In a lingering, floundering spirit of ecumenical olive branches re Brexit, I offer the above as another attempt to persuade the Left Remains that yes, it is possible to discern Leave lies too. But that one was cooked up by Newscorp: and whereas the Brussels Sprouts are merely pompous chocolate soldiers with delusions of grandeur, Newscorp doesn’t need to fantasise about power….as yesterday’s events showed, it still runs pretty much everything in Cruel Britannia. This judgement does not, however, stop me from pointing out that EU and HSBC coverups are just as wicked as big fat fibs
Here, for example, is something that the Dutch hairdressing salon magnate Jeroen Dijsselbloem didn’t want to talk about before June 23rd:
Once again, Drivelboom has hit the nail into the head here: Jereboam was a great coffin nail hitter during the Greek campaign, and so he knows about these things. The eurozone needs a specific solution, and that means talking about banks in Italy. He tells us that Italy must accept his bailin template, which is rather like f**kwitted courtiers telling Canute to roll the waves back.
What this means is that Drizzlebong scored 100% on ‘specific’ at the press conference, but 0% on the solution thing. During the UK referendum on the EU, he said nothing. (Draghi said once that steps were being taken, but he thinks he got away with it.)
And so on to Omission Impossible – Deutsche Bank.
Miles above anything Brexit might trigger – or even Italy, where Mario Ponzi can fairly easily keep the balls-up in the air – is Deutsche Bank. The bank’s solution has been to yell “Rubbish!” in a less than convincing manner for nearly five years, but now the management has changed tack: the strategy going forward is to distract attention by talking about answers to the Italian problem – see above.
In its latest Focus Europe note, DB’s chief economist Mark Wall puts forward a six-step plan he believes will help the EU come out the other side of the Italian Job in one piece. But Mr Wall is deficient re the problem with his own institution.
This morning the German bank hired Ben Adubi to join its sovereign, supranational and agency syndicate team. His appointment will be effective from September 5th. What difference that might make is anyone’s guess, but Silver Doctors’ Jim Willie opined four days ago that “it has three months at most before it collapses, and then it’ll be like Lehman times five”. I don’t have a single Wall Street or City contact that disagrees with him.
Did anyone in the Remain team either here or in the EU ever call the inevitable demise of DB “five times any Brexit”? They did not.
The only consideration that was put forward of any substance by the Western media today was that Theresa May’s ‘Brexit-lite’ approach “would be welcomed by the markets”. When DB + Italy hits the fan, I expect these same idiots will want Brexit-heavy.
When that time arrives, who will want to rake over who said what in the referendum campaign? Attention will turn away from all that, to one of reducing the euro’s value to toilet paper, and how to take advantage of that while keeping an eye on when falling dominos in the European banking theatre (including the UK). It will mean overnight bailins. In that moment, Forex rates will become a relatively minor consideration.
Another day, another Dollar.