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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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Germany Involved in NATO War Games Near Russian Border
More than 5,000 soldiers from Germany, Estonia, USA, Netherlands, Great Britain, Lithuania and Latvia are currently engaged in the NATO war games, according to DWN,. Operation "Spring Storm" is taking place 30 kilometers away from the Russian border and will go on until May 20.

Can this woman possibly be a fit and proper person to serve as President Of The USA
While US mainstream media have been obsessing over transgender rights and whether chicks-with-dicks should be allowed to use the same toilet facilities as women and little girls, the American democratic process has been dragged further into the mud (if that was possible) and the candidacy of Hillary Clinton look to be in greater jeopardy than ever despite her having almost certainly won the primaries campaign by a big enough majority of delegate to secure the nomination ...

Hollande Survives Confidence Vote As France Slides Deeper Into Chaos French President Francois Hollande suvived a 'no - confidence' vote today but now faces deepening divisions within his own party as well as in the French population. Continuing mass protests by students and trade union members showed the battle of over his reforms to the country's labour laws are far from finished. Hollande has hardened opposition to his reforms after bypassing the French parliament to push them through.

After Yugoslavia NATO changed from a mutual defence alliance to an organisation for military aggression.
After the break up of the Soviet Union, a point in history when many in the west mistakenly thought Russia had ceased to be a major power and the USA unilaterally declared victory in the cold war, people around the world looked forward to an era of peace and prosperity. They could not have been more wrong, in fact even the most cursory examination of history will show that Russia has seldom been an aggressor.

American GM Wheat Losing Out To Russian Organic Wheat In World Markets We've been trying to get the truth out on GM crops, loved by American corporate business, rent-a-quote scientists and politicians for several years. The massed ranks of big money and big politics are still ranged against us but it seems that one again we the New Media are winning. The more the 'experts', professors and politicians tell us genetically modified crops are good, the mor suspicious we become.

Former Equalities Chief Says ‘Superdiverse’ UK Will ‘Burn’
Unusually for a left wing figure and to his great credit, Mr. Phillips was admittting he had been wrong to argue in favour of mass immigration from theocratic Muslim nations, expressing his disgust at the racism, anti – semitism and wave of violent and sex crimes, and observing that he doubted Muslims can ever integrate into western society because of the difference in the mindset.

After Yugoslavia NATO changed from a mutual defence alliance to an organisation for military aggression.
After the break up of the Soviet Union, a point in history when many in the west mistakenly thought Russia had ceased to be a major power and the USA unilaterally declared victory in the cold war, people around the world looked forward to an era of peace and prosperity. They could not have been more wrong ...

European Parliament President Says ‘Vast Majority Of Europeans Do Not Want Borders’
The Europhile German Social Democratic Party (SPD) politician stated that if the populist, anti-mass migration Norbert Hofer becomes president "this will change Europe’s character". Last month Hofer came top in the first round of the Austrian elections, and in two weeks voters will go to the polls for the second round, to choose between the right wing FPO figure and his Green rival Alexander Van der Bellen as the nation’s next head of state.

Armed Forces Minister: Obama ‘Woefully Ignorant’ of Threat EU Membership Poses
Referring to a statement Mr Obama made in the Telegraph on Friday in which he said: “The European Union doesn’t moderate British influence – it magnifies it,” she responded: “Unfortunately this opinion betrays a woeful ignorance of the practical reality of the EU’s impact on our security, and the interests of the U.K. and the US.”

Wall Street 'Whistleblower' Exposes Clinton Foundation Fraud

The woman is a phoney, a self interested, self aggrandizing elitist with a sense of entitlement the size of a galaxy. Whatever Hillary does, and whatever minority group the claims she is acting in the interests of, you can bet the main beneficiaries are Hillary Clinton, her family and her cronies.
No surprise then that a whistleblower has exposed Hillary's charity, 'The Clinton Foundation as a fraud.

De Dollarisation Accelerates As Russia Prepares To Launch Ruble-Priced Oil Trading Platform Russia is ready to take the next step towards killing the petro-dollar and dumping the US$ as global reserve currency, a move we reported last year. Vladimir Putin's ruble-based pricing of its domestically-produced oil is on the verge of realization. SPIMEX (The St. Petersburg International Mercantile Exchange) is actively courting international oil traders to join its emerging futures market ...

Google Now Has Access To Millions Of Patient's Health Records


A controversial deal between tech giant Google and the National Health Service (NHS) will allow artificial intelligence units access to 1.6 million confidential medical records. Since 2014, Google has partnered with several scientists in an attempt to understand human health, but a new report reveals the data gathering goes far beyond what was originally anticipated - well now there's a surprise.

How Facebook, Instagram, Google, and Twitter Use Censorship to Kill Free Speech
A new study by Onlinecensorship.org — a collaborative effort between the Electronic Frontier Foundation (EFF) and Visualizing Impact reveals that social media sites and search engine operators have been collaborating closely with government agencies to control the type of content we may see online. Most readers will know of people who have been kicked off the social networking site for designated periods of time for ‘violating community standards' ...

EU Commission Backs Turkey Visa-Free Travel Amid Terrorist Cautions
As if the EU does not have enough problems of its own, the Bureaucrats of Brussels seem determined to take on the middle's east's perpetual violent chaos by granting Turkey the right of visa - free movement throughout the Schengen zone for its 70million citizens and tens of thousands of jihadists

German Justice Minister Runs From Stage As Angry Audience Members Yell "TRAITOR!"
The peoples' pushback against European federalisation and genocide of Europe's white working classes by flooding nation states with third world immigrants continues to gather pace as, with the onset of warmer weather, the flow of illegal immigrants into Europe starts to increase towards last year's levels.

TTIP document leak - A preview of the corporate fascism treaty from War On Want
The Trans Atlantic Trade and Investment Partnership (TTIP) was teetering on the brink of failure before Greenpeace Netherlands obtained a massive swathe of leaked documents that prove the treaty is, as many people feared, a corporate power grab rather than a free trade arrangement. This exposure will not stop the fascist regimes of the European Union and the United States trying to push it through against massive public opposition. The ruling elites have only contempt for democracy and the people

The ‘Colossal Unmentionable’ of the Climate Fraud
An incisive analysis from The Wall Street Journal that shows who and what will benefit from the great climate change scam (clue, it will not be the climateor the environment and it will certainly not be people like you and me.)

US-Created System In Iraq Is Collapsing: Protesters Storm Parliament
Less than two years ago, the US set up a puppet government in the mid-east state of Iraq when, following US pressure, on August 14, 2014 then prime minister al-Maliki agreed to stepped down and be replaced with Haider al-Abadi. Today, the regime is in chaos and the system set up by the US is collapsing. Yesterday protesters loyal to popular Shiite cleric Muqtada al-Sadr broke through a security cordon into the Green Zone, home to government buildings

So Long, Schengen: Six EU States to Resurrect National Borders in Mid-May

The governments of six European state have announced they will reinstate border controls as the immigration crisis starts to gather momentum once more with the onset of warmer weather. The authorities of Germany, France, Austria, Belgium, Denmark and Sweden are in favor of extending the temporary border controls within the European Union, which are due to expire in May, in the framework of the Schengen Borders Code rules, German media reported Saturday.

Obama Admin Denies Saying “No Boots on the Ground” in Syria After Saying It 16 Times This is our second report today that catches Barack Obama and his administration of 'homies' in a blatant lie. The first related to the TTIP trade treaty, this one concerns the decision to deploy American ground troops in Syria, after Obama had repeatedly stated there would never be any US soldiers on the ground in Syria

The Oligarchy Is Tottering - Trump Tramples The Neocons' "False Song Of Globalism"
Donald Trump scares the global establishment as do the anti Federalisation parties in the EU. We take a long and detailed look at why, and exactly what the globalist agenda would have meant for freedom and democracy had people not wonken up and opposed it in vast numbers. Kudos to the Islamic Jihad too, medievalist religious nuts they may be, but they resisted American attempt to impose western consumer culture on them.

The Pretensions Of Pop Culture And The Death Of Intellect

... It’s part of a distressing pattern these days of overwrought commentary about popular culture. As well as Beyoncé thinkpieces there are the Stars Wars thinkpieces, of course, and the Lana Del Rey thinkpieces or, God help us, even Kanye West thinkpieces. Don’t get me started on the fact that “thinkpiece” is now treated as if it were a single word...

FBI Drops Hints They Are Ready to INDICT Hillary Clinton
Sources close to the FBI investigation into Democratic Party presidential candidate Hillary Clinton's offences relating to national security when she was Secretary of State say the Feds are ready to indict the frontrunner in the nomination process on charges relating to classified information.

Europe Rejects Obama Doctrine - US Exceptionalism Is Not Acceptable
With a backlash against his efforts to bully Britons into voting to remain in the EU pushing the leave campaign into a narrow lead in opinion polls Obama's vistit to Europe last week could hardly be described as a success. And now he has been told a foreign policy based on 'American Exceptionalism' is not acceptable and the USA must abide by the same international law as the rest of the world

Illegal Immigrants, Bogus Refugees and Jihadist Asylum Seekers - Europes Self Engineered Crisis For a UK based libertarian site dedicated to promoting the traditional values of personal and national liberty, freedom of speech and thought and democratic rule accoring to the will of the majority, the social and economic disaster that is the consequence of the European Union's 'borderless world' project is a big news topic that will run for years. Here are the Greeneeth team's posts on Europe's Immigrant Crisis and The Islamification Of Europe

US Threat to Businesses Scares EU Members As Summit On Continued Sanctions Nears
Although the US and EU economic santions on Russia in retaliation for Moscow's annexation of Crimea to prevent a genocide of the ethnic Russian majority by the neo Nazi government installed in Kiev after a US engineered coup deposed the elected government, weaker European nations are spooked at the possibility of US retaliation if they do not obey Washington's diktat

Weather Channel Founder Slams Global Warming Fraud
The climate change lobby have been on the back foot for a long time as eminent scientists queued to be next to point out that when real world observations repeatedly contradict data produced by mathematical models run on university computer systems, any credible research team would take a long critical look at their models rather than adjusting the empirical data so it gives the required answer.

Lifelong Feminist Carmen Paglia Slams Hypocrite Hillary Clinton And Her 'Liberal' Supporters
As strong evidence emerges that the New York Democratic Primary election between Hillary Clinton and Bernie Sanders was rigged by the Democratic Party Nominations Committee in favour of their preferred candidate Clinton, America's hectoring on other nations on democracy are making it a laughing stock around the world.

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