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Former ECB Chief Economist Says ECB Is In Panic, As Czech President Warns The End Of Democracy Is Imminent

Tyler Durden's picture




 

If anyone thought the bad blood between Germany and the rest of the insolvent proletariat, aka the part of the Eurozone which is out of money (most of it), and which has been now confirmed will be supporting Obama (one wonders what the quid for that particular quo is, although we are certain we will find out as soon as December), complete collapse of the Greek neo-vassal state of the globalist agenda notwithstanding, had gone away, here comes former ECB chief economist Juergen Stark to dispel such illusions. In an interview with Austrian Die Presse, the former banker said what everyone without a PhD understands quite well: "The break came in 2010. Until then everything went well..."Then the ECB began to take on a new role, to fall into panic.... Together with other central banks, the ECB is flooding the market, posing the question not only about how the ECB will get its money back, but also how the excess liquidity created can be absorbed globally. "It can't be solved by pressing a button. If the global economy stabilises, the potential for inflation has grown enormously... It gave in to outside pressure ... pressure from outside Europe" Why, whichever bank headquartered at 200 West, NY, NY might he be referring to?

From Telegraph:

He added that "panic" about the eurozone breaking up was "nonsense" but that the only way to end the crisis was for member states to bring down their debts and implement structural reforms to boost economic growth.

 

"Governments have recognised that returning to budgetary discipline is indispensable. Markets focus much more on whether states will be able to service their debts in five years' time," he said.

 

Mr Stark quit in late 2011, following in the footsteps of former Bundesbank head Axel Weber, who stepped down earlier in the year from Germany's central bank because of unease about the ECB's policies.

 

Mr Weber's successor Jens Weidmann was the only member of the ECB's policy-setting governing council to vote against the bank's new programme earlier this month.

 

"Weidmann's arguments ... should not be made light of," Mr Stark told Die Presse. "The way in which his position has been publicly commented upon by the ECB leadership has crossed the line of fairness."

And speaking of continuing takeover of the world by a few not so good banks, a loud warning that the advent of globalist influences (i.e., bankers) is taking over Europe and that the "destruction of Europe's democracy is in its final phase" comes not from some European (or American... or Zimbabwean) fringe blog, but from the 71 year old president of the Czech Republic, someone who certainly knows about the difference between communism and democracy, Vaclav Klaus. In an interview with The Sunday Telegraph, "Václav Klaus warns that "two-faced" politicians, including the Conservatives, have opened the door to an EU superstate by giving up on democracy, in a flight from accountability and responsibility to their voters. "We need to think about how to restore our statehood and our sovereignty. That is impossible in a federation. The EU should move in an opposite direction," he said."

Alas, what also is impossible in a Federation is for a banker-controlled entity to provide money out of thin air, i.e., public debt, which dilutes the "common currency" in the process preserving the illusion that credit-fueled growth (the only kinds the world has seen since the advent of the Federal Reserve) can continue for ever, when in reality all that is happening is the ongoing dilution of sovereignty alongside the destruction of individual currencies. This is precisely what the status quo, i.e., the abovementioned company headquartered at 200 West, wants.

And what the status quo wants it always gets, absent a revolution.

Back to Klaus:

Speaking in Hradcany Castle, a complex of majestic buildings that soars above Prague, and is a symbol of Czech national identity, Mr Klaus described Mr Barroso's call for a federation, quickly followed by the German-led intervention, as an important turning point.

 

"This is the first time he has acknowledged the real ambitions of today's protagonists of a further deepening of European integration. Until today, people, like Mr Barroso, held these ambitions in secret from the European public," he said. "I'm afraid that Barroso has the feeling that the time is right to announce such an absolutely wrong development.

 

"They think they are finalising the concept of Europe, but in my understanding they are destroying it."

 

President Klaus, 71, is one of Europe's most experienced conservative politicians; he has served as his country's prime minister twice after winning national elections and will complete his second term as Czech President next year.

 

Frequently referred to as the "Margaret Thatcher of Central Europe", Mr Klaus was born in Nazi-occupied Prague, played a key role in the 1989 Velvet Revolution that overthrew Communism and became founder of the Czech Civic Democratic Party, which has remained in government for most of the Czech Republic's independence.

 

He reluctantly recommended Czech Republic membership of the EU in 2004 and five years later was the last European head of state to sign the Lisbon Treaty, delaying signature, under intense international pressure, until all legal and constitutional appeals had been exhausted against it in his country. "We were entering the EU, not a federation in which we would become a meaningless province," he said.

 

...

 

"When it comes to the political elites at the top of the countries, it is true, I am isolated," he said. "Especially after our Communist experience, we know, very strongly and possibly more than people in Western Europe, that the process of democracy is more important than the outcome.

 

"It is an irony of history, I would never have assumed in 1989, that I would be doing this now: that it would be my role to preach the value of democracy."

Even more ironic than the return of corporation-controlled statism under the guise of socialism, will be the return of fascism, whose neo-variants are already exhibiting themselves in countries like Greece.

But more on that in a few months, when other European countries get sick and tired of the banker oligarchy and realize that there is really no party that represents the people in a world in which democracy is merely a mirage.

And so, once again, the most horrific aspects of humankind history will repeat themselves, only this time with far more potent and destructive weapons to enforce one's ideological superiority, or in this case to preserve an global equity tranche where the legacy wealth is preserved, and which in any normal parallel universe would have long since been wiped out. Just as soon as the "Democratic" emperor is exposed as having no clothes by more than just those who still are not afraid to tell the truth.

 

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Sat, 09/22/2012 - 21:18 | 2821185 kornholio
kornholio's picture

Bullish

Sat, 09/22/2012 - 21:28 | 2821195 markmotive
markmotive's picture

Panic is so 2008. I think today's emotion is resignation.

But according to Jim Rogers, 2014 is the time to panic:

http://www.planbeconomics.com/2012/02/29/is-2014-time-to-panic-jim-roger...

Sat, 09/22/2012 - 21:35 | 2821202 jcia
jcia's picture

I just read a theory that prince william is the antichrist...2015 is the date.

Coincidence that everybody is talking about hyperinflation 2014-2015?

Sat, 09/22/2012 - 21:58 | 2821229 Precious
Precious's picture

The Peter Principle at work.  The incompetent bureaucrats presently in charge rose to their positions because anyone with a functioning brain, bailed in 2010.

Sun, 09/23/2012 - 08:36 | 2821758 GetZeeGold
GetZeeGold's picture

 

 

Turns out "Imminent"......is going to take a while.

 

Smoke'em if you got'em.

Sun, 09/23/2012 - 10:50 | 2821889 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Spoken by a sage. One sign of an impending war is a large population within an age bracket, usually 16-30. Europe is aging, so it is highly unlikely they will go to war. My question is what will happen when the shit hits the fan? Alpo for dinner every night?

Sun, 09/23/2012 - 17:10 | 2822739 saturn
saturn's picture

Well, why defend or try save democracy, when it is obviously a huge failure? Why free people should accept a regime who forces an opinion of 51% people over 49% of opponents? We should try to make use of the modern communication technology to team up and design new ways of life and not dwell in the failed model of past couple of millenia - the so called government. The government obviously is not capable of either self reflection or responsibility. What use is this dysfunctional structure for the human kind? I struggle to find a single positive answer.

Mon, 09/24/2012 - 03:31 | 2823579 merizobeach
merizobeach's picture

"51% people over 49% of opponents"

Ah, if it even was such a case, it would much more fair.  The reality is that America had nearly 320 million residents in the last presidential election, 208 million eliglible electors, a (record) 63% voter turnout, and 53% of votes cast going for Obama.  So roughly half of two thirds (of two thirds again) of the residents voted for the sitting president, or about 21% of the people living in the country.  Under Bush, it was even less--about one in six people in the country voted for Bush in the 2000 election.  Hardly as equitable as you portray, I'm sorry to point out.

Sat, 09/22/2012 - 22:36 | 2821262 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

I just read a theory that prince william is the antichrist...2015 is the date.

Does this theory take place in the DC Universe or the Marvel Universe?

Coincidence that everybody is talking about hyperinflation 2014-2015?

Yes.

Sun, 09/23/2012 - 00:09 | 2821392 dbomb12
dbomb12's picture

I have heard of that theory, on coast to coast Am with george noory, they also said obama is a real alien from Gliese 581 c

Sun, 09/23/2012 - 00:47 | 2821441 CPL
CPL's picture

I understand that he was raised by tibetian monks in the art of ninjitsu.  Trained to fight yaks bare handed, then taught by Mongol tribes people to wrestle bears.  While on an excursion he was taken by aliens to be turned into a manchurian candiate to lead the US into a framework of anarcy never see before.  Plus he can move things with his mind.

 

Just finished reading a thread on 4chan about the exact same subject.  Yes, that person can vote and is qualified to operate a car.  They are anonymously walking the streets as we speak.  And no they we not trolling because they were getting pretty pissed with us teasing the shit out of him. 

I don't fear governments or armies anymore.  I fear when that person loses their faith in the system or a man and everything moving is a point of complete and utter hatred fueled by pure bat shit crazy.

Sun, 09/23/2012 - 02:08 | 2821522 francis_sawyer
francis_sawyer's picture

Shape shifting reptilian Mongoliods bitchez!... lol

Sun, 09/23/2012 - 10:01 | 2821831 bigbwana
bigbwana's picture

The Galactic Federation, and they cannot tell a lie, inform us there are indeed shape-shifting reptilians on our planet, many occupying high positions, however, Barack Obama is not one of them. The Illuminati have tried, incessantly, to assasinate him. The GF protect your wonderful President, and the Dark will never succeed. in fact, they have been defeated. Nothing wiill stop Ascension on 21Dec, 2012. Nothing. the2012scenario.com

Sun, 09/23/2012 - 09:53 | 2821825 css1971
css1971's picture

Spread education about how things are. For the problems caused by how things are, point out the real solutions and how and why they're the real solutions. When you find others who see the same problems and solutions.form a coalition and expand.

Ignorance is a treatable disease and the more informed people are, the lower the influence of the batshit crazies.

Sun, 09/23/2012 - 12:16 | 2822076 Translational Lift
Translational Lift's picture

Ignorance is a treatable disease

Ignorance may be treatable but being an idealog or absolute prejudice is not.......When one can garner 96% of a voting block no matter what, that group is irrevocably lost.

Sun, 09/23/2012 - 13:09 | 2822248 unrulian
unrulian's picture

We haven't cured religion...the disease is spreading

Sun, 09/23/2012 - 02:34 | 2821541 savagegoose
savagegoose's picture

i heard that the assumed name, Ba Ra Ka is referrenc to masonic spirtualism, based on egyptian mumbo jumbo , and the uniting of body  mind and soul into the perfect mason.

Sun, 09/23/2012 - 03:26 | 2821579 knukles
knukles's picture

 I'd read that he was Irish; O'Bama
Changed his first name from Sheamus....

Mon, 09/24/2012 - 03:39 | 2823584 merizobeach
merizobeach's picture

Baraka is also swahili for blessing.  Feel blessed, bitchez!  If this is a blessing, I'd hate to know what a curse is meant to be.

Sun, 09/23/2012 - 00:26 | 2821417 old naughty
old naughty's picture

The anti-thinge has to be shadowy...And he hasn't done anything ultra good, so think not.

Hyperinflation 2014-2015, eh when war breaks out, food prices will go skyhigh, so yes, but then the timing is a bit far off. Can we last till then with things 'exponentially' quickening?

Sun, 09/23/2012 - 07:00 | 2821696 PolishErick
PolishErick's picture

my grandmothers theory is that I am the antichrist... if she's right- dont worry- im much too lazy to build an emire of evil on earth.

Sat, 09/22/2012 - 21:38 | 2821205 THX 1178
THX 1178's picture

You don't seriously think the holders of US treasuries will let Benny Boy devalue their holdings for that long. 2014? They've been offloading them for years now, and it is accellerating. I think it will happen in 2012.

Sat, 09/22/2012 - 22:13 | 2821245 lasvegaspersona
lasvegaspersona's picture

THX

I'm with you

I just don't see how we make it to the end of the year. Can European bond sales be adequate or will the ECB have to pump more? Will the world really tolerate QE infinity?  Will someone (country) break ranks and run for the door (trade treasuries for gold)?  Will the USG actually constrain its appetite for spending or will it take what it wants, to hell with the cost (as per Obama's January memo)?

There seem to be a lot of things that have to go perfectly for us to make it to January intact.

Sat, 09/22/2012 - 23:19 | 2821304 traderjoe
traderjoe's picture

I no longer under-estimate TPTB'S ability to extend and pretend.

Sun, 09/23/2012 - 02:41 | 2821547 Haus-Targaryen
Haus-Targaryen's picture

BULLISH on a MS-apocalypse.   

Sun, 09/23/2012 - 05:05 | 2821633 sessinpo
sessinpo's picture

Both will have to pump more.This is the currency war that I have just about alone in talking about. The US needs its competition, the euro, to be in trouble so that it can pump the US dollar. And vice versa for the euro.

Unfortunately, Europe is playing against the house, the US, since the US dollar is the currency reserve of the world. Thing don't have to go perfectly. Even if some other major nation fails, as long as Germany is there as the backbone, there will always be enough for "hope" to keep the carnival going.

That is why I find it amusing the Germany bashers or on the opposite spectrum, the anti semites. They(Germans and Jews) aren't the problem. It is the central planners of the EU through the ECB, IMF and World Bank.

Sun, 09/23/2012 - 06:40 | 2821683 dwayne elizando
dwayne elizando's picture

@THX benny boy is the holder of treasuries.

@sessinpo You're not the only one talking about currency wars by far. Jim Rickards WROTE BOOK NAMED THAT! We all know who he is.

Sun, 09/23/2012 - 10:14 | 2821845 Parabolic
Parabolic's picture

Thank you Mr. Dwayne.  All Hail Jim Rickards...

Sun, 09/23/2012 - 12:09 | 2822067 THX 1178
THX 1178's picture

Benny boy is A holder of treasuries, yes. Not THE holder.

Sat, 09/22/2012 - 22:16 | 2821247 WhiteNight123129
WhiteNight123129's picture

Benny Boy is doing the right thing wacking the holders of treasuries in real term from now on, and from QE3 now we have side ways markets on Equities. The best stimulator of circulation in the real economy is the 2+ 20 fee structure of hedge funds BTW from now on . The explanation is not obvious.

 

Sat, 09/22/2012 - 23:24 | 2821315 seek
seek's picture

You've only got 3 months left for that call to be good. Things sure seem to be going to hell in a handbasket faster, but I'd definitely take the "over" on that bet.

We might have a war or some other craziness in 2012, but not hyperinflation/dollar devaluation/economic crisis of biblical magnitude.

All of those are coming, though.

Sun, 09/23/2012 - 00:11 | 2821396 dbomb12
dbomb12's picture

Max keiser is betting on it before April 2013

Sun, 09/23/2012 - 11:52 | 2822024 Atlantis Consigliore
Atlantis Consigliore's picture

http://youtu.be/hqYHb41OlSE  video of the EU and the Clousseau FED.

2:00 taking hits off the QE 3-? Pipe gas mask, ha ha hahah,  its a farce, ha ha ha 

 

Sat, 09/22/2012 - 21:27 | 2821188 DormRoom
DormRoom's picture

Can't help but think of John Law [1] & the Mississippi Bubble when reading articles about the proposed new financial architecture.

 France ultimately collapsed under Law's financial engineering.  Our modern John Law is Robert Ruben.

 

[1]http://en.wikipedia.org/wiki/John_Law_%28economist%29

Sun, 09/23/2012 - 08:53 | 2821775 Nussi34
Nussi34's picture

Our modern John Law is Mario Draghi!

Sat, 09/22/2012 - 21:24 | 2821189 Yen Cross
Yen Cross's picture

Let Me Guess?  The outgoing "Squids Speak"?

Sun, 09/23/2012 - 00:41 | 2821435 old naughty
old naughty's picture

Don't equate him with the squid. He's clearly not of 200 West...

and not of the political elite...and also not of the Krugmanite PhD (he's got to be a PhD, right), so what is he?

Is he helping out on recuriting for the German '300' ? Scary.

Sat, 09/22/2012 - 21:31 | 2821197 Dareconomics
Dareconomics's picture

Democracy will be the victim of the drive to create a United States of Europe:

http://dareconomics.wordpress.com/2012/09/22/hollandes-plan/

Sat, 09/22/2012 - 21:37 | 2821204 mharry
mharry's picture

Why is the ECB worrying about getting money back, they never had in the first place?

Sun, 09/23/2012 - 04:31 | 2821610 jonytk
jonytk's picture

It's true, they should just do like the FED, send a huge military around the world and spread trillions of newly printed euros around, then the other countries will have no option than buy Europe's goods and debt, the Eur will lost a little value but economy will grow again.

I FIXED the EU crisis... go figure.

Sat, 09/22/2012 - 21:40 | 2821207 in4mayshun
in4mayshun's picture

The sheeple don't even deny that they're screwed anymore. They just look at you with a blank stare while they suck down their 900 calorie frapuccino.

Sat, 09/22/2012 - 21:57 | 2821227 FreedomGuy
FreedomGuy's picture

The sheeple sold their neighbors out, then themselves for a check or some lofty promise of free stuff paid for by someone else. They will believe the lie all the way to the end that it can work if greedy producers will just pay a little more.

Sun, 09/23/2012 - 14:56 | 2822502 FreedomGuy
FreedomGuy's picture

As an added note: If you are going to beat the socialists you have to beat them BEFORE the checks go out. Once people have a check in hand any principles or political ideology they might have goes out the window. The government check is exactly like crack cocaine. And make no mistake, the adult socialist-collectivists who know the real end game mean it to be exactly that.

Sat, 09/22/2012 - 22:02 | 2821232 holdbuysell
holdbuysell's picture

In the US, has anyone here ever had any impact by writing their Congress-critters?

Sat, 09/22/2012 - 23:43 | 2821337 tenpanhandle
tenpanhandle's picture

yeah, but the impact has been on me.  Now I get spam from every stinking one of em.

Sun, 09/23/2012 - 00:01 | 2821376 Bringin It
Bringin It's picture

Just part of the illusion.  

Sun, 09/23/2012 - 06:12 | 2821670 Urban Redneck
Urban Redneck's picture

"Think Tanks" are not called such because any thinking actuallygoes on within them, but because they provide the "thought" and intellectual foundation that the congress critters are incapable of.

Short of hiring your own lobbyists, getting a tink tank to publich your thoughts (or rewrite them in other words) is the most effective way of impacting Washington "thought" (unless you live in DC and belong to one of right clubs*).

*Sorry to disapoint the conspiracy cooks but the Bohemian Club isn't one them (although they do have reciprocity).

Sun, 09/23/2012 - 17:13 | 2822725 WillyGroper
WillyGroper's picture

Yes. 1990 Sen. David Boren RE: Proposal to change the structure of credit unions. Signature was not a facsimiie. He assured me that he was opposed to such changes in their structure that would place additional taxes on them. He's long gone. His son is much different.  Hmmmmm, wonder what bankster was behind that?

Sat, 09/22/2012 - 22:03 | 2821234 JuliaS
JuliaS's picture

Czech Mate!

Sun, 09/23/2012 - 08:33 | 2821576 piliage
piliage's picture

Klaus takes no crap from anyone. When the Czech's had the rotating EU presidency two years ago, he was probably the most hated man in Europe, as he had the nerve to question the legality of the Lisbon treaty and the rationality of EU 'green' energy tax boondoggles.

Of course, there was always the HUGE sculpture he commissioned for their presidency that got placed at in the entrance to the European Council building. One of the funniest things I've ever seen. Italians having sex with soccer balls, Netherlands under water with Islamic Mosques, Bulgaria as a toilet, Romania as a Dracula theme park, France on strike...too funny.

Actually, the indignant reaction of the Eurocrats was even funnier...

http://news.bbc.co.uk/2/hi/europe/7827762.stm

http://www.davidcerny.cz/startEN.html

 

Sat, 09/22/2012 - 22:03 | 2821235 stock trout
stock trout's picture

Well democracy ended long ago anyway. I just come here now for the Julianna Rae ads.

Sat, 09/22/2012 - 22:06 | 2821238 lizzy36
lizzy36's picture

One would be horrified if they gained 50 lbs in a year. Much more palatable to gain 5 pds a year over 10 years. The result is the same, but by gaining in small increments one can hide the overall effect from oneself and others.

That is how democracy is being lost. In small increments. While the sheeple are busy watching TV and trying to out "status quo" one another. And by status quo, i mean that each neighborhood has a status quo, someone whose lifestyle sets the pace, whether it is the size of their house, the car the drive, the job their spouse has, etc. 

And slowly drip by drip it is given up. Yanks have 10x the number of incacerated people per capita than other advanced prosperous democracies. That isn't an accident it is by design. But hey it is "others", (undesirables) that are being sent to jail......right.

Sat, 09/22/2012 - 22:23 | 2821255 Jack Burton
Jack Burton's picture

Who cares about democracy? Haven't you seen the smiling faces of those who were first to get their new I-Phone 5's?  Now those are some happy shoppers!  Consume, consume, consume.

The jails are indeed full, full of petty drug offenders. When jails become profit centers, then the customers must be brought in!  Is it any contradiction that the heroin business and it's raw material, the poppy fields were brought back into full production after the USA invaded and conquered that land? The heroin pipeline is full of product headed across the globe. It is protected by tens of thousands of US troops and their allies the Afghan drug lords. ANd it only costs us taxpayer a trillion!

 

 

Sat, 09/22/2012 - 23:07 | 2821291 Yen Cross
Yen Cross's picture

Jack & Lizzy. That is a movie in the making!   I'm not sure, that I can finance the " Vehicle", you drive over the " Financial Cliff"!

   NUN the Less. Nice work!

Sun, 09/23/2012 - 07:54 | 2821727 TuesdayBen
TuesdayBen's picture

Sat next to a 30ish chap at a bar last night. Had his new iPhone 5 on display on the bar. Ooh, lighter, longer, thinner, faster, nice. All distracting from the morbid obesity that will limit, lessen and shorten his life. Used to be, you'd gaze occasionally into the mirror, into your eyes, into your soul to size it all up. Now, you gaze obsessively into a gadget for distraction from reality. Guy needs desperately to WTFUp, but it ain't gonna happen.

This saddens me.

Sun, 09/23/2012 - 10:39 | 2821874 Jack Burton
Jack Burton's picture

Great thought Ben, I couldn't agree more. Are there any souls left in people to gaze into? Self examination went out 50 years ago!

Sun, 09/23/2012 - 17:22 | 2822770 WillyGroper
WillyGroper's picture

>>>> someone whose lifestyle sets the pace, whether it is the size of their house, the car the drive, the job their spouse has, etc. 

You got that right. I was perusing state treasury auctions of over 15K delinquent tax properties. I was looking on the assessors website & 1 house had a boat & a Hummer in the drive. Sheeeesh

Sat, 09/22/2012 - 22:15 | 2821241 THE DORK OF CORK
THE DORK OF CORK's picture

Everything did not go well.... the Snake of the 70s required increased bank leverage ...bank credit rather then honest fiat money demand which sustains domestic wages

After 1986 /87 the European system went crazy....after 94 /95 and the first emu  crisis it went Bonkers,  after 1999 and 2002  (physical euro entry ) it became........

www.youtube.com/watch?v=i2QCdPu-kmY

The Heart of darkness resides withen Europe - Summers , Rubins etc of the late 1990s were not serving the $ .....they were living the market state dream ...... which was born in Europe.

The Euro is a nation state killer.

www.youtube.com/watch?v=ZhR1f3rdk1Y

Sun, 09/23/2012 - 01:03 | 2821461 CPL
CPL's picture

Yup.  What gave it away?  Strong german leadership followed by the broken Vichy crowd?  Historically never good for Europe when both agree with each other.  Throw England in the mix...well I should be buying a lottery ticket on the odds of that happening.  Ever.  Until now.

Sat, 09/22/2012 - 22:11 | 2821243 piceridu
Sat, 09/22/2012 - 22:26 | 2821246 q99x2
q99x2's picture

Its no mirage where I go to college. You protest there and you're getting handcuffed and pepper sprayed.

Viva la Klaus.

Put the wall back up. Quick.

I don't know if it is true or not but I heard that communism is what the bankers hate the worst. I think they usually get hung under communist regimes. So maybe communism would make a good transition back to capitalism. Or combine capitalism with referendum now that computer and open source software are available. That kind of system would work great at getting rid of bankers.

Sat, 09/22/2012 - 22:17 | 2821248 Jack Burton
Jack Burton's picture

I read that all is not well in Hungary either. Their current government is claiming the EU wants to turn them into slaves again.

The Hungarian industry and agriculture were both effectively blown up by EU policies.  Now the Bankers are strip mining Hungary for every bit of wealth left.

The IMF comes bearing loans and a dictatorship of bankers.

Sun, 09/23/2012 - 00:37 | 2821429 Non Passaran
Non Passaran's picture

Interesting statistic: Hungary is the top recipient of EU aid (IIRC as measured per capita relative to GDP).
Not exactly slaves. They could complain if they refused to participate in this redistribution, but unfortunately their government is national-socialist, so they won't do that...

Sun, 09/23/2012 - 04:44 | 2821619 SoundMoney45
SoundMoney45's picture

Being the largest recipient of bribes to the politicians does not help the masses.  

Sun, 09/23/2012 - 03:35 | 2821584 Tinky
Tinky's picture

I just spent a few days in Hungary (and Poland and Croatia), and it's the same basic story everywhere: corrupt politicians making (mostly) self-enriching decisions which are almost invariably bad for the general population. 

The difference is that, in stark contrast to the U.S., most people on the street in those countries seem to understand this unfortunate dynamic to some degree.

Sat, 09/22/2012 - 22:40 | 2821249 bob_dabolina
bob_dabolina's picture

What's really interesting about fascist dictators is they are all VERY good orators.

While I won't go so far as to call Obama fascist just yet (though he most certainly has the leanings of a fascist) he does share the oratory prowess of Hitler and Mussolini.

Also not coincidental that Hitler and Mussolini came into power under very similar economic circumstances as Obama. Nancy Pelosi likes to remind us on a seemingly daily basis, recently declaring when Obama took office the economy was at the gates of hell.

I share the recent and astute observations/concerns of Ray Dalio.

In addition if you are living in the U.S you might want to take a good hard look at what kind of country you're living in.

-Indefinite detention without due process

-Legal Torture

-Warrant-less wire taps

-Big business in bed with government and big business operating in many cases pushing the agenda of the government...ahem GM.

-etc, etc etc

If you don't think shit can get REAL, and get real quick under these circumstances, perhaps you should re-visit your history books and browse through the Kristallnacht event. I would be concerned that the National Oceanic and Atmospheric Administration, and the Social Security Administration (among others) are stock piling millions of rounds of ammunition. Is it normal for what amounts to a nations weather channel to be stock piling bullets?

Sat, 09/22/2012 - 23:14 | 2821298 kridkrid
kridkrid's picture

Obama is a fascist... As were presidents dating back to LBJ (maybe further). We vote for two prescreened candidates every four years to maintain appearances.

Sun, 09/23/2012 - 00:07 | 2821389 Bringin It
Bringin It's picture

etc.etc.

You forgot to mention endless war.

Sun, 09/23/2012 - 01:08 | 2821469 CPL
CPL's picture

India can't deliver on those munitions on the contracts asked for last year.  The power has been a little spotty.  But it first has to finish delivering the munitions to the Russian that were order two years earlier.  Finite manufacturing space, limited resources and a large communist following in India will more than likely insure QA is performed.  Pakistan certainly is in no shape to deliver on pizza, it's up and down like a yo-yo as well.  No diesel and slowly getting choked to death to the stone age.

Sun, 09/23/2012 - 08:09 | 2821737 TuesdayBen
TuesdayBen's picture

Great post. I'd add as an etc that the fed Gubmint, which we fund, invests heavily in massive data collection effort to spy on us and know all. They'll have the shit on everyone, if they don't already.

One day they'll use it.

Sun, 09/23/2012 - 08:11 | 2821741 Dr. Engali
Dr. Engali's picture

How in the hell can you not call Obama a fascist ? Have you been paying attention to how many executive orders he has signed? How about how many times he's bipassed congress? A man with his degree of narcissisim in power is a fascist through and through.

Sat, 09/22/2012 - 22:24 | 2821256 Banksters
Banksters's picture

 

 

 

Just once...I'd like to see a man or woman of principle rise to PM and, tell the banksters to FUCK OFF, using precisely those words.

Sat, 09/22/2012 - 22:33 | 2821260 booboo
booboo's picture

Old Hickory did exactly that, I think the banksters tried to have him assassinated but the gun misfired. I think the assassin was using Fiat brand ammo.

 

Sat, 09/22/2012 - 23:53 | 2821357 The Shootist
The Shootist's picture

Banksters -As long as your not pulling for that person to be Lieawatha.

 

As for General Jackson, that's interesting. I heard about it, but never thought about motives or read up on it. I heard he beat the shit out of that bitch with his walking stick though. Good Ol' Hickory...

Sun, 09/23/2012 - 06:19 | 2821676 lakecity55
lakecity55's picture

God was on The General's side that day vs. the bankers.

An amazing story!

http://articles.baltimoresun.com/1990-11-19/news/1990323133_1_andrew-jac...

Sat, 09/22/2012 - 22:47 | 2821271 samsara
samsara's picture

Ah, Look to a little Island in the North Atlantic with lots of volcanos

Interestingly you don't hear about them much in the Corp-Press.

Sun, 09/23/2012 - 00:27 | 2821424 Non Passaran
Non Passaran's picture

They're lucky that they've been "isolated" from the continental fascists, but there too the empire is at work. They are about to join the EU.

Sat, 09/22/2012 - 23:39 | 2821301 Cabreado
Cabreado's picture

"Just once...I'd like to see a man or woman of principle rise to PM and, tell the banksters to FUCK OFF, using precisely those words."

"We must say openly that the present economic system of the EU is a system of a suppressed market, a system of a permanently strengthening centrally controlled economy. Although history has more than clearly proven that this is a dead end, we find ourselves walking the same path once again. This results in a constant rise in both the extent of government masterminding and constraining of spontaneity of the market processes. In recent months, this trend has been further reinforced by incorrect interpretation of the causes of the present economic and financial crisis, as if it was caused by free market, while in reality it is just the contrary – caused by political manipulation of the market. It is again necessary to point out to the historical experience of our part of Europe and to the lessons we learned from it."

--Vaclav Klaus, Speech in the European Parliament, on EU

(Wikiquote)

 

Sat, 09/22/2012 - 22:37 | 2821263 kevinearick
kevinearick's picture

No, they're not all in...
this has never happened before...
blah, blah, blah
something must be hunting them...

Sat, 09/22/2012 - 22:41 | 2821264 q99x2
q99x2's picture

Only the devil and his demons try to pawn nothing off for something. God makes everybody pay for the price of existance. Exorcise them. Send the ChairSatan and his minions back to hell.

Sat, 09/22/2012 - 23:18 | 2821302 williambanzai7
williambanzai7's picture

Kleptocrats

Sat, 09/22/2012 - 23:26 | 2821317 Yen Cross
Yen Cross's picture

Banzai? You're an "OBSERVER"!  Don't forget the " High Lander" series!

Sun, 09/23/2012 - 00:09 | 2821391 JR
JR's picture

If the world were to slip into that feared clasp of a single despotism, not the assorted totalitarian governments as in the past, but a single world totalitarian control, then its first appearance could look like the moves now being taken in Europe.

Was Orwell’s totalitarian dystopia of total iron-fisted control and subjugation of the people in Nineteen Eighty-Four just entertainment, just literature? No! It can happen and will happen if men such as Vaclav Klaus do not step forward and men such as the Tyler Durdens do not analyze and report the significance of what they say.

This is just such a report – a turning point on a turning point move against a banker-controlled world. And never forget, the banker control only lasts a moment before the fascist tyrant assumes total takeover.

 

Sun, 09/23/2012 - 00:14 | 2821398 Yen Cross
Yen Cross's picture

That was a compassionate statement J.R.(  I felt the thrust (

Sun, 09/23/2012 - 00:34 | 2821431 walcott
walcott's picture

Europe communist check. Asia communist check. Middle East communist check. South America communist check. North America communist check. Should have known when the fat lady sang.

barffff...

http://www.youtube.com/watch?v=RxPZh4AnWyk

Sun, 09/23/2012 - 00:46 | 2821440 scaleindependent
scaleindependent's picture

Tyler

 

You got this right: "Even more ironic than the return of corporation-controlled statism  under the guise of socialism, will be the return of fascism, whose neo-variants are already exhibiting themselves in countries like Greece."

Thanks for high-lighting who is at fault; the banker and corporation controlled state, under the guise of socialism.

 

 

 

Sun, 09/23/2012 - 04:32 | 2821611 falak pema
Sun, 09/23/2012 - 00:53 | 2821447 nathan1234
nathan1234's picture

deleted since posted in wrong article

Sun, 09/23/2012 - 01:53 | 2821514 Joe A
Joe A's picture

The Sovjet Union was a federation, so was Yugoslavia. We all know how that ended. You cannot force people/countries to live together. Yes, by central command and by force but sooner or later either people get fed up with that and revolt or the whole thing collapses economically.

Sun, 09/23/2012 - 06:14 | 2821675 Sandmann
Sandmann's picture

The Soviet State was a Federation of SSRs - but the Political Nature of the USSR was a Unitary Centralised State under the Guiding Hand of The Communist Party of the Soviet Union. There is a fundamental Party-State issue in the USSR that makes the political structure irrelevant when it has a Unitary Political Party. There is in Europe today a Unitary View within ALL major political parties because they receive funding from the EU as does the BBC.

The USA has a problem in that BOTH political parties belong to Wall Street - well in Europe they belong to the EU and financial interests

Sun, 09/23/2012 - 07:09 | 2821700 Urban Redneck
Urban Redneck's picture

Ironically the EU is currently a confederation, the dealth knell of which would be the proposed fiscal union, at which point it is Huis Clos for the free spending socialist utopians.

Sun, 09/23/2012 - 12:11 | 2822068 falak pema
falak pema's picture

why ironical, its reality seeping in bigtime. The choice now is either breakup or further consolidation, and its urgent to decide. The past now has planted this time bomb in the form of the banksta crisis; now become sovereigns crisis. 

Today German/french banks and oligarchies are crying out for fiscal union; the people torn between past visions of national wars and current visions of austerity. I think this is the base line scenario, as Euro zone will survive. Japan and USa are in similar conundrum.

Will the people be consulted; I think not, the local parliaments will decide. They all seem for fiscal union in the larger, central states. I don't see a referendum even in Germany. Time will tell; very soon! 

Maastrich was a bastardised scheme to want common money and nation state fiscal liberty. We knew it then, this crisis highlights it.

That the Keynesian model now gets reigned in is normal. Whatever happens to Euro money, the bottom line is ALL countries have to get more productive to survive in global economy; or else impose tarrif barriers once again; the OTHER big issue in world trade apart from monetary chaos. I don't see the social model dying but getting constrained to specific local market segments. Government spending will be pulled in bigtime, especially where productivity is low in south.

Sun, 09/23/2012 - 14:13 | 2822419 Urban Redneck
Urban Redneck's picture

It's ironic that they're seeking more freedom (to continue their status quo) through centralized government further from their own control, but it could also be viewed as just plain STUPID.

Sun, 09/23/2012 - 07:00 | 2821697 Urban Redneck
Urban Redneck's picture

Federations and Federal Republics are as common as unicorns. How much autonomous authority was wielded by the individual Soviet Socialist Republics, which was not subject to revocation at the will of those in Moscow? A federal republic replaced a confederation in the United States in 1789, and the descent began a mere two years later, before it was finally exposed as a unitary farce in 1861.  The terrain between a Confederation and the dominance of a central government is a slippery slope which inevitably descends to the latter.

Sun, 09/23/2012 - 03:00 | 2821565 Grand Supercycle
Grand Supercycle's picture

OVERDUE CORRECTION LOOMS.

Due to recent central bank intervention and short covering spikes, these daily charts are extremely overextended and significant correction expected very soon:

SPX, DOW, NASDAQ, NZDUSD, GBPUSD, AUDUSD, COPPER, CRUDE, GOLD, SILVER. [USD strength will return]

http://www.zerohedge.com/news/2012-12-24/market-analysis

http://trader618.com

Sun, 09/23/2012 - 07:33 | 2821715 negative rates
negative rates's picture

Sweet dreams and fairy wishes to all traders.

Sun, 09/23/2012 - 08:48 | 2821769 Haager
Haager's picture

I know, and the data is right. The only thing is that this data doesn't fit into the election-equation so consider a diametric behaviour of the so called "markets".

TASE actually follows the election-equation.

Sun, 09/23/2012 - 05:34 | 2821644 doug79
doug79's picture

THe trade here is to be long pitch forks and guillotines, the short is banks and government.   Eventually even the Europeans will catch on to the game.  Unfortunately by the time thant they finally wake up and smell the fraud it will be too late.

Sun, 09/23/2012 - 08:42 | 2821763 Hobbleknee
Hobbleknee's picture

Thank goodness democracy is almost dead.  I'm tired of being a slave to the 51%

Sun, 09/23/2012 - 09:18 | 2821791 ratso
ratso's picture

You are using comments from Klaus as if he were some kind of intelligent, informed source of wise opinion.

Klaus is anything but that.  He is just a European mongrel politician who has succeeded by appealing to the most nationalist positions in his country. 

Klaus BOOOOO!

Sun, 09/23/2012 - 12:51 | 2822185 JR
JR's picture

The Czech people, after they emerged from behind the Iron Curtain and broke the bonds of collectivism, hoped to help the cause of political and economic freedom in Europe only to find themselves in an European Union, entangled again in an “insufficiently productive economic and social system called die soziale Markwirtschaft, a social democracy government with a massive regulation from above” and an ever-expanding welfare system where eventually the government owns the people.

Says Klaus, “In Europe, we have witnessed a gradual shift away from liberalizing and removing barriers and towards a massive introduction of regulation from above, an ever-expanding welfare system, new and more sophisticated forms of protectionism, and continuously growing legal and regulatory burdens on business. All of these weaken and restrain freedom, democracy and democratic accountability, not to mention economic efficiency, entrepreneurship and competitiveness.”

The following is an excerpt from The Crisis of the European Union delivered by Vaclav Klaus, the President of the Czech Republic, to friends of Hillsdale College in Berlin during Hillsdale’s 2011 cruise in the Baltic Sea.  

After the fall of communism, the Czech Republic wanted to reassume its place among European democracies. We did not want to sit aside—as we were forced to do throughout the communist era—and European Union membership was the only alternative. Nothing else legitimizes a country in Europe these days. Therefore we joined the EU in May 2004. However, for those of us who spent most of our lives in the authoritative, oppressive, and non-functioning communist regime, the ongoing weakening of democracy and of free markets on the European continent represents something we did not expect and did not wish for in the moment of the fall of communism.

The most visible European problem today is the European monetary union, which was presented as the most important unification achievement following the Maastricht Treaty. The realization of this monetary union has not delivered the positive effects that—rightly or wrongly—had been expected from it. It was intended to accelerate economic growth, reduce inflation, and protect member states against external economic disruptions or so-called exogenous shocks. It has not worked. After the establishment of the euro zone, the economic growth of its member states slowed down relative to previous decades, thus increasing the gap between the rate of growth in the euro zone countries and that in other major economies. The internal disequilibria—such as trade imbalances and state budget imbalances—became larger, not smaller. And there is no indicator pointing towards a growing convergence in the euro zone countries. During its first decade of existence, a common currency has not led to any measurable homogenization of the member states’ economies.

It should have been clear to all, as it was to me, that the idea of a single European currency was essentially wrongthat it would create huge economic problems and lead inevitably to an undemocratic centralization of Europe. To my great regret, this is exactly what has been happening. The euro zone, which comprises 17 countries, is not an “optimum currency area” as defined by economic theory. In a currency or monetary union—which amounts to an extreme form of fixed exchange rates—it is inevitable that the costs of establishing and especially maintaining it exceed its benefits. Most economic commentators were satisfied by the ease and apparent inexpensiveness of the establishment of Europe’s common monetary area. In recent years, however, the negative effects of the straightjacket of a single currency have become more and more evident. When good economic weather prevailed, no visible problems arose. But when bad economic weather set in, the lack of homogeneity manifested itself quite strongly…

The second reason for European economic problems—not specifically European, but worse in Europe then elsewhere—has to do with the quality, productivity and efficiency of its economic and social system…

http://www.considercommonsense.com/the-crisis-of-the-european-union-causes-and-significance-2-of-2/

 

Sun, 09/23/2012 - 10:48 | 2821886 Nimby
Nimby's picture

If enough people simply killed themselves now, our upcoming troubles could very well be avoided:

http://www.dailymail.co.uk/news/article-2207089/56-million-suicide-preve...

Sun, 09/23/2012 - 11:11 | 2821922 negative rates
negative rates's picture

Execpt we already know that if the devil had a choice to save his hide or save his soul, he always chooses to save his hide.  

Sun, 09/23/2012 - 10:55 | 2821890 Amagnonx
Amagnonx's picture

The only vote that has ever counted, is the vote to not pay tax - if everyone stops paying, they haven't got shit.  While people continue to pay the extortion racket - why would anyone think conditions would improve.

 

While they can take peoples money by force, with impunity - then they are the masters.  If a govt must survive purely on voluntary contributions, you can be assured it will care what people think.

 

DEFAULT, and DONT PAY - don't pay loans, credit cards, taxes  - and sell their damned currencies.

Sun, 09/23/2012 - 19:32 | 2823008 ChacoFunFact
ChacoFunFact's picture

In a democracy the majority is sovereign. In a federal republic, you are sovereign.

Mon, 09/24/2012 - 04:04 | 2823596 resurger
resurger's picture

woot!

Mon, 09/24/2012 - 05:11 | 2823629 ak_khanna
ak_khanna's picture

The politicians around the world are nothing more than auction items which can be sold to the highest bidder. They will do whatever they can for the lobbyist paying them the maximum amount of money or votes, be it the unions, the banksters, the richest corporations or individuals. They are in the power seat to extract maximum advantage for themselves in the small time frame they occupy the seat of power.

The rest of the population is least of their concerns. The only activity they do is pacify the majority of the population using false statistics and promises of a better future so that they do not lynch them and their masters while they are robbing the taxpayers.

http://www.marketoracle.co.uk/Article32741.html
www.letstalkmoney2012.in

Mon, 09/24/2012 - 06:49 | 2823677 Grand Supercycle
Grand Supercycle's picture

IMPENDING CORRECTION:

Due to recent central bank intervention and short covering spikes, these daily charts are extremely overextended and significant correction expected very soon:

SPX, DOW, NASDAQ, NZDUSD, GBPUSD, AUDUSD, COPPER, CRUDE, GOLD, SILVER. [USD strength will return]

http://www.zerohedge.com/news/2012-12-24/market-analysis

http://trader618.com

Do NOT follow this link or you will be banned from the site!