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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 EUs 440bn (372bn) 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 Irelands 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 Europes 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 EMUs 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 IMFs damning report on his country? It states that the governments gross financing needs for 2011 will be 226bn, or 21pc of GDP. Spains 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 Goi, head of Banca Cvica who commented on the report Were in the antechamber of a new liquidity crisis. Were 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 Chinas 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. Todays eurozone nationalists might well ask whether it is really worth giving up ancient sovereignty to keep an artificial currency.

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Satellite observations and empirical measurements gathered by Argo temperature probes enabled the NASA team to calculate temperature variations and thermal expansion in ocean waters over 6000 feet deep.

Evil Labour Government Helped Private Companies Profit From NHS
If you live in Heywood and Middleton and were thinking of voting for the greedy, paedophile loving, elitists' party, Labour because you have been taken in by the lies peddled at the Labour conference that the wicked Tories plan to privatize the NHS, think again.

UK Health Watchdog: Studies Show Mobile Phones Cause Brain Tumours
Over the past last two years, following publication of metastudies like World Health Organisation's International Agency For Research On Cancer report on the effects of radio frequency electromagnetic waves, there is new evidence that mobile phones use can be dangerous to our health. A less technical summary of that is available from Cancer Research UK. Wireless phones, even those DECT systems you use with your landline so you can wander around with the handset, emit radio-frequency electromagnetic fields (RF-EMFs) when in use...

Another EU Wannabe Declares War On Free Speech A very dangerous and worrying trend, which has been gathering momentum for some time, has entered a new dimension in recent weeks. Political and business leaders around the world are blatantly calling for the censorship on reporting and discussing news in terms that are 'unhelpful' to their aims and ambitions along with further restrictions on free speech.

US Centre for Disease Control Opposes Blocking Air Travel from West Africa to Stop Ebola Right of return and gender dimension more important than stopping spread of disease? Well that sounds about right for the admistration of The Rent Boy President. Always put acting in a politically correct way before common sense. How about this for a totally fickwitted attempt to deal with a crisis (or mayve a smart but totally evil way to create a crisis.

Another Big Result For The 'Conspiracy Theorists' - US CIA Corrupts Western Journalists.
Ever wondered why anybody trying to report news truthfully or initiate intelligent discussion is branded a conspiracy theorist, especially if their news or opinion is critical of the American government of American business interests? Read the content of this page and you will know a lot more about what is going on.

The Crminalisation Of Dissent
There is a growing trend in what we like to think of as the free world to curtail civil rights, transfer national sovereignty from elected law making bodies to supra national bureaucracies and enact new laws restricting free speech and press freedom. Largely fictitious threats such as terrorism, Islamic fundamentalism and climate change are being used to justify this. but are the levels of risk sufficient to justify the destruction of democracy?

EU Kommisar Admits Brussels Is At War With Democracy
The German EU Commissioner Günther Oettinger, in an astonishing rant accused "bishops, non-governmental organizations and "Ami-Go-Home-Altgruppen" (whatever they are) of undemocratic agitation against the EU's free trade agreements. Oettinger was referring to the Trans Atlantic Trade and Investment Partnership (TTIP) the undemocratic deal being negotiated in secret between the European Union and the corporate paymasters who control the US Administration.

Proof Bill Gates is Linked to Ebola as it Hits Dallas, Texas?
Ebola fever has landed in America and predictably sparked panic (see headline). The question evert=yone asks is: "How much danger are me and my family in." The questions they should be asking are: "Why does the US Government Department Of Defense hold a patent on the Ebola virus; and: Why has a team from Tulane University and the US Department of Defence biological weapons research project been experimenting on the Ebola virus for several years?

Surveillance Society Ever had that feeling you are being watched, unseen eyes are monitoring your every move, recording your every action, even knowing what you think. We live in a surveillance society but few really understand how intrusive the activiries of the watchers are. Welcome to the Panopticon. Jeremy Bentham's ideal prison has become a metaphor for the world we have created.

New Global Crisis Imminen, New Geneva Report Warns The Geneva Report refers to a “poisonous combination of high and rising global debt and slowing nominal GDP [gross domestic product], driven by both slowing real growth and falling inflation”. The total burden of world debt, private and public, has risen from 160 per cent of national income in 2001 to almost 200 per cent after the crisis struck in 2009 and 215 per cent in 2013. “Contrary to widely held beliefs, the world has not yet begun to delever and the global debt to GDP ratio is still growing, breaking new highs,” the report said.

Farage Reckless Facing Rabid Left Wing Fanatics
Following the defection to UKIP of Conservative MP Mark Reckless, who yesterday shocked the media and political establishment (everyone else knew it was on the cards.) by announcing his switch from con to Kipper from the podium at the closing session of UKIP's conference, the Kippers latest recruit and his new leader yesterday faced angry but ineffectual protests

Vaclav Klaus, the free world's last honest politician: the West’s lies about Russia are monstrous.
There are few people in politics who will say in public the things that really think, thanks to the hypersensitivity of the American political establishment and their enthusiasm for bombing the crap out of anyone who upsets members of their anointed minorities. Its refreshing then to learn of comments made by veteran Czech Republic leader, putting the boot into the cowardly mealy mouthed sum who pass for conservative and libertarian politicians in the English Speaking countries.

Why Do Government Information Technology Projects always Screw Up? Because Everything Governmrent Touches Becomes Political
While scientists burble excitedly about the internet of things, computer-brain interfaces that will enable the government to control us from data centres, creating human / computers hybrids and other science fantasy rubbish as if any of it stands a chance of becoming reality, government Information Technology managers, with almost unlimited resources at their disposal, can't even manage to cobble together a simple database and search routine. The failure of the e borders project is the latest in a long line of screw ups.

Ukip takes on free market corporatists: Britain's immigration debate gets interesting
Immigration was the subject of the big debate at UKIP's conference in doncaster today. With the Rotherham paedophile scandal which involved Muslim men in the immigrant community abusing young white girls as open sore in South Yorkshire politics at the moment the topic was long overdue for serious debate. One of the reasons the Rotherham scandal happened was the politically correct left scremed racism whenever issue was raised. Immigrants are not above the law.

The Third Gulf War Has Started - Should Britain Get Involved
For the third time in twenty five years a British Prime ~Minister has led the nation into a war in Iraq. It's understandable that Iraquis might be a bit pissed off with us. This time the threat is not a brutal dictator like Saddam hussein or Muammar Gadaffi, the Libyan leader we helped depose, but Islamic State, a concept, an idea, but also a rabble of bloodthirsty maniacs funded by European and American money, aremed with European and American weapons and trained by European and American 'military advisers.

War In Iraq? Lard Bombs Away (SATIRE)
As usual Boggart Blog is totally against Britain becoming embroiled in another sectarian conflict in the middle east (the theme tune of which will be I Hate You Babe by Sunni and Shia.) But rather than send our clapped out, thirty year old warplanes to fire rockets and heavy calibre cannons and drop bombs on the IS, bearing in mind these guys are all fundamentalist Muslims we have a better idea. We can beat the Islamic State without shedding HUMAN blood.

Derbyshire Chief Constable Claims He Was Forbidden To Arrest Former Labour Minister Or Search His Home">South Yorkshire Police Commissioner Shaun Wright Finally Resigns Over Rotherham Child Abuse Scandal
Police chiefs blocked a paedophile probe into a top politician 25 years ago, one of the country’s most senior officers said yesterday. Derbyshire Chief Constable Mick Creedon was serving as a detective sergeant in Leicestershire when allegations surfaced against Labour MP Greville Janner in 1989. Mr Creedon said he was ordered to limit his inquiries into the MP, now Lord Janner of Braunstone.

Disaster Dave's Latest Screw Up On The International Stage
Tomorrow (26 September, 2014) the UK Parliament will meet to vote on whether Britain should support Prime Minister David Cameron and US President and Warmonger - in - Chief Barack Hussein Obama in launching yet another war in the middle east, this time against the forces of the Islamic Caliphate, a fundamentalist organisation set up by groups funded armed and trained by the USA and its allies in their quest to overthrow the regime of Bashar Al Assad in Syria.

War In Iraq: Confused? You Will Be
I'm always a bit wary about referring to The Daily Mail because mere mention of that rather sensationalist but immensely popular newspaper (compare its circulation figures with those of The Guardian or The Independent) is likely to attract a Two Minutes Hate session from Britain's biggest fascist movement,

Love Like Chains (poem)
There are needy lovers and there are controlling lovers (the lovers in my case have always been female but I know men fall into these categories too). They often seem to be modelled from the same clay. Having always been self contained person who liked to stand apart from the crowd I have never did very well in love affairs with either type. This poem is not adressed to a specific person but an amalgam.

Miliband Promises Same Old Shite - Not A Word About Action Against Paedophile Sex Gangs
Labour leader Ed Miliband's keynote speech at the Labour Party conference woyuld have to be the best speech of his life if he hoped to be Prime Minister after next years election, the consensus of opinon said. Ed's friends and opponents awaited the speech with very different hopes and expectations. in the end as Ed dodged the bg issues, the economy and debt, law and order, immigration and Europe, it was probably his enemies who were happier.

In Praise Of Sluts - Tits Out For The Boys Miley
In the last 24 hours both Marianne Faithfull and Jacqueline Bisset have criticised today's young women for dressing provocatively, the teasers for a story in today's news said.
Marrianne Faithfull, no slouch in the sluttiness stakes herself back in the 1960s but to a teenage male all the more appealing for that (I still get a little tingle when I look at a Mars Bar), told ITV News that Miley Cyrus, Rihanna and other good looking young pop tarts are, quite simply, sluts. She gave her reasoning thus:

'There is Only One Planet': The Bemusing Claims of London's Climate Warriors
Apparently blissfully unaware of their hypocrisy, marchers have left placards emblazoned with complaints about the government and environmental issues strewn around on the pavement. The thousands of left-wing activists who descended shouting and stomping through London’s streets no doubt moved on to bars, restaurants or their homes to smugly congratulate themselves on having done their bit for Mother Nature, unsurprisingly not only expecting other people to pay for everything they demand,

A Bunch Of Self Obsessed Air Heads Only Interested In Publicity
The headline sums up some of the speakers or yesterday's climate change protest in London. But we know scientists are vacuous wannabe celebrities. The surprising thing was the showbiz and media luvvies showed themselves even more stupid and out of touch with reality. Take Emma Thompson. A fine actress but we should remember her job is pretending to be somebody else. and having spent most of her life pretending to be somebody else, when ...

Nationalism the new target for left wing screechers
The screechers have a new target for their hate, Nationalism. OMFG, I am sick of seeing on Facebook and other Sheeple sites posts from the army of bandwagon followers condemning nationalism. Hate attacks on Andy Murray because he voted Yes for Scottish Independence were deplorable, the bloke is entitled to his opinion FFS. The lefties hater did not stop there however, attacks on his mother are just disgusting (but entirely typical of the Labour voting, free speech hating, all-things-British loathing, bourgeois left scum.)

Rotherham Childcare Chief Quits Over Mass Sex Abuse Scandal

After weeks of mounting pressure and in the wake of resignations by council political leaders and senior exectutives and also of the recently elected Police Crime Commissioner for the scandal hit town, Joyce Thacker the head of children's services at Rotherham council has finally quit. Following the revelation of a massive cover up by elected representative, police and care professionals who went to considerable lengths to avoid acting on allegations of organised sex abuse gangs consisting mostly of

GCHQ employs more than 100 dyslexic spies. So what?
A lot of people in comment threads seemed eager to get their knickers in a twist this morning about a story headlined: GCHQ employs more than 100 dyslexic and dyspraxic spies. The story tells how the government snoopers intelligence agency down in Cheltenham uses dyslexics' ability to analyse complex information in a 'dispassionate, logical and analytical' in the fight against terror.

Obama administration ‘blocking' information from the press
Uncovering information that should be available to the public has become increasingly difficult under the presidency of Barack Obama, an Associated Press bureau chief says. In some cases, it surpasses the secrecy of the George W. Bush administration. The White House's penchant for secrecy does not just apply to the federal government, according to AP's Washington bureau chief, Sally Buzbee.

An Interesting Perspective From Across The Pond On The Scottish Referendum Result
The almost inevitable accusations of fraud and vote rigging are beginning to emerge in the wake of the Scottish independence referendum. Surprisingly the likely culprit most fingers are pointing at is not the SNP, leaders of the YES campaign or the Westminster government which wanted to avoid the embarrassment of a no, but the Euronazis in Brussels whose plans for a single European nation would have suffered from a YES vote.

Submerged forests' drowned by ancient climate change revealed by 2014 storms.
Here's yet another smack in the mouth for those smug, condescending scientists who talk down to the rest of us. Far from being a new thing, climsste change was affecting the environment at the beginning of the Bronze age. How many fossil fuel burning power stations did the beaker people have then, and how many Chelsea tractors were tearing up and down the ridgeways?

1000 Scientists Break Ranks On Global Warming - Laugh? I Nearly Shat
You've all heard from members of the Church Of Scienceology Cult about how there was total consensus (despite a lack of empirical evidence) that the planet is warming so rabidly there are now no ice caps at either the North or South Poles, that the last polar bear perished when someone ate its Fox's Glacier Mint and that there are now ...

How To Be Totally Uncool (By TryingTo Look Cooler Than You Are)
Many of the 4700 people camped outside the Apple store on New York's 5th Avenue in the picture above are unemployed (and very likely being paid cash in hand by others to queue for days). Few, if any, among either the campers or the buyers will spend $3,600 for a "gold" iPhone like someone in China just did. But those who are buying will gladly pay ...

South Yorkshire Police Commissioner Shaun Wright Finally Resigns Over Rotherham Child Abuse Scandal The man who bears most responsibility for failure to investigate the Rotherham child abuse scandal has finally resigned after three weeks of excuses and evasions. Police Commissioner Wright has been under pressure ever since a report by Prof Alexis Jay (see below) revealed a huge level of child abuse in the South Yourkshire town of Rotherham. The organised sex crime rings had been operating for ...

UKIP MEP Received Death Threats After Criticizing Rotherham's Labour Council Council Over Sex Abuse Scandal Jane Collins, the UKIP Member of the European Parliament for Yorkshire, has been speaking out about the failure of the senior police officers, the social services department managers in Rotherham and leaders of the Labour controlled council all of whom failed to act on allegations that groups of mainly Pakistani men were carrying out the organised sexual abuse of under age girls who found themselves in the care of the authorities.

Bill Gates Foundation Giving Millions to Top University In Order To Influence GMO “Debate” - It Must Be Dodgy
Former Microsoft CEO and mega mogul Bill Gates has long utilized his vast fortune to push genetically modified organisms (GMOs) through his Bill & Melinda Gates Foundation, but Gates’ efforts have been met with sharp criticism from millions of grassroots activists both home and abroad.

Rotherham: In the face of such evil, who is the racist now?
Here's a question for wannabe Mastermind contestants. If South Yorkshire Police can mount a raid on the home of pop singer Sir Cliff Richard, two hundred miles away from their patch in pursuit of evidence linked to a single and unsubstantiated allegation of child sex abuse 30 years ago, why were the same South Yorkshire Police force unable to conduct a proper investigation into multiple allegations against men who raped 1,400 children over 16 years?

Denis MacShane: I was too much of a 'liberal leftie' and should have done more to investigate child abuse
In a rare mome

nt of candour disgraced former Labour Member Of Parliament for Rotherham, Dennis MacShane admitted he could have done more to protect the victims of sex abuse gangs in his constituency who preyed on young girls in the local authority care system. While maintaing he knew of no specific allegations MacShane said he could have investigated rumours circulating in the town.

Rotherham Abuse Cover Up Cover UP
Not so long ago we were venting our spleen about the selection of Judge Butler - Sloss to head up an inquiry about how allegations of paedophile offences by well known celebrities, politicians and establishment figures were covered up for many years. It turned out Lady Butler Sloss was the sister of the now deceased Attorney General Sir Michael Havers who was directly involved in

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