Thursday, March 03, 2011

A spanner in the works

The damage caused by the crazies masquerading as judges in the ECJ is far from over. Not only have they completely screwed up the car insurance market, pensions experts are now beginning to think that the ECJ's ruling on the application of non-discrimination rules, as they apply to gender and insurance products, could have important knock-on effects on the pensions market.

Although the implications are still being absorbed, the immediate feeling is that there are serious risks to the structure of the pensions industry, with indications that men will suffer significant falls in annuity incomes, while the overall cost of pension products will increase.

Certainly, any ruling which contradicts market and common-sense rules, for the sake of ideology, is likely to be damaging, so the odds are we have not seen the last of this insane ruling. And neither have we seen the end of insane rulings in general.

What people have to get used to is the idea that there is no natural limit to the stupidity of this court - or the EU in general. There is, therefore, no limit to the amount of damage it can do, or the stupidity it can perpetrate. Thus, our options are rapidly narrowing. Either we leave the EU, or it destroys us.

Even the Euroslime should be able to work that one out.