Saturday, 17 December 2011

Agincourt, An Anglo French Stoush

I love this speech.

25th October 1415, Seventy Eight years after the Hundred Years War started, where peasant English archers defeated French Knights in full armour on destriers.

So now we have the French getting feisty again. What are the British doing, being part of this cabal of clowns? The British are in deep poo but they have their own currency and can dump these clowns.

Britain's fiscal position is worse than France's BUT they don't need to join France in shitter's ditch shackled to the PIIGS.

I love France, its history and the French. I love how THEY (Naval blockade and superior land forces) not the Colonial Army defeated Cornwallis at Yorktown to give America its  freedom. The food, the people, magnifique!

Its not about France or the French, its about citizens surrendering their democratic rights to a banking cabal that runs the governments, and, in that aspect I salute Mr Cameron and Britain.

The British have their own currency and can dig themselves out of the shit as they have in the past, or they may not, but at least they have not surrendered sovereignty to a banking cabal.

French leaders declare a war of words on Britain 

Christian Noyer, the governor of the Bank of France, said that Britain faced larger national debts, higher inflation and slower growth than France.
Fran├žois Baroin, the finance minister, said Britain was “marginalised” and faced “a very difficult economic situation” because of Coalition policies.
The blunt remarks are the latest sign of Anglo-French tension following David Cameron’s refusal last week to back a new European treaty drawn up in response to the eurozone crisis.
George Osborne, the Chancellor, also provoked anger in France recently by suggesting it could be the next eurozone economy to experience a debt crisis. France and Germany want a new treaty to create a “fiscal union” of eurozone members, to control their deficits and reassure the markets.
Mr Baroin told the French parliament that the pact had been backed by every country in Europe, “with the singular, now solitary, exception of Great Britain, which history will remember as marginalised”. 

Ouch, a white glove with a feather inside.

The interest rate – or yield – on British government bonds is around 2.2 per cent. The French rate is around 3.2 per cent

No 10 said: “We have put in place a credible plan for dealing with our deficit and the credibility of that plan can be seen in what has happened to yields in this country.”

Senior British sources said French leaders were so panicked by the prospect of losing their AAA credit rating that they were trying to spread confusion by undermining the economic reputations of other nations. 

One government source said: “It’s so obvious what they are up to. They are in a completely different place to us. Where do you hide a tree? In a wood.”

David Ruffley, a Conservative member of the Treasury select committee, criticised the remarks. “This is another example of Gallic self-delusion on an epic scale,” he said. “They are tied to a currency that could become a basket case at any moment.”

Fitch warned of a downgrade France last night.
France’s AAA Outlook Cut as Fitch Reviews Italy, Spain Ratings

Whats funny is that the French are in debt to British banks, who have maximum French exposure. Interesting times.


  1. As i've tried to explain to some of my friends, it's a big ole house of cards. Once the debt starts to unwind, it will build momentum and nothing will stop it. That's why they're trying to stop it so desperately before it gets any momentum.

    I doubt they can do it, but we'll see soon enough.

    One thing they don't note in that table though is US exposure. It's not insignificant...

    And then Kyle Bass is worried about Japan.

    Some people will write some interesting books about this when it's done, and we'll all think "it was fairly obvious it wasn't going to work, why did we continue to think it would all be okay?".

  2. You may be interested in this

    Does this mean US fund managers can go crazy speculating now? Hedge funds? Interesting...

    is it he opposite of a what we need?

    I wonder if will affect surplus?

    . . .

  3. (Mobile site looks good btw)