"He who controls the money supply of a nation controls the nation."
James A. Garfield
The legislation establishing the European Systemic Risk Board (ESRB) came into force on 16th December 2010. From the European Central Bank's website we learn:
"The ESRB is an independent EU body responsible for the macro-prudential oversight of the financial system within the Union. It shall contribute to the prevention or mitigation of systemic risks to financial stability in the Union that arise from developments within the financial system."
It is noted that Mervyn King, Governor of the Bank of England, was elected today as first Vice-Chair of the ESRB by the members of the General Council of the ECB, which raises the question of a potential conflict of interest where Mr. King is concerned.
More importantly, it should be noted that the ESRB is responsible for oversight of the financial system in the Union - note the word 'Union' and not 'Euro'. Slowly, but surely, the United Kingdom is being enmeshed in 'matters euro' and as John Redwood writes, it was ECB worries about the amount they were lending to Irish banks that led to the Irish loan.
"The UK was engaged not in saving Ireland but in helping refinance risks the ECB had entered into."
which slightly contradicts what Cameron and Osborne were telling us, that it was part of a loan being made by other member states to support Ireland.
From John Redwood we also learn:
"On 17th December the Bank of England granted a temporary liquidity facility to the European Central Bank . The Bank of England may provide £10 billion in exchange for Euros to the ECB."
Presumably that £10billion, like the 'additional' £7billion lent to Ireland, will be borrowed?
When a nation is no longer able to manage its financial policies and is subject to control from another, then that nation is no longer a self-governing nation. When a nation loses what is the final vestige of self-government, which is the control of its money, then that surely is the last nail in a nation's coffin.
Is it not finally time that the people of this country were asked about this entire 'EU madness'? It surely must be time to decide 'In or Out'.