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2012 Will Mark the End of the Euro

Phoenix Capital Research's picture




 

 

The Euro-zone in its current form is in its final chapter. Anyone who argues otherwise is not paying attention.

 

Consider the Greek situation. Greece’s debt problems first made mainstream media headline news at the beginning of 2009. The IMF/ EU/ ECB/ and Federal Reserve have been working on this situation for two years now. And they’ve yet to solve anything: after two bailouts, significant debt write-downs, and numerous austerity measures, Greece remains bankrupt.

 

Now, if the Powers That Be cannot solve Greece’s problems… what makes anyone think that they can address larger, more dangerous issues such as Italy or France, etc?

 

Consider that the world’s central banks staged a coordinated intervention in November… and Italy’s ten year is back yielding more than 7% less than two months later. Again, a coordinated intervention by the world’s central banks bought less than two months’ time for Italy.

 

And now we find the debt contagion spreading to France:

 

            French Debt Costs Rise at Bond Sale as AAA Decision Looms

 

France sold 7.96 billion euros ($10.2 billion) of debt, with 10-year borrowing costs rising in the country’s first bond auction of the year as credit-rating companies threaten to cut the nation’s AAA grade.

 

The government sold 4.02 billion euros of the bonds maturing in October 2021 at an average yield of 3.29 percent, from 3.18 percent on Dec. 1. The euro fell to its weakest level against the dollar in 15 months, and the extra yield investors demand to hold French 10-year bonds instead of benchmark German bunds widened to the most in about six weeks.

 

“There’s still the threat of a downgrade hanging over France and until we get that situation cleared up you can’t signal the all-clear,” said Eric Wand, a fixed-income strategist at Lloyds Bank Corporate Markets in London.

 

France has the biggest debt burden of the six top-rated euro nations, at 85 percent of gross domestic product. Its 10- year yield spread to German debt widened to a 21-year high of 204 basis points on Nov. 17 amid concern Europe will struggle to contain the region’s debt crisis. Today, it reached 151 basis points, or 1.51 percentage points, the most since Nov. 25. It was at 149 basis points at 5:39 p.m. Paris time compared with a premium of 47 basis points for AAA rated Finland and 39 basis points for the Netherlands.

 

http://www.bloomberg.com/news/2012-01-04/france-takes-market-pulse-with-bond-offering-as-aaa-rating-decision-looms.html

 

The significance of this cannot be overstated. European nations need to roll over hundreds of billions if not trillions of Euros’ worth of debt in 2012. And this is at a time when even more solvent members such as France and Germany are staging weak and failed auctions.

 

 

 

Maturing Debt Plus Budget Deficit as a % of GDP

 

2011

2012

Portugal

21.6%

21.0%

Italy

22.8%

23.1%

Ireland

19.5%

18.0%

Greece

24.0%

26.0%

Spain

19.3%

18.7%

UK

15.7%

13.6%

France

20.6%

19.7%

Germany

11.4%

10.5%

 

 

Previously, EU sovereign nations would rely on European banks for these debt needs. However, European banks have their own debt issuance problems to deal with. To wit, before the end of 2012…

 

§  French banks need to roll over 30% of their TOTAL debt.

§  Spanish banks and Italian banks need to rollover more than 33% of their TOTAL debt.

§  German banks need to roll over nearly 40% of their TOTAL debt.

§  Irish banks need to roll over almost HALF (50%) of their TOTAL debt.

 

Thus, the question becomes: WHO is going to buy all this debt? China’s increasingly focusing on domestic issues. Japan is on the verge of its own solvency Crisis. And the US is running terrible Debt to GDP and Deficit to GDP ratios as well.

 

Again… who’s going to put up the funds to roll over this debt? The only player that could possibly do that would be the ECB. But Germany won’t stand for that level of debt monetization. And the Fed can’t monetize everything in today’s political climate

 

Thus, the fact remains: the EU in its current form will be broken up sometime in 2012. The Powers That Be are rapidly losing control over there. And once the stuff really hits the fan, it’s going to make 2008 look like a joke.

 

If you’re looking for specific ideas to profit from this mess, my Surviving a Crisis Four Times Worse Than 2008 report can show you how to turn the unfolding disaster into a time of gains and profits for any investor.

 

Within its nine pages I explain precisely how the Second Round of the Crisis will unfold, where it will hit hardest, and the best means of profiting from it (the very investments my clients used to make triple digit returns in 2008).

 

Best of all, this report is 100% FREE. To pick up your copy today simply go to: http://www.gainspainscapital.com and click on the OUR FREE REPORTS tab.

 

Good Investing!

 

Graham Summers

 

PS. We also feature four other reports ALL devoted to helping you protect yourself, your portfolio, and your loved ones from the Second Round of the Great Crisis. Whether it’s my proprietary Crash Indicator which has caught every crash in the last 25 years, or how to stockpile food (where to get it, what to buy, and how to store it) our reports cover this information in great detail.

 

And ALL of this is available for FREE under the OUR FREE REPORTS tab at: http://www.gainspainscapital.com

 

 

 

 

 

 

 

 

 

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Sun, 01/08/2012 - 17:02 | 2044885 Heroic Couplet
Heroic Couplet's picture

The more bankers, hedge fund managers and day traders destitute and on food stamps, the better off the world will be.

Sun, 01/08/2012 - 13:23 | 2044218 847328_3527
847328_3527's picture

Dollar strength will crush any recovery here if the euro collapses. Can you imagine what exports will cost?

Sun, 01/08/2012 - 14:05 | 2044361 ZeroPower
ZeroPower's picture

What exports?

Sun, 01/08/2012 - 16:31 | 2044799 Nozza
Nozza's picture

iPads. OK not the 2 3 or 4, but surely Apple could start making -er I mean manufacturing - in the US

Surely the largest of US companies should be looking at bringing home the bacon. I'm in the UK and honestly cannot remember the last time I saw something with the label Made in the USA.

Noz

Sun, 01/08/2012 - 13:13 | 2044203 Pondmaster
Sun, 01/08/2012 - 11:59 | 2044066 Nachdenken
Nachdenken's picture

When France finally slides the Euro as now defined will end.  Watch for a two tiered Euro while there is no other exit possible.

Sun, 01/08/2012 - 13:16 | 2044205 Pondmaster
Pondmaster's picture

Nachdenken-

 

Uh that would be the bankers SDR , and the poor mans SDR - courtesy of first or second lender of last resort the ever popular IMF  ( or ECB chose your poison

Sun, 01/08/2012 - 11:25 | 2044004 Everybodys All ...
Everybodys All American's picture

The current system only needs to stay can kicking until the November election is over. If Obama wins and Bernanke is therefore retained I would presume Bernanke will go all in on saving the EU and their currency with some form of dollar devalueation. I make no assumption the Republican candidate be much different. However, I'm confident no change will happen with an Obama victory

Sun, 01/08/2012 - 09:50 | 2043909 ZDRuX
ZDRuX's picture

All they gotta do is monetize enough to pay the roll over debt for 2012 and keep the party going in its current state. It's only 12 months left till the world comes to the end anyway, right?

Sun, 01/08/2012 - 08:26 | 2043826 dogfish
dogfish's picture

Thanks graham i like your pressentations easy to understand.I feel sorry for the uninformed IRA holders and dependents who need the income that have no idea what is coming there way,i blame the MSM for keeping these victoms in the dark

Sun, 01/08/2012 - 04:35 | 2043727 steveo
steveo's picture

Comments to NRC – Send an Email
The Tag Line of NRC is

“Protecting People and the Environment”

Speak Your Mind!

The NRC has determined that it has confidence in using spent fuel pools for up to 60 years past the closing of a Nuke Plant. Hmmmm.

They assume that

1) Society won’t break down AND loss of knowledge (like there won’t be a single CD that shows how dangerous spent fuel is). Well what if society breaks down, but there is still a CD of knowledge left. OK! Their conditions are met, their assumptions were not wrong!
2) Terrorism doesn’t need to be considered, it is outside of their scope.
3) They don’t consider that “loss of institutional control” will ever happen because “the trend in modern society is toward more awareness and control over issues that pose a risk to humans and their environment.” Yeah Right!
4) They assume that the nuke plant operators will provide continuing financial support for their used fuel “regardless of cost”, can I puke now?
They won’t even touch the 8000 lb Gorilla in the Room….The Carrington effect, a large sun storm that wipes out transformers and thus the world wide power grid. As you may know, if a nuke plant loses power, it melts down, and I mean the reactor AND the fuel pools.

I summarized some of their comments from the PDF (invitation to comment), below, it will make your blood boil.
http://www.nrc.gov/waste/spent-fuel-storage/public-involvement.html

The comment period is 45 calendar days, from January 3 to February 17, 2012.

At the pimp
http://nukepimp.blogspot.com/2012/01/comments-to-nrc-send-email.html

Sun, 01/08/2012 - 16:25 | 2044780 Nozza
Nozza's picture

Can we stay vaguely on topic please?

Thanks

Noz

Sun, 01/08/2012 - 04:07 | 2043702 ebworthen
ebworthen's picture

I'm sure the FED and the IMF will attempt to buy some of that debt, but they don't have the juice to solve the problem and at some point will cry "Uncle" and the wagons will be circled nation to nation.

Sun, 01/08/2012 - 04:01 | 2043697 the tower
the tower's picture

Yes yes yes, the end of the Euro, big deal. So the continent goes back to their own currencies.. SO WHAT!?

The real question is, what happens after the end of the DOLLAR? Break-up of the USA?

 

Sun, 01/08/2012 - 00:59 | 2043421 TheObsoleteMan
TheObsoleteMan's picture

The above poster was spot on. Do you realize how difficult it would have been to have had to crash all of these nation's currancies and economies seperately? Nearly impossible. But bind them all together to a single currency with interdependant economies, and presto, they can all be brought down together at once, or at the least over a very short period of time. And yes, we will see a purely digital "credit account" for every individual. In every transaction, taxes will be deducted right off the top, there will be no hiding of unreported income as could be done in a paper currency. The digital credits will be sold the the masses as FOR OUR PROTECTION. Consumer protection will require some sort of bio marker, so as to identify the owner of the digital credit account. A chip under the skin is the most realistic, but thumb print scans would work too in conjunction with a card similar to a credit card. Your driver's license, Social Security card, etc etc, could all be connected to this one card. Get a speeding ticket, the officer will just scan your card, and the fines are automatically deducted, no need to got to all that bother of going to court. After all, NOBODY LIKES GOING TO COURT, RIGHT? Possesion of an object not obtained through this system would be considered contraband, and would be seized, along with the offender going to jail {gulag}. We will call these people "kulaks". Their fate will be similar to that of their predecessors. This is what they have in mind for us here in the USA too. It will come once they crash our dollar. This way, it really is money created out of thin air. At least printing a paper bill requires resources and labor.

Sun, 01/08/2012 - 01:41 | 2043531 ucsbcanuck
ucsbcanuck's picture

"But bind them all together to a single currency with interdependant economies, and presto, they can all be brought down together at once, or at the least over a very short period of time."

Sounds incredibly like:

"One Ring to rule them all.

And in the darkness bind them"

Sun, 01/08/2012 - 13:27 | 2044229 Pondmaster
Pondmaster's picture

ucsbcanuck -

 

Tolkien had apocalyptic ideas woven throughout his works . An older book " Tolkien - Master of Middle Earth " brings his thoughts to light . Good book for a Tolkien fan .

 

I've often pondered the "One Ring to Rule them ALL " .

In spite of tin foil hat name calling . I beleive we are headed to a one world system . However evil , its makes perfect sense . Its been a long time since the Tower of Babel and Nimrod . We are looking for the next system to appear .

 

Sun, 01/08/2012 - 00:52 | 2043414 FeralSerf
FeralSerf's picture

<<And this is at a time when even more solvent members such as France and Germany are staging...>>

France??

Earth to Phoenix Capital,   Earth to Phoenix Capital, do you read?  Come in please. 

Sun, 01/08/2012 - 00:32 | 2043360 Stuck on Zero
Stuck on Zero's picture

One single 100 Euro note could solve the whole problem.  All the players in Europe would have to keep it in motion at the highest possible speed to resolve debts.

Sat, 01/07/2012 - 23:34 | 2043214 Manthong
Manthong's picture

I'd be a little more excited if someone said NEXT WEEK will mark the end of the Euro.

Sun, 01/08/2012 - 10:50 | 2043967 smb12321
smb12321's picture

I'm not sure which is worse- the continual failed predictions or the actual events when they occur.  When will folks learn that sovereign nations have the ability/power to delay inevitable events for a LONG time.   In this case, they are postponing the event aided by a host of "concerned powers" - IMF, Fed, US, Japan.   After all, when Europe goes attention will turn to Japan and the US.

Sun, 01/08/2012 - 00:22 | 2043328 TK7936
TK7936's picture

Oh all these experts said that last year already.

Sat, 01/07/2012 - 23:03 | 2043144 carambar
carambar's picture

You forget one Important factor vs the USA.

Most Euro-pean countries population are NET SAVERS.

 

Sun, 01/08/2012 - 07:47 | 2043801 Irelevant
Irelevant's picture

And where did they deposit said savings? With a insolvent institution that will never return said saivings.

Sat, 01/07/2012 - 21:16 | 2042982 Georgesblog
Georgesblog's picture

They can't have a stampede out the door, so orderly that no one notices. The major players have been making backup plans for exiting the Euro. The well has run dry. It may be quiet now, but's going to turn into a bucket of marbles, bouncing down the stairs.

http://georgesblogforum.wordpress.com/2011/11/02/the-daily-climb-2/

Sat, 01/07/2012 - 20:17 | 2042900 CaptainObvious
CaptainObvious's picture

The title of this guest post takes the day's "No shit, Sherlock" award.

Sat, 01/07/2012 - 20:04 | 2042876 MarketWatchTerrorist
MarketWatchTerrorist's picture

double post

Sat, 01/07/2012 - 20:03 | 2042875 MarketWatchTerrorist
MarketWatchTerrorist's picture

Impossible.  The European Union is the cornerstone of the New World Order.  There is no way that the neo-feudal international banking elite will allow the Euro currency or the European Union to end.  It is simply an impossibility.

 

All this talk about numbers and charts amuses me.  You think this system has invioible rules, like the laws of physics.  No, it is an artificial construct created by and run for the benefit of the central banks.  The "crisis" in Europe is a crisis of national sovereignty vs. central planning bureaucracy under the NWO/E.U.

 

In the off chance that the Euro currency disappears it would be ONLY for the predetermined purpose of replacing it with a purely digital currency that will allow far greater monitoring of civilian populations and control of economic activity.  But it certainly won't be an "accident."

Sat, 01/07/2012 - 23:37 | 2043223 fleur de lis
fleur de lis's picture

Agreed. The BIS was set up before WW1 -- itself planned in the 1890's -- so that after the pre-planned collapse of the four Empires, the grubby central bankers could buy up everything for pennies on the dollar. They planned WW2 as well and they are now so close to their dream / our nightmare that they can taste it.

The thought that they might now lose while being so close will drive them to desperation. They will not leave or  step down for they have no where to go.

They cannot or will not work, comply with laws, understand respect, or honor agreements. If Corzine is any indication they are ignorant and reckless. They cannot calculate a routine budget. They can, however, band together and embezzle astonishing amounts of money without a thought or fear of law.

Rather than surrender and live off of what they have stolen thus far, they will go down in a blaze along with as many of us as they can drag along with them.

The Illusionatis have fooled us all pretty well, and even though there were those of us who  figured out the treasonous scams decades ago, especially after JFK, the 911 hoax was the NWO Waterloo. Now too many of us know and our numbers grow every day.

The Euro hoax is falling apart as well  it should. The only ones to lose would be the NWO  leeches as they cannot remain viable unless they latch on to producers. The rest of us can only thrive after shaking them off.

It was they who coined the hateful term "useless eaters" as a  descriptive of those who were poor or infirm and thus undeserving of food.

But ironically, it is in fact the virulent NWO and its hoards of hungry parasites who have so richly earned that description. 

Sun, 01/08/2012 - 00:57 | 2043422 FeralSerf
FeralSerf's picture

A few hundred carefully targeted assassinations could put an end to all this nonsense.  And the rest of the world could live happily ever after?

Sat, 01/07/2012 - 21:21 | 2042992 TSA gropee
TSA gropee's picture

The Euro was just a means (temporary one) to an end and was never meant to go the distance to a world currency, whatever that may look like, SDR's or who knows. As for sovereign nations, the real power elites moved beyond that quite some time ago. We are witnessing first hand the EU nations being vassalized at an ever increasing rate, as are the Middle Eastern countries, just by different means. Middleclasses everywhere are well on their way to being just a part of history especially in those "Civilized" countries that voluntarily gave up their arms. On the other hand the heavily armed middle and lower classes in the U.S. present an all together different problem. Unlike Greece whose unhappy populace take to the streets with crude instruments and cocktails, the Americans could take to the streets with AR's, AK's and everything in between in ridiculous numbers.

Sat, 01/07/2012 - 23:05 | 2043104 cranky-old-geezer
cranky-old-geezer's picture

 

 

On the other hand the heavily armed middle and lower classes in the U.S. present an all together different problem. Unlike Greece whose unhappy populace take to the streets with crude instruments and cocktails, the Americans could take to the streets with AR's, AK's and everything in between in ridiculous numbers.

BULL-FUCKING-SHIT

America will go ALL THE WAY TO FULL POLICE STATE RUSSIA-LIKE TYRANNY and NOBODY will mount ANY SORT of armed attempt to stop it.

You lazy indifferent apathetic sheepish gunowners out there are only kidding yourselves.  You will NOT mount ANY SORT of "revolution" to "save America" nor "save the Constitution" nor ANYTHING APPROACHING IT.

Hell, you won't even stop flying, bankrupt the airlines, and make TSA back off.

You stand there making pitiful wimpy excuses while they grope your wives and kids.

You're pathetic.  You're sickening.  You're disgusting. 

Of course the Euro is laboring out its death gasps, just like the US dollar is laboring out its death gasps, and the problem is the same in both cases, a largely unproductive society wanting the productive minority to support them, combined with a predatory politician and banker class determined to loot everybody into poverty.

Fiat currencies are perfect vehicles for stealing everybody's wealth.  That's why central banks (and governments) love them.

Sun, 01/08/2012 - 10:45 | 2043962 ISEEIT
ISEEIT's picture

Sucks, and only because it's true.

Sun, 01/08/2012 - 01:13 | 2043464 FeralSerf
FeralSerf's picture

Yep -- most Americans, like their neighbors to the north, will turn in their "illegal firearms" when the time comes.  There'll be a few Ruby Ridge types that hold out, but  the Men in Black will take them out just like they did Randy Weaver's wife and child.

Sat, 01/07/2012 - 23:48 | 2043252 MarketWatchTerrorist
MarketWatchTerrorist's picture

The U.S. is already a full blown police state.  The level of domestic surveillance is far beyond anything Soviet Russia or East Germany could have ever dreamed of, empowered by digital data storage and a vast array of data collectors.

 

Ironically, the most powerful data collector of all for the modern high tech police state is voluntary data submitted via the internet.  The government's interpretation of the USA PATRIOT Act is that any telecommunications leaving one's domicile are not subject to the 4th amendment.  So they are free to intercept, data mine, and profile every byte that traverses the internet - and they do.  Well, that's the legal shenanigan used to justify their warrantless wiretapping of the entire country, anyway.  You see, it is very important to these people that they act "within the law."  Otherwise their delusional belief in their own moral superiority and authority evaporates.  Never mind that they change the law to suit the needs of the day in ways that decimate the founding documents and spirit of our nation.

 

Anyway, I agree with you 100%.  There will be no revolution, or even armed resistance.  The sheeple in the U.S. do not desire liberty, only material comfort and physical security.  The police state that has calcified around us this past decade is by and large desired by the American people.

 

America has abandoned liberty so shortly I will be abandoning America.  Taking my gold and cash across the border while I still can.  Better to be a well cared for slave in a soft police state than a slave in a brutal police state with no social safety net whatsoever.  Cue a bunch of chest thumpers calling me a coward for "running" and implying that they're going to "stay and fight."

 

You may stay, but you won't fight.  I'll "fight" by not staying.

Sun, 01/08/2012 - 00:10 | 2043294 Illya Kuryakin
Illya Kuryakin's picture

Yep 2 good assessments above. 

I'm already gone and haven't had a TV for years.

Stay off the radar screen people.

Sat, 01/07/2012 - 23:12 | 2043164 Freddie
Freddie's picture

Well thank retards who watch TV and lap up Holywood's shit.  They brainwash the morons and your viewership lines their pockets and keeps them in power.  I bet dollars to donuts that cranky old geezer watches all that shit in HD like a good little serf who watches TV does.

Sat, 01/07/2012 - 23:43 | 2043240 cranky-old-geezer
cranky-old-geezer's picture

 

 

As usual you're wrong again you little long-hair dipshit, my TV comes on about 1 - 2 hrs a WEEK.

... probably way less than your TV is on.

Sun, 01/08/2012 - 21:38 | 2045426 steve from virginia
steve from virginia's picture

 

Okay! Geezer, yr haflway there. Throw away the TV altogether. It's really not that hard (there is nothing on).

Get rid of the car and you've just about written a new Declaration of Independence. $7,000 a year into your pocket.

Americans are tethered to the state by way of their cars. This gives them the opportunity to sit at a machine and perform sweat labor for three hours a day and pay thousands for the privilege.

Same page as this edit is two ads from Geico (Buffett), that's a thousand bucks a year down the rat hole.

Most Americans have a lot of useless crap they can get rid of at zero cost to themselves: vacation 'homes', RVs, boats, ATVs,  lawn mowers, pool tables, 'home theaters', grilles, season tickets to  perennial losers like the Washington Redskins. Get rid of all of it.

Unless something can pay for itself by way of its use it is a tool of enslavement. Your enslavement.

Mon, 01/09/2012 - 02:32 | 2045935 cranky-old-geezer
cranky-old-geezer's picture

 

 

My computer monitor is also a TV.  If I throw it away, I throw my comptuer monitor away.

My vehicles pays for itself and me.  It's my business vehicle. The only vehicle I have.

I don't have any of the other enslaving crap you mention ...nor an enslaving marriage ...which you didn't mention.

I run a leaner tighter ship than everybody around me, and most people here likely.

I spend more time keeping up with global finance and geopolitics than everybody around me and most people here likely.

I would be a complete bore at a party, because nobody wants to hear about global finance and geopolitics, and I couldn't care less about football scores, who's in the playoffs, who's going to the superbowl, who's on Dancing With The Stars, who's fucking who, who's divorcing who, nor any of that trivial bullshit they all care about.

But I know what's coming, and they don't.

I'll be prepared.  They'll be completely caught off guard.

And I couldn't care less.  Fuck 'em.  Stupid dumbass sheep.

Sat, 01/07/2012 - 19:51 | 2042852 honestann
honestann's picture

Can you spell PRINT ???

Sun, 01/08/2012 - 03:11 | 2043651 navy62802
navy62802's picture

Yep ... and I can also spell G-O-L-D.

Sat, 01/07/2012 - 21:47 | 2043028 philipat
philipat's picture

Thanks Graham. I thought you said that was going to happen in 2011?

Sat, 01/07/2012 - 23:38 | 2043226 tankster
tankster's picture

Can you imagine how insufferable he'll be when he's finally right?

Sun, 01/08/2012 - 05:23 | 2043739 philipat
philipat's picture

For not having paid for the "Absolutely free" reports? My guess would be we will still be getting the same recommendations this time next year. Remember, Europe is still a democracy so things take time. So I think that the chances of an insufferable "I told you so" are pretty slim.

Sun, 01/08/2012 - 11:52 | 2044057 philipat
philipat's picture

Thanks for the -1 Graham.

Sun, 01/08/2012 - 08:56 | 2043852 taraxias
taraxias's picture

"Europe is still a democracy"

I'd rethink that statement if I were you.

Sun, 01/08/2012 - 12:23 | 2044097 Ghordius
Ghordius's picture

You are correct, Europe is not democracy.

The EU is a club/organization of sovereign states, not even a confederation, a long way from an union.

Now, of course, you might want to discuss if any of the 27 members is a functioning republic built on democratic principles....

Mon, 01/09/2012 - 03:43 | 2045500 philipat
philipat's picture

You have defeated your own arguement. If, as you say, and I agree, that the EU is not a democratic organisation, then political power and democracy still, rightly, remain within each individual member State. Hence the democratic process IN GERMANY is preventing the ECB from DIRECT QE and the German people will not allow the direct bailouts of the periphery. That is truly a democratic process and, as I argued earlier, it takes time.

If you would care to read my original post, I stated that EUROPE is is still democratic, not that the EU was democratic. Indeed, it is the formerr which is preventing the designs of the Eurocrats and the latter from being realised.I rest my case.

Sun, 01/08/2012 - 12:00 | 2044068 philipat
philipat's picture

Compared to the US? Of course. No need at all to reconsider that statement. Even without a Constitution, which has been trashed by the US (Patriot act, NDAA etc.) Europe DOES still have a democratic process. That's why the "Political Elite" in Europe can't shove "Bailouts" down the throats of Germans in the same way that Hank and Timmy did?!!

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