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EU President Admits That Europe Is Fighting For Survival, Invokes M.A.D. Card
When the president of the EU says that the fate of the second worst experiment of the last century (the worst being monetarist-Keynesian-central banking fundamentalism) is on the ropes, people listen. Perhaps people will also
finally listen to those who are warning that no matter the words of
encouragement, said experiment is doomed: the latest confirmation coming
from Greece which has been now caught lying not once, not twice, but
five times in a row just to preserve its EU backstops, and allow it
insolvent banking system to exist for a few more days. In the meantime,
the fate of Europe's bankers lies in the hands of a few good Irishmen,
who can precipitate the mark to market (aka zero) catch 22 should the
country finally force senior creditors to be impaired. Then not even the
Fed will be able to backstop the continent's $50 or so trillion in
interlinked assets, which also happen to be the continent's liabilities.
In the meantime, here is Herman Van Rompuy
doing what bureaucrats and bankers in power are so good at doing when
they have no other choice: threatening with global assured destruction
if they don't get their way.
From Dow Jones
The European Union won't survive if it fails to overcome a debt crisis plaguing the single currency area, the bloc's president Herman Van Rompuy said Tuesday.
"We're in a survival crisis," Van Rompuy said in a speech in Brussels hours from an assembly of euro finance ministers with Ireland and Portugal each teetering on the brink.
"We all have to work together in order to survive with the euro zone, because if we don't survive with the euro zone we will not survive with the European Union. But I'm very confident we will overcome this."
Ireland admitted Monday that it was holding talks about a rescue package of emergency aid, six months after EU nations had to rush to the rescue of Greece with a EUR110 billion bailout.
Portugal has also warned it is at "high" risk of needing financial support, unable to borrow money on open markets other than at prohibitive rates.
h/t London Dude Trader
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The pain of my recent EUO position will be assuaged soon I hope...
:(
as a Greek .... :(((((((
is that a deathhead?
Whilst he is explaining things perhaps Mr. Van Rompuy might like to explain what the Central Bank of Ireland is up to with this. From notayesmanseconomics.
"I was discussing the situation online with Lorcan RK who follows these matters closely and he pointed out that the “other assets” section on the balance sheet of the Irish central bank has recently increased by some 20 billion Euros.This is not the sort of thing you do by mistake is it? Except there has been no explanation at all."
http://notayesmanseconomics.wordpress.com
The Government will portray its acceptance of funds as an effort to stabilise the euro. But there are concerns about the implications and terms attached to accepting a bank bailout, according to a source familiar with the process.
It follows disclosure that the Irish Central bank had pumped €20bn of funding into the banks in recent months.
http://www.independent.ie/business/irish/eu-backs-lenihan-into-corner-on...
As usual, the public doesn't need to know, only the elites.
It is about time all artificial global constructs are dismantled
- Property
- Money
- Nations
- Social contract
- NATO?
Von Rompuy, the self-appointed President of Europe.
ZH readers will get a laugh out of the clip of Nigel Farage, leader of the UK Independence Party faction at the European Parliament, go into a major tirade against EU President Herman van Rompuy, right to his face.
Farage is improper and insulting and over the line ... but it is wickedly funny:
http://www.youtube.com/watch?v=lqovTGjYjM4
I'd vote for Nigel Farage if I was in Britain, but then again I am a Libertarian. People need to insult others more in this fashion. Over the line, improper? I don't agree. "Proper" standards and "rules" of conduct are brain washing techniques used to control those who have a need to fit in.
The EU is an undemocratic group designed to take away the soveriegn rights of member countries and put it in the hands of the elite.
The SENATE is an undemocratic group designed to take away the SOVEREIGN rights of CITIZENS and put THEM in the hands of the elite.
or is it their "perception of an elite"? a man's eyes can play tricks on him.
Can anyone recommend sources to help me understand the EU mechanism and how it overlays the individual members? I ind the info I've looked at thus far is confusing.
I suggest you listen to Nigel Farage's (youtube) tirades against the EU. In between his well directed insults he defines it.
This is a full attack by the market. They attacked first Iceland, then Greece, then Ireland, and now Portugal, finally it will come to the core countries.
No matter what the EU officials say or the FED says both Euro and Dollar is doomed, they are just saving the day, kicking the can down the road... Buy your Gold and watch this show.
you forgot the Yen and the British Pound!
yes, add them too
Which existing fiat currency would survive a Euro+Dollar collapse?
unfortunately or luckily, none!
Agreed. Once the first domino falls, the rest fall shortly thereafter.
But I have my doubts it will happen that way : such a complete collapse of fiat currencies would mean a complete reset of all paper assets and liabilities and is mainly the interest of those who have few assets and many liabilities, ie not TPTB.
I think BEFORE such a cascading collapse would take place, they would move to PLAN B, some sort of supranational reserve currency used for all international trade settlements.
PLAN B which I guess they are already secretly working on.
I tend to think a collapse of the Euro and the Dollar is unlikely, but the emergence of something even more centralized and undemocratic is much more likely.
Ireland will cave and the EU will buy another day with phony money they don't even have to use ink on. They'll push a few keystrokes and pretend they fixed it again. This could realistically go on for years.
"This could realistically go on for years."
The problem is, it has been going on for years- since 2000. The EU is now 10 years into the perpetual lie, of pretend and extend. The US is 38 years into the pretend and extened. It will not go on much longer.
I think Texans are going to be less willing to bail out Californians and New Yorkers than Germans are going to be willing to to bail out PIIGS. Having given up faith over there, one of the few things resembling a replacement faith that they have left is big government, the bigger the better, and continent wide preferably.
If you want to play Blue State, Red State, it is the blue states that fund the red states. Texas being the exception. I charted out very simply the level of federal monies received vs. revenue paid and the so-called red states are at the top of the chart in sucking the gov't tit in the words of Mr. Alan Simpson. I'm just pointing that out. I think before California goes into default they could simply stop paying some federal revenue because either way the level that state pays will go down, and in the end it will be red states that suffer. BTW, i don't really like this type of division of our country cause it pits us against one another which is the last thing we need right now.
No, they're not printing yet. In fact this is a smooth move by the ECB to ensure that it doesn't have to print away the Irish banks' debt.
"what" could go one for "years"? "debt monetizations followed by massive collapses in said debt"?
Von Dumpy is a globalist. He is not making these statements in a "let's do something about it" way.
He is making a statement of fact. All part of the plan.
ORI
http://aadivaahan.wordpress.com
Milton Friedman said that the Euro would not last a decade. Well, he was wrong, but a 10-20% error in the over isn't significant given the rest of his prediction: see e.g.:
http://forexblog.oanda.com/20090203/milton-friedman-and-the-euro/
- Ned
"The Hong Kong dollar won't survive the colony's return to Chinese control, predicts Nobel Prize-winning economist Milton Friedman... China's only choice is for the Hong Kong dollar to be absorbed by the yuan....Friedman predicts the Hong Kong dollar won't exist for more than two years beyond 1997."
the Far Eastern Economic Review, February 23, 1995
Something that may or may not be relevant. I noticed on RAN Squawk that the Russian central bank now 'accepts' gold as collateral for its loans to commercial banks.
Since gold is actually the money & the 'loan', being probably rubles or euros, is actually debt (being a central bank liability), it is in fact the Russian central bank that is borrowing gold from the commercial banks.
The Russian central bank needs gold.
A petro-state is preparing itself for the end of dollar hegemony?
I'm shocked.
They don't "need" more gold, they "want" more gold.
"monetarist-Keynesian-central banking fundamentalism"
Islamo-Christian-faith-based terrorism.
Porno-Prude-central knitting orgy.
Black-white-typographic juxtapositionalism.
i'm trying to divine a "buy/sell" recommendation here. you're not making it easy by thinking this is "some type of joke" Snowball.
I said from the very beginning, the EU would fail. I am actually surprised they were to keep up the image for so long and even make their "EUROS" worth more than the US dollar... it's only a matter of time before it collapses.
i don't mean this to sound funny--although for some reason it makes me laugh when i do "it's not that they fail, but how they fail that matters."
Oh, classic: it's the Holy Roman Emperor again. No-one ever listens to van Rompuy.
You've answered your own question there I'm afraid. There's no-one in the Irish government with the courage to credibly threaten the house of cards, let alone to actually bring it down. Thus the ECB is going to make good its exit of Irish support by dumping the lot on the Irish state, with funding provided by the other member states via the EFSF. (The ECB did threaten a big spill, by briefly squeezing off its support to the Irish banks. Very effective it was too.)
You don't think there are an assload of ministers in Europe's various retarded obese governments who would like to see the Euro devaluated?
Of course there are. But the ECB is beating them so far.
For some reason whatever the ECB has been up to hasn't been all that effective, as the EURUSD had been climbing for a few months until last week, despite the palpable acceleration of the spiraling motion in the collective european economic toilet bowl.
But of course. ECB doesn't want to monetise, and isn't monetising, so naturally the Euro is going up. High fives in Frankfurt! Good grief, I didn't say that the ECB was saving the European economy, or anything daft like that.
Watching the flow of events, I'm not really sure we'll be able to make the (worldwide?) bank run programmed for december 7th ( http://www.facebook.com/#!/event.php?eid=137793666269183 ). Should the banks still stand, I invite you to join!!
The reaction has reached critical mass...buy physical anything and make some popcorn.
Funny how some people can not free themselves from their prejudices.
I remember this well, I registered on this forum because most people here were only willing to see one side of the EU story: the disintegration.
Led by articles by that Telegraph columnist, Piltchard or something.
Yet one other outcome was underlined (by myself and a few others): a deepening of the EU integration process. Months later, what happened?
No Euro crash. France and Germany introducing a system of economic governance which is going to be written in a reformulated Lisboa treaty.
And now, this guy plays the same card: a deep crisis requiring action.
Once again, the same prejudiced people see in it the Euro end.
Beliefs, beliefs, some people cant live on facts and always prefer their beliefs.
The morons here seem to forget their ship is taking on water and the circling sharks sense blood in the water. The Wests goal of destroying Russia and containing China, India and the other developing countries is a failed policy. Doubling down in Iraq, Afghanistan and soon to be direct attacks by the USD in Africa and South America will only rip open more of the US's veins and get the sharks into a frenzy. Alliances are being drawn and the US is being ignored.
We're all unclear as to how exporting our industrial base and many classes of service jobs to China and India and much of the Asia Pacific rim over the last several decades was meant to fit in with our "goal of destroying Russia and containing China, India and the other developing countries." As to Russia-it is destroying itself just fine, inspite of "the West" buying its few worthwhile exports(raw materials basically).
there's "The City" and then there's "THE CITY." That would be London.
Oh to be able to read the history books of 100 years hence.
The dance continues until Germany and France have gotten all they can out of the party before pulling the plug. The EU has been a boon to many in Europe but it has been especially good for Germany. The cost of absorbing East Germany back into Germany has been enormous. Germany had to sell a lot of goods to pay for it.
Too bad the Wests goal of finishing off Russia for good and looting it's corpse has failed. Look for many of the failing ex-Soviet satellites to go begging to Russia for a lifeline. Germany being pragmatic has decide to cut independant deals with the Russians for energy and trade.
I missed the news where Russia's abysmal, civilisation-ending birth rates had recovered. Last time we checked they were committing suicide, not being thwarted by anyone else, since, oh 1990 or so. A couple of decades of spiraling self induced suck.
How is the killing of American GI's in Afghanistan "taking on Russia"?
After the last two posts I think your pseudonym is totally unsuitable. I think you may want to consider Russian Tool, Russian Mouthpiece, Gaping Crevasse of Communist Failure, or Mafia Rule equal Communist Failure. The list is endless.
Russia is doing its own dirty work, just like the United States is to itself.
You are all clueless.
The cold war never ended. The policy of the West has been to destroy Russia, steal it's resources and deprive China and India. The Caspian basin has been in play for over 100 years. Western and Eastern Europe is dependant on Russia for it's energy and many resources. If the West does not control Russian and Iranian resources it cannot easily contain China, India..etc. The US invaded Iraq and Afghanistan and supported the "Colored" revolutions to block Russias ability to access and sell it's resources. We have been funding the Chechens and other separtists for over 60 years.
The US is now going to retstart the proxy wars in Africa and South America in an attempt to thwart China.
How can anyone take someone named Herman seriously? I mean--really!
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