The buffet that comprises the EU’s most recent fiscal and monetary deliverables is in some ways reminiscent of the mind-boggling spread found at a Vegas Buffet. Prime Minister David Cameron of the UK has recently cast a historic veto, as the only EU member to do so, against a proposed tax and budget agreement to address the current European political and economic crisis. (1) This has exposed significant ideological differences internal to the UK, led to open speculation regarding a perception that, in so doing, the UK has undercut it’s ability to circumscribe German leadership of ‘the continent’ and led to further speculation that the UK veto has perhaps further weakened the UK’s ability to negotiate for pro City of London EU financial policy. (2) (3) (4) (5) (6) (7) Historically, Mr. David Cameron’s actions may be seen as faintly echoing Prime Minister Harold Macmillan’s (UK PM, 1957-1963) unsuccessful strategy to circumscribe the European Common Market, which later led to an unsuccessful attempt at a u-turn and the UK’s subsequent attempt to join the EU core nations. (8) The high stakes clash of ideas may also be seen as the UK’s embrace of high risk/high payoff financial tactics, techniques, and procedures such as ‘rehypothetication’ versus that of a German vision of austerity and prudence. (9) (10) (11) (12) This struggle, and the advocates of the differing visions, is partially visible at the global level by considering which nations are contributing funding to IMF and other efforts to resolve the crisis. (13) (14) This does not mean that the world is simple, black and white, since resolution is desired by all, but it does mean that as always methodology, and political appearances, matters. (15) (16) Nonetheless,winners are already being anointed. (17)

(1) UK alone as EU agrees fiscal deal, 9 December 2011 Last updated at 11:37 ET, BBC News, http://www.bbc.co.uk/news/world-europe-16115373

(2) Nick Clegg warns European veto 'bad for Britain' , 11 December 2011 Last updated at 12:41 ET, http://www.bbc.co.uk/news/uk-16129004

(3) Triumph und Zweifel in Grossbritannien, 11. Dezember 2011, Neue Zürcher Zeitung, http://www.nzz.ch/nachrichten/politi....13600699.html

(4) Europa lässt Großbritannien zurück, 09.12.2011, 10:48 Uhr, Handelsblatt, http://www.handelsblatt.com/politik/...k/5940698.html

(5) Toward a Gentler, Kinder German Reich?, by Dr. Tony Corn, November 29, 2011 - 8:32am, Small Wars Journal, http://smallwarsjournal.com/jrnl/art...an-reich#_edn7

(6) Franco-British Alarm of 1989 Comes True as Merkel Calls EU Shots, By Leon Mangasarian, December 07, 2011 6:01 PM EST, Bloomberg News, http://mobile.bloomberg.com/news/201...s?category=%2F

(7) Cameron Negotiates U.K.’s Isolation in EU, By Gonzalo Vina and Rebecca Christie, December 09, 2011 8:05 AM EST, http://mobile.bloomberg.com/news/201...2Fworldwide%2F

(8) Marsh, David, The Euro, 2009, Yale University Press, New Haven and London

(9) Shadow Rehypothecation, Infinite Leverage, And Why Breaking The Tyranny Of Ignorance Is The Only Solution, by Tyler Durden, 12/10/2011 13:10 -0500, Zero Hedge Blog, http://www.zerohedge.com/news/shadow...-only-solution

(10) The (sizable) Role of Rehypothecation in the Shadow Banking System, by Manmohan Singh and James Aitken, IMF Working Paper WP/10/172, http://www.imf.org/external/pubs/ft/wp/2010/wp10172.pdf

(11) German Vision Prevails as Leaders Agree on Fiscal Pact By STEVEN ERLANGER and STEPHEN CASTLE, Published: December 9, 2011, NY Times, http://www.nytimes.com/2011/12/10/bu...mc=rss&src=igw

(12) Does Math Support Euro Survival?, Lawrence Goodman
December 5, 2011, Center for Financial Stability, Inc., http://www.centerforfinancialstabili...uro_120511.pdf

(13) IMF Resources to Stem European Crisis Will Get Boost Without U.S. Backing, by Sandrine Rastello and Ian Katz, Dec. 10, Bloomberg Business Week, http://www.businessweek.com/news/201...ands-back.html

(14) China Can’t Use Reserves to ‘Rescue’ Countries, Fu Says, by Michael Forsythe, December 04, 2011, 7:16 PM EST, Bloomberg News, http://www.businessweek.com/news/201...s-fu-says.html

(15) Euro Crisis Pits Germany and U.S. in Tactical Fight, By NICHOLAS KULISH, Published: December 10, 2011, NY Times, http://www.nytimes.com/2011/12/11/wo...emc=rss&src=ig

(16) Euro in der Krise, Handelsblatt, http://www.handelsblatt.com/politik/...e/3732552.html

(17) Ein Zeichen inmitten der Euro-Krise, Deutschlands Finanzminister Wolfgang Schäuble erhält den Karlspreis, 10. Dezember 2011, 14:53, NZZ Online, http://www.nzz.ch/nachrichten/politi....13588386.html