Irish default looms

With Anglo Irish bank posting an eye-watering record €17.65 billion losses; bank stress tests results due at 17:30pm GMT and a depressed housing market, the economic depression of Ireland is getting far worse.

Voices within the European Central Bank are becoming ever so sceptial of the Irish banking system and are reluctant to keep financing oxygen into, effectively, dead institutions.

“If Ireland does not get meaningful assistance from Europe, sovereign debt default and/or exiting the eurozone would become inevitable,” Friends First economist Jim Power

Irish Independent

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YouGov: Public not happy with Ed

Poll data (from YouGov) regarding the weekends events in London have been released.

“From what you’ve seen of Ed Miliband so far, do you believe he is or Is not up to the job of Labour leader?”

Is up to the job 27%
Is not up to the job 40%
Don’t know 33%

“And thinking more generally about Ed Miliband and his response to protests against cuts to public services, do you think he should do more to support the protests, distance himself more from the protests, or does he get the balance about right?”

He should do more to support the protests 13%
He should distance himself more from the 42%
He gets the balance about right 23%
Don’t know 22%

More worrying, 51% of the public think the Labour party is under the influence (to an extent) by the TUC due to Ed Miliband’s leadership. Including 60% of the Labour party.

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Video: The Problems with First Past the Post Voting Explained

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Liberal Democrats being criticised for being..ermm…liberal

I really do not understand the Daily Telegraph. Seriously, I’ve lost count of the numerous obituaries of Liberal Democrat ministers and the party itself. You’d honestly think the paper had nothing better to write about.

The critiques seems to relate to a common denominator: we are liberal. And the Telegraph despises it. After all, we’ve done a lot that a conservative paper would disagree with:

1. Free schools
2. First £10,000 tax free
3. Market involvement in the health system
4. Supporting Tory plans to end the 50p tax
5. Amending the constitution to prevent powers being transfered to Europe without a referendum
6. Reducing Corporation Tax to 23p
7. The Freedom Bill
8. Restricting the power of the state
9. Cutting the deficit
10. Possible introduction of a Flat Tax.

Majority of the Conservative Party proposals would not have survived the Commons IF it was not for Liberal support. Surely the editors of the Telegraph adore the prospect of a coalition made up of Tories and market liberals? The country is benefiting from a centre-right and centre realignment of British politics.

Under this coalition we are becoming a traditional liberal party, standing for the values of Gladstone himself. Thatcher once said the great liberal statesmen would be a Conservative, if he was alive today. Well, I have to object to that now. Gladstone would certainly be standing along side Nick Clegg.

But as my mother always says, you can’t please everyone….

 

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Miliband’s bizzare claim at Q&A

Ed Miliband suggested the deficit now is MUCH lower than the one Labour inherited in 1997.

Facts:

Budget deficit in 1997 was £15 billion.

Budget deficit in 2010 was £152 billion.

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Labour’s biggest problem

With Ed Miliband preparing to give a speech to an anti-cuts rally (even though he publicly said Labour would be doing the same, if they were in government) his world has a few problems. Recent Sun/YouGov polls recorded near 70% of the British public believe the cuts are necessary and only 29% trust Labour to make the correct decisions on tackling the deficit.

Another item of interest; if the coalition is ‘causing the country too much pain’ then how come Labour’s poll lead is only 4%? – well within the margin of error. His advisors are reluctant, or are deliberately nonchalant, on leadership ratings – Cameron and Clegg both out perform Miliband.

Ed is disliked more than Gordon Brown ever was (recent poll: 59% disliked Ed Miliband)

So, what is Labour’s response? Simple. Ignore it. Pretend the problems do not exist. A few senior figures have spoken out (off the record to the press) of a deep anxiety that Labour is lacking credibility on the economy and playing directly into the coalitions hand by drifting to the left.

Ed Balls grotesque display in Parliament yesterday highlighted the true essence of the Labour strategy: pray everything goes wrong.

2015 could be another bloodbath for Labour and for three reasons:

1. Being profoundly mistrusted on public finances
2. Opposing all cuts mindlessly but building no credible alternative/viable narrative
3. Balls was absolutely a key architect of the mess

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A secret Liberal Democrat?

George Obsorne should be declared the patron saint of the Orange Bookers. He is responsible for introducing liberal style taxation by reducing the tax burden of the poorest and hitting oil companies and banks; resulting in a much fairer system. One must assume that George has been reading The Orange Book.

To his credit, the Chancellor has gone much further than any Liberal Democrats would’ve dreamed (and Tories, too) by constructing what some call a ‘progressive’ tax system – based on consumption, not income.

By involving the markets in public services, we are within inches of achieving every market liberals dream of a productive public sector. But I grant you, we need to reduce public spending even more to fully achieve it (we’ll be spending £700 billion at the end of the Parliament. We cannot afford it.)

This is only the beginning and the road is very long. But George has given us hope.

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The day Ed’s leadership died

RT @GuidoFawkes: Labour Press office sent out @EdMilibandMP response speech to #Budget at 1.37pm. written before he heard speech.

(source: The Sun)

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The ‘Blairite’ Parliament yesterday

A strange air was over the Parliamentary debate about military action on Libya. Cameron, who once wrote a critique on neo-conservatism, spoke mellifluously on the subject of intervention and defending British interests aboard. The Project for A New American Century advocated such stance on foreign affairs.

The Leader of Her Majesty’s Loyal Opposition, Ed Miliband, defending the Right To Protect under the United Nations Charter and justified military action, in order to defend and promote freedom of the individual. More surprisingly, Sir Ming Campbell made reference to Blair’s infamous Chicago speech to morally argue our duty to use hard power as a potential force for good.

No one wanted to admit to one potent fact; Blair’s liberal interventionism is admirable and agreeable in its most purist form. But Tony’s position as the avatar for it means no sensible politician will publicly admit support. That is why we saw lukewarm and coded, cryptic and subtle references during the debate.

Regime change is the main principle of the Libyan conflict; the no-fly zone is only a means or product to achieve a greater goal. Targeted assassination is controversial, and arguably illegal, under international law. But if an opportunity arises the coalition would ‘take the shot.’

This is similar to Iraq in all but an invasion and occupation.

Blair might be a great antagonist and a divisive character, but all three leaders of our main political parties see him as a ‘master.’ Even Nick Clegg, during his trip to America, confessed to Good Morning America that he agreed with Blair on “many things.” None of them questioned what he did as Prime Minister – it was the means he did it, that they objected to. And foreign affairs is a prime example.

Nick Clegg said Libya is not another Iraq and that is why he supports it. Translation: If Blair got authority from the United Nations I would have supported military action against Iraq. So would’ve Ed Miliband, too.

Yesterday was an endorsement of Blair’s final public speech before ceasing to be Prime Minister of the United Kingdom of Great Britain and Northern Ireland. Britain had to be able, and ready, to use military force in order to defend and maintain her position as a world power. Only 13 MPs voted against that yesterday; the rest rapturously applauded it and Tony Blair.

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Jingoistic nature of the British press

The headline in The Sun this morning:

I do conclude, and acknowledge, The Sun is quite enthusiastic and nationalistic on foreign affairs and gives passionate support to the forces in general. However, let us not romantise the arena of war.

We are intervening in Libya to prevent a genocide and liberate the country from a bloodthirsty tyrant; Great Britain is not there to celebrate a body count or take pleasure in turning cities into rubble. Careful consideration is needed in headlines from the media because we don’t want our adversaries using these front pages as propaganda. There is nothing enjoyable about obliterating a part of Northern Africa and the press should suggest there is.

After all, FOXNews is praising Liam Fox for, and I quote, ‘leveling four floors‘ at Gaddafi’s compound and are disgusted by Obama’s lack of desire to do the same. According to our American partners in the media, Britain and France are showing a level of courage by going after anyone in the regime. Dangerously, Britain’s participation could be considered revenge if we’re going out of the permit of the UN resolution and targeting anyone linked to Gaddafi. The Prime Minister made the effort to highlight Lockerbie and the financing of the Provisional IRA as significant reasons for British military action. But was it really wise to appeal to people’s emotions and anxiety to justify war?

There were even a minority who advocate the targeting of the Lockerbie bomber and all those involved during these air strikes. Revenge should not be the face to paint the military operation.

And, by the way, don’t get me started on The Empire Strikes Back narrative used by a Daily Telegraph columnist. Utterly, utterly odious and facetious. If this is how mature the press are, when reporting on war, then God help us all if World War III ever breaks out.

If I was Cameron, I’d feel rather uncomfortable by sections of the press this morning.

(Image source: The Sun and Skynews.com)

 

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