One of the most popular energy and economic blogs in Ireland
We can see that the British Government called the referendum with no plan B in the event of an exit vote. There is a rump of EU remainers in the Labour party and the Tory party. We can see economic stagnation, migrant crises, unemployment. excessive regulation in the remainder of the EU. There will be votes in Hungry and Austria on October 2nd which may lead to a cascade of similar votes. My theory is that the EU has evolved into an extension of socialism ingrained from communist times. I thought the communist eastern European experience would have lead to moves to follow English speaking freedom values. But apparently not. The renewable energy and climate hysteria are just manifestations on the desire to assert government control in the guise of the public good. Democracy keeps knawing away state control by ousting the controllers. The EU had overcome that problem by creating a leadership which cannot be removed by voters. Faced with that prospect, voters vote to leave altogether. It is my opinion that the UK will either completely break free of the EU, if it does it will recover its fish and the economy will boom. If it rows back and tries to defeat the will of the people, there will be trouble and no economic up turn and no recovery of fish. I wish someone could tell me how China managed to gain free access to the UK for dumped steel. The answer is through corruption and the fact that China is a communist state, there is massive sympathy in the EU government for its political way
A very strange thing is happening in the world. Money is a store of value, traditionally it was earned, borrowed and loaned with finance Ministers and regulators staying awake at night worrying about the correct interest rates to apply. Recently we are seeing depositors being changed interest to have their money stored in banks on deposit. Logistically if depositors have to pay to put their money in, borrowers should be paid to borrow it. Borrowers could make money by borrowing cash, storing it for a year and return it receiving interest. My only explanation is that the world is living off a massive mountain of credit. (non-existing value). The cash dispensing machine has become the mainstay of society. As crazy lending policies like negative interest rates unfold they reveal an inherent weakness. There is no value in money. Money cannot earn money and the reason to work and to provide services is absent. The cash dispensing machines could dry up. Those with money won't be able to get it out of banks and those relying on credit won't get any more. The average person cannot provide any of their daily needs directly, but rely exclusively on others to provide them. Add to this a crazy energy policy and a punishing tax on carbon emissions required to produce basic and discretionary needs and something has to give way. Farmers unable to get paid for their products may find the town folk coming to take them by force. Is private and public credit just putting off the evil day which will arrive with a bang? The lunatics are running the asylum.