US weighs risks of Europeans defaulting on IMF and Fed loans!

The Washington Post has an interesting blog item for its readers this morning, linked here.

EU Euro note excuse for more ludicrous propaganda!

Note that this video production from the money haemorrhaging EU also wastes words!



Q. What word, you may wonder, apart from the entire background commentary, is so surplus?

A. What place does "first" serve in the video title? Perhaps the new Merkozymark plans to retain the design.

Q. Can it even fully survive until its 10th anniversary on 1st January 2012? If so how long will it stagger on wrecking wealth, freedom and democracy beyond that date?

EU plans €20 - 25 Billion Austerity cuts for Italy over 2 years!

The two front men for this savage action, traitors to their own nationality, just as Cameron and Clegg are to Britain, are pictured in the Reuters report of this latest savage act, linked here.

Acting Man blog this evening describes the coming planned Italian default, linked here.

Germany's dilemma & Euro crisis properly explained.

A E-P's latest, here, concludes as follows:

But this is where Germany now is. It must either immolate itself and dismantle the Bismarckian state for the cause of EMU, or prepare to finance an orderly withdrawal from monetary union (with the Finns, Dutch, and Austrians) so that the South can breathe again and hope to recover.

That is the choice. All else is can-kicking, denial, obfuscation, muddle, and self-delusion. As is now becoming obvious, the failure to resolve the matter one way or the other is becoming a danger to the global financial system. It threatens to uncork a global depression. Germany must at last decide.

It is a horrible choice. My sympathies go to the German people who were never given a vote on this ensnarement and infeudation of their peaceful country, and who were egregiously deceived by their own leaders, and who cannot now begin to understand why they suddenly are target of such furious and venomous global criticism.

The Germans too are victims of this ruinous project, the greatest victims of all. Their elites have led them into a diplomatic and economic Stalingrad.

The whole tone of the column assumes this all arrived by accident, which is the exact opposite of what this blogger believes and of what he has been writing about and trying to get across for years.

This blog's view of the present arrangements in Europe is that they are not accidental and they are best summed up by the illustration sent around by email this afternoon by Roger Helmer MEP, titled Euro Crisis Explained, as pasted below:

Cameron agrees to no repatriation of powers from the EU - Open Europe!

This normally very reliable source, according to the headline of this post, has just announced Cameron's destruction of the Conservative Party, funnily enough, tellingly discussed by John Ward on The Slog, mere minutes before, linked here.

Ah well! Like a banker holding Greek bonds, I'm off for a haircut!

Sarkozy to explain France's latest EU crisis stance this evening in Toulon.

The Irish Times has an English report of this event, linked here.

Also on the French political impact on the EU disintegration, the leading contender in the opinion polls for next year's Presidential election, the socialist, François Hollande, stated in a news conference yesterday " “I will never accept the fact that, in the name of control over national budgets…the ECJ can be judge of the expenses and revenues of a sovereign state.”

This was published by Open Europe in their daily press email, which reported Monsieur Hollande, at the same Brussels press conference, also criticised German plans to allow the ECJ to impose sanctions on eurozone countries breaching EU deficit and debt rules,

As this blog has always maintained, the EU countries have no track record on keeping within the EU Treaties, so all the present wind about possible Treaty changes is just that. The original Growth and Stability Pact was broken by France and Germany acting in concert, which in spite of the Netherlands instituting legal procedures was allowed to take place without penalty or sanction.

That is only one reason why the euro is falling apart today, see also the "Paper Money Collapse" video which I posted on this blog last evening.

Update 1400 GMT. Open Europe blog has published some detail of what the worthless proposed Treaty changes might involve, linked here.

Living on tick, tick, tick....

German media doubts yesterday's co-ordinated central bank action will have any lasting effect. The attached graphic from a Der Spiegel article covering that action with other press comment from Berlin, is linked here.

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.

 

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

 

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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.

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.

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?

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.