Darling the hypocrite

In a bizarre piece of grandstanding, Alistair Darling has told the European Empire not to regulate the financial sector in London despite being one of the most vocal proponents of EU regulation of the financial sector.

The European Empire's interference in the financial sector has already been disastrous for our economy.  The collapse of Northern Rock and the subsequent deep recession that we are still experiencing can be traced back to the EU Monetary Abuse Directive (MAD) that forced the Bank of England to publicise the fact that it had offered an emergency credit line to Northern Rock.  This information, which would ordinarily have been kept secret to maintain confidence in the bank, caused mass panic with investors and let to a run on the bank.  Northern Rock collapsed, confidence was lost in the entire banking industry, shares in banks nosedived leaving them short of capital and then the recession ravaged the weakened banks.

The Monetary Abuse Directive is, quite literally, MAD.  The current Governor of the Bank of England's predecessor said at the time that if he was still in the job he would have resigned over the introduction of the Monetary Abused Directive.

This ridiculous hypocritical warning from Darling is prompted by the appointment of the former French Agriculture Minister - the man responsible for blocking any reform of the Common Agricultural Policy (CAP) which accounts for one third of the EU budget and mainly benefits France - as the EU Single Market Commissioner.

Nicolas Sarkozy, the French president, has been gloating about the appointment of Michel Barnier saying it is a sign of "French ideas for regulation that are triumphing in Europe" and that "It's the first time in 50 years that France has had this role. The English are the big losers in this business."

Even more worryingly, Sarkozy also said "Do you know what it means for me to see for the first time in 50 years a French European commissioner in charge of the internal market, including financial services, including the City?  I want the world to see the victory of the European model, which has nothing to do with the excesses of financial capitalism."


The whole purpose of EU regulation of the financial industry, especially under the cosh of the economically illiterate socialist French, is to destroy the UK economy.  Despite the English taxpayer being the second largest contributor to the EU budget after the Netherlands, the jealousy of our European "partners" and in particular the French, at the success of the world-leading English financial sector, means that the City of London is seen as evil and the common belief on the continent is that it must be destroyed.  And, of course, the best way to destroy an economy is through the imposition of socialism as Sarkozy has alluded to above.

No matter what Alistair Darling says, the European Empire will destroy the City by regulation and the imposition of socialist economic policy that is fundamentally incompatible with our economy.  Since the Lisbon Treaty came into force yesterday, the EU government runs our country and has full control over our economy.  Alistair Darling has no more say in how the financial sector is regulated than a parish councillor, which all he is now - a parish councillor in the People's Republic of the European Union..

European Commission wants to take control of financial regulation

A report by the European Commission has recommended that the banking systems in EU member states should be supervised by an EU-side regulator.

The report says that the banking system is too complex for national supervision and recommends that an EU organisation should be set up to supervise all the national banking systems at the same time with more involvement from the EU Central Bank.

There is no indication as to how a single body supervising the financial systems of 27 countries, all with their own rules, regulations and priorities is less complex than the 27 countries having their own financial services regulators supervising their own financial systems according to their own national laws and priorities.

The reason is quire simple, of course - the European Commission doesn't really believe that a pan-EU financial services regulator will be efficient, it's just using the recession as an excuse for a power-grab.

If the EU wants to set up a financial regulator, they should start by regulating their own finances. Maybe then they'd be able to get their own in-house auditors to sign off their own accounts instead of writing them off as fraudulent every year.