Europe

Irish Euro Exit Could Cost €45,000 For Each Family

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Pressure on currency and fears of its demise mount after Dutch government’s bombshell


NEW RULES: Dutch finance chief Jan Kees de Jager

– Euro exit could cost €45,000 for each family (Irish Independent, Sep. 11, 2011)

THE cost of Ireland leaving the euro could be as much as €45,000 per family in the first year, according to research report for clients of giant Swiss investment bank UBS.

The threat of a break-up of the euro mounted last week when the Dutch prime minister, Mark Rutte, and his finance minister, Jan Kees de Jager, dropped a bombshell by suggesting that countries that persistently break eurozone budget rules should be chucked out of the currency. With the latest Greek bailout deal on a knife-edge, the possibility of Greece leaving the euro has increased dramatically in recent weeks.

Read moreIrish Euro Exit Could Cost €45,000 For Each Family

Radioactive Leak Risk After France Nuclear Site Blast

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– Leak risk after France nuclear site blast (AFP, Sep. 12, 2011):

There is a risk of a radioactive leak after an explosion in an oven Monday at the Marcoule nuclear site near the city of Nimes in the south of France, emergency services said.

The blast hit the Centraco nuclear waste treatment centre belonging to the Socodei subsidiary of national electricity provider EDF, said a spokesman for the Atomic Energy Commissariat (CEA).

“For the time being nothing has made it outside,” the spokesman said, asking not to be named.

A security perimeter has been set up around the installation, firefighters said, without being able to provide further details.

Germany Is Said To Prepare ‘Plan B’ To Assist Banks If Greece Defaults On Debt (Bloomberg)

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‘Plan B’ really is ‘Plan A’!

Censored Forbes article:

– Greek Euro Exit: 60% Currency Devaluation, Default, Banking Sector Collapse

Prepare for collapse:

– Prof. Dr. Schachtschneider: ‘EU Super State Was Doomed To Failure’ – ‘The Euro Will Inevitably Fail’

– Deutsche Bank CEO (BILDERBERG) Josef Ackermann Just Gave A Terrifying Speech In Frankfurt (Video)

Got physical gold and silver?

– Germany Is Said to Prepare Plan to Assist Banks If Greece Defaults on Debt (Bloomberg, Sep 9, 2011):

Chancellor Angela Merkel’s government is preparing plans to shore up German banks in the event that Greece fails to meet the terms of its aid package and defaults, three coalition officials said.

The emergency plan involves measures to help banks and insurers that face a possible 50 percent loss on their Greek bonds if the next tranche of Greece’s bailout is withheld, said the people, who spoke on condition of anonymity because the deliberations are being held in private. The successor to the German government’s bank-rescue fund introduced in 2008 might be enrolled to help recapitalize the banks, one of the people said.

Read moreGermany Is Said To Prepare ‘Plan B’ To Assist Banks If Greece Defaults On Debt (Bloomberg)

Study: 38% of Europeans are mentally ill

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– 38% of Europeans are mentally ill, study says (AP, Sep. 6, 2011)

LONDON – Some 38 percent of Europeans, or 165 million people, suffer from mental illness or neurological disorders on a broad spectrum ranging from anxiety to dementia, a new study published Tuesday says. Most are not being treated, though some experts said many may not need psychiatric help.

Researchers drew on previous surveys of mental health and applied specific criteria to determine how many people had a disorder. The data covered more than 500 million people in the 27 European Union countries plus Switzerland, Iceland and Norway, according to the study paid for by the non-profit European College of Neuropsychopharmacology.

More than 90 different mental and neurological problems were considered, including those often found in children, such as attention deficit hyperactivity disorder, to those often found in the elderly, such as the dementia in Alzheimer’s patients.

Read moreStudy: 38% of Europeans are mentally ill

Greek Euro Exit: 60% Currency Devaluation, Default, Banking Sector Collapse

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Got physical gold and silver?

Forbes removed the article, see Google cache HERE.

– Greek Euro Exit: 60% Currency Devaluation, Default, Banking Sector Collapse (Forbes, Sep. 06, 2011):

“The Euro should not exist,” reads the first line of a note released by UBS Tuesday, which analyzes the possibility of an EU break-up and concludes that the costs are too high to bear, both for “strong” and “weak” European nations.

The cost of a peripheral secession would be about €9,500 to €11,500 per person the first year ($13,360 to $16,172), then €3,000 to €4,000 annually in coming years ($4,219 to $5,625) , according to UBS, along with a collapse of the domestic banking system, corporate and sovereign default, massive currency devaluation, and a fall in the volume of trade of about 50%.

Read moreGreek Euro Exit: 60% Currency Devaluation, Default, Banking Sector Collapse

Prof. Dr. Schachtschneider: ‘EU Super State Was Doomed To Failure’ – ‘The Euro Will Inevitably Fail’

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Many German Prof.’s taught already in 1996 that the planned currency union would be doomed to fail.



– ‘EU super state was doomed to failure’ (RT, Sep 8, 2011):

The eurozone is comprised of very different, heterogeneous economies that can hardly be an optimal space for a common currency, argues Karl Albrecht Schachtschneider, Professor of Law at Erlangen-Nurnberg University.

­RT: What a state the EU seems to be in? What has happened to it?

Karl Albrecht Schachtschneider: The EU has become a bureaucratic system that we call a super-national confederation of states but, from the legal point of view, it has this tendency to turn into a federal state. And this is one of its essential problems. It is not just an alliance of states anymore, but a federation without a legitimate base. It has no nation, no European nation, but nations. Political relations within the union get less democratic all the time. In this situation we are losing what we call a legal state, which is of the highest priority.

RT: The euro seems to be in great trouble too. What is going to happen to it?

KAS: The euro will inevitably fail. It was always clear that the euro-project would not succeed. Already in 1993 I have processed the Maastricht law suit that was mostly against the introduction of the monetary union. Without the consent of the nations comprising the EU, the euro is being used as a political lever to make the EU a super state that, for example, goes against Russia, and at the same time, serves as a counterbalance against China, the USA and other economic giants. But this lever was always economically doomed to failure.

Read moreProf. Dr. Schachtschneider: ‘EU Super State Was Doomed To Failure’ – ‘The Euro Will Inevitably Fail’

German Top Court: European Bailout Constitutional

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What???

Now that would have been a pleasant surprise if the elitists didn’t have the judges in their back pocket, wouldn’t it?

Related info (in German):

– Prof. Dr. Schachtschneider Zum Urteil Über Die Rechtmäßigkeit Der Transferunion – ‘Der Materielle Bundeskanzler In Deutschland Heisst Josef Ackermann’ (Video):

Heute war ein Schicksalstag für Deutschland und Europa. Der zweite Senat des Bundesverfassungsgerichtes erteilte der Klage der fünf Professoren Hankel, Nölling, Schachtschneider Starbatty und Spethmann gegen die Transferunion ein abschlägiges Urteil. Die bisher durchgeführten Rettungsmaßnahmen wurden für Rechtens erklärt jedoch eine deutlich Stärkung des Beschlußrechtes des Parlaments angemahnt. Prof. Dr. Schachtschneider ordnet das Urteil in einem Interview ein.

– Germany court finds European bailout constitutional (ABC News, Sep. 8, 2011):

Germany’s top court has ruled that the country’s participation in the bail out of struggling neighbours is constitutional. Germany has beared the large portion of Europe’s bailout bill. Some who oppose European economic integration were hoping to block any future bailouts.

– German court ruling complicates future European bailouts (Deutsche Welle, Sep. 8, 2011):

A decision by Germany’s top court that Berlin’s involvement in European bailouts was legal, led to gains on the markets. But as the eurphoria subsides, questions are being raised about the future.

Wednesday’s court decision, which found that Germany’s contribution to European bailout funds was legal, buoyed stock markets around the world.

For investors, the main thing was that a nightmare scenario had been avoided; for had the Constitutional Court ruled the bailouts unlawful, serious questions would have been raised about Germany’s contribution in the bailouts for Greece, Ireland and Portugal. The participation of Germany in the European Stability Fund could also have been placed in jeopardy.

– German Court Rejects Challenges to Euro Bailouts (New York Times,  Sep. 7, 2011):

KARLSRUHE, Germany — Germany’s ability to come to the rescue of troubled European partners won crucial backing from the country’s constitutional court on Wednesday, a victory for Chancellor Angela Merkel that also provided at least a temporary reprieve for markets that had begun to worry that Europe’s common currency could collapse.

The ruling, which defied some expectations that the court would hamstring Mrs. Merkel, removed one obstacle to German leadership of Europe at a time when Germans are being relied on more than ever to figure out a solution to the debt crisis that has ensnared weaker members of the euro zone, including Greece, Ireland and Portugal. Stock markets in Europe and the United States recovered sharply on news of the court’s action.

Read moreGerman Top Court: European Bailout Constitutional

Prof. Dr. Schachtschneider Zum Urteil Über Die Rechtmäßigkeit Der Transferunion – ‘Der Materielle Bundeskanzler In Deutschland Heisst Josef Ackermann’

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Prof. Dr. Schachtschneider zum Urteil über die Rechtmäßigkeit der Transferunion


YouTube Added: 07.09.2011

Heute war ein Schicksalstag für Deutschland und Europa. Der zweite Senat des Bundesverfassungsgerichtes erteilte der Klage der fünf Professoren Hankel, Nölling, Schachtschneider Starbatty und Spethmann gegen die Transferunion ein abschlägiges Urteil. Die bisher durchgeführten Rettungsmaßnahmen wurden für Rechtens erklärt jedoch eine deutlich Stärkung des Beschlußrechtes des Parlaments angemahnt. Prof. Dr. Schachtschneider ordnet das Urteil in einem Interview ein.

2 Mexicans Deny Terrorism, Face 30 Years For BOGUS Tweet

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– 2 Mexicans deny terrorism, face 30 years for tweet (AP, Sep 04, 2011):

MEXICO CITY — Think before you tweet.

A former teacher turned radio commentator and a math tutor who lives with his mother sit in a prison in southern Mexico, facing possible 30-year sentences for terrorism and sabotage in what may be the most serious charges ever brought against anyone using a Twitter social network account.

Prosecutors say the defendants helped cause a chaos of car crashes and panic as parents in the Gulf Coast city of Veracruz rushed to save their children because of false reports that gunmen were attacking schools.

Read more2 Mexicans Deny Terrorism, Face 30 Years For BOGUS Tweet

Destroying The Libyan Culture (Video)

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YouTube Added: 05.09.2011

Gaddafi was a political anarchist. Mahdi combines his academic analysis with his personal experiences, and fortunately he remains concentrated even when I jump around different issues.

See also:

– Libya: Letter From Tripoli – Carnage of the Innocent

– Libya: NATO Destroying Sirte – Worse Than Gaza

– NATO Rebel Tactics Mean Libyans Can Never Surrender (Video)

– Gaddafi Son Saif’s Speech (Sept 01, 2011 – English)

– Webster Tarpley: Al-Qaeda Commander of NATO’s Bloody Reign of Terror in Tripoli is the Monster Abdel Hakim Belhadj, aka Abdel Hakim al-Hasadi, Friend of Osama Bin Laden, former US POW, and Infamous Killer of US Soldiers in Afghanistan

– France Made Secret Deal With NTC For 35% Of Libya’s Oil (Libération)

– GENOCIDE: NATO Bombs Libya With Depleted Uranium (Video)

Read moreDestroying The Libyan Culture (Video)

Germany: Angela Merkel’s CDU Party Loses Home-State Election

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– German Stocks Fall as Merkel’s Party Loses Home-State Election (Bloomberg, September 5, 2011):

Sept. 5 (Bloomberg) — German stocks retreated to the lowest level since November 2009 after German Chancellor Angela Merkel’s party suffered its fifth election loss this year and European services and manufacturing growth weakened in August.

Deutsche Bank AG fell to the lowest since March 2009 as the lender is among 17 sued by the U.S. for $196 billion. BASF SE and Bayer AG lost more than 2 percent after Clariant AG, a Swiss maker of chemicals and paints, cut targets for sales and profitability this year.

Read moreGermany: Angela Merkel’s CDU Party Loses Home-State Election

France Made Secret Deal With NTC For 35% Of Libya’s Oil (Libération)

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– Pétrole : l’accord secret entre le CNT et la France (Libération):

Dans une lettre que s’est procurée «Libération», les rebelles promettent d’accorder 35% du brut libyen aux Français.

Mahmoud Jibril, numéro 2 du CNT, reçu le 24 août 2011 à l’Elysée par Nicolas Sarkozy. (AFP Lionel Bonaventure)

La morale politique n’a rien à faire avec les affaires. C’est, en substance, ce que répète le gouvernement français depuis le 19 mars, jour du lancement de l’opération militaire contre les troupes du colonel Kadhafi. Paris n’a qu’un seul objectif : «Venir en aide à un peuple en danger de mort […] au nom de la conscience universelle qui ne peut tolérer de tels crimes, déclare Nicolas Sarkozy lors d’un discours à l’Elysée, le 19 mars. Nous le faisons pour protéger la population…

Choice For EU: Bail Out Greece Or Bail Your Banks (WSJ)

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See also:

– Greece To Default: Interest Rate On 1-Year Greek Government Debt At Whopping 60 Percent!!!

– The Second Bailout Has Now Failed: Greece Activates Last-Ditch Liquidity Rescue Package To Preserve Its Financial System

Got PHYSICAL gold and silver?

– Choice for EU: Bail Out Greece or Bail Your Banks (Wall Street Journal, AUGUST 31, 2011):

The yield on Greek one-year government bills hit 60% Tuesday.

Not only does this suggest default is now all but certain and will come soon, it also implies that the terms of the default will be particularly brutal for investors, with recovery rates possibly even lower than the currently anticipated 50%.

European governments are being forced to face up to the significance of a Greek default. This is perhaps the underlying message from International Monetary Fund Managing Director Christine Lagarde’s warning that Europe’s banks “need urgent recapitalization.” She may have been warning about the costly alternative to a solution to the Greek sovereign crisis. But it could well be too late.

Read moreChoice For EU: Bail Out Greece Or Bail Your Banks (WSJ)

Greece To Default: Interest Rate On 1-Year Greek Government Debt At Whopping 60 Percent!!!

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See also:

– The Second Bailout Has Now Failed: Greece Activates Last-Ditch Liquidity Rescue Package To Preserve Its Financial System

– Germany’s Top Court To Rule On Legality Of (Unconstitutional) Euro Bailouts

And all taxpayer bailout money went to the banksters for NOTHING in return (except more destruction and chaos. Exactly as planned by the elitists.).

From the article:

“Greece failed long ago. It is only stubborn idiots at the ECB, EU, IMF, and leaders of various countries who insist otherwise.

They insist otherwise to protect their banks. Yet, by throwing more money into the pot that will now clearly be defaulted on, they have made matters far worse.”

As intended by the elitists.

Got gold, got silver? (BTFD!)

Don’t wait for the dollar and the euro to collapse on you.

– Greece 1-Yr Rate 60%; Finland Retains Collateral Demand; Multiple Veto Points; ECB “Litmus Test” Coming Up; Germany Accuses ECB of Treaty Violations (Global Economic Analysis, August 28, 2011):

Once again the bond markets have spoken, and once again the message is the same: default. Greek two-year bonds are near 44%, having touched as high as 46%. The interest rate on 1-year Greek government debt is a stunning 59.8%.

Greek 1-Year Government Bonds

Greek 2-Year Government Bonds

44% a year, for two years or whopping 60% for one year, unless of course there is a default.

Not only does the bond market say Greece will default, but the implied haircuts are huge given those interest rates.

Greece Not Saved

Supposedly “Greece was Saved” on that blue circle when yet another bailout (throwing more good money after bad) was approved.

The deal unraveled for numerous reasons but demands by Finland for collateral are at or near the top of the list. Austria, Slovakia, and the Netherlands now want collateral as well.

Under great pressure from Germany, the EU, and IMF, Finland allegedly dropped those demands. It was a lie. Finland did not drop demands for collateral, and that shows you the effect of multiple veto points where such decisions must be unanimous or they fall apart.

17 Veto Points

Please consider A Small Country — Finland — Casts Doubt on Aid for Greece

Finland is just one of 17 euro zone countries whose parliamentary approval is needed for the expanded bailout fund and whose domestic politics could upset the process. The case of Finland points to a bigger governance problem in Europe, said James Savage, a professor at the University of Virginia who has published a book on European monetary union.

Read moreGreece To Default: Interest Rate On 1-Year Greek Government Debt At Whopping 60 Percent!!!

The Second Bailout Has Now Failed: Greece Activates Last-Ditch Liquidity Rescue Package To Preserve Its Financial System

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– Greece Activates Last-Ditch Liquidity Rescue Package To Preserve Its Financial System (ZeroHedge, Aug 25, 2011):

The biggest news of the day today was not that some old crony capitalist had doubled down yet more of his non-taxable wealth on a bet Bank of America would yet again be bailed out, or that Wall Street is about to be sumberged under 3 feet of water. No, the most notable event from today was what we commented on in our first post from 7 am, namely that: “If we crossed through some spacetime vortex that brought us back in time just two short months ago, to July of this year, today’s confirmation that the second Greek bailout has now failed, following the Finnish finance minister’s comments that the country will defy Germany and will not give in to demands to abandon its deal for Greek collateral, which in turn has sent the Greek 2 year bond bidless, its yield up 227 bps to an all time record 46.38%, would have been enough to send the futures and the EURUSD plunging.” Well, a few hours later, we did get a plunge, even if it was not in the US, but in Germany, where the entire local market flash crashed upon realizing what we noted hours prior: that Greece is now pretty much done. Yet it turns out there was more: unwilling to admit defeat yet, Greece was forced to pull out the last rabbit hiding deep in the recesses of the hat. As the Telegraph reports, “In a move described as the “last stand for Greek banks”, the embattled country’s central bank activated Emergency Liquidity Assistance (ELA) for the first time on Wednesday night.” Such efficiency out of the Greeks for once- not a single Persian was harmed, or even needed, in this 21st century version of Thermopylae: the Greeks did it all on their own.

Read moreThe Second Bailout Has Now Failed: Greece Activates Last-Ditch Liquidity Rescue Package To Preserve Its Financial System

CDS Indicate A More Severe Market Crash Than 2008 ‘Could Hit Within Weeks’, Warn Banksters

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– Market crash ‘could hit within weeks’, warn bankers (Telegraph, Aug 24, 2011):

A more severe crash than the one triggered by the collapse of Lehman Brothers could be on the way, according to alarm signals in the credit markets.

Insurance on the debt of several major European banks has now hit historic levels, higher even than those recorded during financial crisis caused by the US financial group’s implosion nearly three years ago.

Credit default swaps on the bonds of Royal Bank of Scotland, BNP Paribas, Deutsche Bank and Intesa Sanpaolo, among others, flashed warning signals on Wednesday. Credit default swaps (CDS) on RBS were trading at 343.54 basis points, meaning the annual cost to insure £10m of the state-backed lender’s bonds against default is now £343,540.

The cost of insuring RBS bonds is now higher than before the taxpayer was forced to step in and rescue the bank in October 2008, and shows the recent dramatic downturn in sentiment among credit investors towards banks.

Read moreCDS Indicate A More Severe Market Crash Than 2008 ‘Could Hit Within Weeks’, Warn Banksters

Germany’s Top Court To Rule On Legality Of (Unconstitutional) Euro Bailouts

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– Germany’s top court to rule on euro bailouts Sept 7 (International Business Times, August 23, 2011):

Germany’s top court will give its verdict early next month on whether the government broke the law with last year’s bailouts of debt-stricken euro zone countries — a ruling which could limit Berlin’s room to manage the region’s debt crisis.

The Karlsruhe-based Federal Constitutional Court will announce its verdict on Sept. 7 at 0800 GMT, it said in a statement on Tuesday.

The court is considering three lawsuits brought by six eurosceptic plaintiffs — five academics and a lawmaker from the Bavarian sister party to Chancellor Angela Merkel’s Christian Democrats — against German-backed international bailout schemes for Greece, Ireland and Portugal.

The plaintiffs argue that the bailouts, which total 273 billion euros ($393 billion), violate property rights and other protections in the German and European constitutions, and break the “no-bailout” clause in the European Union’s treaty, which says neither the EU nor member states should take on other governments’ liabilities.

European Bank Job Cuts Exceed 40,000 In The Past MONTH – UBS Eliminates 5% Of Its Workforce

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– European Bank Job Cuts Exceed 40,000 as UBS Eliminates 5% of Its Workforce (Bloomberg, Aug 24, 2011):

UBS AG (UBSN)’s decision to cut 5 percent of its workforce brings to more than 40,000 the number of jobs cut by European banks in the past month as the region’s worsening sovereign debt crisis crimps trading revenue.

UBS, Switzerland’s biggest bank, said yesterday it will eliminate 3,500 jobs, mainly from its investment bank. It follows HSBC Holdings Plc (HSBA), which announced 30,000 cuts on Aug. 1, Barclays Plc (BARC), which is cutting headcount by 3,000, and Royal Bank of Scotland Group Plc (RBS), which is eliminating 2,000 posts. Credit Suisse Group AG (CSGN) announced 2,000 reductions on July 28.

European banks are slashing jobs this year six times faster than their U.S. peers, according to data compiled by Bloomberg, as concerns about the creditworthiness of Italy, Spain and France roil financial markets and reduce income from fixed- income trading, stock and bond underwriting as well as mergers and acquisitions. Financial firms are also cutting costs as regulators force banks to hold more and better quality capital to withstand future shocks.

“It’s a bloodbath, and I expect things to get worse before they get better,” said Jonathan Evans, chairman of executive- search firm Sammons Associates in London. “I cannot see a lot of those who have lost their jobs getting re-employed. Regardless of how good someone is, no one wants to talk about hiring. Life will be very difficult for two or three years.”

The 46-member Bloomberg Europe Banks and Financial Services Index has fallen 31 percent this year. RBS tumbled 47 percent, Barclays 45 percent and France’s Societe Generale (GLE) SA 48 percent.

Read moreEuropean Bank Job Cuts Exceed 40,000 In The Past MONTH – UBS Eliminates 5% Of Its Workforce

Bundesbank: ‘Mein Entschluss: Anschluss-Plus’ – Germany Reveals The European Annexation Blueprints

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Don’t miss:

– AND NOW: Germany, France Propose COLLECTIVE ‘GOVERNMENT’ For The Eurozone Led By UNELECTED EU President

– Bundesbank: “Mein Entschluss: Anschluss-Plus” – Germany Reveals The European Annexation Blueprints (ZeroHedge, Aug 22, 2011):

We were wondering how long it would be before Germany, following in the footsteps of such luminaries as Hank Paulson and Tim Geithner, would formally announce to the world that with it now openly calling the shots in Europe, it would be its way or the mutual assured destruction way. We just got our answer courtesy of the just released August Outlook from the Bundesbank, in which the German national bank lays out the framework of the upcoming European anschluss play by play, as Germany prepares to roll out the Fourth Reich welcome mat without ever spilling a drop of blood. After all: why injure the soon to be millions of debt slaves? To wit from the report: “Unless and until a fundamental change of regime occurs involving an extensive surrender of national fiscal sovereignty, it is imperative that the no bail-out rule that is still enshrined in the treaties and the associated disciplining function of the capital markets be strengthened, and not fatally weakened.” Translation: “we will gladly help everyone out… in exchange for a little of that vastly overrated fiscal sovereignty… Did we say a little? We meant all of it…”

Here are the salient points from the just released Bundesbank manifesto of Mutual Assured Anschluss or else:

Overall, there is a risk that the originally agreed institutional framework of the monetary union will increasingly become eroded.

As noted, there is but one proposed solution:

Unless and until a fundamental change of regime occurs involving an extensive surrender of national fiscal sovereignty, it is imperative that the no bail-out rule that is still enshrined in the treaties and the associated disciplining function of the capital markets be strengthened, and not fatally weakened.

You want your stupid brilliant monetary union? Fine.

You want us to pay for it? Sure.

The cost? Your “extensive” national independence.

Full passage:

Read moreBundesbank: ‘Mein Entschluss: Anschluss-Plus’ – Germany Reveals The European Annexation Blueprints

EU Diabetes Diktat: One Million Drivers Face Losing Their Licence

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– Million drivers face losing licence under EU diabetes diktat (Daily Mail, August 20, 2011):

Up to one million people with diabetes could lose their driving licences because of harsh new European rules classifying them as unfit to drive.

Experts claim the ‘unnecessarily strict’ changes will affect hundreds of thousands who have been driving for decades without problems.

They say the rules amount to a blanket ban on diabetics taking insulin who occasionally have ‘hypos’ – episodes of hypoglycaemia, or low blood sugar, which may cause blackouts if not countered with a sugary snack.
Victim of Brussels: There are fears that diabetes sufferers will be unfairly penalised by the new legislation

Read moreEU Diabetes Diktat: One Million Drivers Face Losing Their Licence

Important Flashback: David Icke: Origins And Symbolism Of The EU … As Germany And France Propose COLLECTIVE ‘GOVERNMENT’ For The Eurozone Led By UNELECTED EU President

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Important flashback regarding current events:

– AND NOW: Germany, France Propose COLLECTIVE ‘GOVERNMENT’ For The Eurozone Led By UNELECTED EU President

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AND NOW: Germany, France Propose COLLECTIVE ‘GOVERNMENT’ For The Eurozone Led By UNELECTED EU President

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PROBLEM – REACTION – SOLUTION!

Flashback:

– EU President Herman Van Rompuy Announces 2009 as ‘First Year of Global Governance’

New EU president confirms New World Order desire

What could possibly go wrong???


Bilderberg & Jesuit Herman Van Rompuy

– Germany, France propose collective ‘government’ for the eurozone led by EU president (CNBC NEWS, Aug 16, 2011 ):

PARIS – Germany, France propose collective ‘government’ for the eurozone led by EU president.

– Merkel, Sarkozy want tighter EU budget controls (CBC NEWS, Aug 16, 2011):

The French and German leaders called Tuesday for all countries using the euro to have mandatory balanced budgets and better co-ordination of economic policy.

French President Nicolas Sarkozy and German Chancellor Angela Merkel also pledged to harmonize their countries’ corporate taxes after meeting in Paris.

Sarkozy said he and Merkel want a “true European economic government” that would consist of the heads of state and government of all eurozone nations.

The new body would meet twice a year and be led by EU President Herman Van Rompuy.

Ireland Demands $2 Billion In Child Abuse Compensation From Vatican

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Flashback:

– Vatican Warned Irish Bishops Not to Report Child Abuse (AP)

– Ireland Faces Down Vatican as Kenny Demands $1 Billion Abuse Compensation (Bloomberg, Aug 15, 2011):

Ireland is squeezing the Roman Catholic Church to hand over cash and real estate toward a 1.4 billion-euro ($2 billion) child-abuse bill amid the bitterest stand-off yet seen between the Vatican and the government.

In the sharpest language an Irish leader has ever used against the church, Prime Minister Enda Kenny said last month the Vatican’s handling of the scandals has been dominated by “elitism and narcissism.”

“The relationship between the state and the Vatican has never been worse,” David Quinn, a religious commentator who is also director of the Dublin-based Iona Institute, which promotes religion in society, said in an interview. “I struggle to think of a stronger attack by a Western European leader on the church than Enda Kenny’s.”

Read moreIreland Demands $2 Billion In Child Abuse Compensation From Vatican

ECB Purchases €22 Billion Of Italian, Spanish Bonds In Past Week, Highest Weekly Amount Ever

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– ECB Purchases €22 Billion Of Italian, Spanish Bonds In Past Week, Highest Weekly Amount Ever (ZeroHedge, Aug 15, 2011):

The ECB just disclosed its much anticipated weekly purchases under the SMP (or direct monetization) program, which at €22 billion came well above expectations of €15 billion, and represents the biggest weekly total in the 66 weeks of purchases under the program, more than the previous record €16.5 billion purchased in the inaugural week of the SMP. Furthermore, as has been disclosed before on Zero Hedge, with a regular (T+3) settlement on SMP purchases, this means that the full weekly total will not be clear until next week’s number is announced, and the presented number is only indicative of the pre-settled purchases of Italian and Spanish bonds. As before, what happens under the SMP is irrelevant (although is occurring as predicted by Zero Hedge back in November, when we said the SMP total is about to double as the crisis spreads) since the only thing that matters is when and how big the EFSF will become. Continuing monetizations at this rate under the SMP is political suicide (because make no mistake: the ECB is nothing but a political player now) for JC Trichet and his Italian soon to be replacement. We can’t wait to hear Germany’s reaction to the fact that cumulative SMP purchases (and thus “Weimar” risk) increased by 30% in one week.