The Euro has fallen sharply against the pound as a result of a sweeping host of measures from the European Central Bank aimed at stimulating the ailing Eurozone economy. The bank today announced a 10 bps rate cut, aggressive forward guidance, and open ended quantitative easing at €20 billion every month. With panicky measures like this, the last thing the Eurozone needs now is a No Deal Brexit…
A damning report by IMF watchdog the Independent Evaluation Office has slammed a “culture of complacency” in Christine Lagarde’s organisation. Focusing on the IMF’s response to the Eurozone crisis, the report claims that the Fund was riven with “issues of accountability and transparency”, claiming Lagarde and senior management established “small, ad hoc staff task forces” to plan for the possibility of bailouts, rather than holding executive board meetings. The report slams the “lack of board involvement”, with management failing to discuss – sometimes despite direct requests – issues around the unfolding crisis. Preparations made by management lacked “analytical depth, rigor, or specificity”. Most damning of all, however, is the IMF’s “groupthink” and unquestioning links to European policy – particularly their irrational fervour for the Euro. The report concludes:
“At the euro area level, IMF staff’s position was often too close to the official line of European officials, and the IMF lost effectiveness as an independent assessor.”
So much for that independent report, eh Remainers?
This is what Rudd, Mandelson, Straw and the rest of the Remainers really want. Cat out of the bag – that’s a live fat cat, not to be confused with a dead one on the table. This one is running…
Leave message: Stay and we’ll be paying for the Eurozone’s failure.
Remain message: Cameron, Farron, Harman and Bennett united: Leave must make plans clear.
Cut through: Polls changing drastically in Leave’s favour.
Odds: Remain 4/9, Leave between 11/5
Latest poll: Remain 43% (-1), Leave 48% (+1) (ICM, online). Poll of Polls is now Remain 51%, Leave 49%.
Remainers have been trumpeting the letter from eight former U.S. Treasury secretaries arguing that Brexit would leave the UK poorer, more inward looking and threaten the City. But Guido couldn’t help but find some of the signatories’ names familiar, so he decided to take a glance at a few of their CVs:
Henry Paulson: worked at Goldman for twenty years, eventually becoming CEO.
Lawrence Summers: Former Hedge fund partner, and worked as a freelance speaker. Gave six-figure speeches at Goldman and a range of other investment banks.
Robert Rubin:Spent 26 years at Goldman, eventually serving as a member of the board and co-chairman from 1990 to 1992.
Earlier in the week when “Universities UK” said it was essential that the UK stayed in the EU, Guido smelt a rat. Sure enough, they are in the pay of the EU. Dan Hannan has produced this new video showing who gets those €uros. The sock puppets range from the CBI to Friends of the Earth, who then speak up for the gravy train continuing. Quelle surprise….