The Essential Relationship

President Obama’s speech today at Westminster Hall to British Parliament praised the relationship between USA and UK as “one of the oldest and strongest alliances the world has ever known”.  Both leaders have refrained from calling this alliance a special relationship, as their predecessors have, but an “essential” one. A relationship based on co-dependence where both leaders have come of age and are seeing eye to eye on foreign policies, especially The Middle East.

As I watched Cameron and Obama playing table tennis yesterday, I wondered whether their relationship was of the same calibre of JK Kennedy and MacMillan, Thatcher and Reagan, Bush and Blair.

In a joint article published for this visit, Cameron and Obama, have likened their relationship to the solidarity on the Cold War shared by Thatcher and Reagan. Whilst I do believe that the Thatcher and Reagan relationship was one of the most strongest, I am surprised that either leader would want to be so closely associated with them. Thatcher and Reagan feared a united Germany, and in 1986 deregulated the financial markets, removing many of the restrictions put in place to prevent a repeat of the 1920’s stock market bubble and opening the door to unethical trading and accounting practices.

Here we are today, a quarter of a century later, recovering from the financial global mess that that special relationship left behind and this essential relationship is picking up.

Bunty

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2 Comments to “The Essential Relationship”

  1. I think you will find that Brits are equally repsonsible for the financial mess. I know many people who took out mortgages they couldn’t afford, went on holidays paid for on credit, and now rejoicing that they payments are so low while my savings are turning into worthless investments.

    We need to look east, where in Asia, amongst the middle classes, there is no pension gap, there is no mortgage five times your gross salary, there is absolutely no investment in things you have no idea behind them e.g. Mortgage Backed Securities. People save to buy things and they save for their retirement.

    Oh, and if regulators actually did any work requiring brain power, the few regulations they were supposed to uphold in a de-regulated market would have worked. The world is now busy re-regulating, and in turn, everyone will have to pay more money for it, in terms of higher interest payments, higher insurance premiums, higher fees…

    My opinion: next time, let the banks fail. Screw them. It will bring normalisation of city salaries, it wil bring back London house prices to affordable levels, it will stop those boorish banking idiots taking over my favourite hang outs. The only thing that would need to happen would be to put savers at the very top of the credit chain, so that if (I should probably say when) the next bank goes bust, savers are protected (which they are anyway, up to the value of £80,000).

  2. the only special thing about the british/USA relationship for the average person is that we don’t need a visa to travel there but they hardly make any tourist feel welcome from what I hear. I don’t fancy giving my fingerprints or going through a body scanner or having a generous frisking – I would rather visit another country which is a shame, there is so much more of the USA I want to see. Is it still even true about the visa? I haven’t been there for a few years so don’t know.

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