Posts Tagged ‘euro’

Soon You Will Be Able To Give All Your Money To The EU … or face the consequences

July 10, 2014

gold - portable property Easily concealed portable property (source Blogspot Commons)

I should have come as no surprise to learn the German government has approved plans to force creditors into propping up struggling banks across Europe.

Boggart Blog warned at the time of the Cyprus bail out bank snatch that Germany was behind the confiscation of ten percent of deposit balances from accounts held in Cyprus banks. We learned at the time from contacts in The City that Germany and the Euronazis of the Brussels Bureaucratiic Dictatorship saw the Cyprus exercise as a trial run for the time when, inevitably, the ridiculous single currency system dragged down the large, solvent economies of northern Europe to the economic basket case status of the PIIGS nations (I predict a cypRiot) and it became necessary to impose a similar levy or savings tax across the Eurozone.

That time is not here yet, not quite. but Germany has a reputation for forward planning so we can be sure they see a time when citizens of the Eurozone are required to compensate the German central bank for the money it spends propping up lazy and incompetent ruling elites in the Eurozone nations just like the citizens and residents of Cyprus were required to.

As WSJ reports, Germany’s cabinet Wednesday approved plans to force creditors into propping up struggling banks beginning in 2015, one year earlier than required under European-wide plans that set rules for failing financial institutions.

The new bail-in rules are part of a package of German legislation on the European banking union–an ambitious project to centralize bank supervision in the euro zone and, when banks fail, to organize their rescue or winding-up at a European level.

Germany “leads the way” in Europe by implementing European rules quickly and “creates instruments that allow the winding-down of big systemically relevant institutions without putting the financial stability at risk.”

What this means is that taxpayers (theoretically) will not be on the hook (though in reality we are sure the mutually assured destruction defense will be played – especially if Deutsche runs into problems) but as German authorities explain, “This ensures that in times of crisis mainly owners and creditors will contribute to solving the crisis, and not taxpayers.” As a gentle reminder – creditors includes depositors…

Unfortunately not everyone’s buying the no-taxpayer-impact concept (remember Cyprus?) We certainly aren’t. going to be a busy time converting cash into easily concealed portable property, preferably gold (hard, shiny gold, definitely not ‘gold funds’ or ‘gold derivatives’) as that looks like being the de facto reserve currency soon.

And those of you who were recently wailing and gnashing teeth about UKIP’s alleged racism, we’ll let the Eurorats know you are so keen on their totalitarian single European superstate agenda you want to donate 100% of your saving to the cause of global fascism.

RELATED POSTS:
Told You So – You Wouldn’t Vote UKIP, Now The Nazis Are In Charge
Eurogeddon: The Eurozone Debt Crisis
Euro: Sacrificing the future to save a dream
Euro Uber Alles – is the single currency Germany’s path to dominance

UKIP relationship with Europe

Litttle Nicky Says ‘I Told You So’ Again

June 26, 2012

The EU’s elite bureaucrats have unveiled their vision for the future of monetary union among the Euro zone nations.

The ideas are backed by the leading proponents of the fascist superstate agenda pro integration Europgroup’s Herman Van Rompuy and Uncle Joe Stalin tribute act, Jose Manuel Barroso, President of the European Commission . The leading New World Order supporters in the European Union hierarchy have unveiled their vision for the future, in which the Brussels bureauracy would have far more power to overrule elected parliaments and suppress national sovereignty.

It includes the creation of a European treasury, which would have powers over national budgets and be able to dictate how national governments spend their taxpayers’ money.

European Commission President Jose Manuel Barroso said it was “a defining moment for European integration”.

The document, released ahead of Thursday’s EU summit, said greater fiscal union could lead to common debt being issued by eurozone countries. In other words norther European nations pay for the irresponsibility of the Mediterranean shore’s economic basket cases.

There would also be banking union, with a single European banking regulator and a unified deposit guarantee scheme. This is a blatant bid to destroy the British financial services industry which, no matter how much you hate bankers, our economy and future prosperity is far too dependent on for us to let it be sunk.

It’s time we cried havoc and let slip the dogs of war. If Europe wants to dstroy our banks, let our banks destroy Europe. So long as they pay tax on the billions they will make from doing it we’re laughing.

As Britain Goes Jubilee Mad It’s Business As Usual In The Eurozone

June 5, 2012

Little nicky’s friends at The Daily Stirrer has consistently reported the truth about the Euro crisis while mainsteam print and broadcast media have consistently tried to suggest there was nothing wrong that could nut be put right by simply mugging German taxpayers to bail out debt problems in basket case nations like Greece, Portugal, Ireland and Italy. Another basket case nation, one that compounded it’s economic folly by committing to expensive and almost totally inefficient “green” energy projects is Spain. Now as a Spanish economic collapse that will need another massive bail out from north Europeran taxpayers draws closer every day we hear that another small EU nation, Cyprus, has at last admitted it is bankrupt

Spain’s ruling party, only recently elected, has begun to crack under pressure, signalling for the first time that the country may need a European rescue to shore up its banking system.

Meanwhile even the mighty German economic behemoth is faltering as one of it’s main customers, China, feels the pich due to Economic contraction in the USA and Europe.

While British financial markets remained closed today for the Jubilee celebrations, the German stock market fell sharply on fears of US economic relapse after last Friday’s terrible employment figures and news of a sharp slowdown in China. Spanish, Italian and French shares rose slightly on hopes of new eurozone fiscal authority to control national budgets and manage debts As any such scheme depends on German financial stability a news pan European financial policy already looks a forlorn hope..

Europes Crisis Is Going To Get A Lot More Insane

May 14, 2012

How would you go about solving your personal debt problem if your credit cards were maxed out, your overdraft was over it’s limit and your income would not stretch to buying basics after all the interest on your morthgage and loans had been paid.? Go to a loan shark? Of course not, that should be a no brainer even for politcians and bureaucrats. But it is exactly where Europe is heading.

Euro-Lefties have been having a thin time of it recently. Only three per cent of EU citizens live under socialist or socialist-led governments. The European People’s Party is the largest bloc in the European Council, as measured by voting weight, second are the European Conservatives and Reformists, who edge ahead of both the Liberals and the Socialists.

That, though, is about to change. France,a nation in which the state consumes 56 per cent of GDP, even more than our own greedy government – monster, and whose budget was last in balance in 1974, has just elected François Hollande who, on a platform of ‘growth, not austerity,’ (if only achieving it was as easy as saying it) will try to create illusory growth in the economy by borrowing more and more money at ever higher interest rates and giving it away to the lazy, the shiftless and the corporations whose business is built on mining taxpayer’s pockets.

Greece, which also voted when France did and now must vote again, is inclining toward a pack of communist parties; the politicians there who talk openly of the need for cuts currently command less than seven per cent in the polls.

Fortunately the parties of Greece’s fragmented left hate each other more than they hate the bankers who screwed their country Romania, too, is about to install a Leftist ministry, following the defeat of the last government’s austerity platform. As other elections follow around the poor nations of Europe, we can expect more of the same.

The invevitable result of this will be that Europe will return to and intensify all the policies that brought it to its present unhappy condition: loonytoons spending, unsustainable borrowing, obscene levels of taxation, deeper fiscal and political integration integration. Voters, protected from reality for too long by the EU’s overgenerous benefits system are in not willing to accept less generous benefits and pensions. They’d rather be told what they want to hear that the money can somehow be got out of the rich.

A politician who admits the truth that the rich, a tiny fraction of the total population, have nothing like enough to pay for all the things that modern governments want to do is liable to have rotten fruit, dead vermin and molotov cocktails thrown at him … by member of his own party.

Even in the north European countries that still recognise the virtue of financial discipline the Centre-Right parties in government have done little to bring spending under control. All are running deficits that would have been catastrophic a generation ago. But like the other Elepphant In The Room, immigration, nobody wants to talk about it.

For Britain, official Treasury figures show that, contrary to almost universal belief, total public s ending is higher today than it was under Gordon Brown. The left constantly scream abouut the unfairness of the Coatolitions cuts but the Coalition austerity measures have not reduced spending by one penny. All that has been achieved is a lowdown in the rate of acceleration at which we are amassing debt.

The EU is in a downward spiral. The worse things get, the more reluctant its governments are to tackle the underlying problem of excessive expenditure. Lacking any alternative narrative, voters blame the lack of growth on ‘cuts’, ‘bankers’ and ‘deregulation’. They then support parties committed to even higher spending – which, of course, exacerbates the problem. And, as if national governments were not burdensome enough, Europeans must also contend with more rules and more taxes and a headlomg dash towards fascism from Brussels.

The E U is insance and growing more psychotic by the minute. We must get out. Ignore those wimps who say it is impossible; unless you want to live under a system of oligarchic collectiveism (see George Orwell’s 1984) we simply cannot allow it to be impossible. FFS we stood up to Hitler’s Wehrmacht, have we become so weak we are prepared to let a bunch of penpushers in Brussels destroy our nation?

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UK Government Report Confirms Huge Abuse of EU Free Movement Rules
Eurogeddon, the Euro zone debt crisis
Death of the Eurozone
Europe becoming a bureaucratic empire
Eurozone sovereignty
Sacrificing the future to save the Euro
Europe: Death of democracy
more on the Debt Crisis

Schumpeter’s Warning and the economic mess

Despite The Debt Crisis Euro Nazis War On Democracy Goes On

March 5, 2012

While we are on the subject of the EU’s creeping fascism, Bruno Waterfield has also posted an interesting comment on Sp!ked, where he argues that the EU is doing everything it can to ensure that Ireland’s referendum on the new “fiskalpact” is stitched up before a vote is cast:

It has been little noted, but the treaty text contains an innovation, described by European diplomats as ‘a very unusual step’. As opposed to all other EU treaties, the fiskalpakt will enter into force when only 12 out the 17 Eurozone member state signatories have ratified it.

[…]Once upon a time, the EU operated on the principle that its rules must be agreed by all its members, through democratic ratifications held according to national principles. Today, individual nations and popular votes cannot be allowed to stand in the way of the EU, which is emerging as the instrument by which elites pit their statecraft and institutions against changing European societies.

[…] Even the previously euro-friendly François Hollande, the grey French Socialist leader, has become too much for the EU establishment. There have been reports of murky (and completely backfiring) pacts to sabotage his bid to win the French presidency. His crime is that he wants to renegotiate the same treaty that Ireland is voting on. France, one of the most powerful EU countries, is creating more ‘nervousness’ than Ireland, senior EU officials have told me. ‘If he wants to significantly renegotiate the pact on debt brakes or sanctions then that will stop the process of ratification in a number of countries. The French elections are a big worry for Germany’, said the senior European source.

You may remember last time there was a vote on a change in EU rules that affected the sovereignty of member nations, Irish voters, the only elctorate to be allowed an opinion due to their contritution’s clauses on national sovereignty, voted the proposal, The Lisbon Treaty, they rejected it. The Treaty was a thinly disguised version of the European Constitution, a document which would have trodden the sovereignty and cultures of member states into the mud of the first world war battlefields where so many millions died. The European Consitution had previouusly been thrown out by big majorities in France and The Netherlands with referenda in the UK, Germany and Sweden set to follow suit.

The smooth faced bureaucrats are not really in denial about the fact that further integration of nations is deeply unpopular with ordinary people eerywhere, they are now confident enough to openly display the contempt for democracy they have previousluy kept hidden.

RELATED POSTS:
Broken Societies
Cognitive dissonance, hypocrisy or Naziism. EU and Crimea

You didn’t really think it would stop at Greece did you – Spain’s debt causes worry

World on the Greece – y slope to financial ruin.

March 2, 2012

According to news reports, finance ministers from the world’s leading economies worked on through last weekend to line up a deal that will see the world embark on a second global rescue package worth nearly $2 trillion in April this year.

They claim this is needed to stop the euro-zone sovereign debt crisis from spreading and putting at risk the tentative recovery.

Germany said it would make a decision some time in March on strengthening Europe’s bailout fund, a move other Group of 20 countries say is essential to clear the way for throwing extra funds into the International Monetary Fund.

I have been doing a little research and found that the nations coping best with the economic slump are those that did not join in the first money priniting exercise stimulus. The point about such a project is it contains the seeds of it’s own destruction. Printing money is not a question of revving up the printing presses. Money these days exists computer databases and only shows up in spreadsheeds.

There is very litle real money around.

So when we say ‘printing money’ it means governments borrowing money on which they must pay interest. And the more money governments borrow to finance their profligate spending, the more interest they must pay.

This is how Greece got into it’s current state. The interest that nation must pay on its €1,7 trillion debt at current interest rates of around 7% is €120 billion. With a GDP of about €220 billion and falling the nation is in a spiral of debt. It must take on more debt by borrowing to pay the interest on existing debt. Simples.

So long as economists and politicians choose to ignore this we are all on the Greece – y slope to the same fate.

What makes matters worse is nobody in their right mind would lend to governments these days so governments are buying in their own bonds, i.e. borrowing from us poor punters. And they are not giving any guarantees when or even if they intend to pay us back.

Greek debt deal, Greek taxpayers must stump up for Euro folly

February 10, 2012

It seems the Euro has been saved at the expense of democracy and inndividual freedom again.

from The Daily Beast:
Greek leaders on Thursday reached a deal for deep austerity cuts, a government official has confirmed. By enacting austerity cuts, Greece is now eligible to receive bailout funds from the European Union—and thus will avoid defaulting on its debt. The deal came just hours before Greece’s financial backers were set to meet in Brussels to discuss the debt crisis. The euro and Greek stocks rose Thursday after the news of a deal broke Greece’s two major labor unions called for a 48-hour strike on Friday and Saturday against the cuts. Meanwhile, Greek unemployment rose to another new record, of 20.9 percent, in November, up from 18.2 percent in October. The average jobless rate for 17 eurozone countries edged up to 10.4 percent in November from October’s 10.3 percent.

read full story

We predicted at The Daily Stirrer some time ago the (B)euro(c)rats of Brussels, the unelected elitists who run our lives would sacrifice the future to save theie precious single nation bureaucratic dictatorship project.

The Greek population are angry and have taken to the streets to protest against being sold into slavery by their leaders. It seems we may soon be hearing little Sir Echo Cameron mimicking Obama’s calls for military intervention in Greece.