Referendum on EU but not bankers bonuses

Right Wing politicians are fighting for a referendum on our membership of the EU. The annual Net cost of the EU to the UK is roughly the same as the annual amount paid by UK banks in banker’s bonuses. I wonder why those Right Wing politicians don’t fight for a referendum on banker’s bonuses??


Maybe the Europhobes want to draw attention away from the possibility that we have little to fear from the EU and everything to fear from the way we have given up sovereignty over our affairs to corporate power and finance. The current inability of the Eurozone countries to sort out the mess made by the banks seems more to do with national governments (Germany and France) and their leaders and little to do with the EU.

Had the EU been the strong monolithic central organisation of the Europhobic myths, the Eurozone would have been set up with the required regulatory powers to prevent abuse. Instead, individual national governments intervened and we got a Eurozone where, again, individual countries like Ireland, Portugal, Spain, and Greece could, with the complicity and encouragement of the banks, flaunt the rules and base an economic boom on the inflation of land and property prices. In the case of Greece a corrupt system led the country to a disaster where ordinary people are expected to suffer the consequences while the elite take the opportunity to buy up government assets (i.e. the assets of the citizens) at rock bottom prices.

All the above also takes our mind off the first and foremost reason for the crisis that we are in.  i.e the deregulation of financial services started in the eighties which led to the banks thinking of money making scams like selling mortgages to people who did not have a hope of repaying them and then creating  mortgage-backed securities filled with loans they knew were going to fail so that they could sell them to  clients who were not aware that the bank sabotaged it by intentionally picking the misleadingly rated loans most likely to be defaulted upon.

The failings of our banks and national politicians make the failings of the EU fade into insignificance.

It is staggeringly incomprehensible that politicians are wasting time ranting on about a referendum to leave the EU at a time when the government should be actively involved in trying to solve the economic crisis. If the Eurozone goes down so do we.  We are on the verge of disaster. We desperately need politicians with the wisdom to ditch ideology and concentrate on working for the national and international good through rational, reasoned, evidence based action.   Where are they??

Please let me know if you think I have been inaccurate, unfair or my logic is at fault. Just use the comments box/link.

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