seems content with.”

    • “David Cameron has pledged to put “rocket boosters” behind plans for an EU-US free trade deal.”

      • Deco

        Is that not a bit daft, in the context of the negotiations process ?

        I mean you do not surrender in a negotiation process.

        Washington’s TPP project has been effectively poleaxed by China, because China has a rival plan.

        Ukraine is a mess, because Putin had a contrary plan, and Washington was not going to accept it. Now Putin has been cut off Europe, because Washington was not going to compromise. Essentially, Ukraine is becoming a proxy war for the interests of Beijing and Washington.

        Money, is the root of all evil, in all of this.

        • Pure GREED for money (and power) to be more precise is the root Deco, I would say.

          Must be awful to have 10 Billion dollars in your bank account and want 11 Billion.

          I’m not at all jealous I have to say.

        • Evil money is the start of the problem Deco

          When the money system is changed from the dishonest corrupt, bankrupt system we currently use to an honest system that has integrity and trusted, we will have an economic system that rewards people justly.

          The great leveling has started and will pick up steam. Many will gain and more loose their wealth.

        • cooldude

          Deco what you have to remember is most of these so called antagonists are joined through their central banks. These are the guys who actually hold the real power and ALL the politicians do what they are told. Look at Mikey Noonan before and after the election. Not one red cent became yes sir yes sir three bags full sir in no time.

          Ukraine is a mess because a twice democraticallily government was overthrown by a bunch of western financed thugs which cost $10 billion according to Victoria Nuland.

          Money should be just a medium of exchange between willing parties. Once privately owned central banks start charging sovereign states interest to produce their money you are heading into a total mess just like the one we are now witnessing.

          Name the countries who have not got a central bank controlled by the privately owned BIS which is the central bank of the central banks.

          They are Iraq, Libya, Syria, Iran. Now do you see why these countries are terrorist states. It is because they do not come under the global central bank network.

          There are rumors that Putin paid off all his loans to the BIS-IMF mafia and is going his own way currency wise.

          That is why they are out to get him.

  11. ict

    Not sure Dublin would be the only English speaking EU capital.

    UK exit may would in all probability trigger a second Scottish independence referendum, which, if recent polling is anything to go by, is likely to be carried in such circumstances.

  12. coldblow

    Interesting article and I agree with some and disagree with more. Excuse my rushed comments.

    Even when I was a boy central London was very different from the suburbs (or at least S.E. London) and full of visitors and foreigners. I remember in my 20s asking directions to the Tower of London from a surprised Japanese tourist.

    I always hated central London pubs, never found them friendly and the beer was usually terrible.

    Poppies were always taken seriously, but possibly more now (I went to Catholic schools and it wasn’t a big thing there, probably because there were so many with an Irish background). Your comments about WW1 are perccptive. I never realized it until I read Peter Hitchens (has David been reading him too?). The cult of the dead merges with Our Finest Hour mythology to create a modern religion.

    You are probably right in linking an upsurge with anti-EU sentiment. As I mentioned here before, I am pretty sure any anti-Europe talk from the Tories is mere rhetoric: Cameron knows they won’t be re-elected so he can promise a referendum without any fear of it succeeding. The political lines right now are all parties versus UKIP. (In Ireland, over water charges, it is the same thing, ie pro-Europe – that is practically all teachtaí dála, against the rest.)

    I do think English people, or a few of them anyway, realize that the EU is threat to their identities and ultimately to their livelihoods.

    More and more realize that Britain needs to adapt to its second-rate (at best) power status. The less well-informed probably don’t even know much about the Victors of WW2 myth through lack of education but can intuit what is happening.

    The picture painted of England in this link rings true to me:

    I see myself as Irish (on the whole) but I think English patriotism is a good thing on the whole.

    “When I lived here, anti-Europeanism was the preserve of the Tory Party; today it is mainstream.”

    The Tory Party now is pro-Europe, though it may pose as sceptical, along with all the other parties. Probably most of the population is still pro-Europe (extrovert behaviour, affecting one in two, is always to defend the consensus, which is now p.c., including pro Europe – I hope David doesn’t mind me counting him in their number). Anti-Europe sentiment is almost entirely from outside the political and media establishment.

    Re the City of London, David attracted some criticism here (justified on the whole) a few years ago when he talked about attracting financial services to Dublin, who would have been fleeing London if memory serves. I can see what he is doing and I can sympathize – we need jobs and this would be handy and pragmatic way of creating wealth. However, in short my views would draw heavily on Michael Hudson (anti-voodoo FIRE economics), Raymond Crotty (anti-Europe as it would just (as it has proved to have) copperfasten the hold of our own ‘undeveloping’ post-colonial elite of (to use Tull’s memorable phrase) jumped-up county councillors) and a good dash of James Kunstler (accounting fraud, intellectual stupidity (as Deco has been saying all along) and peak oil). In short the City is the problem rather than the solution.

    That little list should save me any further explanation for now.

    Finally, I was amazed that for the past few weeks (until recently? I’m still not sure), switching on Joe Duffy or the 6 o’clock news on RTE (before getting to the off button) I never heard the ‘E’ word. I was talking to a colleague a couple of months ago and he had worked in the section of the Civil Service dealing with water – they had a standard letter for Europe why it was not necessary to introduce water charges. The EU’s record since the crash (and before) has been a pure disgrace and the water revolt is proof that people here, as in England, realize that things are getting worse not better. They haven’t yet twigged that Europe (and their lackeys among the political parties) is the problem.

    • Deco

      Kunstler is lone voice of sanity in a world of non-stop-shop-until-you-drop propaganda/advertising.

      He is correct, that the entire living arrangement has been cluelessly wandered into, based on flawed assumptions about consumption “choice and cheap motoring.

  13. coldblow

    I never watched Downton Abbey but I love this version:

    Didn’t I tell ya that thing would be a pure disaster!

  14. Deco

    Daft that Britain might be in November, with all the poppies, and all, it is mild compared to the nonsense that pervades from the Bureaucratic Bunglers in Brussels.

    There is a phrase – the British would do anything for money. (and disguise it as kindness).

    And indeed Britain, will do whatever it has to do to protect it’s business plan. And Britain has a business plan. And it will stick to it.

    Does Ireland have a business plan apart from selling ourselves short, and being grateful for being the location of so many businesses that pay very little tax here ?

    I mean a plan that amounts to more than Ireland being a transient location for money, before it is swiftly moved somewhere else, by somebody else.

    I don’t think Ireland has a plan. More like Ireland fitting in with somebody else’s plans.

  15. Wharf

    I remember when Canary Wharf first was built in the 80′s and how difficult it was to fill the empty buildings and how many times it was nearly sold for a song . Fast forward and after a lot of success in between all is now about to change or has done so already .

    The reasons for the commencement of the demise of the once famous suburb of East End are :

    Proprietary trading is declining in importance because banks dedicated too much of their resources and finally they realised that there are no winners or it is all a zero sum game ; and

    Growth over the next twenty years will come from different types of companies ie wealth management business rather than investment banking , hedge fund management , venture capital and financial tech start ups .These are more likely to find themselves small offices om Mayfair and Shoreditch not in the massive towers of the Wharf.

    Songbird , the Qatar Investment Authority , owners of much of Canary Wharf will sell it now before the price falls.

    • Colin


      Looks like senior management at The Canary Wharf Group are one step ahead of you. Up until now, The Canary Wharf Group have only been interested in building high rise towers for the commercial sector (apart from the isle of dogs Crossrail Station which brings the new train line into Canary Wharf – 10/10 for strategic planning there).

      Now, The Canary Wharf Group are diversifying into luxurious high rise towers for the residential sector. Wood Wharf, next door to Canary Wharf is now ‘shovel ready’ as the fella said, and a final decision on the South Bank (Shell Oil HQ) refurbishment and redevelopment with a mix of both residential and commercial high rise towers is expected very soon, and that will also be shovel ready.

  16. Claudius Ptolmey Dublin

    Has anyone ever wondered what was Dublin a very long time ago and what was the earliest references in writing then . If you ever examine the oldest map of Ireland by Ptolmey you will find that this is the oldest 140 bc or so . Peruse the words on the map and try to decipher just any word and the chances are you will fail in translation .

    In that part where Dublin mow is there are two words that need mention. They are



    Many of the words on this map are found to originate from Wolof spoken around the Senegalese river in Africa and form a substrate language prior to the arrival of the Celts .

    The above said words are the original written words known to prove that there were two Dublins namely
    : north of Liffey and south of the liffey .

    What is interesting is the meanings . North of the Liffey was where imports arrived to be unloaded and South of the Liffey was where exports originated to be loaded .

    Perhaps those on the South had intellectual value added for export and those North did not . There was a reason for these words .


    When the next recession hits, Irl will be as well prepared as a punch drunk boxer . Compared with the rest of the EU , the UK looks an oasis of relative success.
    Isle of Man and Channel Isles provide pointers for future prosperity, minimal taxes, concentrate in providing services, no need to join the EU. Why do Irish politicans still lick the arses of MNC’s ? Tried and failed in previous decades to reverse the emigration tide.

  18. It’s all shaping up rather nicely for for Britain’s exit from the swamp of the EU: BREXIT. Let the fight to the death commence between the various neoliberal factions. *popcorn*

    Cameron wants an EU that kisses Corporate arse over TTIP, as do most within the unelected EU coven & unaccountable City Of London. Cameron’s allegiance is to The City, not the bulk of people who live on this island who are merely compliant cash cows to milk taxes from to bail out the City via the Bank of England’s QE tricks. At least this island still has its’ own currency to enforce Sovereignty & play every such trick in the entrepot trading hub playbook, even if I don’t agree with the current game-plan.

    Farage wants to raise Auberon Waugh from the dead & culturally return the UK to the 50s, but he will also bend & spread for international corporations the first change he gets. He’s basically another cheerleader for the crackpot City of London faction on the far right of the Tories who can’t abide the EU Napoleonic Code infringing on their Masonic Privilege. UKIP’s last manifesto was a work of incoherent accidental comic genius. There’s no reason to fear the next one will fail to deliver the LOLs. However, UKIP are an excellent lightning rod for a BREXIT referendum even if it’s unimaginable they could run the country. Once they’ve served their purpose they’ll vanish from history as the Liberal Democrats are about to do.

    Only the Green Party in the UK are mapping out the vast betrayal of the EU, showing it up to be a Bankster and Corporate plot led by LuxLeaks Juncker and his allies/cronies in Dublin. Given the periodic lurches into insanity which Europe has been prone to over the last century alone & the spectre of fascism in Greece: why on earth would anyone on this island want to put up with it anymore? At least on the island of Ireland nobody has to exercise their brain over all this anymore, having surrendered Sovereignty via the Euro & the Lisbon Treaty to become a debt-servicing satrapy, joining LuxLeaks Juncker in the EU Neoliberal race to the bottom via transnational corporate tax arbitrage. The EU’s budget has never even been formally audited. It’s a scam.

    “A UKIP of the left. The Green Party embraces left-wing populism”

  19. DB4545

    Jesus Andrew you certainly conform to type, everytime an Englishman opens his mouth another Englishman despises him, just like us Paddies. Don’t English people realise that UKIP are a Tory Sinn Fein or do they care?

    • I no longer identify as “English”, “British” or “Irish”, though I take what’s best from all 3 identities whilst discarding the nonsense. Heritage is only useful if it’s nourishing.

      • DB4545

        It wasn’t a criticism Andrew just an observation. Having lived there for nearly a decade I have a fondness for the people and the place.But you didn’t answer the question do English people realise that UKIP are a Tory Sinn Fein? A brilliant PR machine, business class all the way and book deals for the leadership (Sinn Fein that is).


    “Amazingly, this consideration begins on Thursday. For the first time in 170 years, parliament will debate one aspect of the problem: the creation of money(17). Few people know that 97% of our money supply is created not by the government (or the central bank), but by commercial banks in the form of the loans they issue(18). At no point was a democratic decision made to allow banks to do this. So why do we let it happen? This, as Martin Wolf has explained in the Financial Times(19), “is the source of much of the instability of our economies”. The parliamentary debate won’t stop the practice, but it represents the opening of a long-neglected question.”

    • Colin

      You’re coming around to the Brogan school of thought Adam, welcome aboard.

    • It is a good article, Adam, as far as it goes.
      It stops short of looking further back to the central bank. This is where the commercial banks get their reserves. These reserves are also created from nothing by the central bank and loaned into existence just as are the 97% of all currency mentioned in the article.

      The only money not loaned into existence but minted and distributed is the coin we use for change.

      It is crucial that the examination includes the central banks and views them for the leaches on society that they are. As such London and wall Street are leeches also. Those connected closely to the creation of the money become wealthy at the expense of all else.

      The central banking system must be close to ensure a prosperity and survival. That means the international organizations such as the Bank of International Settlements (BIS) and the IMF must be disbanded too.

      The Swiss referendum on the 30th Nov is a part of this ongoing war against the people. Perhaps the Swiss will be the start of a movement to have the people decide to reclaim the money production and system. It is a battle that humanity cannot afford to lose.

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