Mike Shedlock

It is disgusting to see UK Prime Minister David Cameron all but throw away the victory he achieved when he vetoed the Merkozy treaty.

Please consider these sniveling, apologetic snips from the New York Times article Cameron Says His Veto on Europe Treaty Protects Britain

Mr. Cameron, a Conservative, seemed at pains to offer soothing words to those afraid that he had so alienated his European allies that Britain was bound to leave the European Union altogether.

“Britain remains a full member of the E.U., and the events of the last week do nothing to change that,” Mr. Cameron said. “Our membership of the E.U. is vital to our national interest. We are a trading nation, and we need the single market for trade, investment and jobs.”

Olli Rehn, the European commissioner for economic and monetary affairs, said Britain could hardly wall off its financial industry, the bustling City of London. “I regret very much that the United Kingdom was not willing to join the new fiscal compact, as much for the sake of Europe and its crisis response as for the sake of British citizens and their perspectives,” Mr. Rehn said. “We want a strong and constructive Britain in Europe, and we want Britain to be at the center of Europe, and not on the sidelines. If this move was intended to prevent bankers and financial corporations in the City from being regulated, that is not going to happen.”

Mr. Rehn also offered a reminder that Britain had approved “the six-pack of new rules tightening fiscal and economic surveillance” that goes into force on Tuesday. “The U.K.’s excessive deficit and debt will be the subject of surveillance like other member states,” he said, “even if the enforcement mechanism mostly applies to the euro area member states.”

Mr. Cameron faced a few gentle questions about whether to hold a national referendum on Britain’s membership in the European Union, something the anti-Europe faction dearly wants, he batted them briskly away.

Mike Shedlock

Mike Shedlock is a registered investment advisor representative for Sitka Pacific Capital Management.