The British-Israel-World Federation

 

The EU-Babylon turns the screw on Britain

EU-wide ‘super regulator’ poses threat to City of London – but the economic crisis is beginning to overrule 

 

MICHAEL A. CLARK

 

Following the banking crisis over the Northern Rock Building Society in 2007 and as we expected, prominent European statesmen are now seeking to take advantage of the situation by calling for a new “European Crisis Committee” to take the matter in hand. 

 

Under the guise of protecting the citizens against the “social risk” posed by modern capitalism, a top cast of political figures on the Continent has written an open letter to the European Commission and the EU presidency. It is signed by former premiers and finance ministers from Europe’s socialist bloc. While the initiative comes from the Left, it is in tune with the views of French president, Nicolas Sarkozy and German Chancellor Angela Merkel.

 

Ambrose Evans-Pritchard warned in the Daily Telegraph BUSINESS on May 22, 2008: “The fulminating text is the clearest evidence yet of the mounting drive for an EU-wide ‘super regulator’, which would reduce Britain’s Financial Services Authority to a regional branch – and pose a grave threat to the City of London …

 

“European critics of Anglo-Saxon ‘casino’ capitalism have seized on the credit debacle as a chance to clip the wings of the City and to extend EU jurisdiction deeper into financial affairs – a jealously-guarded domain of EU member states. They know that Britain is unusually vulnerable to pressure after the Northern Rock affair, which exposed grievous shortcomings in the UK regulatory structure.”

 

In 2009 a new single market commissioner will be in place who is almost certain to be someone less sympathetic to London than Charlie McCreevy, the present “Thatcherite” commissioner.  Ambrose Evans-Pritchard observed: “Britain may not have veto power to block unwelcome moves. Proposals under some single market clauses in EU treaty law can be pushed through by a majority vote. Britain can no longer count on Poland as a free market ally, tipping the balance.”

 

However threatening these moves appear now, events may yet overrule the one-world federalizing ambitions of the great EU-Babylon. The headlines of the newspapers in Britain on May 23, 2008, were reading: “YES, THIS IS A REAL CRISIS” and “We face an economic crisis, says minister”. The biggest increase in the oil price for more than 20 years to $135 a barrel means that the average family in Britain faces a £650 increase in petrol and energy bills in 2008. A price of $200 a barrel is thought to be possible within months.

 

The pattern of Divine Time Measures is revealing here. May 18, 2008, marked 20 x 286.1 days (expectancy of displacement) from “Black Wednesday” on Sep 16, 1992, when Britain was forced out of the European ERM monetary system. This event prevented Britain abandoning the pound for the single currency under the euro. Also, May 18, 2008, terminated 8 x 1260 solar days (renewal of tribulation – 1260 often being linked to finance) from May 18, 1980 when the Mt St Helens volcanic eruption took in the United States. The present eruption of the oil price may well spread disrupting economic lava and dust over a wide area of the international financial world.