Showing posts with label Eurozone. Show all posts
Showing posts with label Eurozone. Show all posts

Friday, December 9, 2011

THIS DAY WILL LIVE IN INFAMY, SERIOUSLY - BASTARDS IN EUROPE TRASHED SOVEREIGNTIES OF NATION STATES - TODAY!!!

The bastards known as European politicians went a giant step towards total political union in Europe and obliteration of national sovereignty of member states.

Only UK, for some strange fluke of a reason said "NO!"

Read a report from the British rag "Guardian":


EU summit 
In a year that had already claimed an oversized chunk in the history books, Europe's leaders gathered in Brussels to grab some more. For 9 December 2011 might well be recorded in the annals as the moment when the nations of Europe came together to take a first step towards the long-cherished dream of political union – and as the moment when Britain began the long, lonely walk away.

Of course there was no formal treaty inaugurating a United States of Europe; indeed, thanks to Britain, there was no formal treaty at all.

Instead, the hours of bleary-eyed, caffeinated negotiation yielded an agreement on a "fiscal compact", a new arrangement that will see the 17 countries of the eurozone, backed by the nine states who remain on the outside, setting budgets together rather than alone.

Now the likes of Greece and Portugal will have to seek approval for how much they tax and spend from their "partners" – or, simply translated, Germany. Fittingly, Angela Merkel hailed the agreement as a "breakthrough toward the stability union, the fiscal union which will be implemented, step by step, over the next few years".

For France and Germany, this is the "ever closer union" of Europe's founding dreams. For them, the creation of the single currency was one large step towards that goal; now, paradoxically, a crisis in the currency has forced the next giant leap. But the direction could not be clearer. Call it what you like – integration or harmonisation, compact or union – the idea is the same: a Europe in which national sovereignty gradually fades away. As Der Spiegel magazine put it, "Europe is on the path toward becoming a federal country".

read further HERE

Monday, November 7, 2011

71% of Germans want a referendum

Germany itself is now demanding a referendum. According to Welt, 71% of Germans want a referendum, and want to to vote directly on important decisions for Europe and the Euro. Only 27% oppose the motion. And the same poll has found that 63% of Germans think Greece should be kicked out of the Euro, with just 32% believing the country can still be saved.
(...)
Chancellor Merkel and President Sarkozy, in response to the idea of a Greek referendum on the bail-out package, raised the possibility of a country leaving the euro – so far a taboo in European political circles. This is the second time in less than four months that European leaders could have  opened a Pandora’s Box: on July 21, the decision to involve the private sector in the Greek bailout signaled that euro area government debt is no longer risk-free and thus sparked massive contagion into Spanish and Italian debt markets. This past week, by raising the possibility that a country might (be forced to) leave the euro, core European governments may have set in motion a sequence of events which could potentially lead to runs on sovereigns and banks in peripheral countries that make everything we have seen so far in this crisis look benign.

the whole thing at Zero Hedge

Wikileaks Exposes German Preparations For "A Eurozone Chapter 11"

Tyler Durden's pictureThe following cable from US ambassador to Germany Philip Murphy ("Ambassador Murphy spent 23 years at Goldman Sachs and held a variety of senior positions, including in Frankfurt, New York and Hong Kong, before becoming a Senior Director of the firm in 2003, a position he held until his retirement in 2006") "CONFIDENTIAL: 10BERLIN181" tells us all we need to know about what has been really happening behind the smooth, calm and collected German facade vis-a-vis not only Greece, but all of Europe, and what the next steps are: "A EUROZONE CHAPTER 11: DB Chief Economist Thomas Mayer told Ambassador Murphy he was pessimistic Greece would take the difficult steps needed to put its house in order.  A worst case scenario, says Mayer, could be that Germany pulls out of the Eurozone altogether in 20 years time.  In 1990, Germany's Constitutional Court ruled that the country could withdraw from the Euro if: 1) the currency union became an "inflationary zone," or 2) the German taxpayer became the Eurozone's "de facto bailout provider."  Mayer proposes a "Chapter 11 for Eurozone countries," which would place troubled members under economic supervision until they put their house in order.  Unfortunately, there is no serious discussion of this underway, he lamented." This was In February 2010. The discussion has since commenced.
Full cable, created on February 12, 2010, presented with no comments, and just the occasional highlight, as all of what Germany is really saying has already been said by us as well.
C O N F I D E N T I A L SECTION 01 OF 03 BERLIN 000181 

read the whole thing at ZERO HEDGE