Overthrowing leaders is an organised plot

A week ago we said that attempts to oust Papandreou shows the EU is out of control.

Nigel Farage picked up on the theme two days later, accusing David Cameron of "giving tacit agreement to the overthrow of European democracies" and the Spectator's Fraser Nelson follows up with details of a "hit squad" called the Frankfurt Group including Merkel and Sarkozy actively seeking the overthrow of non-compliant EU leaders.

Nelson's article is well worth a read and when reading it, bear in mind that the British government knows about this group and is allowing it to do what it does without any complaints or criticism.  David Cameron is, indeed, "giving tacit agreement to the overthrow of European democracies" as Farage said.

The only thing that spoils Fraser Nelson's article is that he finishes it off with a call for the Tories to negotiate the repatriation of powers from the EU rather than hauling them over the hot coals for running a europhile dictatorship and demanding they give us the referendum that everyone wants but which their tinpot dictator of a leader made sure we didn't get.  He knows as well as everyone else does that repatriation of powers isn't possible but he's a Tory supporter writing for a Tory-supporting paper so it's what you'd expect.

George Papandreou was the first leader to be overthrown by the Merkel-Sarkozy axis of evil, Silvio Berlusconi  is the second but certainly not the last.  There are another couple of petitions for an EU referendum that are on their way to securing another debate on a referendum but these are equally doomed to failure not just because Cameron is a eurofanatic but because he now knows that any leader opposing the EU will end up out of a job sharpish thanks to this so-called Frankfurt Group.  How much of a part did self-preservation play in his decision to issue a three-line whip to ensure we didn't get a referendum?

The only regime that needs overthrowing in Europe is the EU.

Italy in pre-bailout talks with the EU, Cyprus could be next?

The Italian government has had talks with the EU about rising bond prices and the possibility it might not be able to finance itself out of recession.

Emperor Barroso has once again attacked the international credit rating agencies - Standard & Poor, Filch and Moody's - for not covering up the risk of lending money to eurozone countries.

The higher the risk of full or partial default on bonds, the lower the credit rating a country will get.  The lower the credit rating, the higher interest rate investors will expect on bonds.  The higher the interest rate, the more it costs the country issuing them to get some (relatively) short term cash.

Italian and Spanish 10 year bonds are attracting yields of just over 6% which is on the line between affordability and unsustainability.  Much higher and it's going to become too expensive to borrow on the bond markets and they're going to have to go cap in hand to ... well that's the problem, there isn't enough money to bail out either Italy or Spain, let alone both of them.

Italy's national debt (not including the hidden extras like pension liabilities and PFI) is 120% of GDP and corruption is rife at all levels of society - if Silvio Berlusconi didn't have immunity from prosecution as president, he would be in prison now for fraud and corruption.  Large parts of Italy are under the control of the Mafia who steal billions of euro of public money.  S&P, Moody's and Filch are damn right to consider Italy a risk to investors - they don't have enough money to pay their bills and what money they do raise through taxation is pillaged mercilessly by the Mafia.

And I wouldn't normally link to the communist rag, the Guardian, but they are leading with the story that Cyprus is now top of the list of contenders for the next bailout.  A few billion for Cyprus will take even more money out of the theoretical bailout fund making a bailout of Italy or Spain even more improbable.

EU Parliament demands tax raising powers in exchange for 2.9% budget increase

The EU Parliament has demanded the ability to tax people directly in return for agreeing to a 2.9% budget increase.

Two weeks ago he caved in on the budget increase before he even left the country to demand the EU freeze its budget.  This is after backing down from his demand that they reduce the budget which they want to increase by 6%.

Camoron, naturally, says he opposes the EU being able to tax us directly and has held an emergency meeting with Sarkozy, Merkel and Berlusconi and that they were all "extremely staunch".

So, only one question remains: will this new tax that he's going to agree to come straight out of our wages or will we get a bill that we can refuse to pay?  I'm hoping it's the latter but I expect Hector the EU Tax Collector will be pillaging our wages to make sure we all pay tribute to our imperial masters on the continent.