Euro Currency Failing–Nigel Farage was right

.

Read Full Post »

Euro Genius–you couldn’t make it up

Go, go, go Nigel Farage, the world’s most interesting speaker on the Euro crisis:

.

Related articles

• The Genius of Mutual Indebtedness – Nigel Farage “the European Central Bank is bust. It’s gone” (seeker401.wordpress.com)
• Farage: “The Euro Titanic Has Now Hit The Iceberg” (investmentwatchblog.com)

Read Full Post »

A Few Paths to Waking Up the Masses–courtesy of unintended consequences resulting from the evil elite’s insatiable greed and lack of empathy

Like a 2×4 hitting ‘em to get their attention . . .  many things can precipitate a radical change in viewpoint–and drive the masses to want answers, to wake up. For example:

The more people who lose their homes and material wealth in this manipulated downturn, the more people who stop, think and re-evalute.

The more people who realize the financial and political situation is engineered for the good of a very few and not the people, the more wake up.

Such paths to waking up the masses include: (Source)

Read Full Post »

Nigel Farage Explains the EU–in plain language

.

Related articles

• Nigel Farage on Euro’s 10th Birthday (politics.ie)
• Nigel Farage’s plane crash pilot denies threatening to kill him (mirror.co.uk)
• Farage pilot guilty of death threats (independent.co.uk)
• Nigel Farage confronts EU leaders with their hypocrisy on Libya (blogs.telegraph.co.uk)
• British in revolt over creeping rise of EU Commissioners’ power as they impose stealth taxes on British families and reduce EU inward contribution to Britain (dominicatimes.wordpress.com)

Read Full Post »

Spain’s Economy in Collapse–right wing austerity measures only served to make things worse

Austerity protests in Spain

 Instead of helping the Spanish people and small businesses, the government has bailed out its big banks and then implemented austerity measures to try to dig its way out of its fiscal hole. That’s why people are protesting. (Source)

Nobel Winner Stiglitz Warns Job-Killing Austerity Measures Hurt Economies

Read Full Post »

Global Change–will be live

What we are dealing with here, is nothing short than the transformation of the world as we know it. It is going to sweep the Arab world and from there it will sweep outward in all directions.

Look upon the world at this time and marvel. You can see the plans hatch and fail in real time. You can see the wave, as it rises up from the plains and sweeps around the world into the hearts of every living thing, causing them to vibrate and cry out the truth concerning themselves. (Source)

.

This video shows 24 different countries that began 2011 with protests. The video shows the country location and news about the protest/riot. 2011 protests are increasing in quantity and support. Countries shown are Albania, Algeria, Argentina, Australia, Bangladesh, Belgium, Canada, Chile, Cuba, Cyprus, Egypt, Greece, Honduras, India, Ireland, Israel, Italy, Jordan, Tunisia, Turkey, United Kingdom, United States of America, Venezuela and Yemen.

McCain Calls Middle East Pro-Democracy Movement A ‘Virus’

.

Read Full Post »

Give ‘em easy credit, when they can’t pay it back, use their default to take WHATEVER you want–bwahahaha, hahahah

Looting of Spain, Just Like in Greece, and in Ireland:

The Spanish government is looking at auctioning stakes in its national lottery operator and airports, while Ireland will look at privatisations in its electricity and gas sectors as part of a joint European Union and IMF bail-out package agreed on Sunday. (Source)

Looting of Greece and the Looting of Ireland: The IMF-sponsored looting of Greece has begun.  They will “privatize” the railways, the water and sewerage services, the postal service, the airports, cut the wages and pensions for public workers, and increase sales, fuel and alcohol taxes and send them directly to the banks. (Source)

It’s no mistake–it’s a planned takeover:

Regarding “Bailouts” and “easy credit”: Which country has successfully borrowed its way out of a debt crisis? Not any. So why do it? 

The plan is for the controllers of global money to further consolidate their power by instituting widespread debt slavery: “to bankrupt all countries and turn them into satellites by foreclosing on the bankrupt countries.” (Source)

Debt is not just a credit instrument, it is an instrument of political and economic control. (Source)

As Mr Strauss-Kahn, head of the International Monetary Fund, threatens warns says:

“European nations need to cede more of their sovereignty and hand greater powers to the centre to avoid future crises.” (Source)

Read Full Post »

European Economic Crisis–and/or political crisis?

The European Union (the “EU”) is facing a multitude of issues.

All the Marbles: The struggle between the ECB/IMF and the financial crowd is about not just the future of the euro (if any), but the future of the EU and the ECM.  If Ireland, Greece, or Portugal defaults, where does the damage stop?  When do the riots end?  When do the wars commence? (Source)

You Know They’re in Trouble When They Start Saying Things Like This:

Merkel, Sarkozy Repeat ‘Total Determination’ to Defend Euro: French President Nicolas Sarkozy and German Chancellor Angela Merkel repeated their “total” commitment to defending the euro and the region’s financial stability. “Our determination is total,” Mr. Sarkozy told a joint press conference halfway through a meeting of most of the French and German cabinets on Friday. (Source: WSJ)

.

Nigel Farage, Member of the European Parliament from the UK, nails it:

European Parliament, Strasbourg – 24 November 2010
European Council and Commission statements – Conclusions of the European Council meeting on economic governance (28-29 October)

Transcript:

Nigel Farage To European Parliament: “The Euro Game Is Up… Just Who The Hell Do You Think You Are? You Are Very Dangerous People”

Read Full Post »

EU’s “Irish debt crisis”–pity the Irish, who failed to stand up to the banksters, and are now debt slaves to IMF/EU

Update 12/10/2010: €40m in Bonuses for Greedy Irish Traitors Bankers

In the Old Country: Ireland is massively in debt to the IMF/EU because it (stupidly) bailed out its banks.  Now AIB, one of the bailed out banks, is paying the people who ruined both the bank and the country €40 M in bonuses because – you’ve heard this before – if they don’t the clever boys and girls who sank an entire country will go to work elsewhere. Where? (Source)

The cost of the €40 M in bonuses will be paid for via cuts in everything for everybody else, in other words by harsh austerity measures, BUT:

Austerity Measures Will Fail: “The more that countries reduce wages and costs, the heavier their inherited debt loads become.  And, as debt burdens become heavier, public spending must be cut further and taxes increased to service the government’s debt and that of its wards, like the banks.  This, in turn, creates the need for more internal devaluation, further heightening the debt burden, and so on, in a vicious spiral downward into depression.” (Source)

.

Update 1/4/2011: Irish Leaders Castigated As Greatest Traitors Of All Time: Brian Cowen and Brian Lenihan are now being reviled as the villains who inflicted horrendous financial disaster upon the Irish people and forced the enslavement of future generations to a criminal cadre of International Banksters. (Source)

.

Can Ireland change? [Click: Dear friend of Democracy in Ireland or http://www.directdemocracyireland.org] Some bankers don’t think that Ireland should be allowed to change. For example:

Jean-Claude Trichet's body language speaks to the people of Ireland

Jean-Claude Trichet, head of the European Central Bank, “has made very clear his opposition to “haircuts” (losses) for secured and unsecured bank creditors.  In response to Fine Gael’s plan to unilaterally restructure Ireland’s debt, Trichet insisted that the bailout plans for Ireland’s banks have already been decided and that “the plans have to be executed. . . We have a programme, approved by the international community, approved by the IMF board, the entire world, approved by the European [Union], approved and financed by the IMF and the European [Union]” (Source)

Shouldn’t bankers like Trichet ask the people of Ireland if they want to assume the defaulted obligations of international bond holders, to become the designated debt slaves paying off defaulted obligations through higher taxes, just so that international bond holders don’t have to “take a haircut” (take a loss on their bonds).

Hmmmmm, anyone wonder how that would play out?

.

Read Full Post »

The Great European Bubble

In October of 2008, Germany and France led a European Union bailout of 1 trillion Euros, and “World markets initially soared as European governments pumped billions into crippled banks. Central banks in Europe also mounted a new offensive to restart lending by supplying unlimited amounts of dollars to commercial banks in a joint operation.”[18]

Bubble

The American bailouts even went to European banks, as it was reported in March of 2009 that, “European banks declined to discuss a report that they were beneficiaries of the $173 billion bail-out of insurer AIG,” as “Goldman Sachs, Morgan Stanley and a host of other U.S. and European banks had been paid roughly $50 billion since the Federal Reserve first extended aid to AIG.” Among the European banks, “French banks Societe Generale and Calyon on Sunday declined to comment on the story, as did Deutsche Bank, Britain’s Barclays and unlisted Dutch group Rabobank.” Other banks that got money from the US bailout include HSBC, Wachovia, Merrill Lynch, Banco Santander and Royal Bank of Scotland. Because AIG was essentially insolvent, “the bailout enabled AIG to pay its counterparty banks for extra collateral,” with “Goldman Sachs and Deutsche bank each receiving $6 billion in payments between mid-September and December.”[19]

In April of 2009, it was reported that, “EU governments have committed 3 trillion Euros [or $4 trillion dollars] to bail out banks with guarantees or cash injections in the wake of the global financial crisis, the European Commission.”[20]

In early February of 2009, the Telegraph published a story with a startling headline, “European banks may need 16.3 trillion pound bail-out, EC document warns.” Type this headline into google, and the link to the Telegraph appears. However, click on the link, and the title has changed to “European bank bail-out could push EU into crisis.” Further, they removed any mention of the amount of money that may be required for a bank bailout. The amount in dollars, however, nears $25 trillion. The amount is the cumulative total of the troubled assets on bank balance sheets, a staggering number derived from the derivatives trade.

The Telegraph reported that, “National leaders and EU officials share fears that a second bank bail-out in Europe will raise government borrowing at a time when investors – particularly those who lend money to European governments – have growing doubts over the ability of countries such as Spain, Greece, Portugal, Ireland, Italy and Britain to pay it back.”[21]

When Eastern European countries were in desperate need of financial aid, and discussion was heated on the possibility of an EU bailout of Eastern Europe, the EU, at the behest of Angela Merkel of Germany, denied the East European bailout. However, this was more a public relations stunt than an actual policy position.

While the EU refused money to Eastern Europe in the form of a bailout, in late March European leaders “doubled the emergency funding for the fragile economies of central and eastern Europe and pledged to deliver another doubling of International Monetary Fund lending facilities by putting up 75bn Euros (70bn pounds).” EU leaders “agreed to increase funding for balance of payments support available for mainly eastern European member states from 25bn Euros to 50bn Euros.”[22]

As explained in a Times article in June of 2009, Germany has been deceitful in its public stance versus its actual policy decisions. The article, worth quoting in large part, first explained that:

Europe is now in the middle of a perfect storm – a confluence of three separate, but interconnected economic crises which threaten far greater devastation than Britain or America have suffered from the credit crunch: the collapse of German industry and employment, the impending bankruptcy of Central European homeowners and businesses; and the threat of government debt defaults from loss of monetary control by the Irish Republic, Greece and Portugal, for instance on the eurozone periphery.

Taking the case of Latvia, the author asks, “If the crisis expands, other EU governments – and especially Germany’s – will face an existential question. Do they commit hundreds of billions of euros to guarantee the debts of fellow EU countries? Or do they allow government defaults and devaluations that may ultimately break up the single currency and further cripple German industry, as well as the country’s domestic banks?” While addressing that, “Publicly, German politicians have insisted that any bailouts or guarantees are out of the question,” however, “the pass has been quietly sold in Brussels, while politicians loudly protested their unshakeable commitment to defend it.”

The author addressed how in October of 2008:

[...] a previously unused regulation was discovered, allowing the creation of a 25 billion Euros “balance of payments facility” and authorising the EU to borrow substantial sums under its own “legal personality” for the first time. This facility was doubled again to 50 billion Euros in March. If Latvia’s financial problems turn into a full-scale crisis, these guarantees and cross-subsidies between EU governments will increase to hundreds of billions in the months ahead and will certainly mutate into large-scale centralised EU borrowing, jointly guaranteed by all the taxpayers of the EU.

[...] The new EU borrowing, for example, is legally an ‘off-budget’ and ‘back-to-back’ arrangement, which allows Germany to maintain the legal fiction that it is not guaranteeing the debts of Latvia et al. The EU’s bond prospectus to investors, however, makes quite clear where the financial burden truly lies: “From an investor’s point of view the bond is fully guaranteed by the EU budget and, ultimately, by the EU Member States.”[23]

So Eastern Europe is getting, or presumably will get bailed out. Whether this is in the form of EU federalism, providing loans of its own accord, paid for by European taxpayers, or through the IMF, which will attach any loans with its stringent Structural Adjustment Program (SAP) conditionalities, or both. It turned out that the joint partnership of the IMF and EU is what provided the loans and continues to provide such loans.

As the Financial Times pointed out in August of 2009, “Bank failures or plunging currencies in the three Baltic nations – Latvia, Lithuania and Estonia – could threaten the fragile prospect of recovery in the rest of Europe. These countries also sit on one of the world’s most sensitive political fault-lines. They are the European Union’s frontier states, bordering Russia.” In July, Latvia “agreed its second loan in eight months from the IMF and the EU,” following the first one in December. Lithuania is reported to be following suit. However, as the Financial Times noted, the loans came with the IMF conditionalities: “The injection of cash is the good news. The bad news is that, in return for shoring up state finances, the new IMF deal will require the Latvian government to impose yet more pain on its suffering population. Public-sector wages have already been cut by about a third this year. Pensions have been sliced. Now the IMF requires Latvia to cut another 10 per cent from the state budget this autumn.”[24]

If we are to believe the brief Telegraph report pertaining to nearly $25 trillion in bad bank assets, which was removed from the original article for undisclosed reasons, not citing a factual retraction, the question is, does this potential bailout still stand? These banks haven’t been rescued financially from the EU, so, presumably, these bad assets are still sitting on the bank balance sheets. This bubble has yet to blow. Combine this with the $23.7 trillion US bailout bubble, and there is nearly $50 trillion between the EU and the US waiting to burst.

(Source)

Notes:

[1]        Barrie McKenna, End of housing slump? Try telling that to buyers, sellers and the unemployed. The Globe and Mail: August 6, 2009:
http://www.theglobeandmail.com/report-on-business/end-of-housing-slump-try-telling-that-to-buyers-sellers-and-the-unemployed/article1240418/

[2]        Gene Sperling, Double-Bubble Trouble in Commercial Real Estate: Gene Sperling. Bloomberg: May 9, 2009:
http://www.bloomberg.com/apps/news?pid=20601110&sid=a.X91SkgOd8g

[3]        AL Sull, Commercial Real Estate – The Other Real Estate Bubble. Financial Post: July 23, 2009:
http://network.nationalpost.com/np/blogs/fpmagazinedaily/archive/2009/07/23/commercial-real-estate-the-other-real-estate-bubble.aspx

[4]        Hui-yong Yu, U.S. Office Vacancies Rise to Three-Year High, Cushman Says. Bloomberg: April 16, 2009:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aegH6dXG8H8U

[5]        Parija B. Kavilanz, Malls shedding stores at record pace. CNN Money: April 14, 2009:
http://money.cnn.com/2009/04/10/news/economy/retail_malls/index.htm

[6]        Ilaina Jonas and Emily Chasan, General Growth files largest U.S. real estate bankruptcy. Reuters: April 16, 2009:
http://www.reuters.com/article/businessNews/idUSTRE53F68P20090417

[7]        Jamil Anderlini, China property prices ‘likely to halve’. The Financial Times: April 13, 2009:
http://www.ft.com/cms/s/0/9a36b342-280e-11de-8dbf-00144feabdc0.html

[8]        Reuters, Fed Might Extend TALF Support to Five Years. Money News: April 17, 2009:
http://moneynews.newsmax.com/financenews/talf/2009/04/17/204120.html?utm_medium=RSS

[9]        Francesco Guerrera and Greg Farrell, US banks warn on commercial property. The Financial Times: July 22, 2009:
http://www.ft.com/cms/s/0/3a1e9d86-76eb-11de-b23c-00144feabdc0.html

[10]      Mark Pittman and Bob Ivry, Financial Rescue Nears GDP as Pledges Top $12.8 Trillion. Bloomberg: March 31, 2009:
http://www.bloomberg.com/apps/news?pid=20601087&sid=armOzfkwtCA4

[11]      Gerald Celente, The “Bailout Bubble” – The Bubble to End All Bubbles. Trends Research Institute: May 13, 2009:
http://geraldcelentechannel.blogspot.com/2009/05/gerald-celente-bubble-to-end-all.html

[12]      Tom Braithwaite, Treasury clashes with Tarp watchdog on data. The Financial Times: July 20, 2009:
http://www.ft.com/cms/s/0/ab533a38-757a-11de-9ed5-00144feabdc0.html

[13]      AFP, US could spend 23.7 trillion dollars on crisis: report. Agence-France Presse: July 20, 2009:
http://www.google.com/hostednews/afp/article/ALeqM5iuL1HParBuO4WyHJIxw6rlOKdz-A

[14]      John Whitesides, Warren Buffett says second stimulus might be needed. Reuters: July 9, 2009:
http://www.reuters.com/article/pressReleasesMolt/idUSTRE5683MZ20090709

[15]      Vidya Ranganathan, U.S. should plan 2nd fiscal stimulus: economic adviser. Reuters: July 7, 2009:
http://www.reuters.com/article/newsOne/idUSTRE56611D20090707

[16]      Carly Crawford, US may increase stimulus payments to rein in unemployment. The Herald Sun: August 3, 2009:
http://www.news.com.au/heraldsun/story/0,21985,25873672-664,00.html

[17]      David Cho and Binyamin Appelbaum, Treasury Works on ‘Plan C’ To Fend Off Lingering Threats. The Washington Post: July 8, 2009:
http://www.washingtonpost.com/wp-dyn/content/article/2009/07/07/AR2009070702631.html?hpid=topnews

[18]      Charles Bremner and David Charter, Germany and France lead €1 trillion European bailout. Times Online: October 13, 2009:
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4937516.ece

[19]      Douwe Miedema, Europe banks silent on reported AIG bailout gains. Reuters: March 8, 2009:
http://www.reuters.com/article/topNews/idUSTRE5270YD20090308

[20]      Elitsa Vucheva, European Bank Bailout Total: $4 Trillion. Business Week: April 10, 2009:
http://www.businessweek.com/globalbiz/content/apr2009/gb20090410_254738.htm?chan=globalbiz_europe+index+page_top+stories

[21]      Bruno Waterfield, European bank bail-out could push EU into crisis. The Telegraph: February 11, 2009:
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/4590512/European-banks-may-need-16.3-trillion-bail-out-EC-dcoument-warns.html

[22]      Ian Traynor, EU doubles funding for fragile eastern European economies. The Guardian: March 20, 2009:
http://www.guardian.co.uk/world/2009/mar/20/eu-imf-emergency-funding

[23]      Anatole Kaletsky, The great bailout – Europe’s best-kept secret. The Times Online: June 4, 2009:
http://www.timesonline.co.uk/tol/comment/columnists/anatole_kaletsky/article6426565.ece

[24]      Gideon Rachman, Europe prepares for a Baltic blast. The Financial Times: August 3, 2009:
http://www.ft.com/cms/s/0/b497f5b6-8060-11de-bf04-00144feabdc0.html

[25]      JAD MOUAWAD, Swings in Price of Oil Hobble Forecasting. The New York Times: July 5, 2009:
http://www.nytimes.com/2009/07/06/business/06oil.html

[26]      Christopher Doering, Masters says signs of oil bubble starting to appear. Reuters: June 4, 2009:
http://www.reuters.com/article/Inspiration/idUSTRE55355620090604

[27]      Javier Blas and Chris Flood, Analyst warns of oil at $200 a barrel. The Financial Times: May 6, 2008:
http://us.ft.com/ftgateway/superpage.ft?news_id=fto050620081414392593

[28]      Ed Wallace, The Reason for High Oil Prices. Business Week: May 13, 2009:
http://www.businessweek.com/lifestyle/content/may2008/bw20080513_720178.htm

[29]      Christine Harper, Goldman Sachs Posts Record Profit, Beating Estimates. Bloomberg: July 14, 2009:
http://www.bloomberg.com/apps/news?pid=20601087&sid=a2jo3RK2_Aps

[30]      Peter Martin and John Garnaut, The great China bailout. The Age: November 11, 2008:
http://business.theage.com.au/business/the-great-china-bailout-20081110-5lpe.html

[31]      Paul Cavey, Now China Has a Credit Boom. The Wall Street Journal: July 30, 2009:
http://online.wsj.com/article/SB10001424052970204619004574319261337617196.html

[32]      Joe McDonald, China’s stimulus-fueled stock boom alarms Beijing. The Globe and Mail: August 2, 2009:
http://www.globeinvestor.com/servlet/story/RTGAM.20090802.wchina02/GIStory/

[33]      Matt Jaffe, Watchdog Refutes Treasury Claim Banks Cannot Be Asked to Account for Bailout Cash. ABC News: July 19, 2009:
http://abcnews.go.com/Business/Politics/story?id=8121045&page=1

[34]      The China Post, Bank lending slows down in U.S.: report. The China Post: July 28, 2009:
http://www.chinapost.com.tw/business/americas/2009/07/28/218141/Bank-lending.htm

[35]      David Uren. Bank for International Settlements warning over stimulus benefits. The Australian: June 30, 2009:
http://www.theaustralian.news.com.au/story/0,,25710566-601,00.html

[36]      Simone Meier, BIS Sees Risk Central Banks Will Raise Interest Rates Too Late. Bloomberg: June 29, 2009:
http://www.bloomberg.com/apps/news?pid=20601068&sid=aOnSy9jXFKaY

[37]      CNBC.com, We Are Facing an ‘Inflation Holocaust’: Jim Rogers. CNBC: October 10, 2008:
http://www.cnbc.com/id/27097823

[38]      Chen Shiyin and Bernard Lo, U.S. Inflation to Approach Zimbabwe Level, Faber Says. Bloomberg: May 27, 2009:
http://www.bloomberg.com/apps/news?pid=20601110&sid=avgZDYM6mTFA

[39]      Ambrose Evans-Pritchard, BIS warns of Great Depression dangers from credit spree. The Telegraph: June 27, 2009:
http://www.telegraph.co.uk/finance/economics/2811081/BIS-warns-of-Great-Depression-dangers-from-credit-spree.html

[40]      Gill Montia, Central bank body warns of Great Depression. Banking Times: June 9, 2008:
http://www.bankingtimes.co.uk/09062008-central-bank-body-warns-of-great-depression/

[41]      Ambrose Evans-Pritchard, BIS slams central banks, warns of worse crunch to come. The Telegraph: June 30, 2008:
http://www.telegraph.co.uk/finance/markets/2792450/BIS-slams-central-banks-warns-of-worse-crunch-to-come.html

[42]      HEATHER SCOFFIELD, Financial repairs must continue: central banks. The Globe and Mail: June 29, 2009:
http://v1.theglobeandmail.com/servlet/story/RTGAM.20090629.wcentralbanks0629/BNStory/HEATHER+SCOFFIELD/

Read Full Post »