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Memo to Michael Gove: praise Bank of England Governor Mark Carney… …indeed, praise him to high heaven. And then when (if) you become Prime Minister, make your first order of business to knife the idiot and fire him.
Get rid of any REMAIN supporter in sensitive jobs, and the sooner you do it, the quicker the new order becomes the new orthodoxy. Anyone who was a party to Project Fear must go!
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That clear out must include the BBC as well.
What worries me about Gove is that he’s still very close to Osborne and the Cameroons, and he may lack the balls to do this. (Not that May will be any better, she’ll be worse).
You might say, he must have balls, look at the way he dropped Boris. But he only had to drop him in that way because he lacked balls before. He should never have let things come to this.
This is why the fight over Dominic Cummings — Johnson wants him out — is so important. Cummings is a mad dog, and provides Gove with backbone. Without Cummings Gove will be much more ineffectual.
It would be wholly mischievous to dismiss Mr Carney on the basis that he is ‘taking’ a job that could be done by an EEA national.
If there’s a mass exodus from the E.U. what happens to the ECB and the debts on it’s books?
Regional, the ECB rules insist that sovereign debt is risk-free. I imagine reality will disagree. Outcome thoughts:
1) The EU budget net contributor countries will say they’ve already paid (more than) their share. The EU debtor countries will swear they cannot pay (and won’t pay). Those unwise enough to have lent to the ECB will become skinheads – perhaps politically but certainly financially.
2) The debt, denominated in euros, will become easy to “pay” as country after country readopts its prior currency and the euro becomes worthless. Some scheme will allow most voters to preserve the value of their modest savings but those foolish enough to have saved more than the cut-off and hold it in euros will learn to wear their hair short. Overall, this outcome is not so different from (1).
These are thoughts, not rigorously-analysed confident predictions. Anyone have thoughts on them?
Praising that man-of-folly Mark Carney was one of the things that cost Boris Johnson support.
If Mr Gove wants to win – he should not praise the wild antics of Mark Carney the Credit Bubble man.
Let us see who comes in as the opponent of Mrs May.
Michael Gove or Andrea Leadsom.
I would back either – as I do not want Mrs May to win.
However, Mr Gove is said to be a friend of Mr Osborne.
And that is not good.
Niall: a few thoughts off the top of my head, i might see things differently tomorrow morning.
I thought that it is Basel II that allows banks to make that insane assumption.
I expect one of 3 small countries: the Netherlands, Austria, or Finland, to lead the rebellion; because they have to pay without having much of a say in the terms, while Germany does have a say.
Re-denominating the public debt is sovereign default by another name; but the euro does not necessarily become worthless: i’d think it would become more solid if the dead branches are chopped off.
Niall, keeping my Bitcoins well protected. 🙂
“We should forgive our enemies, but not before they are hanged”. ― Heinrich Heine
Tcobb, that quote is going into my collection! Thanks.
Praising Mark Carney is a good way of alienating ordinary Conservative Party members.
Remember most ordinary Conservative Party members are savers rather than borrowers.
Most ordinary Conservative Party members hate the low interest rate policy in general – and Mark Carney in particular.
Perhaps you misunderstand the point of praising Carney at this point: to get support from a few Grandees. No one really even gets into the race unless a critical mass of the nobs tut approvingly in their direction. Carney can subsequently rewarded by being sent off to the Falkland Islands with penguin pheromones added to his shampoo by MI5.