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Thread: The EU is phooked...

  1. #11
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    Quote Originally Posted by sinkov View Post
    I keep reading that we must extend the transition period beyond the end of the year, and no doubt the EU and the traitors in this country will try anything and everything to keep us enmeshed longer. But we must leave asap, there is a fecking great big sting in the tail of staying in any longer. When this all dies down the damage to some of the EU economic basket case countries like will be enormous, and there will have to be bail outs, paid for by the richer EU members, which will include us if we haven't left. There is one good reason to be out on January 1st, they'll have us over a barrel for billions of euros should we still be in, and it wouldn't surprise me if they tried to get the bail outs up and running before the end of the year, and demand we cough up our share. He's a devious bugger Johnny Foreigner you know.
    As I was saying.

    "On Friday morning, former MEP David Campbell Bannerman raised a further powerful reason for not extending the implementation period. Late on Wednesday evening, the European Central Bank unexpectedly announced a €750billion stimulus programme of bond purchases after its €120billion big-bank stimulus package of only six days earlier had signally failed to reassure volatile sovereign debt markets. If – or perhaps when? – the eurozone collapses, suggested Campbell Bannerman, if still in Transition, Britain is in real danger of having to pay hundreds of billions through European Investment Bank liabilities and/or EU Commission decisions on EU ‘solidarity’.
    When Britain is already borrowing another £330billion to prop up its own coronavirus-hit economy, that prospect alone should be enough to rule out any extension."

  2. #12
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    I think you are worrying about the wrong thing Mon Ami.

    Last week we pledged £350B to help save our economy. If it all goes pear shaped we are without any sort of back up plan. No EU to help us out.

    And Britain has been targeted by financiers from around the world. These people see the pound as a bad option in these times - they are putting their faith in the USD and Euro instead. The pound is sinking fast against both these currencies.

    We will have to sort it out on our own...and it may turn out very bad for us indeed.

    Careful what you wish for.

  3. #13
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    We would have to sort it out on our own anyway 59, we're not in the eurozone, the ECB would be of no help to us whatsoever, in the EU or out of it.

    In times of economic crisis a falling exchange rate has many benefits, it boosts exports and economic growth, it improves the current account deficit, when travel restrictions are lifted it will encourage foreign tourists to holiday here and by making foreign holidays more expensive it encourages people to stay in the UK for their holidays, another boost for the economy. Cast your mind back to 1992 when we left the ERM, the pound went into freefall, but no long term problem, it led to a long period of growth before the 07-09 crisis when it lost 30% of it's value, but the economy recovered again and recovered far better than countries like Greece, Italy, Spain and Portugal, trapped in the Euro and unable to benefit from a desperately needed currency devaluation. And when this is all over they'll need one again, but again it won't be forthcoming.

  4. #14
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    It's all theory and supposition at the moment Sinkov.

    In these circumstances are we better on our own? We will soon find out. After it is all over, will our economy be able to recover by being on our own? Well, we both hope so, but I believe in co-operation and strength in numbers instead of competition in trying times.

    The Dunkirk spirit was not a choice - it was forced on us. Given the option, we would have had help and support from our neighbours.
    We will probably find ourselves in a similar position economically when the dust has settled.

  5. #15
    Quote Originally Posted by 1959_60 View Post
    It's all theory and supposition at the moment Sinkov.

    In these circumstances are we better on our own? We will soon find out. After it is all over, will our economy be able to recover by being on our own? Well, we both hope so, but I believe in co-operation and strength in numbers instead of competition in trying times.

    The Dunkirk spirit was not a choice - it was forced on us. Given the option, we would have had help and support from our neighbours.
    We will probably find ourselves in a similar position economically when the dust has settled.
    Are you referring to the sort of help Germany and France have not recently extended to Italy my old mate?

    https://www.express.co.uk/news/world...italy-covid-19

  6. #16
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    Quote Originally Posted by 1959_60 View Post
    It's all theory and supposition at the moment Sinkov.

    In these circumstances are we better on our own? We will soon find out. After it is all over, will our economy be able to recover by being on our own? Well, we both hope so, but I believe in co-operation and strength in numbers instead of competition in trying times.

    The Dunkirk spirit was not a choice - it was forced on us. Given the option, we would have had help and support from our neighbours.
    We will probably find ourselves in a similar position economically when the dust has settled.
    We ARE on our own 59, so is every country in the EU. The nation state is proving more efficient at dealing with this crisis than the EU is or ever could be. In this crisis the EU is as much use a chocolate fireguard, 'Health' is not one of their competencies. And what of the European Stability Pact that requires no more than a 3% budget deficit, it was being ignored by some member states before but that can be flushed down the loo now, National Debt no higher than 60% of GDP, forget that, State Aid restrictions, is Macron going to let Air France go to the wall, don't think so, do you ? The Schengen borderless EU, gone, forget it, will it ever return, doubtful I'd say, Freedom of Movement, gone. The EU is in deep doo doo 59, and no doubt after it's all settled down the response from them will be .....more Europe, ever closer union, which will be just another nail in their coffin.

  7. #17
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    These are special times mate, and normal rules don't apply.

    And you are right, it is (and always was) the responsibility of each member state to look after their own health and care service.

    The Germans are far ahead of us in this matter - it is a countries political decision by how much they fund these services.

    But we will be totally alone sorting out the economic impact both now and in the aftermath.

    You seem to say that we will be better placed than those in the EU, I doubt it very much. Like I say, most financiers are placing their trust in the USD and Euro, and avoiding sterling like the plague.

    We will find out soon enough - we are speculating here and we really are no experts on the global economy.

  8. #18
    The Germans are far ahead of us in this matter - it is a countries political decision by how much they fund these services.

    FFS 59er how can you possibly know that? I have been to Germany socially and on business countless times, if I was taken ill I know which side of the North Sea I would rather be on.

  9. #19
    But we will be totally alone sorting out the economic impact both now and in the aftermath.

    You seem to say that we will be better placed than those in the EU, I doubt it very much. Like I say, most financiers are placing their trust in the USD and Euro, and avoiding sterling like the plague.


    With 100% certainty ultimately the pound will prove to be the safest haven for investing in. The UK is the safest haven for banks and commerce. Once this COVID bollox dies down, let's have a little wager on which currency bounces back the strongest and soonest?

    Where the phook are you getting these soundbites from 59er? We are fast approaching a global recession and this sort of nonsense "most financiers are placing their trust in the USD and Euro, and avoiding sterling like the plague" comes straight out of the Lib Dem's playbook. You have time on your hands at present, no excuse for this bollox, do the research please?

  10. #20
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    Quote Originally Posted by 1959_60 View Post

    But we will be totally alone sorting out the economic impact both now and in the aftermath.
    You seem to say that we will be better placed than those in the EU, I doubt it very much. Like I say, most financiers are placing their trust in the USD and Euro, and avoiding sterling like the plague.
    We will find out soon enough - we are speculating here and we really are no experts on the global economy.
    There are no experts on the global economy 59, everyone has a view, no one actually knows. As I've pointed out earlier, the pound has fallen before and recovered, it's a currency fluctuation, and one which is beneficial to a struggling economy, it's the countries that need a devaluation but are strapped into the eurozone that will be the real sufferers.

    We may well be alone as you put it, but we are the world's 5th largest economy and we won't (shouldn't) have the debts of the southern European basket case economies hanging round our necks, as we would if we were still in. When this is all over we will be better off out of the EU, imo. But I do agree with you, I know nowt, you know nowt, and the experts know nowt as well. No one knows how the feck this will play out, we're all guessing.

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