ECB Turns on QE Taps at an Open Ended €20 Billion Every Month

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…

Watchdog Slams IMF’s Complacency, Lack of Transparency and EU Groupthink

lagarde-trial

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?

Heseltine: UK Will Join Euro if We Remain

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…

Campaign Report: 17 Days to Go

nathalie bennett bse bus

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.

Leave social media count: 456,041 likes, 51,907 followers.

Remain social media count: 456,247 likes, 34,318 followers.

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%.

Goldman Alumni Back Remain

Goldman

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.

Unsurprisingly the Remain camp decided to go with “former Treasury secretaries” rather than “former Goldman big-shots” for the headline…

EU Sock Puppets Revealed

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….

Guy Verhofstadt Tells Syriza’s Alexis Tsipras What To Do

Guido has many times enjoyed Nigel Farage giving Guy Verhofstadt a tongue lashing. This time liberal Guy is the one doing the venting, demanding that Syriza implement actual reforms rather than just pay lip-service to them. Verhofstadt in “talking sense shocker”…

Who Is Tony Blair Trying to Kid?

Tony Blair, November 2014:

“And it was perfectly clear when it was taking shape in the late 1990s that countries were being pulled into it altogether on the basis of political will and that was always going to be risky.”

Tony Blair, June 1998:

“The decision to launch the single currency is the first step and marks the turning point for Europe, marks stability and growth and is crucial to high levels of growth and employment.”

Why bother?

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Quote of the Day

Peter Mandelson tells Emma Barnett…

“I think that Jeremy Corbyn himself should search his conscience and ask himself whether he’s the best person to lead the Labour Party into the general election with the best chance of success for the party.”

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