Gail (15 Nov 2011)
"The Dominos are falling. Elections and Protectionism go hand-n-hand"


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In Possible Electoral Suicide France Gets More Austerity.

The French government is going all out to preserve France's AAA bond rating. It might ensure its electoral defeat.  Nov.11, 2011

The French president is up for reelection in half a year and he is leading up to the campaign with austerity measures.

Therefore the AAA rating awarded French debt has become the French financial Verdun position that must be held at all costs. If the AAA rating is breached, it will probably constitute the coup de grace to the French president's hopes for reelection. The government is counting on the maturity of the French voter in accepting the bitter medicine:

“We have only one goal: to protect the French people from the serious difficulties that many European countries are now facing. Our citizens are now aware of the risks to our livelihoods and futures caused by deficits and debt.”  

Lucky for Obama, U.K.'s Cameron Is Embracing Austerity First  7/10/10  

With the threat of a double-dip recession looming, both the U.S. and the U.K. are talking fiscal austerity. The good news for Obama is that Cameron is cutting first.

If his nerve holds, Cameron is about to embark upon an unprecedented experiment. He has told government departments to brace for spending cuts of as much as 40 percent as he seeks to shrink both the U.K.'s record budget deficit and a public sector that now accounts for nearly 20 percent of all U.K. jobs.

U.K. government employees, long willing to accept lower wages in return for job security and lucrative pensions, are horrified at the ax heading their way. The Office for Budget Responsibility, a unit created by Cameron to give spin-free assessments of the economy, is predicting 610,000 job cuts in the public sector during the next five years—11 percent of the total public workforce. That would leave 4.92 million workers on the government payroll out of a total of 30 million employed Britons.

 

With so many job cuts and higher taxation, does UK Prime Minister David Cameron fulfill the passage in Daniel -

Daniel 11:20

Then shall stand up in his estate a raiser of taxes in the glory of the kingdom: but within few days he shall be destroyed, neither in anger, nor in battle.  

Remember what comes next...

Daniel 11:21

And in his estate shall stand up a vile person, to whom they shall not give the honour of the kingdom: but he shall come in peaceably, and obtain the kingdom by flatteries. 

 

The path Cameron is charting is arduous, and public opposition is likely to become very intense.

Fate of euro is in the balance, warns Cameron as Coalition plans for 'Armageddon’ Nov.11, 2011

David Cameron warned yesterday that the “moment of truth is approaching” over the future of the euro in the wake of the Italian economic crisis.

David Cameron said
                                          Britain was 'contingency
                                          planning' for a possible break
                                          up of the eurozone
David Cameron said Britain was 'contingency planning' for a possible break up of the eurozone. 
 
I posted before, the Mark of the Beast comes out of the UK, the home of the AntiMessiah, where the Vile Person will emerge.
Vile - morally despicable, intellectually dishonest.

RBS investment bank to shrink as EU debt woes hit Q3

RBS the Royal Bank of Scotland, 83 percent-owned by the UK government after it was bailed out during the 2008 financial crisis, said on Friday it expects a tough fourth quarter after it took a further hit on its Greek government bonds and sold most of its Italian bonds.
"What Prime Minister David Cameron is focused on is ensuring that we protect the UK economy from the global economic storm. By taking the action we have taken, and in particular having a credible plan for reducing our deficit and getting a grip on our debts, we have been able to ensure that the UK has been seen as a safe haven in the markets."

The "safe haven" comment points to the fact that the UK's bonds yields are hovering at all-time lows, showing the high level of confidence in the country's ability to pay its debts.

 

Cameron Can ‘Absolutely’ Stop RBS’s Reported $800 Million of Bank Bonuses

U.K. Prime Minister David Cameron said he can stop Royal Bank of Scotland Group Plc (RBS) from paying a reported 500 million pounds ($800 million) in bonuses to investment bankers this year.
RBS was rescued by the U.K. government in 2008 and is now 83 percent state-owned. Lloyds Banking Group Plc (LLOY), which was rescued at the same time, is 41 percent state-owned. The government has tried to manage both at arm’s length, with a view to privatizing them again when the market recovers. The issue of large bonus payments to traders at bailed-out banks has strained that policy.

IATA CEO: EU's ETS is a 'hornet's nest' that needs to be resolved  November 3, 2011

The EU has "stirred up a hornet's nest" by insisting it will move forward with the inclusion of aviation in its Emissions Trading Scheme (ETS) starting Jan.1, 2012.

What will Obama do?

Protect U.S. jobs inlight of Re-election hopes.

The Trade War is ON.

Mid-Point - March 21st 2013

God Bless,

Gail