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Eurogeddon Postponed Termporarily Due To Financal Conjuring Tricks
by John de Roe.
2011-08-12
The Daily Stirrer brings you opinion and comment on issues in the news that are likely to affect the lives of ordinary people. We therefore focus on economic matters, prices and inflation, jobs and unemployment, health, diet, education and social comment. Our contributors are old gits who are prepared to say what everybody is thinking.
Below our finance expert John de Roe analyses the latest bureaucratic scam that claims to have saved the European single currency but in reality is only another attempt to scam German taxpayers.

Eurogeddon Postponed Termporarily Due To Financal Conjuring Tricks

by John de Roe
12 August 2011

Euroggedon has been temporarily averted again. Jean-Claude Trichet, head of the European Central Bank (ECB) has arrived Superman - like in the nick of time to save the world. There will not be a bond crisis spiralling out of control in Italy and Spain in early August after all. An imminent meltdown of Europe’s financial system has been averted. Until September.

At first glance this looks good but not great. Ultimately European bureaucrats and central banker will have to face up to the fact that the Euro (the European Single Currency) can only be saved by engineering the departure from the community of nations that make up the Eurozone. A German exit from EMU would halt the debt-deflation spiral in PIIGS countries (Portugal, Ireland, Italy, Greece, Spain,) and clear the way for economic recovery to get under way.

Saying that is easy of course, getting it done is a tad more difficult. Unless the ECB is willing to embrace its new role as lender-of-last-resort by making massive purchases of dodgy looking Italian and Spanish debt, it will inevitably be tested in the financial markets. Weaker investors will use temporary rallies to offload holdings onto the ECB, i.e. onto eurozone taxpayers. Frankfurt will find itself underwater very quickly without a legal mandate or EU treaty authority.

Royal Bank of Scotland calculates that the ECB will have to buy roughly half the outstanding negotiable debt of the two countries to defend the single currency. RBS calculates €850bn. I would put it nearer €1 trillion. Unfortunately The ECB does not have any money and is acting as a temporary back-stop until the revamped EFSF bail-out fund is ratified by all parliaments over coming months.

Again that looks simple until we remember the EFSF has no money either. The parliaments of Eurozone nations have not even ratified the earlier boost to €440bn. As of today, the fund has barely €80bn left after all the commitments to Greece, Ireland, and Portugal. The rescue plan is more a fantasy novel than a plan.

As for boosting the fund further to €2 trillion or more – as suggested by Citigroup, RBS, and the European Parliament – we face a little local difficulty across the Rhine,France currently being in trouble itself, Austria being a no no because of the Micawberish eccentricities of local economics, Holland becoming more sceptical about the single currency by the day and Finland and Luxembourg the last of the Eurozone's solvent nations being tiny. With Germany the only nation capable and willing to bail out the Euro yet again, the provincial government of Bavaria, the Social Christians said they will not back one bent Pfennig for extra bail-outs, and the Angela Merkel's coalition partners in the Federal government, the FDP Free Democrats are almost of the same mood. Angela Merkel’s own Christian Democrat Union base grows more restless with every new economic problem that is announced. In any case, such an expansion of the EFSF would set off its own chain-reaction as France and then Germany lost their AAAs and plunged into the debt spiral abyss.

So, obviously markets will turn very nervous once ECB purchases approach the level that corresponds to the EFSF ceiling. They know that the ECB’s German members will fall on their swords rather than cross that line, taking the bond risk directly onto the ECB’s own balance sheet. Falling on swords could commence by the beginning of September as interest payments, become due and another trance of debt has to be refinanced. Gary Jenkins from Evolution Securities has noted that Greek yields fell from 12.43pc to 7.35pc in the week following the ECB’s first bond purchases, only to fly out of control six weeks later.

Whether buying time can solve anything depends on whether investors believe that Italy and Spain can grow their economies sufficiently quickly to break out of the debt traps they find themselves in. If we were on the cusp of a new global boom, then Italy and Spain can make it within EMU’s current structure but all the economic indicators suggest we are heading for another global recession..

If we do go into a global double-dip (defined as global growth below 2.5pc), they have no chance at all unless the ECB throws all caution to the wind, defenestrates the two German members from the top floor of the Eurotower, and embarks on a programme of Quantitative Easing that will have us all taking a wheelbarrow load of cash to buy a box of matches..

Germany might not like that prospect so despite all the talk from Bureaucrats and politicians, nothing whatsoever has been resolved by the latest plan to save the world..

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Facebook Hamstrung In France; India Outlaws Its Free-Net Service
France's privacy authority has ordered that internet social media monster Facebook must stop collecting French users' information without their consent, and transferring data to the US. A decision published by the French commission for information protection underlined how Facebook's practice of tracking non-users' Internet activities failed to comply with EU privacy regulation.

EU Bureaucrats To Push TTIP Through Before Obama Leaves Office? The bad news for us punters, (great for bankers and corporate business) is that the EU bureaucrats intend to push through the ‘free trade’ deal with the USA, the Trans – Atlantic Trade and Investment Partnership (TTIP) before Barack Obama leaves office. Supporters of the treaty that will create an environment that is anything but free ...

Turkey and Sadui Arabia Already Have Troops Fighting In Syria
Even mainstream media has been forced to concede that Turkey and Saudi Arabia are apparently ready to send ground forces to the Syrian battlefield as Assad's forces, backed by Russian air power and Iranian elite troops but continue to grind down ISIS forces equipped with US made arms and ammunition via Saudi Arabia and funded by Turkey's illegal oil trade with the terrorist group.

Facebook Declares War On Free Speech
Facebook has for some time had a policy of removing text that the majority of people would consider racist. Now the social media site is now deleting and blocking comments that only one person at Facebook decides is "racist." The sinister, Orwellian reality of a society in which the expression of majority opinion is being turned into a crime has already been witnessed across Europe. Even more disturbing, social media operators such as Facebook and Twitter appear to be collaborating with governments in the suppression of free speech.

New Poll Shows Clinton, Sanders Tied As Hillary's Lead Crumbles
A new opinion poll from Quinnnipac University shows Hillary Clinton's lead in the contest to become the Democratic Party Presidential nomineee has almost completely evaporated. From a lead of around thirty points in early December, the numbers are now 44% Clinton, 42% Sanders, which is such a narrow gap the only two contenders left in the race are in a statistical tie.

Politician Blasts Conviction For Speaking The Truth On Anti-Semitism In Europe
A Danish politician has been reprimanded for posting comments on Twitter about the resurgence of anti semitism in Europe. Apparently while hand wringing and breast beating about violent attacks on Jewish people is fine, stating the obvious by linking the Europe migrant crisis to this new wave of anti Semitism is a criminal offence ...

The Great Recovery Illusion
An audience member was quickly on his feet to point out that the figure was misleading as people in zero hours contracts and part time jobs are classed as ‘in work’ to get them off the statistics. The young man could also have reminded the programmes studio and television audience that people who are out of work for two years are reclassified as ‘not economically active’ and removed from the unemployment register. Even if these people would love to work and ...

War On Cash Gathers Momentum - Germany Unveils Cash Controls
On Monday (1 February, 2016) just two days ago, Bloomberg called on the central banks of the world to “bring on a cashless future” in an Op-Ed that calls notes and coins "dirty, dangerous, unwieldy, and expensive." We can imagine it would be quite easy to harm someone by firing large coins at them from a gun and terrorists could probably stuff an improvised explosive device with small coins rather than nails or nuts and bolts. And if ...

Obama Launching Massive Military Intervention In Libya And Iraq
Almost five years after the United States and its NATO allies launched a campaign in Libya to overthrow Col. Muammar el-Qaddafi, the United States is on the verge of massively escalating its military operations in the war-torn country.

Zika Virus Threatens Rio Olympics As WHO Declares Global Emergency
This could just be another jolly jape for the fear and panic industry, remember Swine Flu, Bird Flu, SARS, MRSA, Mad Cow Disease, AIDS and all the other things that didn't wipe us out? After an inauspicious start when it was discovered in the Ugandan forest about sixty years ago to genetically-modified Mosquitoes in Brazil, the latest threat to humanity (most notably to pregnant women who get infected) is the ominous-sounding Zika virus.

Politician Blasts Conviction For Speaking The Truth On Anti-Semitism In Europe
A Danish politician has been reprimanded for posting comments on Twitter about the-much-commented-on-in-mainstream-media resurgence of anti semitism in Europe. Apparently while hand wringing and breast beating about violent attacks on Jewish people and vandalising premises of Jewish owned businesses is fine, stating the absolutely effing obvious by linking the Europe migrant crisis to this new wave of anti Semitism is a criminal offence.

World Economic Forum: The Controllers Plan Our Future
The World Economic Forum held their annual jolly at the exclusive Alpine resort of Davos. Two thousand five hundred politicians, celebrities, and business leaders from around world gather each year for this meeting. [ ... ]One of the most significant topics discussed concerned the growing disconnect between citizens and the power elites. Everywhere in the world citizens no longer trust their governments or the legal, medical and academic professions ...

News From Davos: America Is Finished Global Governance And NWO To Rule
Two thousand five hundred politicians, celebrities, and business leaders from all over the world gather every year for this “Bilderberg style” meeting. The delegates include 53 people who own as much wealth as the poorest half of the world's population and representatives of over 1,000 of the multinational corporate businesses all of which are on record as supporting global government and open borders.

Zika Virus Outbreak Centred On Area Where GM Mosquitos Were Released In 2015 - Why Are We Not Surprised
just as it was new media that broke the story of the Ebola / US Department of Defense link last year (Why does the DARPA bological Warfare Agency need a patent on the virus and why did The Pentagon and a US University have a research team in Africa working on genetically modifying the virus? - links below this article) so a link between american GM scientists and Zika has been exposed. At Both Ends Of The Political Spectrum Americans Agree The Government Is FUBAR
For the Democrats there is, on the left a socialist, selling a political philosophy that has peviously been anatemas to American voters, yet generating the most enthusiasm of any of the other candidates. On the other end of the spectrum, Republican voters are gravitating, nay stampeding, toward Donald Trump. The only serious rival to Trump is Ted Cruz although it is early days yet and we can expect a compromise candidate to emerge

War On Cash - A Country By Country Guide
More on the global war on cash being waged by ruling elites in parallel with their war on privacy as they try to exert total control over everything.

Heathrow Protest Group Plane Stupid Face Jail
Throughout the period of Labour Party Government from 1997 to 2010, the Conservative / Liberal Democrat coalition government from 2010 to 2015 and now the Conservative government, two policies have been constant. One is to avert catastrophic climate change.The other is the urgent need to expand Heathrow airport, to the west of London, reputed to be the busiest international airport in the world.

Why is Washington Worried As Georgia's Turns To Russia? Analysis of results from opinion polls taken conducted throughout 2015 in the small Caucasian nation of Georgia show a trend of reducing support for government’s aims of joining the European Union and NATO. “That coincides with increasing support for anti-West and pro-Russia political groups in Georgia's elections,” a report suggests.

Jews Fleeing From France In Record Numbers Because Of Antisemitism
Europe's new wave anti - semitism. Jewish people are fleeing france but not because of Front National or nationalism. The stupid, self righteous left alone must take credit for this outbreak of Jew hating.

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