Am quickly flagging this lead article in today’s Telegraph Business section – UK banks could be shut down or forced into bail-outs by Brussels. Bruno Waterfield’s comments about controversial ‘banking union’ proposals indicate that some developments may be worth keeping a watch on:
A panel of European officials would be given sweeping new powers to police the financial sector across the continent but also in the City of London.
They would be given “full decision-making powers” to impose EU law and to arbitrate disputes between Britain and the eurozone over the risks posed by British banks, according to the proposals being tabled on Wednesday at the European Commission. Decisions taken by the powerful body would be automatically binding unless Britain was able to win the unlikely backing of a majority and overturn them…continued.
Am not going to comment any further as am simply flagging this important news, but I recollect the mighty dollar having become subservient to the European Union during the 2008 financial crisis (see Not many people know – pt 1):
The EU achieved this massive subrogation of American sovereignty the way it usually does, by negotiation, gradual bureaucratic encroachment and without asking voters if they approve… (Newsmax 19 Nov 2008)
[Financial journalist’s had their finger on the pulse, so I also quoted the august Financial Times Gideon Rachman’s comment And now for a world government. Let me stress, he dissociates himself completely from whacky conspiracy theories of the ranting right, or loony left – as herein.]