+++ A.O./V.V.I. (BBG) Pound Declines as Cameron Hits Obstacles at ‘Brexit’ Summit

Anchor Opinion

The future of the EU is at stake here.

One should not think for a Nanosecond, that this issue concerns only the UK.

I have said this for years:

The EU , as it is, and with the current framework and rules, does not work, and self generates more and more crisis of different nature, as time goes by.

If the UK leaves the EU, the odds are, that several Members States will also leave, or try to leave, and the EU will implode.

There is, in my opinion, no way around it.

The EU is adverse to change, even if, in some cases, the rules are obviously wrong.

It’s best chance to change, and survive, is to accommodate the UK requests, and even go way further in reform.

But I am afraid  I am rather pessimistic on the EU being able to reform itself.

In my opinion, a Union cannot be built from bottom to top, which is the case of the EU.

When a wrong rule is approved, it is almost impossible to change it,  and it stays there doing harm to everybody.

Also there is no balance in the EU, between large Member States and smaller ones.

The EU should, in my opinion again, have an Upper House, a Senate, like in the US, with a equal number of Senators for every Member State, large, or small.

And elected on a uninominal basis.

And the “powers” of the Union versus the States should be clearly defined and not subject to change, unless by referendum across the Member States and with double approval.

One size does not fit all!

And the main  EU Officials should be elected , directly, by popular vote.

And the EU should have a constitutional framework of “Checks and Balances”, just like the US has.

And also the EU should have a Supreme Court, also like the US has.

And with the same rules.

Just copy !

With the obvious changes for Member States that are Kingdoms.

The persons who wrote the Constitution of The United States of America where very intelligent and smart.

They were brilliant !

Do not try to invent something better, because the odds are that it will not be possible.

Do us all a favor…

Just copy !

Francisco (Abouaf) de Curiel Marques Pereira

Here is a summary of the US Constitution:

 Summary of the US Constitution

Summary of the US Constitution ( 1 uscitizenpod.com)

The Preamble

The Preamble lists the reasons that the 13 original colonies separated from their mother country, and became an independent nation.

We the People of the United States, in Order to form a more perfect Union, establish Justice, make good government & laws insure domestic Tranquility, peace in our homes provide for the common defense, national security promote the general Welfare, healthy communities and secure the Blessings of Liberty freedom to ourselves and our Posterity, family & friends do ordain and establish give authority
this Constitution the supreme law of the land for the United States of America.

The Seven Articles of the US Constitution

The Constitution is our plan for government. The Articles of the Constitution talk about the duties of the three main parts of government: the Executive Branch, the Legislative Branch, and the Judicial Branch.

The articles also talk about the separate powers of the Federal and State government, and how to change the Constitution.

Article 1: Legislative Branch: the U.S. Congress makes the laws for the United States. Congress has two parts, called “Houses,” the House of Representatives and the Senate.

Article 2: Executive Branch: the President, Vice-President, Cabinet, and Departments under the Cabinet Secretaries carry out the laws made by Congress.

Article 3: Judicial Branch: the Supreme Court decides court cases according to US Constitution. The courts under the Supreme Court decide criminal and civil court cases according to the correct federal,state, and local laws.

Article 4: States’ powers: States have the power to make and carry out their own laws. State laws that are related to the people and problems of their area. States respect other states laws and work together with other states to fix regional problems.

Article 5: Amendments: The Constitution can be changed. New amendments can be added to the US Constitution with the approval by a two-thirds vote in each house of Congress (67, 281) and three-fourth vote by the states (38).

Article 6: Federal powers: The Constitution and federal laws are higher than state and local laws. All laws must agree with the US Constitution.

Article 7: Ratification: The Constitution was presented to George Washington and the men at the Constitutional Convention on September 17, 1787, Representatives from twelve out of the thirteen original states signed the Constitution. From September 1787 to July 1788, the states meet, talked about
and finally voted to approve the Constitution.

The Twenty-seven Amendments to the US Constitution

1st People have freedom of religion, freedom of speech, freedom of the press, freedom of assembly, and the right to petition the Government. 1791.

2nd People have the right to have a weapon to protect themselves. 1791.

3rd Soldiers cannot take or live in a person’s house. 1791.

4th The government cannot arrest a person or search their property unless there is “probable cause.” 1791.

5th The government must follow the law (due process) before punishing a person. 1791.

6th A person has the right to a fair and speedy trial by a jury. 1791.

7th A person has the right to a jury trial for civil cases. 1791.

8th The government cannot demand excessive bail or fines, or any cruel and unusual punishment. 1791.

9th The Constitution does not include all of the rights of the people and the states. 1791.

10th Any powers that the Constitution does not give to the federal government belong to the states. 1791.

11th Citizens cannot sue states in federal courts. (There are some exceptions). 1795.

12th The President and Vice President are elected on a party ticket. 1804.

13th Slavery is illegal in the United States. 1865.

14th Every person born in the USA is a citizen. An immigrant can become a naturalized citizen. 1868

15th All US male citizens have the right to vote. 1870.

16th Congress can tax income. 1913.

17th The people can elect US Senators. 1913.

18th Alcohol is illegal. (Prohibition). 1919.

19th All US female citizens have the right to vote. 1920.

20th The President is inaugurated in January. Congress begins to meet in January. 1933.

21st Alcohol is legal. Each state can make laws about making, selling, and drinking alcohol. 1933.

22nd The President cannot serve for more than two terms. 1951.

23rd The US Citizens in the District of Columbia have the right to vote for President. 1961.

24th It is illegal to make a citizen pay a voting fee or take a reading test to vote. 1964.

25th If the president dies or cannot serve, the vice-president becomes president. If both die, the Speaker of the House becomes president. 1967.

26th US citizens who are 18 years old or older have the right to vote. 1971.

27th Congress must limit when and how much its members are paid.1992.

(BBG – click to see) The pound fell as David Cameron’s efforts to reach a deal with fellow European leaders over the terms of U.K. membership of the bloc entered a second day after hitting a stumbling block on Thursday.

With talks set to resume Friday, expectations for price swings in the pound against the euro over the next six months climbed to the highest since 2011. While the U.K. prime minister encountered goodwill from his 27 EU counterparts in Brussels, he also ran into resistance from eastern European states over demands for more welfare curbs.

Cameron had been aiming to seal a deal at the discussions, setting him up to announce a referendum as soon as June 23 on his country’s place in the EU. Leaders took “a few steps backward on a U.K. deal,” Italian Prime Minister Matteo Renzi said as the session broke up after 2 a.m. in the Belgian capital. French President Francois Hollande said he would push for financial regulation to apply to all centers in Europe when talks resume.

“It’s likely we’ll still get something that gets us a referendum on this in June but that there will be enough questions within the agreement to encourage the ‘out’ camp,” said Kit Juckes, a global strategist at Societe Generale SA in London. “I can’t imagine it becoming clear who will win, so I’ve got another four months of uncertainty on the currency. Is the market now bearish enough on sterling? My bias is still negative.”

The pound dropped 0.2 percent to $1.4310 as of 10:20 a.m. London time, extending this week’s loss to 1.3 percent. It depreciated less than 0.1 percent to 77.49 pence per euro after reaching 78.98 on Feb. 11, the weakest since December 2014.

Six-month implied volatility for the pound versus the euro, a measure of price swings based on options, touched 12.01 percent, the highest level since October 2011.

With traders already pushing back bets on the timing of a Bank of England interest-rate increase, the prospect of a vote on leaving the world’s largest trading bloc is causing further concern, helping push down the pound against all but one of its Group of 10 peers this year. Even so, U.K. government bonds are 2016’s best performing major securities in Bloomberg World Bond Indexes, while the nation’s stocks are outperforming other major European markets by declining at a slower pace than their peers.

Gilts advanced for a second day on Friday. The 10-year yield dropped three basis points, or 0.03 percentage point, to 1.41 percent. The price of the 2 percent security due in September 2025 rose 0.28, or 2.80 pounds per 1,000-pound face amount, to 105.21.