Those who argued that EU membership brings this country prosperity need to observe the part the EU’s love affair with banks played in the 2008 Recession.
The 2008 Recession and the Brexit vote this year are inextricably linked. When Gove was busy trashing the experts like JP Morgan who argued we should stay in the EU, it turns out there is a reason why these big banks wanted us to stay in the EU. And if this referendum took place ten years earlier, at a time when different banks were respected among people, we probably would have listened to their warnings about leaving the EU. But we won’t now. And here’s why they don’t deserve your ear ever again in regards to EU membership.
The EU’s love affair with financial institutions with financial institutions is apparent. These organisations spend 123,000,000 euros a year when lobbying the EU compared to NGOs, trade unions and consumer organisations who only spend 4,000,000 euros a year together to lobby the EU. What’s worse is that 70% of all advisors in the EU Commission’s expert groups had direct ties with the financial industry.
Let’s take the example of Deutsche Bank to show how much influence these organisations have over the EU. Deutsche Bank has a large network of lobbying in the EU. They are linked to numerous EU and international federations that include CityUK, the European Financial Services Roundtable, and the European Banking Federation. They pay Afore Consulting to lobby the EU for them, which means with their huge influence over these organisations, they can effectively lobby EU institutions to draft legislation which favours them. This is what they did before 2008 and continue to do today.
It is no wonder the likes of JP Morgan and Goldman Sachs wanted us to stay in the EU. It’s true what they say when these organisations have a special interest in the EU. Goldman Sachs has links with two, not one, consulting companies in the EU, Kreab Gavin Anderson and Afore Consulting. Both lobbying groups respectively spend 1,675,000 euros and 2,175,000 euros to lobby EU institutions.
JP Morgan has links to the lobbying group Fleishmann-Hillard, which spends 4,900,000 euros on lobbying EU institutions. This is the same lobbying group Barclays and HSBC also depend on to lobby EU institutions. Considering banks like JP Morgan and Goldman Sachs helped cause the 2008 Recession, it is alarming that they had so much influence over EU legislation before 2008, and still do to this day.
For all of those Remainers who blamed Brexit on dumb ‘Middle Englanders’ who fail to understand the ‘benefits’ EU membership ‘delivers to Britain’, if you listen to many of their arguments, there is a considerable amount of truth amongst what these people are saying. The only ones who prosper from the EU are those with money, and that is true.
Because the EU has become too big in size, it has proven ineffective at dealing with the 2008 Recession. Not only has the EU refused to stop meeting with lobbyists for big banks, they have failed to make the EU’s Transparency Register compulsory for all those banks that lobby EU institutions. The ALTER-EU Civil Society Coalition produced a report in June 2013 suggesting that 100 companies are not registered on the Transparency Register. Big government is a poor remedy to solving big problems, and that is why an institution like the EU will eventually fail to manage this crisis altogether.
Brexit has been a significant shock that the establishment in Britain needs. The brilliant documentary that was released on BBC Two this week called ‘Brexit: Battle for Britain’ accurately displays why, despite the fact that our economy is growing again after years of recession, many working-class people are not benefiting from the proceeds of growth.
Many Britons have done the right thing voting for Brexit in response to the 2008 Recession. The EU has been at the whim of the big banks for far too long. Their persistent lobbying of a gigantic organisation that is failing to respond to the 2008 Recession’s aftermath helped cause the recession in the first place. Millions of Britons have suffered as a result of the bankers’ relationship with the EU that allowed JP Morgan and Goldman Sachs to cause this recession in the first place.
It has been nearly ten years since the 2008 Recession, and the EU shows no signs of ending this love affair with banks. With Britain leaving the EU and Italy due to fall next, it is little wonder countries want to take matters into their own hands and escape the EU’s incompetence before they help contribute towards another global recession.