“I refuse to join any club that would have me as a member”
Wolf Street, Monday 3rd November 2014
Among the core principles of the EU are the free movement of goods, capital, and people. Britain – or rather the City of London – has benefited more than any other Member State from the free movement of capital. That speck of land within London has become one of the largest and murkiest financial centers in the world. The institutions located there have been involved in nearly every major financial scandal and market rigging scheme discovered over the last few years. It’s so big that the British economy has become dependent on it. Any measures that other Member States suggest that might in anyway reduce the bonuses, wealth, and power of those involved in the Square Mile has (sic) been opposed with religious fervor by successive UK governments.
Angela Merkel threw down the gauntlet. If Cameron insists on quotas to restrict the free movement of people from Member States and limit the number of these folks who want to live and work in the UK, in clear violation of a core principle, well then, according to unnamed sources of the Spiegel, Merkel would end her efforts to keep Britain in the EU and would accept an exit.