Europe: A Continent Of Lies And Broken Promises; How The EU Elite Got It Wrong On The Euro

Tyler Durden's picture has put together a paper of the most blatant half-truths, propaganda, and outright lies, abused by Europe not only over the past month, but also over the past 10 years, for the entire duration of the now rapidly collapsing eurozone experiment. As the paper notes: "More than ten years since the euro was launched, and with the single currency facing its greatest ever crisis, the parameters have radically changed. Amid all the uncertainty, one thing has become painfully clear: the EU elite simply got it wrong on the euro." The authors demand for "a call for greater honesty about the future of European cooperation and a reminder of the urgent need to find a new model that is both politically and economically sustainable" is just as valid in Europe as it is in the US: any system based on lies and opacity is doomed to failure. Europe found this out the hard way. We will too unless somehow we restore the basic truths like transparency, honesty and integrity, instead of merely campaign promises and teleprompter soundbites.

A sampling of the best quotes:


“The Community shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of any Member State, without prejudice to mutual financial guarantees for the joint execution of a specific project”.
- Article 104b, Maastricht Treaty, 1992.

“We have a Treaty under which there is no possibility of paying to bailout states in difficulty”.
- German Chancellor, Angela Merkel, 1 March 20101.

“[Greek Prime Minister] Papandreou has said that he didn’t want one cent. The German government will not give one cent, anyway“.
- German Economy Minister, Rainer Brüderle, 5 March 2010.

“The single currency, far from being an agent of continental style corporatism, is probably the greatest export vehicle of Anglo-Saxon economics. The euro has done more to enforce budgetary discipline, to promote privatisation and force through labour and product market liberalisation in the rest of Europe than any number of exhortations from the IMF, the OECD, or the editors of The Economist”.
- Lib Dem leader, Nick Clegg, 2002.

“The reality of the euro has exposed the absurdity of many anti-European scares while increasing the public thirst for information. Public opinion is already changing […] as people can see the success of the new currency on the mainland and the alarming fall in inward investment into Britain as international companies show an increasing reluctance to locate here”.
- Kenneth Clarke MP, 2002.

“The euro has been a rock of stability, as illustrated by the contrasting fortunes of Iceland and Ireland. Joining the single currency would be a major step”.
- Former Labour MEP Richard Corbett, 2009.

“We must enter the euro with a clean sheet on all the criteria”.
- Then Greek Finance Minister, Yannis Papantoniou, 1999.

“The thrust of the spirit and of the letter of the Treaty is that everything is done to construct the euro area as an optimum currency area. First by ensuring that it incorporates economies that have already proved being convergent in the fiscal field as well as in the monetary and financial fields”.
- Then Governor of the Bank of France, Jean-Claude Trichet, 1997.

“It is sometimes said that while the single monetary policy may be ‘right’ for the euro area as a whole, it is ‘wrong’ for many individual countries within the area. I disagree with this view. First, it overlooks the fact that within a single currency area adjustment can occur via prices and wages”.
- Then President of the European Central Bank, Wim Duisenberg, 1999.

“Solidarity is possible, [and] will exist. A bailout is not possible and will not exist”.
- Then EU Commissioner for Economic and Monetary Affairs, Joaquín Almunia, 29 January 2010.

“I will defend European Central Bank’s independence under any circumstance and with all my strength”.
- ECB President, Jean-Claude Trichet, 2007.

“The euro is a protection shield against the crisis”.
- European Commission President, José Manuel Barroso, 5 February 2010.



What they said then

“The euro is like a breastplate that will become more and more resistant. The stability of the currencies within its area is without question”.

- Then Commissioner for Monetary Affairs, Yves Thibault de Silguy, 1998.

“The decision to launch the single currency is the first step and marks the turning point for Europe, marks stability and growth and is crucial to high levels of growth and employment”.
- Then UK Prime Minister, Tony Blair, 199834.

“The euro is a protection shield against the crisis”.
- European Commission President, José Manuel Barroso, 5 February 2010.

“The people should note that the Euro will not only be just as stable as the D-Mark, but also a lot more capable”.
- Then German Economy Minister Hermann Müller, 1999.

“I am certain the success story of the Deutschmark will continue with the success of the euro”.
- Then German Chancellor Helmut Kohl, 1998.

“The euro area now represents a pole of stability for those countries participating in it by protecting them from speculation and financial turmoil. It is strengthening the internal market and contributing to the maintenance of healthy fundamental figures, fostering sustainable growth”.
- European Council conclusions, 2001.

“The Maastricht treaty obliges the European Central Bank to pursue price stability and the ECB is more likely to overfulfil its treaty target than to ignore it. As long as this is the case, there is not the slightest danger of a break-up of the Eurozone […] On the contrary, I expect the Eurozone to be exceptionally stable in the long run […] Make no mistake, the Eurozone is here to stay”.
- FT columnist Wolfgang Munchau, 200639.

“The euro area: How big will it be? My own prediction is that by the year 2002 the European monetary Union will include its current 11 members plus Greece (which is already committed to join), Sweden, Denmark, and Britain. By 2005, Slovenia, the Czech Republic, Poland, Hungary, and Estonia will also be in. And by 2010, assuming all goes well and the monetary union is prosperous, no country in Europe will want to, or be able to, afford to stay out. Thus, Slovakia, Croatia, Lithuania, Latvia, Romania, and Bulgaria will all join the monetary union”.
- Nobel Prize winning economist Robert Mundell, sometimes described as ‘the father of the Euro’, 1999.

What they say now

“Euroland, burned down. A continent on the way to bankruptcy”.
- Front page of Der Spiegel, 5 May 2010.

“We cannot allow the bankruptcy of a euro member State like Greece to turn into a second Lehman Brothers […] The consequences of a national bankruptcy would be incalculable. Greece is just as systemically important as a major bank”.
- German Finance Minister, Wolfgang Schäuble, 18 April 2010.

“Every one of us can see that the current euro crisis is the hardest challenge Europe has to meet since the Treaty of Rome was signed. It’s an existential challenge, and we must rise up to it”.
- German Chancellor, Angela Merkel, 19 May 2010.

“There is a grave threat of contagion effects for other member States in the monetary union and increasing negative feedback loop effects”.
- Bundesbank Chief, Axel Weber, 5 May 2010.

“Whichever scenario you choose, the euro is going to be weak. Even if the Eurozone were to allow more serious slippage in budgetary consolidation than I have suggested, that would probably not help the euro either, as markets would start to doubt the longevity of the currency union for political reasons”.
- FT columnist, Wolfgang Munchau, 7 March 2010.

“We should not knock this [bailout] deal from Athens. The Eurozone might not have survived otherwise [...] On my estimate, the total size of a liquidity backstop for Greece, Portugal, Spain, Ireland and possibly Italy could add up to somewhere between €500bn ($665bn, £435bn) and €1,000bn. All those countries are facing increases in interest rates at a time when they are either in recession or just limping out of one. The private sector in some of those countries is simply not viable at those higher rates”.

- FT columnist, Wolfgang Munchau, 2 May 2010.

Full paper from


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slowcoder's picture

In dust we trust

DeeDeeTwo's picture

How exactly is the above not business as usual, baby? And compared to much of the 20th century... EU today is a long, lazy day at the beach. Wake me up when the tanks go-go.

Zina's picture

American citizen arrested in Mexico City for not carrying documents:


Belrev's picture

The Euro elite, as you call it, has been faithful servants of the House of the Rothschilds for hundreds of years now. They got nothing wrong. They are executing the plan of their masters to the letter.

If Hugh Hendrys and Tyler Durdens of the world are smart enough to understand what has been taking place economically for many years, the Rothchilds who have been doing this for centuries certainly know and understand it very well, and then some.

We don't need to hear another Mike Shedlock nonsense about "silly" economists and politicians. The silly does not exist in the land of the elites.

The main purpose of any government today is to pretend to fail. And when it "fails" the House pockets hundreds of billions if not trillions of dollars.

ratava's picture

Rothschild my ass, are you an actual lunatic or a psyop trying to discredit ZH?

Belrev's picture

As Salvador Dali used to say, "let the idiots remain in their blissful idiocy".

ratava's picture

Yeah, its one family organizing all this shit, not a whole class of bankers, politicians and college profs who are too tangled up in each others special interests to do the right things. Picking scapegoats is easy, trying to come up with ideas for reform of an antiquated and inefficient system is hard.

Belrev's picture

Oh, it is much safer to discuss how China controls USA, or to talk about Italian or Russian mafia. But got forbid to even mention those who've got the real power. Those you cannot criticize. That causes weak knees and forceful denial of truth, just to cover one's ass.

ratava's picture

It takes evidence to convince me, i have been quite high up the rungs and I did not see no Rothschilds, just well educated fools trying to preserve the status quo by listening to the lobbyist 'experts'.

Belrev's picture

Based on the content of Tyler's blog I have had high expectations for the intelligence of posters here, and for their understanding of how things work. But I am being just shocked, plain shocked at how will fully ignorant they are. Just like on some CNN or NY TImes board, where all those citizens of supposedly free countries constantly beat about the bush by talking about "banksters", "special interests", "liberals", "neocons" etc, fearing to name things with their own name. Is this the state of freedom and free speech in the West? If so, what is everybody so afraid of so much? Or who?

ratava's picture

i give up. i aint afraid of anything but occams razor. cockup before conspiracy unless there is evidence.

Belrev's picture

There is evidence. That is if you have a pair to even see it to the end.


snowball777's picture

Please tell sister-momma not to let you play with the computer anymore, Jethro.

Apostate's picture

Hahaha, David Duke again!

The Rothchilds are really not that big of a deal. Just another dumbassed inbred WASP family with a little money kicking around and an impressive history.

There are many, many, many clans similar to them. Ultimately, it's comforting to believe that one small tribe is in power. The reality is that it's a constant push-pull competition amongst various factions and individuals vying for power.

Anyway, everyone knows that this is all a plot by the lizard men. 

Alienated Serf's picture

belrev and his ilk are content to take the bait of someone taking advantage of his low intelligence and lack of self esteem.  "it isn't your fault, it is THEIR fault."

scapegoating only works on the weak.

jeff montanye's picture

belrev seems sad, but the rothschilds are wasps?  and david duke is a painful racist but there is more than a grain of truth in calling the msm israeli-occupied (actually likudnik tool is more accurate).  not quite as much as it once was, but still quite puzzled why the u.s. keeps being the object of muslim hate and violence.  ps. didn't a rothschild-related bank get into real trouble recently re: the euro zone crisis?  guess they didn't read the world domination memo.

Popo's picture

Please go back to the Yahoo! boards.  You'll be more comfortable there.

Votewithabullet's picture


   Reply   Flag as non-Junk (1)  

Cheeky Bastard's picture

You, dear sir, are a fucking moron. not that you lack the company, but you really take the prize.

velobabe's picture

You, dear sir, are a fucking moron.

                                                 over used

Alienated Serf's picture

belrev is an agent here to destroy ZH cred or a complete moron.  either way, he should probably kill himself.

johan404's picture

Be quiet you imbessile! Belrev is a misunderstood genius. You dare mock him, do you?

He is right. The Rothschild family controls every aspect of our lives. They own the banks, and through them the governments of the world. They micromanage the tiniest details of our lives, so that their long-hold vision of world domination comes to fruition. Evelyn de Rothschild even closes my toilet lid when I forget to do it, so there. You see? CAN YOU SEE THE LIGHT?!

badameli's picture

It's true - just 45 minutes ago - one of them showed up and told me to hold off on my bowel movement because it wasn't scheduled for another 15 minutes.

Cheeky Bastard's picture

Just.Fucking.LOL..... Man.


velobabe's picture

oh no

    another double



Problem Is's picture

I'm flaging you for lack of chest avatar... ; }

tony bonn's picture

please do not waste time on the are absolutely correct to finger the rothschilds along with the rockefellers in a triumverate of evil with the british monarchy....the bush crime syndicate plays a very important is not yet monolithic global fascism but critical mass has almost arrived....

the sociopathic frat boys have not finished their pyromania but icarus is on his last feathers.....

StychoKiller's picture

So, which group is secretly controlling the Vatican Bank?

znork's picture

A candidate would be P2 (Propaganda Due), which was involved through Banco Ambrosiano. But then again this was the 70's, 80's in which the cold war was of some importance. They even made a movie of the whole scandal:

There is some evidence that Berlusconi was a member of the P2 group though.

So who knows how things are nowadays.

MarketTruth's picture

Who Owns The Federal Reserve?

Leading 'the pack' is: N.M. Rothschild, London - Bank of England

Then there is:
J. Henry Schroder  Banking 
Brown, Shipley - Morgan Grenfell - Lazard & Company
Alex Brown - Brown Bros. - Lord Mantagu - Morgan et Cie -- Lazard

See a much more detailed list at

And yes, the Rothschild, Warburgs, etc also have their bloody hands in far more around the world.

marc_hanes's picture

Huh, I thought it was the Medicis up to all that no good...

destiny's picture

despite what everyone thinks, i absolutely agree with this comment. i could nt strive more for people to find out on their is a fact. many people know it in europe,

Mesquite's picture


Ooh.. ya touched a hot button there...

Let the personal attacks begin...

deadparrot's picture

All those countries are facing increases in interest rates at a time when they are either in recession or just limping out of one. The private sector in some of those countries is simply not viable at those higher rates”.


You know what they say about bankers... they'll lend you an umbrella when the sun is shining, but demand it back when it starts to rain. I'd have to pay 30% on my credit card if I ever had to carry a balance, and these deadbeats are complaining about paying 6%.

ratava's picture

Liars, cowards, hypocrites. There was a window of opportunity to kick Greece and then bail it out. First the rules, then solidarity. I wrote to my euro parliament members in March and told them so. Not a single reply, they are too important to listen to normal people. Allowing Greeks to keep Euro means other countries also have skeletons in their closets and the politicians are afraid of making the rules enforceable. Euro is deader than a gulf of mexico whale.

Belrev's picture

The vassals of the lord do not listen to the peasants, my naive friend. Democracy is over, for many years now. Get your pitchforks ready. Bwa ha ha.

Buck Johnson's picture

You hit it right on the head.  I've written about kicking Greece before out of the EU.  They lost their chance because as you said and it's correct, other countries have skeletons in their closet and they don't want to enforce those rules on themselves at any costs.  I see a a major major black swan imploding and it will force the countries to break apart the EU and the Euro so they won't have to pay the euro denominated debt.  What hasn't been talked about alot is the UK, they are in serious trouble and may need an IMF bailout in the near future.  There was a reason why Britain didn't join the euro currency, it's because it's impossible to inflate a countries debt away with a unified currency and that leaves the member countries stuck.

ratava's picture

I agree UK is up for a beating, just look at all the banks they nationalized that got like 300% of their GDP in total 'assets'. However, they have always been sort of a connected vessels with US. If anyone knows of all the crazy illegal shit going on in the US banking, it is the Brits and that alone may buy them some time.

Trichy's picture

I think you are confused. It wont be greece being kicked out of the euro. It will be ze germanz marching out with their boots on.

Segestan's picture

Alot of lies , alot of mistruths , and even a great biblical expectation in the EU but also and alot of good plans .No good deed ever goes without the proper punishment. Ability mixed with an often naive sense of altruism, europe  is a deadly mix.

You can please some of the people some of the time but not all the people all the time. Europes social elites, of whatever self pro claimed illumination, architects and just plain naive dreamers, be these religionist or socialist dreamers just didn't know when to stop to, when to  limit the project, and to help that lack of foresight play out,  the competition of politics, of religion ,  of usury in commerce, all lead down the road of ruin.

brodix's picture

The problem is not the Rothschilds and Co. but their invention. The debt based currency. It does have one very effective property. Debt tends to grow roughly proportional to productivity and for a stable economy, the money supply has to grow in tandem with productivity. Throughout much of history there has not been enough information on the state of the economy to effectively determine how much money needs to be introduced, so not only has this method entailed a reasonably stable money supply, but requires ever expanding growth to pay down the debt and thus the overwhelming effectiveness of capitalism. The great flaw in the system are that it requires ever expanding growth to pay down the debt, even when such growth isn't sustainable. Since it also requires ever expanding debt to maintain a sufficient money supply, this death spiral is inevitable. 

Belrev's picture

Rest assured, that their agents are already working hard to infiltrate and lead any movement that may arise on the ruins of the soon to be collapsed economic and political order.

brodix's picture

Top predators are often very susceptible to the collapse of their supporting ecosystem.

ratava's picture

we found a crutch, the pseudo money created by leverage and derivatives. too bad their value eventually returns to zero and the pseudo money gets sucked back, creating a deflationary spiral.