Rather than pulling together, he said, European leaders have been "falling back to mutual mistrust and national solutions".
Bloodied and outgunned, the rebels, a leaderless rabble of university students, mechanics, shopkeepers, and Army reservists, had been falling back ever since.
He said: "Swap rates have been falling back and it seems the markets feel it's going to be too soon for the base rate to rise before the end of this year now.
The Army of Sedan, however, which had been falling back from the frontier before Dumouriez took command on August 28, now marched boldly southward across Clerfayt's front (September 1 3), escaped a turning movement by Clerfayt (September 13), and reached Sainte-Menehould, east of Valmy.
Kellner, whose analysis is well worth reading in full, thinks this is good news for David Cameron (who is ahead of Ed Miliband on the Europe issue, even though Labour is ahead of the Conservatives on Europe when the question is put in party terms not leader terms) and bad news for Ukip, whose poll ratings have been falling back since the new year.
That night, a force of around 300 Japanese who had been falling back since they had run into the 61st Infantry Battalion on Stephen's Ridge, encountered positions manned by the 2/12th and 9th Infantry Battalions around the Gama River.
Since then, though, as with many neighborhoods, the rate has been falling and driving rents back up.
Yields on Bunds and other government bonds have been falling on the back of Brexit worries but also on expectations that the US Federal Reserve will delay an anticipated increase in interest rates.
Exports as a portion of gross domestic product have been falling since 2006, but only back to where they were in 2003.
Since 2011, though, the spending figure has gradually been falling back.
