Via British taxpayers ordered to bail out euro – Telegraph:

All 27 EU finance ministers have been summoned to Brussels on Sunday to sign up to a “European stabilisation mechanism. Britain will be unable to veto this as it will be put through under the “qualified majority voting” system.

And the mandate for a Labour Chancellor to sign up to this is what?

Interested readers may wish to see The Cobden Centre’s posts on Greece and my serialisation of The Theory of Money and Credit (start at the bottom of the page). Also my precis of Huerta de Soto’s explanation of the fundamental problem.

Update: you may enjoy my other economics posts and in particular Eamonn Butler’s Mises Primer published by the IEA with a foreword by yours truly.

Via the Guardian: Alistair Darling rules out British support for euro


  1. Would someone please articulate the value to the British economy from being a member of the EU?

    I certailny see what are costs are.

    We want a referendum in/out of Europe. Those pro Europe could then articulate their points and the people would have their say.

  2. As probably the only Conservative who has read Mises ‘Theory of Money and Credit’ are you also familiar with ‘Atlas Shrugged’ or ‘Capitalism the Unknown Ideal’ by Ayn Rand?

  3. Unfortunately, a Tory administration would have to “sign up” to this too, since it has been passed by QMV. We don’t have an option of “signing up”. The Lisbon Treaty is when we signed up.

    So, it’s all very well complaining, but really Mr Brown and his Darling didn’t go to negotiate, they went to be told what to do. And the same is going to happen to Mr Cameron, if he becomes Prime Minister.

    Should not an issue such as this be used as a justification for an in/out referendum? The Lisbon Treaty was passed in defiance of manifesto commitments from all the parties. Now we are starting to see its consequences in action- consequences warned of by EUphobes that were dismissed as scaremongering by the ‘philes.

    We’ve been done up like a kipper. The Tories are going to have to finally confront the EU issue head on and give the people a choice. And the Liberals, the coalition partners, called for an In/Out referendum at the time of Lisbon, did they not? So let’s have one then.