Dangers of outvoting the BuBa by the ECB Board

The structure and members of the Governing Council of the ECB is linked here. (A paper on the problems likely to be caused from the Eastern Enlargement of the EU is interesting in that it also discusses present problems, pdf file is here). In theory German interests, as recently explained by the Bundesbank (BuBa) could be outvoted

Public statements by Mario Monti, Eurocrat and EU appointed PM of Italy, lead me to believe that a trap is being set to force Germany to meet the bill for the past profligacy of the Southern Euro Group member states and France. I see that as extremely dangerous.

Under the war guilt clause of the Treaty of Versaille of 1919, included at the insistence of France, these Reparations were set in gold and totalled 50% of all the gold ever mined through history. The effect on the German economy was disastrous.

IMO Germany, soon to be the last triple A credit rated country within the Euro Group, (Finland will remain AAA but purely as a result of its refusal to join in further bailouts except with matching collateral) EVEN IF IT INITIALLY AGREES to abide by and honour such an ECB vote, will not for long be prepared so to do, as the burden upon its own citizens will quickly, once again, become intolerable. 

The most recent market view is here.

Spanish defeat of Italy could spell doom for Monti!

Perception is sometimes everything. In the contest between Spain and Italy as to which country will deliver the final death blow to the euro currency, recent weeks have seen Spain as the front runner, yesterdays football crushing in the Euro finals could now be repeated in the bond markets.

As LIBOR has been shown to be in London, a contrived sham and politically convenient lie, perpetrated to maintain the elites in their privileged, unearned and undeserved positions of power and high living, so does the euro serve for the scum that floats on the surface of the sewage-filled and stagnant cesspit that is the EU.

The emergence of a new leader for the Northen League in Italy, replacing the scandal plagued Umberto Bossi could be the spur. The Northern League formed part of Berlusconi's coaltion government, the situation between Milan and Rome which has dominated Italian politics for decades, now mirrors the North/South split in the EU itself, a situation therefore that will prove worth watching as the European voters penchant with "self harm" that is the EU continues.

Much more on Mario Monti

The awful  eurocrat is picked to pieces quite spectacularly by Acting Man blog this morning, linked here, the following is a penetrating brief overall view:

We have strongly criticized Monti's reliance on raising taxes as opposed to cutting spending when his austerity package was first announced. The man is a typical bureaucrat – it is against his instinct to cut the size of government and he has no idea what struggles businessmen are facing daily.

Mario Monti updates Italian suicide number following Cabinet

AGI, linked here, reports as follows:

20:16 18 APR 2012

(AGI) Rome - PM Mario Monti said, "We are fighting every day to continue to avoid the fate of Greece." Monti was speaking during a press conference at the close of the Council of Ministers meeting. He initially spoke of lives which have been dramaticly interrupted and then used directly the term "suicides", updating the number. Mario Monti did not attempt to hide "the dramatic consequences of the crisis" and that it painted a grave picture which "in Italy we are trying to turn around, under very difficult conditions".

Italian bank loses €4.51 Billion but claims no ill effects

Founded in 1472, Italyy's Monte dei Paschi di Siena, the world’s oldest running bank, has survived a few ups and downs but toady must have been among the strangest. According to a report in the Washington Post, linked here:

(This limited quoted is assumed to comply with AP's copyright restrictions)

The Italian bank, which was founded during the Renaissance in 1472, said the losses were mainly due to charges taken to deal with the impact of Europe’s debt crisis and the economic slowdown. It wrote down the value of its assets by €4.51 billion, including €1.3 billion in bad loans.

Because the write-down is an accounting move, it will have no impact on cash-flow, liquidity, or future earnings potential, the bank claimed.

What a miraculous affect the appointmentment of the magical Mario Monti former EU Commissioner and perhaps even Merlin himself (in a former life,) has had on that formerly rather dodgy looking country. Now vast losses can be incurred by Italian banks (and perhaps with a little help from the similarly magical magician Mario Draghi,) tricky concepts with which the bank must have been struggling for 640 years, like credit and debit or profit and loss, totally disappear!

I wonder who in Italy will lose another few €billion tomorrow, without consequences whatsoever? It will not be any Euro Zone taxpayers!

Mary Ellen Synon's last blog - Kenny & Monti

Farewell to blogging Mary Ellen Synon, those of us struggling against the foul EU project will miss you, especially the independent bloggers!

In her final blog for the Daily Mail, linked here, she rails against the ineffectiveness of the Iriah political class, who as in Britain have handed their independence, national wealth and sovereignty to foreigners. Some quotes by which this blog will keep her memory alive. We will rarely see such truths appear in the national press again until the EU itself collapses under the weight of its own corruption!

After Mr Kenny had his snap with Mrs Merkel on the Government iPhone, he flew to Rome to see Mario Monti.
Now, there are two reasons why no Irish politician ought to be spending time with Mr Monti. First, the man was outrageously parachuted into office by the EU elite when they wanted the democratically-elected Silvio Berlusconi out of office. The problem was, Mr Berlusconi would not take orders from them. Unlike Irish prime ministers, Mr Berlusconi did not feel it was his duty to capitulate to demands from Brussels.
I know, Mr Berlusconi was sexually sleazy, but the Italian voters put him in office anyway. His sexual antics were never much of a secret to any voter, and yes, now you ask, I was living in Rome during the last Italian general election.
When the EU wanted Mr Berlusconi out, the EU and the ECB rattled the bond markets enough to make the parliamentarians in Rome panic. With the (truly shocking) connivance of the president of the republic, Giorgio Napolitano, the EU managed to have Mario Monti, who was not even a member of the parliament but conveniently was a two-term former European Commissioner (‘one of us’), and who had not been elected to anything at all, made into a Senator by the president. Then Mr Monti was dropped into the office of prime minister. He formed a cabinet which included not one elected individual.
This was no change of government, this was a Brussels-directed coup. If our Taoiseach respected democracy, he would never shake hands with the unelected Mario Monti.

Mario Monti - Sixteen Mansions and now the Palazzo Chigi!

Mario Monti greeted Irish Taoiseach Enda Kenny, at his new palace today, as may be read in the Irish Times, linked here.

Selling out your countrymen can certainly prove profitable and provide a luxurious lifestyle in the short run, but one must wonder........?

Chief Seattle's Response vs Mario Monti!

What point or purpose to the 16 houses of Mario Monti? See the posting immediately beneath this!

Mario Monti - 16 mansions, $1.68 million p.a. & PM of Italy. EU corporatism laid bare!

As part of an exercise in transparency, the Italian public and others across Europe, can this evening see the rewards of a long career working for the EU, doing nothing apparently other than bankrupting former nation states and destroying national democracies. All these proofs come from the declaration of interests of EU appointed, Italian PM, Mario Monti, formerly hero of all eurocrats for his torment of Honeywell and massive, while pointless, fine of Microsoft !

Collecting houses all along the way it seems!

Read a report from Asia One, linked here!

Monti & Draghi propose lumping unused EFSF funds with ESM

The two Italians, whose country of birth faces a debt mountain of indescribable proportions and a system of economic governance akin to some of the worst economies of the third world, have this afternoon come up with a new cracking idea to get their hands on outside cash, according to the Telegraph, linked here. A quote:

Doubling the European Stability Mechanism's (ESM) firepower would reassure markets while driving down borrowing costs for the debt-wracked countries of the eurozone, Mr Monti is said to have argued.

Mr Monti had won backing for the proposal from European Central Bank President Mario Draghi, who proposed using unused money from the EFSF to boost the size of the new fund to about €750bn, according to reports in German weekly Der Spiegel, which cited unnamed sources.

Berlusconi "ready to return to power soon"

Monti's emergency measures, mostly of concern to vested interests such as lawyers and taxi drivers, have been passed by his "technocratic" cabinet, but once signed off by the President, have to be approved in Parliament within two months!

Such parliamentary approval requires the endorsement and support of Silvio Berlusconi, the ousted elected Prime Minister, who in this report states "that measures adopted so far by the new government had 'produced no results' and that he was ready to return to power soon. - Reuters"

EU and Britain are drifting apart.

Mario Monti, always a powerful figure in the development of the EU as it presently exists, has solidified his power base since trashing his commitment to the democracy of the country of his birth. There is now no going back for Monti!

Feeling in Italy against the EU will inevitably become increasingly anti-EU as austerity mounts and the realisation grows that domestic corruption has been replaced rather than removed by the centralised trans-national socialist conglomeration the EU has become. The fact that this is also incompetently led and grossly mismanaged is well captured by this cartoon from Italy, yesterday re-published in Der Spiegel in Germany, linked here.

Mario Monti has therefore burnt his lifeboats for a return to respectability amongst his countrymen, his words in a report in City AM yesterday, linked here, should therefore be considered as well considered and likely to be accurate - “The possibility of the UK subscribing to the new fiscal compact [EU treaty]... is water under the bridge. Pity, but this seems to be the case.”

The meeting between another very powerful and dangerous anti-democratic EU fanatic, Michel Barnier, and Chancellor of the Exchequer, George Osborne, next Monday will therefore be very important, read here. These are dangerous times for our country, England, and for the Corporation of the City of London, under attack from the Continent, both from Scotland backed as so many times in history by our enemies on the Continent and directly from France and our commercial rivals to its East.

Monti has chosen to meet other traitors within our ranks after his visit to 11 Downing Street, this quote comes from the Reuters report linked above, "Barnier will also visit the City to meet senior bankers, some of whom are uneasy about Britain's stand last year."

George Osborne, would appear to have faint-hearted friends enough in the figure of the proud and boasting Scots' blood bearing Prime Minister and his EU fanatical Deputy Clegg, surely the City could now manage to present a united front?

Monti's threats to Germany of Italian political backlash

There are some interesting comments on the thread to this report of Monti's typical EU Commissioner, spoilt brat outburst, linked here. See the utter hopelessness of the Italian situation on debt in the posting on this blog of last evening, beneath this.

Who will be allowed to lend to Italy?

Acting Man blog points out the following:

 As one analyst interviewed by Reuters perceptively remarked, Italy remains the elephant in the room. It is now rated BBB+, but it remains on 'negative watch' at Fitch and Moody's, which makes further downgrades likely. The big problem is of course that Italy's debt represents the third biggest sovereign bond issuance extant in the world and that it needs to refinance a hefty chunk of this debt this year. Fewer and fewer institutions can effectively hold on to Italy's debt as it receives further downgrades, as all have to follow their internal rules on what grades of debt they can hold in what quantities. So this is likely going to become a major focus.

Meantime in Rome the appointed President of the EU Council Herman Van Rompuy had this to say to the appointed apparatchik Signor Monti, presently running Italy:

 ...today marks your first 60 days in office and what you and Italy have already accomplished is impressive. I'm sure you will be able to present your "first 100 days" achievements with even more extraordinary results. The Italian agenda is the European agenda. There is no distinction or tension between what is pursued here in Rome and what we are pursuing in Brussels. Italy - a founding member of the Union - is acting in the right direction and making once more its contribution for a better and more prosperous Europe....

Which comment will history prove the most perceptive?

Mario Monti accepts Europeans no longer want the EU!

AGI reports an interview given by the EU nominated Prime Minister of Italy to the German daily newspaper Die Welt, with the following quote:

"My policy cannot be successful if the EU policy does not change...if that does not happen, a country that has always very Europeist might join the populist ranks".

The elites who run the EU, of which Monti is a prime example, have an instinctive loathing of what they phrase as "populism", by which they generally mean 'public opinion'  It is EU speak, or code for "common" and thus worthy of zero consideration. Populism is something to be abhorred, consigned to the trash, along with representative democracy and checks and balances against corruption in administration. It is anything, in other words, that gets in the way of the technocrats (as they have taken to calling themselves in Italy, with no justification whatsoever,) accruing more power and unearned wealth to themselves, an EU priority where condemning whole populations into poverty has today become acceptable in feeding their obscene lust for power.

Italy's youth unemployment crashes through 30% mark - euro coins celebration continue.

Further detail on Italy's PM Mock-up Monti's shock visit to Brussels for new orders plus detail on Italy's worsening economy are linked here.

Update on UniCredit now down 17.3% on the day, is here.

Appointed Italian PM Monti arrives unannounced in Brussels

The furore in the Italian banking system would normally cause a traditionally elected Prime Minister to stay at home to solve the crisis one would imagine. Further proof, as if any were needed, that Brussels now runs Italy. The report (in Italian) is linked here.

French Government, through EDF, set to grab more of Italy's power generation!

Large parts of Britain's old Central Electricity Generating Board have long since disappeared into the maw of the German and French utility companies such as EDF, due mainly to the longstanding treachery of our own politicians such as Nick Clegg.
In Italy, at least, they first had to remove the people's elected representatives and appoint the puppet Monti governments before being able to grab a controlling share, read here.

Treasures from the threads - Number 70 "Monti as PM a sick joke".

An article in the Washington Post, linked here, on the struggle ahead of Italy attracted this fully justified attack:

blert

3:28 PM GMT+0100

Calling Mario Monti a "prime minister" is some kind of sick joke. How can an unelected technocrat be appointed leader of a supposed democracy?

Monti may have the power to alter Italy's economy, and he may have the backing of Brussels, Germany, and others who are now pulling the strings in Europe, but pretending this man is a prime minister or that he is anything other than a pawn is downright Orwellian.

One would have hoped that a newspaper published in Washington DC might have known better, and not thus provided its unspoken assent to the machinations now underway in the EU.

Italy's purchased politicians pass placeman Monti's EU package

EU appointed Italian Premier Monti, ex-EU Commissioner, easily won the confidence vote of the EU purchased parliamentarians in the Italian lower parliamentary house, anxious no doubt, to ensure they would not quickly fall victim themselves, to the kind of penury they were so keen to pass into law at the behest of the EU appointed Monti and his cabinet of so-called technocrats.

Yesterday I posted an image from nine years ago of an exchange about the threat to democracy from the EU with quotes from Sir Winston Churchill. Co-incidentally, nine years ago today, ie 16th December 2002, I had posted about the dangers of the EU controlling police and armed forces, and suggested a scenario that could in the future be played out on the streets of a Northern Italian idustrial city. I will post the entire image at the foot of this posting, but quote here that particular paragraph as it is so strangely apt today:

"Can he not foresee a situation where unrest caused by a severe economic crisis, bringing protesters on to the streets of say some North Italian industrial city, gets so out of hand, that the local police and carabinieri and maybe even the the Italian army (possibly because of feelings of sympathy with the protesters) are unable  to restore order, that it might not be contrived that the then Italian prime minister might feel compelled to call for help from the ERRF ie Frans wonderful EU police force. Especially as the policies causing the unrest would have been drawn up and enacted by Brussels, possibly even, without Italian consent...."

(Emphasis added to the last sentence by Ironies Too blog editor 16/12/11)

Who would or could have guessed, only nine years ago that Italy and Greece would today have EU appointed prime ministers, both former high-ranking eurocrats, with their countries' economies almost entirely destroyed by their own EU policies? Here is my full postinng from the Financial Times Forum of only nine years ago today!

The picture I drew for Italy at some distant future point, now looks positively benign compared to the stark reality. Never forget that all this accords with the longstanding EU project masterplan - consolidation of centralised power through crises!