11 December 2011

The odds that the Euro will collapse are virtually zero.

Even the bookies are giving odds of 3-1 against and we all know they take no risks. The truth is a Tory leader has been here before. Knowing that a European bloc off its coast cannot be ignored but by wishful thinking just hoping it will be a failure and go away. We walked away from the Treaty of Rome. But eventually we realised that of you can't beat them better join them. Only on the inside could we at least shape the direction of this monster devouring our power and influence.

As an anonymous French diplomat said; Cameron is like a guy who wants to attend a wife swapping party but refuses to bring his wife. So the EU is dead, or to be precise now only has one member, the other 26 will form the super EU. Cameron is hoping that his hedge fund buddies are safe, but even in putting these elite few who constitute less than 1% of GDP, he is going to prove disastrous. A financial transaction tax will stabilise markets from their destructive behaviour. When Cameron realised he had no allies he could have set the level very low, rather than the higher level we will eventually have to accept. This whole episode will prove to be very costly for all of us in the UK. Cameron has sold us down the river.

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