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Death Of The Eurozone by John de Roe.
When the first treaty aimed at establishing the European Union was drafted by the bureaucrat Jean Monnet it stated clearly the aim should be to create a single European state with a single currency (the Euro) and eventually a single government. That part of the reaty was rejected by all European states and an economic community based on free trade and fee movenent of goods and labour formed. But the Eurocrats of Brussels did not give up their dream ...

Death Of The Eurozone
by John De Roe.
2010-12-22
CREATIVE COMMONS: Attribute, non commercial, no derivs.
KEYWORDS:economics, economy, economists, politics, politicians, euro, currency, eurozone, bailout, spain, portugal, ireland, germany, monnet, santer, delors, brussels, bureaucrat, parliament, debt, sovereign

30 June 2010

by Ian R Thorpe

“France and Great Britain shall no longer be two nations, but one Franco-British union,” read the declaration.

“The constitution of the Union will provide for joint organs of defence, foreign, financial and economic policies. Every citizen of France will enjoy immediately citizenship of Great Britain, every British subject will become a citizen of France.”

The text was drafted by Jean Monnet, the architect of the European Union. If alive today, he would be pounding on the door of the Kanzleramt, exhorting Angela Merkel to offer a total fiscal union to all members of the eurozone before everything falls apart, and for complete fiscal and political integration to be enshrined in a revised EU treaty.

Monnet and his acolytes, Delors, Santer and the rest would not stop there however. They would be demanding that the sovereign debts and budget deficits of debts of Greece, Cyprus, Italy, Spain, Portugal, and Ireland will be fused immediately with German, French, British, Swedish, Dutch debt; that a single a single treasury be established to control the finances of all member states, and that treasury issue euro-bonds for all Europia or whatever clunky, boring name the creatively challenged Eurocrats, the unelected, unaccountable desk jockeys of the European Union decide to call the single European state they have always planned would be the outcome of their insanely bond-villainesque schemes.

Such a drastic, world changing move may now be the only thing that can save European Monetary Union and the monochrome dream of Monnet and the rest. But for such a thing to happen Germany would have to set about transforming the economic basket cases of Europia in the same way as it has transformed the former DDR, East Germany as it was known, the economic basket case of the Soviet bloc, over the last 20 years. To undertake such a task would involve a massive outflow of wealth from Germany to nations that Germany does not much care for and that in their turn despise Germany.

The alternative is for Germany to watch its strategic investment in the postwar reordering of European politics disappear in a puff of smoke. The political problem for Angela Merkel and her colleagues in the German government is their country would be blamed for the collapse of the project. This is unfair, while Britain has been distinctly cool towards Europeanisation, the French have been pro - integration when it served their purpose and Italy has staggered from crisis to crisis, Germany has consistently supported Europe with massive amounts of money and in practical ways.

It is apparent to people involved in bond trading that the debt crisis in the EMU periphery is nearing danger point, and could well spiral out of control as quickly as did the Lehman-Bear-AIG-Fannie-Freddie toxic assets crisis of 2008. Prof Willem Buiter, a senior economist at Citigroup, said last week that Portugal is likely to be first to need a rescue, possibly before the end of 2010 and that Spain will follow “soon after”.

Klaus Baader from Societe Generale published a report the same day under the title “Eurozone sovereign debt crisis: next stop Spain”. He suggests that the EU bail-out fund raises money to buy Spanish bonds pre-emptively. The German constitutional lawyers might have an opinion on that.

Therein lies the problem. To implement any workable solution to the Eurozone crisis would require EU member nations, independent, democratic nations, to surrender much of their sovereignty to an unelected body in Brussels. People might think the European Parliament is there to protect the interests of voters in member nations but the Parliament, in Strasbourg, for all its grandiose posturing is a glorified talking shop. The real power in the EU rests with the bureaucrats of Brussels and they will use whatever crisis they can to advance their agenda of creating a single European superstate.

This is why the economic problems of Spain, a much larger nation in terms of its population and economy than the other basket cases, the so called Piigs (Portugal, Ireland, Italy, Greece, Spain) are so worrying for corporate and national economic policy makers.

At Deutsche Bank, Thomas Mayer said Spain might soon need a flexible credit from the IMF. Markets are already pricing a 23pc chance of default in Spain (34pc for Portugal, and 39pc for Ireland). If the country needs a rescue, it instantly exhausts the credible financial and political firepower of the EMU system. Not long ago the experts were assuring us there was no danger of Spain needing an International Rescue but that attitude has changed in the past few weeks as the effects of Spain's catastrophic experiment with green power have been fully understood.

The EU’s €440bn (Ł372bn) rescue fund “looks small, very small, too small”, says Dr Buiter. Alleged plans for a double-up are circulating “en coulisses” in the Berlaymont, but Berlin squashed the idea as “completely over the top”. In any case, we are beyond the point in the Europoker game where bluffs can achieve anything.The markets makers know exactly what hand the EU is holding and are not accepting any more IOUs to fund the bets of states that cannot service their existing debt.

The chosen strategy of painful austerity and 1930s debt-deflation lame duck economies has already been tested in Ireland. There it only led to the same outcome as in the 1930s. Tax revenues have collapsed. The deficit has hardly been reduced because the economy was over - reliant on financial services, the housing market and debt funded domestic consumption. The policy is based on mathematical theories of the “fiscal multiplier”, and any fool except a mathematician (they lack experience of the real world) can see it is self-defeating.

On top of that Irish voters are still smarting over the EU's overturning their "no" vote in the 2009 referendum on ratification of the Lisbon treaty. Ireland, by democratic vote, refused to sign up to a further transfer of sovereign powers to the bureaucrats of Brussels and the Bureaucrats said, "Sorry, wrong answer, you will have to vote again and keep voting until you get it right. Many in Ireland see the current economic misery as payback from the EU for their disobedience. It does not bode well for pro - Europe parties in the next general election.

Should the EU impose the threatened 6.7pc interest charge on Ireland’s bail-out loans, the bureaucrats ought not to be surprised if the new Irish government in January says, "we're not paying, sue us", and pulls the plug on Europe’s banking system. A lot of people are hoping they do.

Ireland is a small nation however, it is Spain's economy on which the fate of EMU’s rests. Span's leader Jose Luis Zapatero said there is no chance his country would need a rescue. “Those investors shorting Spain are making a big mistake,” he told the Spanish Parliament and the media. Now where have we heard statements like that before? As Keynes once said, blaming economic crises on the markets is “not far removed, intellectually, from ascription of cattle disease to the “evil eye”.

Has Mr Zapatero bothered to read the IMF’s damning report on his country? It states that the government’s “gross financing needs” for 2011 will be €226bn, or 21pc of GDP. “Spain’s financing requirements are large and, retaining market confidence will be critical.

“The economy is highly indebted and has one of the most negative international investment positions (IIP) among advanced countries,” said the IMF. Its external accounts are under water by 80pc of GDP. Spanish banks will need to roll over €220bn in 2011 and 2012, according to Enrique Gońi, head of Banca Cívica who commented on the report “We’re in the antechamber of a new liquidity crisis. We’re living through a financial pre-collapse.”

Spain has exhausted its fiscal space. Targets should be made more credible,” the report concludes.

Madrid must attract €226bn of good money from Spanish, German, French and Japanese savers, investors, banks and insurers and China’s central bank, so an incompetent government (this one happens to be socialist, but the Greek conservatives were worse) can continue to run up budget deficits ad raise money in the bond markets to fund vanity projects such as the green energy fiasco that has left Spain's taxpayers handing over huge sums to foreign investors in sustainable energy projects even when those energy projects are not generating. Spanish savers are to familiar with their government's financial profligacy to hand over money to the state and international investors will follow Germany's lead. Why should German taxpayers lend a single pfennig, having already been told by EU leaders that they will face scalping if Spain ever needs a rescue?

This, in a nutshell, is the problem facing Angela Merkel. By the time she inherited the EMU debacle, imbalances were already chronic, and she certainly does not have popular mandate for grand gestures. In fact Frau Merkel's governing coalition is balanced on a knife edge and to commit Germany to becoming a financial crutch for most of Southern Europe would put the support of the Eurosceptic Free Democrat Party in doubt.

As the storm rages, the European Central Banks are tightening monetary policy by draining liquidity and raising interest rates and by signalling that they may soon shut the lending window that keeps Greek, Irish and Iberian banks alive. It is starting to look as if someone is pushing PIIGS into the slaughterhouse.

As for Jean Monnet's grand design, it is hard to see how such a union could ever have worked over time. It was rejected by the French cabinet at the time, though premier Paul Reynaud pleaded in favour. One Gallic patriot said that utter destruction was better than becoming a “dominion of the British Empire”. Today’s eurozone nationalists might well ask whether it is really worth giving up ancient sovereignty to keep an artificial currency.

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No Good Deed Should Go Unpunished
The politically correct way to deal with bullying. Bullying is a horrible thing many of us are subjected to in childhood and some in adult life. Bullies are basically cowards, they victimise the people they think are most vulnerable. I was a rather small boy. Unfortunately I did not submit to being bullied easily. Well if I'm honest I did not submit ...

Monsanto Hi Jack Scientific Peer Review Process
Monsanto have tried tyo ram their poisonous G M foods down our throats but even in america where the Genocidally Modified Food corporation have the government, the legal system, education and academics in their pocket, public opinion is still strongly against Frankenstein Food. Now Monsanto are trying to rig the scientific review process.

Electronic Tattoos To Replace Passwords and Pin Numbers?
Science was ever fascism's whore. A warning about the latest wheeze the science tits have developed for their Fascist bosses, RFID tattoos. The plan is these things will keep tabs on everything you do all the time and you will not be able to access the internet, your mobile phone or your bank and credit card accounts without one.

Carbon Dioxide Is Greening The Planet, Not Killing It
How wrong were the science tits with all their scaremongering about how Carbon Dioxide (CO2) emissions from human activity were going to destroy all life on the palnet. Carbon Dioxide you see is a vital plant nutrient, without it plants cannot live. In fact the optimum CO2 level in the earth's troposphre (the atmosphere layer we live in) at which plant life can flourish is 2000 parts per ...

Everything you Do Is A Sign Of Mental Illness
For years now the criteria defining mental illness have been steadily expanding. This has resulted in more and more people who were previously considered to be sane are now capable of being diagnosed as mad. Conditions like attention-deficit hyperactivity disorder (ADHD), Aspergers syndrome, depression, and even common anxiety are increasingly being diagnosed, particularly among children between the ages of three and 17.

Pastor Promised Congregation His Penis Contained Holy Milk Brazilian Evangelical Christian Pastor Valdeci Sobrino Picanto has been arrested after convincing followers of his 'mission' that his penis contained holy milk., "He has been arrested after deceiving the faithful into believing these foolish lies by using the name of the Holy Spirit", one of his victims told Brazilian prosecutors ...

Globalisation, Misinformation, Deception, False Store Fronts ...
Enniskillen (pop 14,000) will shortly host a meeting of the G8 global economic forum. Now G8 has declined in importance since the formation of the G20 group so you might think its precipitous fall down the league table of political influence is why they have ended up in little, out of the way Enniskillen.Or cynics amongst us (me for example) might thing the great and good have chosen ...

Obama Will Sign U.N. Firearms Treaty After It Was Rejected by Senate
Once again The Emperor Obama has ignored Amerca's democratically elected congress and done what he wanted to in spite of the measure having been voted down.

Internet Monitoring System To Stalk Social Media Users Who Question Safety Of Vaccines
Bill Gates smiles creepily as he prepares a vaccine. What most people don't know is super - rich elitist and bulderberger Gates was videoed not long ago talking about how vaccine can be used to DEPOPULATE the planet No wonder he has that creepy leer on his face.

Education Is Out, Indoctrination Is In.
This is about a teacher in america who has quit the profession in disgust at the way left wing indoctrination is replacing neutral education in schools. Many British teachers have said similar things and Daily stirrer occasional contributor Sally Redfern quit the teaching profession for the same reason.

Europe Kicks Monsantos Arse Over GMOs
While the politicians and bureaucrats are mad to push GMOs down our throats (literally) publich opinion hostile to Franlenstein Foods has pushed Monsanto out of Europe ... for the present.

Forget Recession, US banks Post Record Profits
Do you feel the value of your savings has been eroded and the buying power of your earnings reduced by higher taxes and austerity measures governments have introduced to 'save the economy.'Yeah but ... we're all in this together aren't we and everybody is making sacrifices, you might well reply. Except we're not all in it together, not everyone is ...

The Most Secretive And Oppressive regime In The Modern World.
When talk turns to the suppression of free speech by totalitarian regimes, we think of Soviet Russia, Maoist China, Nazi Germany, the theocratic dictorships of the middle east and the regimes of bemedalled buffoons with a taste for killing their country's citizens. but increasingly it is governments in the west that are suppressing freee speech.

What Happened To The Idea Of Financiasl Privacy
Not long ago I posted a report here about the near - criminal Payday Loans industry, their usurious interest rates and implacable pursuit of defaulters. I have never had any dealings with loan sharks so a little research was necessary, a few clicks and I was ready to write.Since then, although I gave no personal details to anybody I have received a steady stream of ...

Time For The New World Order Says U.S. Elder Statesman In the video below, former U.S. Secretary Of State and perpetual Bilderberg Group attendee Henry Kissinger calls for the United States to cooperate with authoritarian regimes such as China to create a globalist totalitarian government. Now maybe those who habitually scream "Conspiracy Theory"

The Bio Tech Rape Of India
Not long ago a Tweet from Dr. Vandana Shiva ( tv.greenmedinfo.com/category/vandana-shiva/ ) generated quite a stir within the blogosphere by comparing Genetically Modified Organisms to rape. The Tweet read: "@drvandanashiva #MarkLynas saying farmers shd be free to grow #GMOs which can contaminate #organic farms is like saying rapists shd have the freedom to rape." Predictably the tweet provoked outrage, not least among ...

Obama's Lust For War Could Turn Out Very Badly For The West
For two years the great peacemaker and joybringer, Mr. Hopey Changey Man himself, Brack Hussein Obama has been trying to find a way to intervene in the Syrian civil war on the side of the anti Assad rebels and fanatical Islamic Jihadists without pissing off Russia and China too much.

In Scotland's Brave New World Every Child Will Have A State Nanny
The putative government of Scotland is trying to push tough laws which will appoint to every child a Nanny State nanny to ensure parents and not abusing their kids. If we think in terms of beating and neglect that seems reasonable but when you remember social workers have yelled abuse because parents kept children off school, let them ...

The Importance Of Free Speech And A Free Press
Politicians around the developed world including leaders of the two most powerful democracies, Barack Obama and David Cameron have been falling over themselves to join the attack on free speech. On subjects as diverse as climate…

Rioting In Sweden: Unrest may spread across Europe, warns Red Cross chief
As the systemic problems in the Eurozone exacerbate the effects of the global economic crisis for European nations, the inevitable civil unrest has erupted in the last place we would expect, Sweden.

Does New Obama Speech Signal The End Of Internet Freedom?
From when I first started reading of Barack Obama I recognised in his vacuous words, in the speeches crammed with cliche and banalities that we were told was "soaring rhetoric", a man of little ability with a huge desire for power. When it became apparent that he was being pushed towards the U S Presidency by the unseen political forces that really rule our planet ...

Stupid (Swedish) Coppers Of The Week Fail To Quell Stockholm Riots
An amazing reaction from Swedish Police to a week of rioting prompted this satire on Swedish Politically correct thinking.

Amsterdam's twin Prostitutes, The Fokkens Twins Retire At 70
Either of the Fokkens sisters (yes that really is their name) could be the oldest working prostitute in the world, they are certainly the oldest twin prostitutes in the world. And now they are to retire.

Chemical Cosh For Kids That Do Not Conform
Indiscriminate prescription by doctors of Ritalin and similar drugs to children whose behavioural traits from brashnes to shyness were falsely (not wrongly, falsely) diagnosed as ADHD has always been controversial. Now an admission from the father of ADHD reveals something very shocking ...

The Banksters Bullion Heist: How The Gold Market Was Hi Jacked And The Banksters Robbed Us All
The rapid drop in gold prices recently has been said by some to be a sign a new economic crisis is imminent while others say it is a sign economic confidence is returning and the slump is over. It is neither, but rather a demostration of how banksters rig the markets in gold, commodities, currency ans shares, and rob us all.

Fears Of Violence And Unrest As English Town Prepares For Bilberberg Rally
The shadowy and secretive Bilderberg Group will hold their annual meeting at The Grove country house hotel complex just outside watford, England in early June. As usual this gathering of the super - rich and super - powerful will be accompanied by levels of secrecy and security never seen elsewhere.

Global Warming Theory Debunked By NASA
NASA, America's National Aeoronautical And Space Agency was in the forefront of the Anthropogenic Global Warming scare. Do you remember 'The Science Is Settled'? Well it wasn't, a trickle of thoise really awkward bastards who insist on thinking for themselves became a torrent and now even NASA are admitting it was all a hoax based on dodgy statistics and fraudulent physics.

What Is All That Aid Money Really being Used For
The marketing hype accompanying wars becomes progressively more boring and predictable. Whenever a "coalition of the willing" of western governments and their rather unsavoury regional allies deploys military intervention, it is certain the European Union will host or participate in a “donors’ conference”. These grotesque charades have become a feature Afghan campaign since 2001. When Gaza was bombed for three weeks in late 2008 and early 2009, the EU rushed...

Angelina's Tits: Was the world too quick to celebrate the unnecessary double mastectomy
Was the world right to make Angelina Jolie a hero for having her healthy breasts removed? Now the commercial motivations behind the move are coming to light, it seems Ms. Jolie's double mastectomy on the strength of manmmograms that revealed patented genes that contribute little to cancer risk but much to corporate profits could have been a career destroying misjudgement.

Prescription of dangerous antidepressants that cause sudden death is rapidly expanding
The criminality of Big Pharma goes on and on. Stop them committing one crime, they start another ten scams, frauds or deceptions to make up for the lost profits.

'The list of antidepressants that can cause sudden death is growing exponentially, with citalopram - under the brand names ...

Two stories that show how the banksters plant to control your cash and how you spend it
I have written many articles over the years about how machines and technology are talking over our lives. Slaves To The Machine ( www.scribd.com/doc/117509296/Slaves-To-The-Machine ) is a keynote article for all my websites and blogs and new stories bringing more evidence to support the predictions I make in it are emerging constantly. Two new ones appeared this week ...

He Who Controls The Food Controls The Universe.
A reference to Frank Herbert's Dune in the title, but this is not a fan piece. While the US Administration bends, lifts its shirt and invites fascist biotech corporate to fuck the American public up the arse, it's good to know some people are stll fighting to keep some democratic control of what goes into our bodies.

All Your Gene Are Belong Us - You Don't Own Your Body, Obama's Government Does Barack Hussein Obama is rapidly becoming known as the sellout President, he has welched on every electoral promise and bent over backwards (and forwards we hear) to accomodate his corporate paymasters. Well some of us did try to warn you he was The New World Order's houseboy. Now he is even giving the corporations rights over citizens bodies.

He Who Controls The Food Controls The Universe Remember that famous line from Frank Herbert's science fiction novels in the Dune series, "He who controls the spice controls the Universe"? Just substitute the word food for spice and the line is starting to look eerily prophetic. Greenpeace the environmental protection group claimed a rare victory against the march of corporate fascism when

Washington Signals Fears Over Dollar
Over the past month there have been some bizarre movements in financial marketsthat can only be explained as a conspiracy to protect the US dollar from the inevitable consequences Federal Reserve’s policy of Quantitative Easing (QE) which has been going on since the financial crisis began in 2008.

Economic Insanity: We Spend $11 million to create each green job
Cast you mind back to the last round of elections where you live. Do you remember al those politicians promising to make the economy greener, to create...

Lies, Damned Lies and ... umm... Those Other Things ... oh yeah, statistics.
Were I able to muster the kind of blind faith Mr. Chivers and other "science" nerds place in statistics I would invest it in one of the traditional religions and at least be able to convince myself there is a chance of being resurrected into the life eternal. As it is, unlike Science fans who proclaim their atheism but have a zealots faith in science, I am a true sceptic...

Children Given Chemical Cosh For Fictitious Disease

Critics of the Ritalin disaster which saw many lived ruined by the prescription of 'bonkers' drug Ritalin for "ADHD" are now getting support from an unexpected quarter. The German weekly Der Spiegel quoted in its cover story on 2 February 2012 the US American psychiatrist Leon Eisenberg, born in 1922 as the son of Russian Jewish immigrants, who was the “scientific father of ADHD” and who said at...

Looming Health Crisis: Wireless Technology and the Toxification of America
As a multitude of hazardous wireless technologies are deployed in homes, schools and workplaces, government officials and industry representatives continue to insist on their safety despite growing evidence to the contrary. A major health crisis looms that is only hastened through the extensive deployment of “smart grid” technology.

Scientific Dictatorship: The Total Surveillance Society Is Coming Soon.
Just because you're paranoid, it does not mean they are not watching you. The totall surveillance society is spreading as fast as your freedom is disappearing. CCTV, Drones, Google data snooping, giant databases, everything you do is monitored and logged.

War On Terror, War On Drugs, Jihad Against Junk Food
why have the elite taken against 'junk food' a concept for which their is no accepted definition. Well there has been talk of a tax on fatty foods but that went quiet when it was pointed out pate de fois gras, Chateaubriand, Steak Diane and other gourmet treats were very fatty.

Monsanto Owns The Life Reproducing Process Says U S CourtPoliticised Judges show bias in finding for the Corporate giant and helping advance its agenda to control the food supply. This is the corporation that wants to make sure nobody ever eats ant product, plant or animal, that is not genertically modified. And the shits who have hijecked our societies, the politicians, lawyers, bankers and scientists are happy to sell us out to these fascists and help create their Brave New World.

Eat Insectes, good food is only for elitists says United Nations

Very survivalist, very Soylent Green. The scientific advisers of that hotbed of elitism where the politicians, international lawyers, bankers and top academics, the U N (United Nazis) has been thinking about the incipient food crisis. And they say the food shopping list of all us ordinary punters in future will include Bread, Milk, Grubs, Beetles, Maggots, Locusts, Worms and Spiders.

The Jihad On Junk Food
You must have grown tired of all the wars governments are fighting. Not shooting wars (although the war on terror is war on an abstract concept) but war on smoking, war on drugs, war on crime, war on anti - social behaviour and the one they will never win, the war on alcohol. Government's must have grown tired too, or maybe