SNP get the establishment treatment

At this time of year the BBC establishment migrates North to Edinburgh for the festival and on Saturday morning did a demolition job on the SNP. The panel was the usual pro Union group of journos, businessmen and anti SNP MPs. So the whole discussion was loade against the SNP. This is exactly the treatment   UKIP will get if it ever gets to a referendum. Alex Salmond has already chosen his referendum date, the 700th anniversary of the battle of Bannockburn, 24th June 2014  where Robert the Bruce defeated Edward II and thus established Scotland as an independent country approved by the Pope.

It is a testament to Alex Salmond's political and organisational skills that has has brought the SNP so close to attaining its goal of an independent Scotland. Its what of course UKIP aspires to but with Farage as leader that day will never see a morning. Alex stayed in his country, resigned his seat at Westminster. Would Farage do likewise? Not a hope! He is owned body and soul by the EU.

There was another good BBC programme that day on the success of local banks here and in Sweden and Germany. Its a basic tenet of good banking to know who you are lending to and for what the money will be used. That is why local; banks have such a low rate of bad loans. The big banks are only interested in selling, or more accurately mis-selling their overpriced products. All decisions are centralised in London where Bob Diamond and his ilk reign supreme. Is it any wonder UK banking is such a mess.

EU is sooo predictable

I wrote on Wednesday that nothing specific or helpful would be decided at yesterday's (Thursday) ECB meeting. Thus it was as the DT headlines showed. "Draghi bond plan fails to win over European markets". What plan?


Alternatively, " Draghi allows time for eurozone politics to prepare for Spanish bail-out" by Damian Reece. Well all that requires is for Spanish to surrender their fiscal sovereignty to Dr Frau Merkel so no problem there then.


The BBC economics editor Paul Mason got closest to the real truth on Thursday's Newsnight repeating what I said in my Wednesday blog. Its all about clearing the decks for the EU elite to sail their yachts without interruption on the Med  during August. The Italians like to sail their boats to Greece across the Ionian sea. Good to see Draghi looking after his countrymen.

EU sets new record for hot air production

We will do whatever it takes, we will reduce PIGs borrowing costs, we will not let the Euro fail, blah , blah, blah, promises promises. Even the Yanks in the person of Timothy Geithner are spewing out the rhetoric like a grumbling volcano. But action, and more important comprehensible action, that will impress the markets, no none of that.


There have been numerous schemes floated, most are incomprehensible to me, and come into the smoke and mirrors category in my view. There is the usual pre grande vacances meeting of the ECB council tomorrow, Thursday 2nd August of which great things are expected across the pond. The Yanks do not understand the EU elite. The purpose of this meeting is to produce sufficient hot air to befuddle the journos so the Euro political elite can have a nice quiet month off in the Med and keep the lid on things until September.


Will it work? The EU journos and BBC types also like their month off so there will be a tacit deal not to cause problems until September. Unfortunately markets now trade 36 days of the year in places with huge amonts of cash, bonds and equities eg Singapore, HK, Tokyo and Mumbai. The wily oriental gentlemen may not be so keen to play ball with the EU given the amount its costing them.