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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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Who Granted The GMO Evangelists The Monopoly On Compassion?

According to the warped world view of pro-GMO individual Paul Evans, who appears to be associated with the ‘allow golden rice’ website and the ‘Galileo Movement’. I happened to respond by raising some of the issues set out below in the hope of having some kind of informed, reasonable debate. With hindsight, there was little chance of that happening.

California’s Mandatory Vaccinations Bill: Big Pharma Lobbyists Call the Shots, Community Opposition Ignored After the historic outpouring of families to halt the passing of SB-277 last Wednesday in California, information has now been made public to further put into question the bill’s credibility. After passing the Sacramento Health Committee vote, the bill was delayed as committee chair Senator Carol Liu wisely told the bill’s author Richard Pan “If I were you, I would not take a vote today.”

Could Corrupt EU-US 'Free Trade' Deal Be Extended To Israel?
There are many reasons to oppose the planned Transatlantic Trade and Investment Partnership (TTIP), not least because references to 'free' in the text of leaked drafts does not refer to freedom in any conventional sense but to giving global corporations the ability to operate outside the jurisdiction of sovereign governments and override national law.

The Mediterranean Boat People Crisis - How Does Europe Deal With The Mediterranean Migrant Crisis
The numbers of migrants trying to cross from the Libya on the coast of north Africa to one of the EU's southern nations is increasing. Europe's impoverished southern nations can't cope. And in the better off nations of northern Europe immigration is a toxic issue which is fuelling the rise of anti EU parties from France to Finnland in the north and Hungary in the east. What can be done?

It Starts At The Finnish
Conservative, Euro-sceptic party True Finns (PS) have come second in a national election in Finland. They may now be asked to join a ruling coalition with the liberal, anti EU Centrist Party which knocked pro-Europe, pro-federalisation conservative party off the top spot.

If Sturgeon Is Jerking Miliband's Strings, Who Will Be Prime Minister
Since the second division leaders' debate last week, The SNP's Nicola Sturgeon has been leading the news every day. With Labour facing wipeout by the nationalists in Scotland, the possibility of a Labour / SNP coalition along the lines of the Conservative / Lib Dem coalition that has governed since 2010 has become the obsession of the media.

Leaked EU - TTIP document: Destruction of Democracy planned
A new leaked European Commission proposal which if implemented would form part of the EU-US Transatlantic Trade and Investment Partnership (TTIP) treaty currently being negotiated in secret between Brussels and Washington, EU member state legislative proposals will be subjected to vetting by corporate lawyers for potential impacts on private business interests first.

Self-Loathing Sweden Should Only Welcome Persecuted Immigrants, Instead They Invite The Persecutors Too.
We have covered immigration problems in Europe extensively, but the European country that demonstrates how wide the gap between ordinary people and the ruling eilte has become is Sweden where the politically correct governing coalition's immigration and social policies seem to indicate the elite are engaged in a genocide campaign against ethnic Swedes

The Greek "White Knight" Emerges: Putin To Give Athens €5 Billion For Advance Gas Pipeline Fees

With Greece teetering on the edge of insolvency and forced to raid pension and most other public funds, ahead of another month of heavy IMF repayments which has prompted even the ECB to speculate Greece should introduce a parallel "IOU" currency, a white knight has appeared out of nowhere for Greece,

The Public Interest to Protect Powerful Paedophiles
The Director of Public Prosecutions has decided that it would not be in the public interest to prosecute serial paedophile Greville Janner, for many years the leader of the Zionist lobby in the UK. I presume that his convenient senility is the reason for non-prosecution ...

Reasons Why This Pagan Will Not Vote Labour, Conservative Or Liberal Democrat.
As we prepare to vote in a General Election that we are told will change British Politucs forever, Ian looks at a choice of three main parties that basically offer the same set of globalist, multiculturalist policies and consideres which way a pagan should vote.

The Truth - Labour Privatized The NHS between 1997 and 2010, Now Their Toxic Policies Are Bankrupting It
In the run up to the 2015 UK General Election, and without doubt beyond, one of the great political controversies will focus on the future of the national Health Service (NHS). While most voters consider The Conservatives to be the party of private profit and thus consider Labour a better choice to look after the NHS, Labour has in fact done more, and more damagingly, to privateize health services

NHS executives 'earn £35 million in pay rises' despite funding crisis
While Labour, Lib Dem and Green politicians accused the Conservatives of starving the NHS of cash,and as many Hospital Trusts faced financial problems and having to cut back on standards of care given to patients, we are learning that NHS bosses awarded themselves over £35 million in pay rises during the worst financial year in the history of the service.

Germany Needs A Revolution, Anti-Islam Campaigner Tells PEGIDA Supporters in Dresden
Dresden, Germany heard controversial Dutch politician Geert Wilders address them last night, as the group rebuilds momentum ground after weathering vicious and untrue attacks from German mainstream media, and physical violence from the usual left wing rent-a-mob thugs who always turn out to deny the right of free speech to those who opposed their views.

Anti-Science – The Church Of Scienceology's Latest Pejorative Term For People Who Think And Question.
We are not the only web site to take exception to accusations of being anti - science and all the other pejorative terms used by the Church Of Scienceology disciples to deflect criticism from independent minded people who are smart anough to ask Cui Bono? Which corporate business benefits.

Corporate Capitalism Has Replaced Democracy In Western Nations.
Although this is about the UK General Election in 2015 it has much wider relevance, concerning what is happening in the democratic societies of the developed nation. For that reason this look at how corporate capitalism is usurping democracy and individual freedom will also be relevant long after that election in May 2025.

World War Three? Kiev Reinvades Donbass, Deliberate Provocation Trashed Minsk Agreement
When America wants to provoke Russia it uses proxies, a rabble in Libya, Islamic fundamentalists in Syria and Iraq and neo - Nazi thugs in Ukraine. So far Russia has resisted the urge to kick Obama in the balls, but sooner or later the Russia - China - Iran alliance will respond.

Who Runs America? US Federal Trade Commission Takes Orders From Google
Barak Obama runs America surely, you might well be thinking. We would argue that no US President since Eisenhower has truly run the USA. But the latest revelation of how cosy the Obama Administration has become with corporate business, to the extent that government departments are taking instruction from Google will shock even the most cynical Americans

Rhodes Statue Defaced As South Africa Slides Back Into Primitive Tribalism
A statue of colonial leader Cecil Rhodes at the University of Cape Town has been removed after students launched an uncompromising campaign to have the British explorer and businessman expunged from history. Protesters poured red paint on the bronze figure and danced on the plinth as the statue was lifted off on Friday.

Punish Climate Change Liars" Demands Climate Change Liar
Over the years my scepticism about global warming and attempts to initiate intellgent discussion of the dodgy science based on mathematical models that forms the basis of the Warmageddonist case, versus much less alarming projections based on data from real world observations haveearned me accusations of being a child murderer. Not only that, some of the lefties who support climate fascism have demanded the death penalty for people who disagree with them. And yet they think it unfair to punish certain child rapists and murderers. Hypocrites.

US Soldiers Forced To Sit Through P C 'White Privilege Presentation. Not Happy Bunnies
The U.S. Army is investigating an unauthorized diversity training presentation on “white privilege” shown to hundreds of Georgia soldiers, USA Today reported, citing an Army spokeswoman. The Equal Opportunity training presentation was shown to about 400 soldiers of the 67th Signal Battalion at Fort Gordon on Thursday, according to Captain Lindsay Roman.

Britain's Racist Future: Labour Set To Throw Selection On Merit Out The Window
With four weeks to go until a General Election that could change the face of Britain forever, the Labour Party, which hopes to be elected to govern this great and proud nation, has unveiled a set of policies that would make minorities into privileged castes and relegate the white Working and middle classes to the status of second class citizens. Could you vote for a party that hates your country, your party and YOU?

Now We Know Why Huge TPP Trade Deal Is Kept Secret From the Public
A key section of the secret Trans-Pacific Partnership (TPP) trade agreement has been leaked to the public. The New York Times has a major story on the contents of the leaked chapter, and it's as bad as many of us feared. Now we know why the corporations and the Obama administration want the TPP, a huge "trade" agreement being negotiated between the United States and 11 other countries, kept secret from the public until it's too late to stop it.

Judge Cuts 20 Year Old's Rape Sentence By 15 Years Because 'He Did Not Mean To Hurt 3-Year-Old Victim
It could only happen in the land of politically correct twattery of course, while here in the UK Labour Party supporters and the Islington Screechers corps wail and gnash their teeth over the fact that pedophiles are denied fulfillment and must be given the right to fuck four year olds, in California the judiciary are acting to rectify the situation ...

Teacher Forced To Resign For 'Sharing' Material Critical Of Obama And His Beloved Muslim Terrorists
The supporters of the wannabe King of the American Empire like to describe themselves as 'liberal', 'progressive', and left wing. If they were really any of those things they would not be as fanatically committed to the idea of suppressing free speech as they are.

US Presidents Of The Past warned Against Secret, Shadow Government. By now it should be obvious that peacemake, joybringer and putative aquatic pedestrian Barack Hussein Obama was never really in charge of the US Government. Whatever Obama said would happen, all the American government's policies ensured the opposit would happen. The embedded article thows some light on how the US government really works

Google Meets White House Officials Every Week Why?
... Given the close relationship the company has with the Obama administration, an administration which has shown itself to be severely "truth challenged," in its dealings with the public, this is of some concern.

Indiana pizza shop closes after anti-gay marriage comments; donations pour in


An Indiana pizza shop owner’s anti-gay marriage stance is paying off. Online supporters donated more than $33,000 in three hours to Memories Pizza after the pie maker’s controversial pledge not to cater same-sex weddings spawned a wave of criticism.

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