'Cameron should have rejected and backed Brexit. Me too,' Mr Ferguson wrote on Twitter today.
He also wrote: 'EU failures: 1 Monetary union 2 Foreign policy (MENA, Ukraine) 3 Migration policy 4 Radical Islam policy. EU deserved Brexit.'
Mr Ferguson added: 'My mistake was uncritically defending Cameron and Osborne instead of listening to people in pubs. Issue was not GDP but future migration.'
This is what the Remainers don't get it... controls over migration are critical to our future security and a small hit to our GBP (if that actually happens) is a price worth paying.
Mr Codogno said the fond hopes of investors will be dashed soon enough. "It is wishful thinking. The banks still have to abide by EU state aid rules and that means a bail-in," he said.
The dominoes will fall, and each one will cause a political storm. Some savers duped into buying junior bank bonds may be reimbursed one day: first they will suffer. Those who bought through pension or mutual funds will get nothing.
The corrosive effect will eat away at the credibility of Italian political order. Any attempt to put off the vote of reckoning until 2018 by recourse to a technocrat government - under the fourth unelected Italian premier in a row - risks feeding the mood of insurrection. And Italians have learned by now that the EU is the villain in this saga.
Ambrose latest. Italy is edging closer to an outright rebellion against Brussels.
Peace always has been and always will be an intermittent flash of light in a dark history of warfare, violence, and destruction
I experience pleasure and pains, and pursue goals in service of them, so I cannot reasonably deny the right of other sentient agents to do the same - Steven Pinker
Kurt Cobb wrote: The reason is simple. The Italian government is hard pressed for revenue which is paid in Euros, a currency which the government does not control and therefore cannot create more of.
The tax credit scheme gets around this inconvenience. But it also makes possible a far more interesting possibility. As the writer of the linked piece points out, what if instead of making book entries in a taxpayer’s account, the Italian government issued paper tax credit certificates that could be used to pay taxes?
At first this seems unimportant unless one imagines that everyone who is doing work for the government receives tax credits in the form of paper tax credit certificates. Furthermore, what if those certificates were available in convenient denominations much like paper Euros? Since most Italians have taxes to pay, these certificates could be traded for goods at the local grocery store which also has taxes to pay. And the grocery store could pay its suppliers in certificates because they too have taxes to pay and so on.
Raises a lot of interesting questions although I strongly suspect the ECB (European Central Bank not the England Cricket Board!) will move to stamp out such activities.
A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools - Douglas Adams.
kenneal - lagger wrote:Then there's the rise of crypto currencies and local currencies as in the Totnes and other local pounds.
I wish. There aren't enough!
I experience pleasure and pains, and pursue goals in service of them, so I cannot reasonably deny the right of other sentient agents to do the same - Steven Pinker
A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools - Douglas Adams.
