Detlev Schlichter on Paper Money Collapse.

Comment added after this blog editor's complete viewing, please watch as much of this as your own time allows. If time allows less than the full fifty minutes, then at least try to take in the final five or so minutes! Merely slide the time pointer to the right!

Ecofin - EU pooling of banking collateral.

From Spain comes this report linked here:

"Spain, Italy, Cyprus and France were in favor of limited pooling of collateral to banks, but Sweden, Germany, UK, Netherlands and Austria refused, while Denmark and Luxembourg expressed their reservations"

Treasures from the threads Number 67 - Eu Treaties

To a post on John Redwood's Diary blog, linked here.

Denis Cooper

Posted November 30, 2011 at 4:46 pm | Permalink

As a point of passing interest, tomorrow will be a very special day for the EU Parliament because the first post-Lisbon EU treaty change will come into force and so it will once again be lawfully constituted.
That’s after a period of two years since December 1st 2009, during which its composition has been in clear breach of the EU treaties as amended by the Treaty of Lisbon, as explained here:
http://www.europarl.europa.eu/news/en/pressroom/content/20100223BKG69359/html/Ratification-of-Parliament%27s-18-additional-MEPs-completed
The root cause of the unlawfulness being the refusal of the German government to withdraw three surplus German MEPs, 99 having been elected in June 2009 when the Treaty of Lisbon set a new maximum of 96 MEPs for any country.
I think it’s worth mentioning this, because hardly anybody in this country was aware of this legal problem with the EU Parliament, which could have and arguably should have rendered all its acts null and void, and hardly anybody in this country noticed when a treaty protocol to correct the problem was agreed by representatives of the EU member states in Brussels on June 23rd 2010, and hardly anybody in this country registered that Parliament was being asked to approve that first post-Lisbon EU treaty change through the entirely unrelated European Union Bill, the “referendum lock” law:
http://www.legislation.gov.uk/ukpga/2011/12/part/2/enacted
“Part 2
Implementation of transitional Protocol on MEPs
15 Protocol on MEPs: approval, and addition to list of treaties
(1) The Protocol amending the Protocol (No. 36) on transitional provisions annexed to the Treaty on European Union, to the Treaty on the Functioning of the European Union and to the Treaty establishing the European Atomic Energy Community, signed at Brussels on 23 June 2010, is approved for the purposes of section 5 of the European Union (Amendment) Act 2008 (amendment of founding Treaties: approval by Act of Parliament).”
Likewise it seems that hardly anybody in this country has yet noticed that the SECOND post-Lisbon EU treaty change was agreed by EU leaders on March 25th 2011:
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2011:091:0001:0002:EN:PDF
and that Cameron asked for and got nothing substantive in return for his agreement.
So my answer to the question “What should the UK say to Germany?” is that first of all Cameron should say that he no longer intends to ask Parliament to approve that EU treaty change agreed on March 25th, until there have been further negotiations and a number of important conditions have been met.

Euro Leaders now relying on MAD - Mutually Assured Destruction!

MAD was the concept of defence in the Cold War. Economic warfare is effectively what the EU is now waging against the world, particularly whilst calling for added IMF involvement in their crisis, while leaving all the basic flaws of their common currency construction in operation, and all the corruption and anti-democratic practises of their crazed construct in place.

This explanation comes from a post on Acting Man of today,linked here, from which I offer this small extract as a taster:

However, the eurocrats do have a means of blackmailing the world, namely the fact of 'mutually assured destruction'. This becomes clear when considering a chart recently published by the Bank for International Settlements (BIS) in Basel. The chart depicts the interconnectedness of the global financial system. The thicker the lines, the bigger the amounts at risk.

 

---

 

The spiderweb of global financial interconnectedness. If one of these dominoes tumbles, all of them will – click for better resolution.

 

---

 

It should be clear that it is not the interconnectedness as such that creates the biggest problem: it is the fact that at the root of this huge web of financial claims and counterclaims we find a fractionally reserved banking system the liabilities of which are largely uncovered – i.e., the great bulk of the money supply that is supposedly available 'on demand' if depositors come to ask for payment in the form of money proper (banknotes in the fiat money system) is in fact not covered by standard money.

This is why the game of chicken currently playing out in the euro area is considered to pose a global danger. It could well mean that the end-game for the system as we know it is approaching – a prospect not relished by those who profit most from the system's current configuration.

True Finns worry over "image of democracy" in Finland!

The report from Helsinki, is linked here in a brief version describing how in one EU country at least, there exists a political party remaining concerned with real democracy. A quote:

In the interpellation, the True Finns are asking if the government is prepared for the dissolution of the euro, and whether or not the government approves of the issuing of Eurobonds and the use of “banknote financing” by the European Central Bank.

"The government has two weeks to respond to the interpellation put forward by the True Finns.
However, Soini hopes that a response would come before the EU summit on December 9th.
He says that postponing the response until after the meeting would “give an interesting picture of Finnish democracy”.

Euro Zone unemployment hits all time high - BUT Germany is Booming

One report from the WSJ is linked here, from which comes the following quotes:

Some 16.294 million people in the euro zone were unemployed in October, a figure never equalled since records for all 17 nations were first compiled in January 1995. That is equivalent to 10.3% of the currency bloc's workforce—the highest percentage since June 1998.

But strong numbers from Germany on employment, retail sales and machine orders suggested a two-speed Europe is emerging as the region's biggest economy accelerates away from its more troubled peers.

Olli ( Another Fine Mess ) Rehn, fails again

This report is from the sub-continent, just out!

For Olli fans a repeat of his theme son on this blog:

Legitimizing laziness in public employment.

If one public servant in one post, no matter how senior, is ever awarded a performance bonus, the whole meaning and ethos of of all such service is demeaned. Why that should be seems obvious to me, but perhaps not to others, yet thinking about it, is it not obvious that job security, index linked pensions and all the other accepted perks of performing a vocation, are predicated on one always giving of one's best? Giving less than one is able at all times must mean that such benefits go unearned!

Worse, if one tiny portion of a public servants remuneration package is obscured from the public, then once revealed all trust in public employees will begin to be lost. Yesterday on Orphans of Liberty, linked here, I revealed one such abuse.

Also yesterday, in Parliament, the Chancellor of the Exchequer, announced further cuts to the public workforce and a 1% salary rise ceiling following the present two year salary freeze. George Osborne is a strategically calculating politician, he would have announced such cuts (and in such a manner) only if he were supremely confident that he has public support. Striking public workers have therefore been warned.

Yet it is not among the huge ranks of the lower paid that the abuses that have led to this loss of support have their roots. It is at the top. It was in evidence again last week in the mass sacking of ordinary bobbies in the Devon and Cornwall Constabulary while the higher ranks escaped unscathed. The higher your eyes rise in the civil service ranks the worse the abuses appear to become.

As this blog has repeatedly pointed out down the years, a Knighthood earned in public service nowadays almost seems to guarantee something shady in the background. If the Government really wishes to restore decency to public life, which I personally doubt, they should start by rooting out and prosecuting large numbers of senior public employees! For an example see here.

(Update 1325 Daily Mash article here)

Post removed due to constant video replay from Bloomberg

Der Spiegel considers leaving the Euro

The four part article is linked from here. A quote from the comment, including an amusing typo, is the following:

The federal government-owned investment bank KfW researched the benefits of this boom and determined that membership in the currency union has created profits in Germany in the last two years alone of €50 billion to €60 billion.

If Germany were to exit the euro zone, this advantage would vanish quite suddenly. A reintroduced deutsche mark would quickly appreciate against the euro -- UBS chief economist Deo regards a rise by 40 percent to be realistic. The result would be that exports would become more expensive. If a strong country were to leave the euro zone, Deo writes, "it would ultimately have to write off its export industry." For the German economy, this would be a disastrous scenario.

Would Would Happen If Athens Left the Euro Zone?.........etc.

This replacement of what I presume should be "What" with "Would" so made me chuckle at remembering a childhood joke, that I just have to include it here, right in the middle of this supposedly serious posting:

Q. What do yo call a man with a plank of wood on his head? A. Edward!


Q. What do you call a man with two planks of wood on his head? A. Edward Wood!


Q Three planks? A. Edward Woodward!

Oh well, if you don't like it, read the rest of the Der Spiegel report, perhaps you will find your own amusing typos!

Any similar recollections may be added in the comments column to this posting. I also just remembered "a man in a pile of leaves" is Russel, and one with a spade was Doug, but how did it get to Douglas?

Reuters India report on rumours re S & P and the ratings of France

The Reuters report is linked here. The following quote marks it as speculative:

S&P declined to comment on the report, based on anonymous sources. If true, it would signal that the risk of a downgrade has risen after months of concern about the impact on French public finances of sluggish growth and the costs of the euro zone debt crisi ....

French Finance Minister Francois Baroin said the focus should not be solely on France and that while the euro zone debt crisis was serious, Paris was "clear-sighted" on it.

This blog was alerted to the report by noting an apparently missing paragraph from another Reuters report regarding Italian bond rates and the ongoing Euro Group Ecofin meeting, linked here, as follows:


In Brussels, Eurogroup ministers were expected to approve detailed plans to bolster their bailout fund to help prevent contagion in bond markets, under pressure from the United States and ratings agencies to stop the crisis spreading.

The report about France's credit rating came at a delicate time. Paris is the second largest guarantor of the EFSF bailout fund, and one of only six AAA states in the euro zone. S&P declined comment. French Finance Minister Francois Baroin, asked about the report, said the focus should not be solely on France.

An interview of despair with a Greek MP

"We are seeing the destruction of money" - an evil disguised.

"We are seeing the destruction of money," is effectively the crux of what this blog has been warning of over many years, but this time it is a quote from Tim Congdon of International Monetary Research, referring to the shrinking money supply figures supplied by the ECB, as reported in the Daily Telegraph this morning and linked from here.

Concurrently we are informed of the death of Stalin's daughter, a last link severed with three of the most evil dictators of all time, who emerged in the twentieth century; Mussolini, Hitler and Stalin, a timely prod that evil can appear in different guises at different times - somehow the EU's achievement in destroying 27 sovereign democracies and now potentially the entire Western economic system appears an awesome horror also somehow in a league of its own!

Von Rompuy at the White House - Final Act for the EU?

It is nothing short of a miracle that the grotesque EU, with its corruption, decade of unaudited accounts, disdain for the truth and democracy of any type has survived so long!

But the disgraceful joke that is the appointed minion EU Council President Von Rompuy, being at the White House????? takes things too far. Surely the EU cannot now long survive this affront to common sense and decency?

No European citizen has ever cast a single vote for either of the two men, pictured in this link, sitting across from the US President Obama!

All Europeans, about to face destitution and complete economic collapse, should be appalled by this picture. The worst is that none of the european participants, including the joke that is Baroness Ashton, have the first idea of the real scale of the horror they have unleashed NOR what to even begin to do about it.

Japan's largest investment bank cuts Italian holdings by 83% over 2 months

While stock markets surge in anticipation of false hopes for real EU action, Reuters releases this startling news!

The EU's Marxist Utopianism - Lord Ryder of Wensum 10:55am 25/11/11

From the Hansard record of the House of Lord's debate last Friday, linked here, comes these gems:

   I observe a slight Utopian resemblance between the European project and Marxism. When the failure of their creed is pointed out to Marxists, they invariably respond by claiming that it has never been tried in its correct form. The same excuse is offered by proponents of the European project. Day after day, as the project dithers to a halt, we hear that the absence of fiscal and even political union caused the eurozone breakdown. Now I read that even our Prime Minister and Chancellor are in favour of fiscal union. I wonder whether they know what it entails. Fiscal union requires a centralised treasury, shared tax and spending, common sovereign debt, huge transfers of cash from north to south and, of course, the ECB to act as lender of the last resort. I expect the Prime Minister and Chancellor are confusing fiscal union with what the Commission and Mrs Merkel call a stability union, whereby stronger discipline and convergence will be imposed in the European Union. They say that member states would be obliged to submit draft budgets to Brussels before they are introduced to sovereign Parliaments. This is part one of the plan to prolong the life of the eurozone. However it will not survive, if ever it exists, because the debt markets will behave like the currency market did over the narrow band exchange rate mechanism 19 years ago.

Anglo-French Summit cancelled. Cameron instead to receive instructions for 9/12 EU Council

Reuters has the latest report of the reduction of Britain to irrelevance as a result of the feeble abilities of our permanent civil servants and our completely inept politicians, read here.

Coalition Government's attempt to curtail EU debate exposed!

The UK Parliament has now allowed a facility for blogs such as this to embed their debates. I took the first chance I saw so to do by adding the video of Friday's House of Lords' debate on the financial implications of our EU membership to my final posting of last evening, linked here.

Please watch the first few minutes of the video, up to 10:10:15 on the digital clock on the recording, to understand the burning desire of the three main poltical parties to deprive our Parliament of proper debate on anything related to the European Union, which has our country under its control. The video is re-embedded here for convenience.

Belgium, Dexia and beyond...

Please read the posting linked here for further all the gruesome details. Note also that Italy is also now trying to convince its citizens to buy its bonds! Wow and waiving commission! (1403 GMT Update WSJ on Belgium bond sale today read here).

Scene at the Place de l’Hôtel de Ville in Brussels in September 1830, on occasion of the Belgian revolution (painting by Gustave Wappers). It was all for nothing, you're going to be submerged in the EUSSR now.

(Image via Wikimedia Commons)

OECD goads Euro Group to action.

Moody's having warned this morning that all Euro Group nations face a credit rating downgrade, read here, the OECD now adds its weight to the worlwide despair over the disaster that is the missing EU leadership, read here.

My Comment to John Redwood's morning posting.

Visit the original post for a thought-provoking read by clicking here.

Posted November 28, 2011 at 8:05 am
Your comment is awaiting moderation.

In the beginning, they possibly imagined, that just as theybelieved they could legislate away market forces and make a common currency workable by edict, so too could they legislate away human nature and several centuries of Europe’s historical proof that such is an impossibity.
Clinging to such nonsense, in the face of the ever-growing evidence of their gross errors is becoming an ever greater error and affront!

Lagarde & Draghi branded "CARRASCO" in Portugal!

Markets rallied in the Far East early today according to this report on the presumed grounds that the IMF is about to step in to save Italy, (would the world have the wherewithal.)

More interestingly for me was an earlier report, also from the Sydney Morning Herald, with a report on Portuguese demonstrations against the vicious cuts imposed by the Euro Group and that country's leadership upon their population. The resolute faces of the women shown, and their banners with the visages of the head of the IMF and ECB, each so fittingly branded Carrasco, which in English I believe is most accurately translated as "Executioner". See it from here.

EU Membership (Economic implications) Bill 2nd Reading HL

The link to the Hansard report of the debate of 25th November 2011, House of Lords from 10:10 am is here.

H/T Witterings from Witney. Link to video of the debate

EU poverty - wood burning stoves in Greece

In the part of rural France where I live, wood burning stoves have been quite the thing for the past couple of heating seasons, it seems this is spreading with this report from Greece, of them now even being used in apartments!

I came upon this report while googling on poverty, I will return to this topic in future, as the EU regresses towards chaos at ever greater cost and discomfort to Europe's people, so have begun a fitting new subject category - EU Poverty!

Australia warns Europe

Viewed from Southern Hemisphere matters in Europe are clearly getting out of control. The Australian Treasurer Wayne Swan has warned as clearly as it seems possible get, read here. Some snippets:

European Union leaders must act to stop the region’s debt contagion becoming a “slow-motion train wreck”

“Europe needs to understand that financial markets don’t work on political timelines, and they are already a long way behind the curve,”  

“The global economy has already paid a very high price for the failure of Europe to get its house in order.”

EU Crisis hits new depths!

Two of the EU's comedy team of multiple-presidents - Von Rompuy and Barroso are presently en-route, in flight, across the Atlantic Ocean, to meet with US President Obama, to discuss the EU crisis in Washington tomorrow. Read here.

Two appointees, fresh from the destruction of two democratic governments - one in Greece, the other in Italy, are to be greeted by the Head of State of the United States of America tomorrow, to discuss a crisis over which they hold no mandate, not one single vote, of any elector across the entire European Continent, to either administer, manage or control.

It will be a black day for democracy everywhere, if President Obama, demeans his own office, and the decency of the entire American electorate, should he decide to proceed with a meeting with these two men.

The Belgium keystone to Europe's peace & Germany's thwarted 1901 British invasion.

Belgium today stands at the edge of separation, Flanders from Wallonia. An independent Belgium was the creation of England's Lord Palmerston. The 1839 Treaty giving it perpetual neutrality was guaranteed by England, France, Russia, Prussia and Austria. Belgium's coast became England's secure frontier.

On Film4 this afternoon at 2:45 pm (Sky 315 and one hour later on Sky 316) British viewers can watch a film adaptation, Riddle of the Sands, of a true story of the planned invasion of England by Germany's Kaiser Wilhelm II, which was thwarted in 1901. Centuries long German plans for domination of Europe, still on track to this day, thereafter required that the neutrality of Belgium had to be smashed to allow the invasion and defeat of first France, thereafter Russia to be finally followed by the defeat of Britain. (See yesterday morning's post below).

Belgium's democracy has been in suspension for over 530 days and is even more dangerously surrounded by, and host to, the EU chaos, its very existence must now be in doubt. A thoughful piece on the present strategic balance of economic power in Western Europe, appeared in the blog The Slog, yesterday morning, and I recommend it to my readers. It is linked from here.

How not to solve the UK House Price Crisis!

The EU as a virus state

Mary Ellen Synon in her Mail column earlier this week, concluded as follows:

....What we had here today in Brussels was a perfect example of the EU as the world's first virus state. The Brussels cartel doesn't need to put its officials into all the most powerful positions in the member states. No, all the cartel has to do is get the officials of member states to do its work for it.

It used to be the EU only managed to divert the civil service of member states to do its work. Now it had achieved so much more: the EU and its cartel have put their own ex-eurocrats in as prime ministers of Greece and Italy

In Britain, Nick Clegg, a former commission eurocrat, and former euro-funded think tank employee, and former member of the European Parliament, has control of David Cameron over EU policy.

A virus: first it finds a weak host cell, then it injects its DNA and takes control. The contagion is underway

Germany, re-entering recession, suffered a 0.29% interest hike last week!

The closing paragraphs from a Los Angeles Times report on last week's European financial markets, linked here, reported the following:

But in a bad sign for Merkel, yields also rose further Friday on German bonds, which until this week had been the one haven left in European debt markets. The 10-year German bond yield ended at 2.26%, up from 2.19% on Thursday and 1.97% a week ago.

European stock markets mostly managed to rebound a bit on Friday after steep losses in recent days. But the euro currency was hammered, falling 0.9% to $1.323. The euro has tumbled from $1.353 a week ago and $1.419 on Oct. 27.

Normally, no nation, faced with declining business confidence and facing many signs of slowing economic activity, would consider hiking interest rates by more than a quarter point.

The Euro is now in such a deep hole that continued rises of the costs of borrowing are inevitable for Germany, its withdrawal from the Euro currency is therefore an early essential. Only thus can the true costs of this disastrous €uro experiment be properly attributed, accounted for and thereby eventually recovered from.

Monti finds real management tougher than milking Microsoft!

There is an interesting report from Italy and Reuters on Mario Monti's past week, where a former EU Commissioner proves that as both individuals and administrators, that particular sub species of EU humanity, is worse than useless in both categories, read here. A quote;

Umberto Bossi, head of the devolutionist Northern League and Berlusconi's principal partner in the ousted center-right government, has refused to support Monti and was scathing about the new government

"It's lousy. It seems an improvised government to me," he told reporters on Friday. He said Monti was like a "lead climber who has only seen the mountains in a postcard."

S&P downgrades Belgium

One report is here.

Worst Thankksgiving week for Dow since 1932 here

Euro Zone walking further from EFSF Deal

The Irish Times has an item indicating the "voluntary" element of the bond swap for Greece, always a joke, is disappearing, read here.

Why Germany's actions in the current EU crisis can be no surprise!

History is the guide to the answer to this post's headline query, but to recall all the gruesome lessons of the past, reminders can often be useful.

I have therefore selected a very few quotes from Barbara W. Tuchman's first rate history of the opening stages of the First World War, "The Guns of August," to remind us that control of their neighbours has been a long-planned objective of Germany and today's uselessness of those neighbours leaders and politicians has unhappily been equalled too often before!

Von Bernhardi wrote of "Germany's Historic Mission" where Germany must choose "world power or downfall," concluding that "Conquest thus becomes a law of necessity."

100 years of German philosophy, Fichte, Hegel, Nietzsche, Treitsche - the body of accumulated egoism which suckled the German people and cxreated a nation fed on "the desparate delusion of the will that deems itself absolute."

Von Schlieffen's completed plan for 1906 allocated 6 weeks and seven-eighths of Germany's forces to smash France disregarding the neutrality of Belgium. (Wikipedia link.)
Belgium "Socialism was the raging issue. Public apathy to what was happening abroad and a Parliament obsessed with economy, allowed the army to deteriorate to a condition resembling the Turkish."

The final quote today seems particularly appropriate! Why cannot the leaders of the EU see that the crisis of the common euro currency could always be foreseen and was widely forecast, the economic governance of other countries, now being demanded by Germany, is the expected reward, for rescuing the welfare state addicted foreign socialists from the consequences of their own excesses.

Only by walking away from the Euro can their democracies and national independence now be restored! The sacrifices will be almost equal, but in one case borne by free men, in the other - as slaves, serfs or peons!

European Leaders ineptitude soars to new highs!

Any strategist in the midst of a crisis of the scale of that now experienced by the Euro Currency, would surely have leapt at the opportunity offered by the Thanksgiving Holidays US financial markets break, to seize the initiative with some bold new measures to stun the speculators and naysayers once and for all!

Instead they meet in Strasbourg, do and say absolutely nothing and the next day, allow an Itian bond auction this morning to climb to new record levels, read here.

Is this all part of a cunning plan, more here very soon!

Wot Crisis? Merkel, Monti & Sarkozy - Let Black Friday Begin!

In the USA, today, is Black Friday, when even right-thinking Males are dragged to the Malls for "the holiday shopping purgatory". Will it also apply to Europe's ever deeper crisis following the absolute zero achieved in the meeting of the three monkeys meeting yesterday in Strasbourg, as shown in the picture immediately above?

A Happy Thanksgiving to all my readers!

I feel that I have a great deal to be thankful for at present. I therefore particularly wish the same to all my family, relatives, contacts and acquaintances across the world, so too to any who through this blog may feel they know me somewhat or even a great deal, I wish a very special and peaceful Thanksgiving Day.

No matter whether you are American or not, nor indeed, an English speaker or not, in whatever part of the world to which you feel you belong and in whatever language you normally express your thoughts, I hope you too, today, can feel that you have many things for which you too can give thanks!

IMF's Lagarde flees her French Finance Ministerial aftermath.

Things look really, really bad for the euro currency next week! Mme Christine Lagarde, MD of the IMF and former leading accomplice in the EU debacle, has arranged to be in Brazil, Peru and other places well away from the aftermath! Read here.

The Economist magazine blog reports "billions of euros are flooding out of Europe’s banking system.." "

The report from my headline comes, one must remember, from a respected economic journal with a worldwide readership, based in London, that has always pushed the case for Britain being deep within the EU, now apparently crying "Wolf" on the eve of Thanksgiving as US markets prepare for a four day weekend with the traders and dealers looking forward to enjoying their turkeys.

What else will get gobbled up after this weekend?

The posting is linked here.

Financing Dexia's rescue costs causes concerns

Reuters fourth and most recent update on this problem causing difficulties between France and Belgium is linked here.

German Bund Auction failure signals new phase of EU crisis!

Detail of the failure mentioned in this posting's headline is described in this linked report from the Wall Street Journal.

Weakening of the Euro exchange rate indicates that markets are now anticipating some "printing" or larger supply of euros, Acting Man blog, linked here, has a theory this could come by the IMF borrowing from the ECB to assist vulnerable Euro Group countries, such as Belgium, Spain and Italy one presumes!

Capital flight from EU bonds now driven by fear of Euro collapse!

Country by country the costs of borrowing to cover for sovereign debt has climbed within the euro zone. Yet up to this point the rise in interest rates being paid has reflected the debt and payment situation of each individual country concerned.

An article published overnight in the Wall Street Journal, linked here, now spells out in thoughtful detail, how that is now ceasing to be the case and that the drive now appears to be fear of a euro collapse itself, which eventually of course will impact even Germany's bunds. The conclsion is worth quoting here:

The dilemma that Germany faces is that the gathering capital flight from Europe's government bond markets may leave too little time for a long integration process to be completed.

The commission proposals are an implicit acknowledgment that the crisis response so far is failing to stem the turmoil. Pessimism is growing about the success of the planned expansion of the European Financial Stability Facility, the euro zone's bailout fund. Meanwhile, more and more euro-zone governments are seeing borrowing costs rise as investors focus not just on the risk of default, but on the risk of a break-up of the euro.

Elsewhere an article from Bloomberg, published in Business Week, linked here, predicts a fall in German and French manufacturing indices to be published today, which, indicating renewed recession, is likely to add further pressure across the Euro Group.

Portugal needs an extra €20-25 billion bailout or a return to democracy!

The Reuters report is linked from here. (Although the democracy option is only as suggested from this blog).

Ireland's system of government "set aside"!

Read the disturbing confirmation of this blog's direst warnings from the Irish Times this morning, linked here.

Spain is socked on Bond markets!

Spain paid an average yield of 5.110% on the three-month T-bills, up from 2.292% at the previous auction for similar maturities Oct. 25. It paid an average yield of 5.227% for the new six-month Spanish T-bills, up from 3.302% and now higher than what Belgium currently pays on its 30-year government bonds. Both yields represent euro-era highs for Spain.

More from the WSJ, linked here.

Twenty-one years ago this morning the EU Tory Traitors ousted Thatcher

Yesterday in the comment threads of the Spectator Magazine I saw growing evidence that the full depths of the dreadful treachery in the Conservative Party, started by Edward Heath in his European Communities Act of 40 years ago, then continued by Howe, Heseltine, Clarke and Major 21 years ago this very morning, was beginning to be more widely understood across Britain.

The full implications are clearly nowhere yet sufficiently seen. I once again urge readers of this blog to re-view the interview John Major, the main beneficiary of the treachery perpetrated twenty-one years ago today, gave to David Frost over last weekend, and the utter hopelessness and despair his views offer Britain, purely to justify his and his co-plotters, earlier grave and treasonous errors!

(Note particularly with Major, a point not often enough made, that his errors did not end with Maastricht as he also planned to sign up to the Amsterdam EU Treaty, actually offering to accompany Blair after his election defeat, to effect the ridiculous plan he believed he had concocted to thwart the EU Federalists' devious plots!)

Let's end this European nightmare after forty long years!

Even the BBC Today programme, this morning, finally acknowledges the huge potential for growth and prosperity represented by the BRICs. Indeed in an interview just after 7:40 am, this morning, listen here, the similar potential of eleven other rapidly developing economies was actually given some air time by a non-EU fanatical economist. These latter countries are apparently to become known as Civets!

All down history Britain has suffered and declined when entangled and confounded by the squabbles on the Continent of Europe. Today is no different!

The main article in the Daily Telegraph this morning reports the Prime Minister bemoaning his Governmen's failure to tackle the deficit. A deficit incurred while following a course set by Europe, purely and solely, of course, for the benefit of mainland Europe.

Former Conservative Prime Minister John Major, last weekend, moaned to David Frost at the ten years of zero or negative growth (see also here) to come in the EU, and apparently saw that as an inevitable outcome for Britain, that Europe, in his own opinion, was now practically certain now about to force us to endure, yet the clearly apparently stupid man could nevertheless only plot a path for continuing Britain's ties to this death inducing relic, which determinedly will only embrace policies severally proven as certain failures, over and over again, in the past.


Recently in Western Australia, the rapidly growing Commonwealth of Nations met and worried at the opportunites and prospects brought on by their own growing populations together with their own economies and those of their neighbours. How much time has David Cameron and his team devoted to those opportunities as compared to the mucky mire of the EU since his return to the Northern Hemisphere?

We must break free from the EU! The extra expenditure of €129 billion next year, approved at the weekend, was a complete slap in the face for the people of Britain! After 40 years we have had enough of this kind of treatment!

Read more on the EU Budget from Mary Ellen Synon, linked here.

The EU where an extra $175 Billion equals Austerity

The new budget for the crisis strapped Continent which is bestrided by the profligate EU, was agreed on Saturday for next year, read here. The fat, corrupt, wine swilling, expenses-wasting bunch of useless bureaucrats will next year spend €129 billion more even than last year, but in the words of the Budget Commissar - still be faced with austerity, as quoted from here:

"I am pleased that the Council and the European Parliament have reached an agreement on the 2012 EU budget this Saturday morning. The increase in payments on 2011 is 1.85%, amounting to €129 billion. This is clearly an austerity budget as most Member States are in the midst of a serious financial crisis."

No EU = No Budget = No EU Commissioners = No EU Costs = No EU Crisis

If 1.85% is 129 Billion the total budget must be nearly €7 trillion, therefore savings in US Dollars must be potentially close to $10 trillion, not peanuts!

Barnier prepares new French broadside against British business!

This time it is new auditing regulations that the Frenchman has lined up to advance the cause of ever greater corporatism. (Read Forbes' Michel Barnier: A Politician Trying to Make Things Worse from Forbes 16/11/11 for the most recent earlier example, linked here.)

Reuters reports, linked here, that following a leak of the new proposal last September, the UK Financial Reporting Council Chief Executive Stephen Haddrill has told an Ernst & Young ERNY.UL accounting conference: "We think that many of the proposals are extremely damaging and threatening to the quality of audit and would do no more than add cost,"

In a continuing blast he later added "We thought it was going to emerge like an independent regulatory body but we have seen in the early months of its creation the (European) Commission taking a very close interest in what it's doing and I think exercising a great deal of central and political pressure on it to follow a particular pathway," Haddrill said.
"ESMA should retain a high level of independence from the political process," Haddrill added.
He also urged European policymakers to think globally.
"If we build a fortress Europe we are going to be doing ourselves a great disservice," Haddrill said.

Our politicians have received enough warnings, a fortress Europe is exactly what is being constructed and those in charge should be already removing us from it!

Moody's warns on France - Schauble must be ecstatic!

Read the warning from here. EU ongoing incompetence seems set to deliver another traumatic week on the markets, just what Wolfgang Schauble told the New York Times he thought was necessary to drive Germany's ambitions for Europe, as blogged below this last weekend!

Child benefit cuts the consequence of EU Tyranny

While the headline of the Irish Times digital edition, this morning focuses on the protests concerning a proposed cut of €10 in child benefit payments, the lesson for Britain in continuing to sacrifice our economy comes from the following sentence in its Comment Column:

The sooner the consequences of a loss of economic sovereignty and the small print of our bailout terms are fully acknowledged, the more realistic people will become in their expectations.

Do not believe for one moment that Britain's politicians do not have similar measures planned for their own taxpayers', similarly caused by an unnecessary commitment to greedy and unscrupulous bankers with whom they shared the crazed fantasy of an EU Empire!

Blogging display difficulties

One problem with the way most blogs display is that very significanr postings can quickly become submerged by more trivial and/or lighter-hearted more inconsequential clutter. A good case in point arises this morning on John Redwood's Diary, where a very significant posting on the ease of leaving currency unions has been capped by clutter on Human Rights. See here.

The demented EU delusions of Ex- Prime Minister John Major!

If you have yet to view the interview between David Frost and John Major on Al Jazeera, then I urge you to do so as it reveals some really disturbing misapprehensions on the part of a man still said to have the ear of the present British Prime Minister, David Cameron, plus perhaps some others within the present British Conservative Party. The broadcast is again linked here.

Most of the interview is given over to what is a reasonably fair description of the Eurozone crisis. What is not addressed is why the Major administration exposed Britain to this well foreseen danger, by signing the Maastricht Treaty under Major's Premiership, nor why it can now ever be expected that the EU could ever be a "good" thing if it survives this crisis, which Major describes as the optimistic scenario, perhaps according to Major, attainable after ten more years of misery, in pursuit of maintaining an exaggerated EU proportion of present trading ratio, while presumably we continue to ignore the Commonwealth and the rest of the world.

There is so much that is intellectually unsound in the measured words and tones of Major, that it should be a major priority of the Research Department of the Conservative Party, (if such still exists,) to nail each half-truth and utter lie so that some sensible strategy for the nation over the disastrous EU could at last be put forward for possible cross-party agreement.

The depth of the crisis described by John Major, at the very least deserves that!

Failing that one of our three main parties must surely now adopt as its main policy the urgent necessity for Britain's entire EU withdrawal!

Puppet Papademos heads to Brussels with begging bowl!

The EU puppet PM of Greece, having failed to gain the required signatures for his ongoing betrayals, is reported this evening to be headed to Brussels for further intstructions from the Troika! Read the Reuters report from here.

Five EU Governments Down - Twenty-two still to go!

Exit polls from the Spanish elections show that Spain becomes the fifth government brought down by the economic incompetence of the EU having become ever more clearly evident to the general public! The Exit Poll shows the Conservatives defeating the previously governing Socialists by taking 43.5% of the vote against a meagre 30%.

Guttenberg comeback

German State Broadcaster has a report from Canada, linked here. Remind yourselves of earlier Ironies Too postings on this man from here.

EU President Von Rompuy - portrait exposure 1130 21/11/11

Watch John Major with Frost on the FTT and other EU dangers

The video of the programme Frost over the World, from Al Jazeera, is much better than most of the output from the British based broadcasting media this weekend, it may be viewed from here.

Detail behind the Irish Bailout

The Irish Times, this morning has an article, revealing some of the goings on which led to the Irish Bailout, a crucial step in the attempt to protect the Continent's corrupted banking system. It is linked from here, and the following gives a flavour:

SEPTEMBER 24th “THE WORLD CHANGED FOR US AND THE EURO ZONE”

The concern in Brussels about Ireland intensified almost immediately. At a meeting in the commission on September 24th, officials reviewed data from Dublin on the new plan for the banks, which was to be published on September 30th.

As the cost of attempting to rescue Anglo Irish Bank ballooned, the total bill for bank bailouts would rise €17 billion to €45 billion and possibly as high as €50 billion. In the new worst-case scenario, Ireland was looking at a budget deficit of 32 per cent of gross domestic product. This was almost 11 times the EU limit. No one could remember a deficit like it.

“That was the first time that everything or close to everything was revealed to us from the regulators in Ireland. After that the world changed for us and probably changed for the rest of the euro zone,” says a commission source.

Many individual names appear in the account, but the roles of Schauble and Lagarde are at the forefront, with their controlled bit-players such as Rehn always evident. The following extract provides a sample of the detail :

Lenihan went to Brussels on the Tuesday evening for a scheduled meeting of eurozone finance ministers. Arriving late due to fog at Brussels airport, he was the last man into the meeting and came under huge pressure from Schäuble to leave immediately and announce henceforth that Ireland was applying for aid. Christine Lagarde, the French minister, backed Schäuble. However, Lenihan argued that he had no mandate to negotiate a bailout. He was backed by Austrian minister Josef Pröll and, at a follow-on meeting the next day, by British chancellor George Osborne. That night, however, the euro-zone ministers endorsed moves to intensify “short and focused” preparations for a rescue plan. The game was almost up.

An important account, especially if the EU is ever to be brought to face a Nuremburg style reckoning, which it most assuredly now fully deserves!

EU bans claim that water prevents dehydration!

Having overthrown two democratically elected governments, as it has in the past week, we could quite easily forget that the EU is still capable of more trivial insanities. Details of the process by which it passed into law a ruling that water suppliers claiming that water prevents dehydration, could in future face two years imprisonment and fines, may be read from this link.

Crushing individuality has for years been but one of the EU's ploys in gaining complete control over every man woman and child all across the Western European Continent. Readers concerned to learn more of how this has proceeded may enjoy this post, "Punishment but no crime" by AK Haart, which is from Orphans of Liberty, linked here.

Samaras resists Troika's demands in Greece!

At least the onslaught of extremism and tyranny is still being resisted in one corner of Europe, read a Reuters report from here.

Why the EU will collapse and Britain leave - Niall Ferguson

The article is linked here, it makes for interesting reading this weekend, following the events of yesterday. It is being published in the US in the Washington Post, which will be hitting readers' breafkast tables very soon. A brief quote from the article is here:

Many people assume that the tipping point will come when one country — most likely Greece — leaves or is ejected from Europe’s monetary union. But the scenario that worries Eurocrats is different. They fear that a country could leave the European Union itself.

This is by no means an irrational anxiety. Under E.U. law, it would be much easier for Britain to leave the European Union than for Greece to leave the euro zone.

Thus the process of European integration has reached a richly ironic point: The breakdown of the European Union is now more likely than the collapse of the single currency that was supposed to bind it together.

The problem for this blogger, is that the article assumes we have some politicians in the UK concerned for the welfare of the nation's economy and its people, that now appears not to be the case!

“We can only achieve a political union if we have a crisis,” Mr. Schäuble said.

Proof positive that the present EU crisis has been deliberately created to force European Union through under German control. The sentence concludes an article in the New York Times, linked here. I repeat it herewith so the full horrific impact cannot possibly be missed:

"He sees the turmoil as not an obstacle but a necessity. “We can only achieve a political union if we have a crisis,” Mr. Schäuble said."

A version of this article appeared in print on November 19, 2011, on page A6 of the New York edition with the headline: Seeing in Crisis the Last Best Chance to Unite Europe

A vitally important post on British Foreign Policy from John Redwood MP!

The posting linked here is of crucial importance to all Britons across the world. It is titled "The Anglo-German meeting" but addresses itself to the crying need for a completely new British foreign policy and a total re-appraisal of our relationship with the EU. I will quote only one paragraph here, but please read the posting in full:

The EU should be given a simple choice. If it offers us such a deal then the UK government would recommend it to the British people and would  campaign to carry the vote in a referendum. If the EU refuses to give us a satisfactory deal the UK would still have a referendum, and the British people might decide to leave altogether. As a concession to the rest of the EU the UK might offer a different arrangement on the EU budget, as otherwise the UK could opt itself out on a permanent basis. In practice our budget contribution would need to be negotiated in the light of how much we stayed in. If we took ourselves out of the agriculture policy, for example, we would need a substantial reduction in fee.

I would suggest that before using the above link to read Mr Redwood's posting in full, readers scroll to the next post on this blog and view the very short video on what Nigel Farage said in the European Perliament to the four appointees who deliberately destroyed the democracies of two formerly independent nation states earlier this week and consider the mostly ominous silence from the British media and its Coalition Government on these startling events!

An apt video with which to end this terrible week for Europe

Cameron/Merkel press conference fudge

An early report is from The Independent, linked here, we expect little further than this bare minimum of total BS.

PM Cameron to attend Berlin Chancellery today!

The headline of the Irish Times this morning, linked here, makes perfectly clear the consequences of subjugating your economy and democracy to Germany. A sensitive document detailing new tax rates from the Irish budget, has been leaked in Berlin, where, of course it first required approval.

Great Britain's Prime Minister 'Vapid Cameron' has been called to Berlin today to receive his latest instructions on how to further bankrupt Britain in pursuit of ever greater and deeper European unity. According to Bruno Waterfield in the Daily Telegraph, linked here, these orders will include secret plans, prepared by the Germans, involving EU Treaty amendments without requiring a British referendum, as if Cameron had ever intended doing anything to the contrary in any event!

Another view of German thinking on the British problem, always an annoyance for pan-European putative dictatorships, may be read in an article in Der Spiegel, linked here, this concludes that Chancellor Merkel needs Cameron to push through her plans for German hegemony - all the more reason for all Britons to bend their efforts to ridding our country of the leadership of this thoroughly odious and totally devious man!

New Peons of the old world, in Greece and Italy - Protest!

People into Peons

The Tyranny of Technocratic Traitors!

Added Austerity!

Democracy Destroyed!

EU Empire Empowered. 

Was destroying CDS in Greek Bailout 2.0 so smart?

Even the desultory FT has picked up on the financial outrage that was attempted by the Euro Group in their 26/27 October second Greek rescue package; the saga of which still continues this evening in Frankfurt with the IIF. A brief quote:

if the exposures of the large European banks were measured in gross, not net, terms, just how much more vulnerable might they be to sovereign shocks? Or, to put it another way, could the problems now hanging over eurozone banks and bond markets be about to get worse, due to the state of the sovereign CDS sector?

Greek voluntary default, IIF Press Conference, in Frankfurt at 5pm!!

The above headline pretty much says it all does it not? Read the full report from San Francisco Chronicle if you cannot believe it! The "voluntary" GREEK haircut will be announced from the offices of Deutsche Bank AG at 5pm German Time in FRANKFURT this evening!

Who to believe on Greece - Fox News or the EU Commission?

Make your own mind up from these two links. Fox News reports thousands massing for demonstrations today, some of whom IMHO may well have noticed their democracy has been trashed, linked here.

Cheer is available from the EU Commission who report that their new task force, operating since last September now sees nothing but promise, light and hope for Greece, read here.

Google castrating its own search engine!

Blogger and blogspot have been brilliant, I have used them for years. Since Google acquired blogger the archives of my blogs have all been castrated and are not fully avalailable using the Google search facility - either from the blog or elsewhere.

When Mario Monti was recently appointed the new PM of Italy, I wished to link some posts I made in March 2004 on my blog Ironies regarding the woeful record of this man, only one of which appeared from a google search.

My blogs, written, almost daily, over eight years were partly intended to record the causes of the fiasco the EU and the euro were always bound to end up by being. It is unfortunate that Google, in preventing quick and easy access to readers and historians to the multitude of mistakes and wrong decisions which have littered the road towards the present disaster, seems now to be working in contravention of its original main corporate aims.

Another problem with Blogger, is that there is no way to communicate with their organisation. I therefore have blogged this complaint and sent the concluding paragraph of this posting, to their unhelpful help forum, which seems normally and mostly ignored.

I appreciate that storage of huge quantities of digital records is an energy consuming and expensive business. Surely somebody within Google should at least be willing to enter into an exchange as to how such crucial records, relating as they do to the destruction of 27 former European democracies, could be made more readily available?

"In view of the collapse of democracy in the EU, I wish to link posts on Mario Monti from Ironies in March 2004 to my new blog Ironies Too now. By making such linking impossible, due to volume restrictions on archived materials, can Google not appreciate that you are neutering your own search engine which was supposedly the raison d'être of Google?"

Spain's bonds sneak in under 7% - just at 6.975 on €3.6 Billion

Yet another triumph, no doubt, will soon be claimed by the Euro Group lame-brains!

France and Germany dispute ECB's role

The Irish Times has a description of the growing disagreement between the two main limbs of the gangrenous common currency, linked here. The following quote comes from their report:

“I want to be very clear: our reading of the treaties is that the ECB does not have the ability to solve these problems,” she (Angela Merkel) said.

Her remarks put her at odds with Mr Kenny and, more significantly, French president Nicolas Sarkozy, who has been been her closest ally in the fight against the crisis.

The ECB now lies at the heart of the fudge which has always been the guiding principle of the EU project, which will now seems set to become the cause of all the deep and bitter disputes that are soon to be delivered upon us. Fights over money often become the most bitter, and the EU family have been spendthrifts on a truly massive scale!

As I quoted from Acting Man in a post last evening "In spite of the fact that the ECB has now advanced almost € 1 trillion in 'emergency liquidity' to euro area banks, i.e., almost an entire enlarged EFSF worth of money from thin air, the banks continue to flounder."

Where will the liability for this €I trillion of imaginery money eventually end, how will it be divided amongst the shareholders of the ECB when the euro disintegrates. Were the money properly accounted for, many triple a European Sovereigns would now no longer be so.

These are questions this blog has been posing for months if not years, they have never been addressed, let along answered. Incredibly Sir Mervyn King's defence yesterday of the ECB, seems to indicate he has not yet grasped the difference between the ECB and a normal central bank, with an army of enslaved taxpayers standing ever ready behind it to pay for the normal incompetencies and errors.. Let us hope this dreadful man has provided no pound sterling commitments to his ECB counterparts!

For french readers Le Figaro leads on the ECB linked here.

Just as this blog has been quiet - don't think the final collapse is deferred

Acting Man is still closely following events and recording the ever more dire economic portents and supplying its predictions, a quote from today:

We must reiterate on this occasion that we are not only finally seeing a crisis of the modern-day welfare states, but underlying it, a crisis of the fractionally reserved banking system. In spite of the fact that the ECB has now advanced almost € 1 trillion in 'emergency liquidity' to euro area banks, i.e., almost an entire enlarged EFSF worth of money from thin air, the banks continue to flounder.

 

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Man overboard: the spread of French OATs over German bunds goes ballistic – click for higher resolution.

Democracies death pains once again in Europe.

Mario Monti has been sworn in to lead the former democracy that was Italy, with an administration made up entirely of appointees. This follows similar events in Greece.

I can, for once, find little to add to the coverage of this evening from the Daily Mail from London, linked here.

Will today mark the start of a € exchange rate collapse?

So far in the euro crisis, the exchange rate for the dodgy currency has held up surprisingly well against the dollar and the yen. With the failure of the government change in Italy and the obvious desperation involved in proposing an EU only Financial Transaction Tax, this situation cannot surely continue. Even were one a holder of German denominated euros, against which one would expect a new deutschemark to appreciate, the processes through which one must now likely proceed to achieve value from such a new currency, would seem best put to one side for foreign holders of the currency during the transition period.

In the meantime the battle to save the symbol of the EU continues, with a report in the Daily Telegraph this morning that Germany will press Britain to offer real support for the sick and sick-inducing currency, read here, just as this blog has repeatedly warned down the years.

"Over 40 years I have built up a reputation" Brodie Clark

The quote in this posting's headline, comes from a statement to a Select Committee of the British House of Commons today. It was made by a former senior civil servant of the Home Office, discharged last week, over a matter regarding the performance of his duties.

40 long years - I remember them all pretty well. Forty years of incompetent government, penny-pinching, nepotism, corruption, inefficiency, mal-administration, selling-out to foreigners and self-enrichment for the administrative classes, which Brodie Clark  so perfectly epitomises with his arrogant presentation of irrelevancies casually presuming that he is genetically incapable of either misjudgement or wrongdoing.

The same arrogance that allows Mervyn King to bow before the Crown today in receipt of a Knighthood, as if that were deserved, rather than a hemp rope, scaffold and trap door - for the inflation he has deliberately delivered to the British people as again statistically officially confirmed today.

There is not a serving or retired senior civil servant of forty years service, surviving today, who does not fully deserve being stripped of every honour and every item of income above that of an OAP.  Brodie Clark's performance proves that beyond any doubt!

Look at Britain today, - consider the despair  -  expressed in the Commons this afternoon, on the widespread suffering of ordinary individuals described by MPs in the fuel price debate. Remember if you are able, the hope, drive, enterprise and ambition of ordinary people forty years ago, before our politicians and administrators abandoned governance for their own self-enrichment and advancement within the federization of Europe. Forty years ago we were still proud of what we had achieved in defeating nazism, not daily bowing and acceding to its similar demands.

Contempt oozes from every pore of Brodie Clark, the same contempt that corrupts our MPs and so many other public servants -  all down the chain of command, to the usually arrogant individual, who flicks the pages of your passport as you return to your supposed own country, and compels you to once again feel the deep shame that being English, today seems to demand!

Berlusconi supporting Monti's "caretaker government" formation efforts

The FT report to that effect is linked here, but not no mention of whether Monti will be able to govern into 2013 and the rejection of suggestions regarding the plugging of a €25 billion budget hole with a wealth or property tax.

The other new EU imposed government in Greece is expected to face mass walkouts and protests on Thursday.

Money interest rates for Belgium, France and Spain continue to climb, see here, making ever more nonsensical the negotiations underway in Rome and the farce that the Greek economic situation has quite clearly become.

EU Commissioners are both culpable and incompetent!

Can anybody ever recall a single EU Commissioner who seemed capable in their job?

Can anybody recall an EU Commissioner who seemed quailified for the position to which they were appointed?

Can any not recall that down the decades, EU Commissioners have been scoffed at for being the dregs of their national political classes, capable only of wining and dining and growing fat, and all too often bloated, as they screwed every centime they could from the EU taxpayers for their often own tax-free benefit!.

Are there any citizens across the EU that would seriously consider inviting one of these smug, self-satisfied troughers into their homes?

It is not therefore surprising that Italian interest rates for their ten year bonds have risen above 7% again this morning, the level for which an elected Prime Minister was removed from his post to be replaced by one of these former leeches!

The EU is Europe's problem, no solution will ever be found within its structures, institutions let alone its self-serving personnel!

If somebody has a name of a present or former EU Commissioner that they consider is worthy of some respect, e-mail their name to me and I will include it below, with their justification. I doubt I will be kept very busy while performing such a task.

Cameron's EU contortions leave our nation castrated.

The first paragraph of the report in the Daily Telegraph, linked here,   on the speech on foreign policy at the Lord Mayor's Banquet last evening by Prime Minister Cameron summarises the chaotic confusion in that pathetic man's head over the most crucial factor facing the country at this crucial moment in history:

The Prime Minister insisted that leaving the EU was “not in our national interest” but said he felt “very personally” that now was the time for a fundamental reconsideration of European relations.

For decades, those running Britain have insisted that change to the EU is desirable but always from a starting point that whether or not any change is ever achieved, remaining within the evermore corrupt and inefficient institution must remain the nation's prime priority.

To maintain that same position on the evening of the day that the German CDU party approved the right of Euro Group Countries to volunatarily quit, carries this British policy obscenity to absurd lengths of treachery. To not accept that in the present state of EU economic disintegration that policy was not always a disaster AND to continue to argue its merits is completely ludicrous!

Something now needs to be done in Parliament.

Suits versus sense

France24 debate in English from this evening, linked here.

Britain's Cameron cannot just ignore Merkel's Leipzig gauntlet!

I have commented on Merkel'd speech made today in Leipzig once already today, which point on there being no common European memory of World War Two may be found below.

Another link to the speech with comment on the implications on what is now underway within the EU is here.

Surely Britain's supine Government cannot simply ignore what is this very day happening just over the Channel?

Germany's leader claims Europe in toughest hour since WWII

The report from Reuters is linked here and the quote referred to in my headline is the following:

Merkel dramatized the situation facing the euro zone in an attempt to rally her conservative party behind the government at a congress in Leipzig.
Europe is in one of its toughest, perhaps the toughest hour since World War Two," she told her Christian Democrats (CDU), saying she feared Europe would fail if the euro failed and vowing to do anything to stop this from happening.

In a one-hour address, Merkel called for closer European political union but offered no new ideas for resolving the crisis that has forced bailouts of Greece,Ireland and Portugal, raising fears about the survival of the 17-state currency zone.

Well that may well mean one thing for her German audience, which presumably were driven to be thinking of 1945, BUT for the rest of the Continent it leaves a crucial point hanging unanswered, 1939 might seem more appropriate to them when considering this weekend's overthrow of democratic Governments and the consequent miseries that were then inflicted upon people everywhere.

The BBC 4 Today Programme - Losers misleading the nation on the EU crisis.

At 0734 am this morning the BBC Radio 4 Today programme, went for expert advice on the Mario Monti situation in Italy to Andrew Gowers. Rarely can there have been an individual in public life with such a long list of misjudgements and failures behind him. Consider the following:

Fanatically pushed the Euro currency while editor of the Financial Times.
Lost an expensive libel case and his editorship.
Joined  Lehman Brothers before its collapse.
Advised Gordon Brown.
Handled BP's media response to the Gulf of Mexico oil disaster.

The miscall on the Euro alone will cause countless corporate bankruptcies over the years and almost certainly destroy the chances of that paper's longer term survival, such was the scale of that huge business and economic misjudgement, which Gowers shares along with many others whose views also still retain respect.

It is the BBC, its Radio 4 Today production team and the programme's presenters, however, who must today be brought to account. How could they for one tiny moment believe that such a man should be called upon to give his view on the grave events now unfolding in Italy or indeed place any value on his view of the possible outcomes?

The problem lies in the mandarin-think that runs through the British establishment, which includes the BBC. If the country is to survive, these parasitical dead-brains must all be removed from their positions of power and influence, as I posted below over the weekend.

Constitutional/Reform/Lisbon Treaty VP conspirator rumoured as Italian Foreign Minister

The EU termites are already coming out of the rotted woodwork of the Italian former democracy this evening, with Giuliano Amato reported to be the likely new Foreign Minister, an individual deeply steeped in all that is unworthy in the EU. A quote on his untrustworthiness from his Wikipedia entry is quoted here:

At the end of his period as Prime Minister, Amato gave a speech to the Parliament in which he solemnly promised that at end of his term he would retire from politics, stressing that his was a true commitment and that he would not break this promise as some politicians (whom he characterized as "mandarins") used to do. However, this promise was short-lived; Amato has regularly come under criticism for having made such a solemn commitment and failìng to keep it.

One thing Amato has in his favour, he once had the decency to admit the whole Lisbon Treaty process was a complete confidence trick, as I recorded in 2007 on this blog, linked here. It contained an audio video link here.

Italy placed under EU Totalitarian control - run by Monti

The statement just made by Monti seems to allow no room for democracy nor for any political involvement. More from this blog as it comes available.

IMF's lightweight Lagarde, flounders on Italy's debt dilemma

No shame over arbitrary governments removal from the IMF chief here, why should Japan, or indeed other democratic nations now agree to extend their voters' funds to such a shameless organisation?

Bossi's Northern League will not back Monti

Canadian TV has the latest report from Italy, which includes the following:

Umberto Bossi said his Northern League party won't back any Monti-led government "for now." Bossi said he told Napolitano that his party, whose support kept Berlusconi's conservative coalition in power in three governments, will be a "vigilant" opposition to any Monti government until the economist spells out how he plans to rescue Italy's troubled economy.
"For now, we said, 'no.' Then we'll see the program and decide, time by time" whether to support specific legislation, Bossi said. "In any case, we won't give him any blank cheque."
Bossi's party has been demanding early elections instead. He also has opposed one key remedy, a pension reform that raises the retirement age for women.
The austerity measures passed Friday night will still not be enough to revive the dormant Italian economy. They raise the retirement age to 67, but not until 2026.

Some four hours earlier, the Washington Post had reported that Bossi, former coalition partner of Silvio Berlusconi, would defer any decision on whether or not to support the scheming former eurocrat until he knew his policies. We must assume from the Canadian report that either they have been rejected by Bossi, or the latter has realised that the word of any person so long associated with the institutionally venal EU is entirely worthless and NEVER to be trusted!

Mugger Monti - Three posts from 24th March 2004

These three posts cannot be accessed from the internet on the archived pages of my blog "Ironies" thanks to Google. I therefore re-post them here today so the nature of the man about to be shoehorned into the leadership of the third largest country of the Euro Group may be properly assessed:


EU's Microsoft Fine - Blatant anti-Americanism and Greed

Rumoured to be over six hundred million dollars - who gets it? The thoroughly corrupt EU!

Who will pay? - The ordinary consumer and if there is any justice only those within the EU!

What is it for? - Bundling a Multi-media player with the software you get with the Windows operating system of a new PC! Why is it unjustified and absurd?.......... try this on your own PC:-

I just did a quick run through the programme files on my PC. I have six DVD and movie players. Only one of them did I deliberately download - that being Real Player. None of them are Microsoft!

This makes clear there is plenty of competition in this sector , and secondly there is far more stuff being unknowingly downloaded onto your PC each time you go online, play particular DVDs or let others watch DVDs on your laptop.

Who gets the money? Mugger Monti and his mates, that's who and under what authority! The EU an evil monopoly if ever there was one!

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More Evidence of Monti's Mendacious and Malevolent Mugging of Microsoft

The Seattle Times, local paper in Microsofts home city, reveals in an article linked from here and titled 'Microsoft details offer it made to EU' the following astounding fact - "Microsoft agreed to do what might seem extraordinary: bundle three competing media players along with its own in future versions of Windows'.

More proof if such were needed of the truth of our posting immediately below. This is such a blatant piece of extortion against one of America's foremost companies that major European firms should be bracing themselves for the inevitable retailaition. Once again Europe's National Leaders must stand back as mere observers while the appointed autocrats of the EU Commission blithely set about the wilful destruction of the economies of the member states of the undemocratic union.

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Immediately following those two postings I subsequently posted the following, which although not mentioning Mario Monti himself, also seems worthy of inclusion:

Microsoft Fine Announced!

It has been set at 497 million Euros, in line with the earlier leaks see the posts below. Included in the finding is coercion regarding the sharing of interfaces with deadlines. The link to the announcement will be posted here when available. BBC News early report is linked here

Will 24th March 2004 be seen to mark the real opening of an open and dirty EU/US trade war? If so it will be clear who fired the first shot - appalling that Britain should be so associated with such an act!

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EU WAR

It seems timely, this morning, to repeat the latter part of a post made on 11th September this year, which covered the break-up of the EU and its likely consequences!

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The EU is waging economic warfare against Britain!

Assisting in the deliberate bankruptcy of our country are large numbers of supposed public servants and legislators, receiving or due to receive huge, tax minimised pensions from the EU. I named two such on this blog yesterday. Many others lurk within Britain's upper legislative chamber, the House of Lords, where just before the last Parliamentary recess, most of whom with their pensions and vested interests undeclared, in large numbers they completely neutered the European Union Act, supposedly intended to protect Britain from future assaults against the economic welfare of the people of our nation by the EU.

This blog is not merely anti-EU, which many other fine blogs trying to protect the independence of our country now boldly declare.

Ironies Too believes the EU has been waging economic warfare against Britain for many years, and in that cause it has subverted many of our legislators and public servants, such that we today stand on the verge of utter economic annihilation. Direct rule from the EU must then clearly follow!

We cannot fight such an enemy without first making the intellectual leap towards recognising that we are now fighting a dedicated, devious and pernicious enemy, for our economic lives.

We are beyond the stage of Referendums supplying any answer. A first, possibly really effective weapon, does still lie within our national hands and capabilities, however, that would be to ban from public office or legislative assembly, any individual, now being, or at some future date due to be, in receipt of funds from the EU, with the option of retaining  their posts if they publicly renounce such payments.

An independent country cannot be efficiently governed nor managed if its senior legislators and administrators are paid by those whose interests are other than the best interests of the people of the nation. Such is the case in the British Isles today!

Alternatively the EU could voluntarily withdraw such payments, turn its face against its progress by deceit and lies and abandon its present institutions, while seeking a democratic way ahead, thus also solving its own economic crisis at a stroke!

Labels: British debt, EU War

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Italy and Europe at the brink of disaster.

Silvio Berlusconi resigned as Prime Minister of Italy last evening, ensuring at least one modern day Italian politician a position deserving of at the minimum a grudging respect for honesty and  regard for procedure in the history books.  If events now proceed as forecast across the media, that will never be something they can truthfully say with respect to his immediate successor.

The fate of Europe today lies in the hands of the Italian President Giorgio Napolitano. He can opt for an election and democracy for his countrymen, which may then bring other large EU countries back from their march towards tyranny, or he can capitulate to the demands of the massed eurocrats, fonctionnaires and tyrants disguised as technocrats who all now appear to aim towards totalitarian rule for the entire EU, where elections become the mere charades seen under Soviet communism.

Yet it is not only the fate of Western Europe that will be decided over the coming days. Prime Minister Putin (soon again to be President Putin) of Russia made clear last evening that Russia ( as history stands in evidence) will be involved in the eventual outcome of Western European nations' strategic and domestic poltical arrangements. Putin's remarks may be read in a report in the WSJ, linked here, from which I quote only a portion here those being from Putin on Berlusconi:

Mr. Berlusconi had been good for stability in Italy and had built relationships inside and outside Europe, including with Russia

“What I most like about him is that he’s an open person,” Mr. Putin said. Then, in an aside which suggests he feels less warmly toward other European leaders, he added: “I don’t want offend anybody but there are not many people like that in European politics.”