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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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The True Debt Disaster America Faces - Only A Fraction Of Government Debt Is Known To The Public
Politicians and the media talk about the $17 trillion debt the US Government owes to creditors. They are lying, the $17 trillion is a fraction of what america owes. The real figure is $200 trillon. And Obama's loonytoons economics are driving that up at an accelerating rate.

Shrouded in Mystery by Gildas The Monk, annaraccoon.com
It seems there are times when historical narrative and scientific fact appear to collide. When that happens it always seems to me that the two must be reconcilable, but something, some piece of information is missing somewhere. I thought the Turin Shroud might make a fitting topic for Easter. When it comes to that topic, the conflict is acute. Is it an image of the crucified body of Jesus Christ? Is it a medieval fake?

Sweden Taxing Itself Into Oblivion Because Of Insane Immigration Policy
Until recently Sweden's politically correct obsession with inviting migrants to the country (which has a population of less than tem million) was something of a joke among other north European countries. Now however, the crazy determination of Sweden's left wing political elite with filling their country with migrants so that ethnic Swedes who have not been able to leave the country will be a marginalized, ghettoized minority ...

The American Political System Is "Not A Democracy Or Constitutional Republic" - Thiel
The state of democracy in the USA has become a hot topic of conversation in American business circles in recent years. While President Barack Hussein Obama, not so much a man as an ego on long skinny legs, has increasingly been inclined to rule by executive order in the manner of a despot or tyrant, even Obama's fiercest critics have to admit the American electoral system seems increasingly capable of delivering only political paralysis ...

Greece draws up drachma plans, prepares to miss IMF payment
Greece is preparing plans to nationalise the country’s banking system and introduce a parallel coupon currency so that citizens can carry on their day to day activities in the event of the Eurozone taking steps to defuse the simmering debt crisis. Sources in the governing Syriza party said the government may be forced to take the unprecedented and high risk step of missing a payment to the International Monetary Fund (IMF) as early as next week.

Will New German Study End Global Warming Hysteria? Although evidence that the global warming scare has been a massive scam in which exponents of various typoes of dodgy science lumped together under the label of climate science, in order to justify massive taxes on everything (because everything in the modern economy involves oil or electricity at some stage) and create a $1trillion per year market for Inventment Bankers and Dr. Evil types such as Al Gore could steal more money from ordinary people, politicians, media contributors and of course science academics have stuck to the narrative.

Did Reuters Falsify The Testimony Of A MH-17 Crash Witness
As the USA increasingly looks to be losing its bid to provoke Russia into firing the shot (or dropping the bomb) that starts World War Three, the ever loyal mainstream media continues to flog dodgy narratives in the hope of whipping up anti Russian sentiment, should Obama eventually need to attack the Russians or their allies. In this case Reuters are caught fabricating stories about fligh MH17 shot down over Ukraine

Thousand of Indian farmers protest against corporate imperialism and Government promotion of GMO seed.
In India the deeply unpopular Modi government is facing a massive revolt against possibly corrupt and certainly undemocratic collaboration with biotech giants like Du Pont and Monsanto in trying to use legislative power to force farmers to accept the introduction of Genetically Modified seed. Protests against the Government and ruling coalition took place in Delhi on ...

Pesticide residues on fruit and veg. is harming male fertility, study claims

Pesticide residues on some fruits and vegetables could be harming men’s fertility, a study has claimed. Researchers found that men who consumed the most peppers, spinach, strawberries, apples and pears – which tend to contain the highest concentrations of pesticide – had on average a 49 per cent lower sperm count than those who ate the least.

ExxonMobil Tells The Guardian To Stick Their Leftie Hypocrisy Where The Lights Don't Shine
We have often made points about the hypocroisy of the left, particularly those lefties who support the global warming scaremongering of the Warmageddonist Lobby who spread false propaganda about climate change in order to justify punitive taxes on the fuels that produce the energy than make modern sociaty viable.

Sources: Saudi Arabia Sends over 5,000 Takfiri Terrorists to Yemen

According to as yet unconfirmed reports from Iranian news agency Farsnews, "Saudi Arabia has sent around 5,000 Takfiri mercenaries to fight against the Yemeni army and revolutionary committees," Yemeni Army Commander Colonel Abdel Sattar al-Boushali told FNA on Saturday night.

The Sillyosity Of The Loony Left
It's great to watch the increasing silliness of the left, particularly those Maoist bigots the BBC passes off as impartial and objective news commentators. This morning they were all creaming their pants about an opinion poll about a YouGov poll for the Sunday Times. Topline figures are CON 32%, LAB 36%, LDEM 8%, UKIP 13%, GRN 6%.

Europe Pulls Rug From Under Greece, Says "Nein" To "Vague, Piecemeal" Proposals
The noises coming out of the meeting room where officials from Greece were in talks with EU finance ministers sounded positive. Greek talks with their creditors have ended badly however for the desperately cash-strapped nation.

Climate Change and Leftist Psycological Malware.
It may seem far fetched but it is possible to link the techniques of the climate change / anti capitalist lobby to the brainwashing prorammes used by the Nazis in Germany, Stalin's Soviet regime in Russia and Chaitrman Mao's brutal government in Communist China. Thus it becomes quite similar to malware that infects computer systems. The left do not care about saving the planet, all they are interested in is advancing their totalitarian, globalist agenda.

Libya, Syria, Yemen: Sectarian conflict threatens entire Middle East
Another failure of US foreign policy leads to threat of war as a coalition of 10 Sunni Arab states launches a military offensive against Shiite Houthi militants in Yemen, recently proclaimed by America’s president as a brilliant example of war on terror, but now catapulting the Middle East into the inferno of battle.

Obama's Terrible Trade Pact Is a Scam That Must Be Stopped Says Jim Hightower
Having written a book on the evil trade treaty that will transform the democratic nations into corporate oligarchies, we step aside and hand the baton to Jim Hightower of Alternet who is equally outraged about the iniquities of TTIP's equally evil twin, TPP.

"I'm Not Stupid" Monsanto Lobbyist Refuses To Drink Weedkiller After Proclaiming "It Won't Hurt You"
The glib claim backfired however when the Monsanto lobbyist was offered a glass of diluted Roundup (active ingredient Glyphosate) and asked to drink it.
"Do you think I'm stupid, " the lobbyist blustered ...

Rotherham Child Sex Abuse Probe Puts 42 Police Officers Under Invesitigation
allegations against police officers include neglect of duty by failing to adequately investigate on the basis of evidence or to deal with incidents appropriately, inappropriate comments and evidence of corrupt relationships between police officers and offenders.

U.S. versus Russia War: Top Russian Politics Scolar Stephen Cohen Tells The Truth
We have been blogging for four years about the US drive for war, provocation of Russia in Syria, Iraq, Ukraine and elsewhere made it obvious. But I'm just a news junkie with a strong sense of curiosity and have wondered why the US seems set on this course. Good to see experts like Stephen Cohen, a prominent expert on, Russia are coming onside.

Google Meets White House Officials Every Week, Why?
We have been very suspicious for ten years of the way Google with such apparent ease achieved a dominant position in web search. How did it happen, did Google do something evil, did they invoke the powers of darkness in their meteoric rise. Or were there even darker forces at work, powering Google to a position in which their internet technologies could dominate global information flows? Here's something cynics should read.

Venezuela's President Maduro Accuses USA Of Psychological Warfare
Venezuelan President Nicolas Maduro has accused forces in the United States, Colombia, and Spain of waging an international “psychological war campaign” against his country. Barack Obama is behind a psychological war campaign to justify a coup in Venezuela said Maduro (who is not known for emotional restraint in his speeches) as he presented the results of the CELAC meeting in Costa Rica and elaborated on one of the grandest conspiracy theories yet proposed by his government.

The US House of Representatives Openly Calls for Regime Change in Moscow
Aside from Washington's usual lust for war, and the enthusiasm of American politicians to act as cheerleaders for death and destruction (so as to secure their billions in military industrial complex campaign donations, (graft, bungs, slush money, payola), a key part of a new bill before the House of Representatives which calls for lethal aid to Ukraine, has nothing to do with Ukraine at all.

Banning Cash Will Stop Terrorism (and end war, poverty, disease and bad smells)
The cashless society has been talked of for a long time by worshippers of authority, science fanboys, supporters of left wing politics and other people who think that nice Mr. Hitler had some good ideas really, but leading the race to ban cash because it is an aid to terrorism is the extereme right wing National Socialist regime in France.

Stupidity Of America's Lust For War With Russia
We have reported many times on the American attempts to provoke Russia's leader Vladimir Putin in the hope that Puting will then fire the first shot in the war the USA so desperately needs to revive its failed economy, unify its dysfunctional society and restore is to the position of dominant global superpower ...

TThe Idea Of An Infinite Universe Is Fashionable Again
The now little discussed (due to the witch hunt tactics employed by the scientific consensus gangsters) idea of an infinite, eternal, self renewing universe makes a lot more sense than a point at which everything suddenly materialises out of nothing.

Free Speech Is Being Murdered By The Media And Left Wing Authoritarianism
Without free speech there is no democracy. Without democracy there is no freedom. But all over the developed world free speech is under attack from politically correct politics. It is time to start resisting, do not believe the propaganda published by mainstream media, question everything and make up your own mind. as The Buddha said, "Believe nothing you read or are told unless it agrees with your own experience and common sense."

To Infinity And Beyond - Big Bang Theory Trashed?
One 'scientific fact' Little Nicky has challenged in the past is Big Bang Theory. I have lost count of the times that having offered proof that Big Bang is not a fact, the universe is in reality infinite I have become involved in thousand - comment threads in which the arguments of the Big Bang sceptics were contradicted by science tits screeching, "It is a fact because we say it is."

De - dollarization Moves Ahead - Once Again We Told You So.
Add the IMF to the (now long) list of those who apparently share the UK’s view that joining the China-led Asian Infrastructure Investment Bank is an “unrivaled opportunity,” as Christine Largarde says her institution not only sees a “massive” opportunity for cooperation with the AIIB but is also “delighted” to explore the possibilities.

World Domination Freak Bill Gathes Appeals For World Government
In a recent interview with the German magazine “SĂŒddeutsche Zeitung“, Bill Gates, son of a CIA director and the New World Order's 'made man' uttered some highly sinister comments in support of abolishing democracy and nationhood in favour of world government.

Another Reason To Get Out Of EU. UKIP MEP Hits Out At Fishing Policy That Penalises British Fishing Crews
As the General Election campaign starts to heat up, we try to shift focus away from the squabbling between Conservative and Labour about who can make the most promises they have no intention of keeping and to the real issues concerning jobs, social breakdown , mass immigration, and an often overlooked area in which our EU membership has perhaps done more damage than any other, the fishing industry.

German Ubermacht Gives Greek Upstats The Finger In European Union Confrontation. The confrontation between Germany, which some say sees itself as the increasingly dominant nation in the EU as 'ever closer integration' progresses, and Greece, the Euro zone economic basket case but a proud and independent nation all the same, had to come. Germany was more austerity from Greece to protect the value of the Greek debt it hold. Greece want money from Germany to settle old grievances.

France Moves to Make ‘Conspiracy Theories’ Illegal by Government Decree
Political elites and super-bureaucrats must be very worried. New start up political parties, dismissed as populist byt in reality listening to the concerns of voters are making inroads into the political status quo. New media investigative journalists and op-ed writers are challenging the official propaganda (and gaining an ever bigger audience). It’s becoming harder to control consensus reality.

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