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Photo by Marc Gibaud, Clouds on Tres Cerros and Mount Fitzroy, Argentinian Patagonia

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Photo by Marc Gibaud,
Clouds on Tres Cerros and
Mount Fitzroy, Argentinian Patagonia



View Poll Results: Should Britain leave the E.U. ?
Yes 109 50.00%
No 46 21.10%
No.. But things MUST change 38 17.43%
I don't care 14 6.42%
Undecided 11 5.05%
Voters: 218. This poll is closed

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Old 20 Jan 2016
maria41's Avatar
The franglais-riders
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Join Date: Jul 2005
Location: UK
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Few interesting points here. The ECHR was created in the 50s by the council of Europe: https://en.wikipedia.org/wiki/European_Court_of_Human_Rights

Way before the EU!

What changed in the UK was that Tony Blair made it law so that anyone separated from his cat can go to the ECHR to get “justice” and compensation.
As the legal system is vastly different in the UK compared with say, France, it causes a hell of a problem in the UK. For example the notion of compensation and shark Lawyers are still rare in France, and AFAIK once expelled from France, you can only appeal once you are back in your country (and I presume at your own cost instead of tax payer cost?). So for the Euro and Europe to work, we would not only need a fiscal a but also legal convergence across the board . It won’t happen.

Ted, I am foreigner too (been in the UK for 19 years!) but even if UK is out of the EU, I don’t expect that any (non-British) resident can be booted out. If they did, the education system , the NHS and any sort of knowledge based industry would collapse!

Not really sure what would be best. I don’t think it would be financial Armageddon. We import a hell a lot of goods (and talent!) from Europe. They need us as much as we need Europe. Remember that many years ago, we were told we would face cataclysm if we did not join the Euro. IF we had, we would be Greece or worse by now.

To be fair I think the debate of Brexit may become irrelevant by the time the referendum comes. The refugee crisis may push the EU apart, and like all previous Europeans “Empires” from the Holy Roman Empire of the middle ages to most recent ones, it just may fall into irrelevance.

And then, as has been discussed by some, a much bigger storm may be in the horizon. The financial world situation is incredibly complex and fragile. The problems that caused the crisis in 2008 (huge global debt) that was judged to be a liquidity problem (Keynesian approach) but I believe is a solvency problem (I am more of the Von Mises school of thoughts) will eventually blow up again. Except this time central bankers won’t have any more tools to deal with it. Only in the UK private debt is through the roof. Mortgage debt is near 1.25 trillion.

And let’s not talk about Government debt at over 1.5 trillion and counting, not including Off the balance sheet liabilities, so that would probably least to 3 trillion? …

Imagine what would happen if the housing market crashed by even 10%? That would be a lots of write off for the banks.


They would go bust. Now there would be no more Bail Out. After the Cyprus experiment, US, EU and the UK, among others, quietly made sure that Bail Ins can be done. And if you expect that your 100,000 Euro government guarantee will work for your savings/pension fund etc… think again. http://www.globalresearch.ca/financial-meltdown-and-the-confiscation-of-bank-savings-the-uk-eu-bank-depositor-bail-in-scheme/5475934

Sadly for the last 35 years, Governments around the world have been kicking the can down the road hoping problems would go away and artificial low rates combined with an exponential explosion on debt have led to this situation. They have probably based their premises on “Ivory tower” Economists testing their theories. Economy is not called the “abysmal science” for nothing! There are no easy answers to all those problems. Soon or later we will have to take the Pain.
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Maria

www.franglais-riders.com
 


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