Martin Selmayr, the German controversial secretary general of the commission, announced he would resign in accordance with Brussels tradition that dictates no two people of the same nationality can hold the EU’s executive’s most powerful posts.It's rubbish of course. No such restriction applies to the head of the EU's 30,000 strong civil service - a permanent job normally awarded through competition - rather than the undemocratic political appointments of the five Presidents, fourteen Vice-Presidents and scores of Commissioners and their assistants. The truth is that Selmayr's corrupt appointment by Juncker stuck in the craw of even the EU, so mired itself in corruption that such things normally go almost unnoticed. Politico EU has the true story
The procedure by which Selmayr and his boss, Commission President Jean-Claude Juncker, engineered his transfer from chief of Juncker’s cabinet to head of the entire Commission secretariat was an act of such chicanery and skulduggery that it stains the record of the entire Commission.VdL herself was humiliated by the European Parliament, barely scraping in with just a 9 vote majority. Her 383 fell far short of the minimum of 400 that demonstrates the EP's confidence in the senior unelected functionary. Since she scored only 51% of the vote, we should expect the Remain lobby to call for a second vote - but of course this hypocrisy applies only to the Referendum result.
That Selmayr is, like von der Leyen, a German Christian Democrat, made the prospect of his continuing in office a provocation to those of other parties whose support she sought. But it was the nature of his ascent and his argument that the post is a political one that made his departure inevitable.
So the EU have lost a ruthless Machiavelli and gained a semi-competent duffer stained with a record of failure and corruption. Can't be bad.
Zero Hedge reports, in relation to the circumstances that have led to the relentless climb of gold (my emphasis)
Ultimately you are witnessing a massive expropriation of wealth from the middle classes to the wealthiest - 40% of the bank of England's money printing programme benefited the top 5%. These flows obfuscate the real demand and supply dynamics of the market - central banks are the baddest of bad actors. Using printed money to bid up the assets of the rich in order to manage outcomes is an utter perversion of capitalism. It blinds us to the opportunity cost of economic participation - real cost of borrowing, real expected returns. Worse still is that the money they use is created by devaluing taxpayers after tax savings - is effectively like a second tax. What happens when the market starts to fall, will these feckless un-elected central bankers be buying falling stocks? How will taxpayers react to their money being printed to buy assets that are falling? How would taxpayers like if they received a statement indicating how much money has been printed and the amount they have personally provided. This is not a victim-less crime.There you have it. Not only are most of us victims of Globalism that has left median incomes in the UK still worth less than in 2008, a Globalism that benefits only the 1%, but the whole of QE, carried out in our name and at our cost, has acted mainly to the benefit of that same 1% by inflating asset values. A reckoning will come - and they have been the authors of their own destruction.