The 4 Freedoms Library

It takes a nation to protect the nation

Brexit could be a celebration for the City, not its funeral

EU-umbrella.jpg The EU referendum is looming on 23 June Ben Pruchnie/Getty Images

For 53 years, I have been a proud observer and tiny contributor to the evolution of the City of London. 

The capital has grown in stature to become the world’s leading financial centre. It started with a wave of initial public offerings in the Sixties, then the Eurodollar market in the Seventies, the abolition of exchange controls in 1980, Big Bang and the rise of fund management in the late Eighties and culminated in derivative trading and the expansion of hedge funds in the Nineties. 

Yes, London, as a financial centre, temporarily fell from grace in 2008-09 as a result of the banking crisis. But the capital’s economy still contributes around 21.9% of the UK’s Gross Value Added (a measure of the value of goods and services), and the City contributes about 4% of GDP.

If the UK were to leave the EU, do the Treasury, the Bank of England and a few influential banks such as JPMorgan and Goldman Sachs really think the rest of the financial sector will follow these banks up the aircrafts’ gangways and head for Paris or Frankfurt? Some misguided banks may well do, but their absence from London will be temporary. 

London is at the centre of the time zone and English the international trading language. London is also the legal and accounting centre of the world. The infrastructure here to raise capital and finance foreign trade is tried and tested and people from international backgrounds love working here. There are more than 300,000 French people alone working across London. 

Without wishing to cause offence, by comparison, Frankfurt and Paris are financial villages. To build the necessary infrastructure and outsourcing support, would be a 20-year project. One must respect HM Treasury mandarins’ intellect and Bank Governor Mark Carney’s veiled endorsement, but the validity of the former’s forecasts, 14 years in advance, must be called into question. All we hear from the Remain campaign is doom and gloom — no talk of the long-term benefits of being part of that club; just “we cannot afford to be out”. In the event of Brexit, Article 50 — relating to trade agreements — won’t come into play for two years. Nothing will change enabling the UK to negotiate mutually agreeable trade deals across the world.

The EU has been in economic decline for the best part of 15 years. The EU dream has turned into a nightmare. Why would international banks want to leave London and head to the mainland when the EU’s banking sector is hanging in rags, with the sector conceivably requiring a capital injection of €300 billion (£233 billion)? Unshackled from Banking Commissioner Michel Barnier’s labyrinth of EU regulation — some of it irrelevant and guided by quality regulation from the Bank of England, the Prudential Regulation Authority under its  skilful chief executive Sam Woods and the Financial Conduct Authority under the excellent Andrew Bailey — the City will be able to increase its international presence.

Brexit should be a celebration for the City, not a funeral — the start of a brave new world.

David Buik is a market commentator at Panmure Gordon

Tags: Brexit, case, financial, for

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Muslim Terrorism Count

Thousands of Deadly Islamic Terror Attacks Since 9/11

Mission Overview

Most Western societies are based on Secular Democracy, which itself is based on the concept that the open marketplace of ideas leads to the optimum government. Whilst that model has been very successful, it has defects. The 4 Freedoms address 4 of the principal vulnerabilities, and gives corrections to them. 

At the moment, one of the main actors exploiting these defects, is Islam, so this site pays particular attention to that threat.

Islam, operating at the micro and macro levels, is unstoppable by individuals, hence: "It takes a nation to protect the nation". There is not enough time to fight all its attacks, nor to read them nor even to record them. So the members of 4F try to curate a representative subset of these events.

We need to capture this information before it is removed.  The site already contains sufficient information to cover most issues, but our members add further updates when possible.

We hope that free nations will wake up to stop the threat, and force the separation of (Islamic) Church and State. This will also allow moderate Muslims to escape from their totalitarian political system.

The 4 Freedoms

These 4 freedoms are designed to close 4 vulnerabilities in Secular Democracy, by making them SP or Self-Protecting (see Hobbes's first law of nature). But Democracy also requires - in addition to the standard divisions of Executive, Legislature & Judiciary - a fourth body, Protector of the Open Society (POS), to monitor all its vulnerabilities (see also Popper). 
1. SP Freedom of Speech
Any speech is allowed - except that advocating the end of these freedoms
2. SP Freedom of Election
Any party is allowed - except one advocating the end of these freedoms
3. SP Freedom from Voter Importation
Immigration is allowed - except where that changes the political demography (this is electoral fraud)
4. SP Freedom from Debt
The Central Bank is allowed to create debt - except where that debt burden can pass across a generation (25 years).

An additional Freedom from Religion is deducible if the law is applied equally to everyone:

  • Religious and cultural activities are exempt from legal oversight except where they intrude into the public sphere (Res Publica)"

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