European leaders, including Gordon Brown, agreed yesterday that a new regime to tame the excesses of capitalism and regulate the markets should be based on the proposals of a former French central banker, ceding the European Central Bank some authority over the City of London for the first time.
An EU summit devoted to the economic and financial crisis called for new European laws to be enacted before the end of the year establishing a new regulatory system for financial markets, banks, hedge funds and private equity groups.
Reflecting the views of the German and French leaders, Angela Merkel and Nicolas Sarkozy, the summit unanimously declared that the new regime be based on the recent recommendations of a group chaired by Jacques de Larosière, a former French central bank chief, which calls for a "European Systemic Risk Council" with ultimate authority over all financial markets in the EU.
While the British agreed that the French economist's report represented an acceptable basis for drawing up a new system, Gordon Brown stressed "we also need to ensure that supervision is done at a national level".
You fucking delusional moron: do you seriously think that, once the EU has got its hands on The City of London, that it is ever going to release its grip?
The EU has been trying to take control of Frankfurt's only major competitor for fucking decades and now you—you fat incompetent fool—you are about to hand it to them on a plate.
Ahead of the G20 summit being hosted in London by Brown on 2 April, the divergence in views over how to regulate the markets is shifting towards convergence, European leaders made clear.
I am reminded of that Adam Smith quote:
People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice. But though the law cannot hinder people of the same trade from sometimes assembling together, it ought to do nothing to facilitate such assemblies; much less to render them necessary.
I think that we can designate politicians as trademen of the most lazy, capricious and disgusting kind, can we not?
"Markets must be free, but they cannot be values-free," said Brown.
You fucking moron. As I said a little while ago, when you were wittering on in the same vein...
Markets don't have morals, you fucknuts. A market is simply what happens when a collection of entities come together to trade—they do not have morals any more than a coven has morals. The only morals that a market has are the morals of those individuals participating in that market—and they are not homogenous, even though you stinking, corrupt, brain-washing, bastard politicians have been trying to achieve that aim for some time.
You stupid, stupid, stupid cunt.