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Europe Has Bet The Farm
From Mark Grant, author of Out of the Box
Things that go Bump in the Night
Europe is heading for a showdown and in a number of places; that much can be acknowledged with certainty. The first, and perhaps the most important, is the stand-off between France and the European Commission. The EU budgetary office is demanding that France reduce its deficit to 3.00% for 2012 while the projection is for 4.50% so that the Commission is threatening France with large fines. Mr. Hollande ran his campaign upon a reduction in the retirement age, more generous pensions, shorter work hours and more governmental spending so that the budgetary miss is likely to be larger than forecast; somewhere around 5.2% in my estimation. France then finds itself, one way or another, with a larger budgetary deficit and if the EU then imposes fines and sanctions Paris may thumb its nose at Berlin/Brussels in what could be a rather nasty affair with unknown consequences. Mrs. Merkel in one corner and Mr. Hollande in another slugging it out will not make for harmonious relations. Then there are the issues of Greece and Spain and the Socialist reaction is bound to be very different than the Austerity imposition as demanded by Germany. Jawohl!
“After all, one can’t complain. I have my friends. Somebody spoke to me only yesterday. And was it last week or the week before that Rabbit bumped into me and said Bother!”
-Eeyore
The new EU fiscal pact is becoming something of a deviated piece of humor as Spain is being released from its constraints and Greece is now only constrained by the fear and loathing of the country removing its hand from the honey pot. “Keep Eating,” is the resounding cry from all of the European politicians as they are truly frightened of the old bear not following orders. It may well be that the new political dandy in Greece is correct; Europe may soon be begging for Greece to take the money under almost any terms as they do not wish to dance the jig of contingent liabilities becoming real ones and having to be accounted for in actuality with all of the pending losses that this would entail. What will they say in Berlin; “Mein Gott, waren wir nur ein Scherz“(My God, we were just kidding.) If Greece defaults or leaves the Eurozone then the ECB will be broke and have to be re-capitalized, the IMF will take one serious financial hit, the EIB will be seriously impaired and while the Greek bonds are mostly held by governmental bodies now the municipal debt, the derivatives, the bank loans are still to be found in securitizations of many of the large European banks and American banks who will be forced to recognize thier losses. Charades is so much fun until someone comes up with the answer.
The real debt of Greece is approximately $1.30 trillion and as contingent morphs into actual the impending explosion may become reality. This amount of money is 40.60% of the entire GDP of Germany because it is a small country that now has a giant debt given its population. Europe has, in fact, bet the farm and the decision now rests entirely with the Greek electorate. The European Union has played its hand badly and reality is very close to biting off the hand that fed it! I want to repeat this for you, I want you to understand the gravity of what Europe is facing; Europe has BET THE FARM and the croupier is about to roll the dice. We are all facing a momentous instant in time and all of the noise in the background is quelled by the showman announcing the main event; Let’s Roll.
“You are about to have your first experience with a Greek lunch. I will kill you if you pretend to like it.”
-Jacqueline Kennedy Onassis
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Yamaz!
Retired at birth.....it's the next natural progression.
The Greeks have been promised FREE CHEESE for decades by leftist politicians buying votes, and now by god, the rats want the cheese they were promised!
They PAID FOR IT....(They didn't, but we all know how this works)
The butcher's bill for 40+ years of Liberal Socialism is coming due, in the West.
"I ain't gonna work on Angie's farm no more."
Bob Dylanopoulos
Why does everyone seem to believe that Hollande is actually going to do what his platform says? Sounds like the millions of ignorant americans who believed O meant "Change". The real surprise is coming, folks. But it's not what you expect.
I think we all bet the farm years ago.
Bet the farm, or bought the farm?
Actually more accurate would be Europe has bet the Farmer.
Because as you say, their goal is to buy the farm. Which they don't own anyways (the Greeks that is) because back in 1256 (or thereabouts) Pope,Pont-Stiff, Poni-de-fecate, Bonafice (not Bonafide) Shat a Bull which said everything is ours, For Kristos gave us dominion.
But here, really, the farm? Whose farm one might ask. I think we are seeing the beginnings of the middle of the un-ravelling (all to come to a peaceful peace during the run-up to the Ziolympics).
There, after a False Flag might fly, echoes of Munich (god forbid)..... then we'll see some farm betting.
Till then, there is always a bigger farm to hock.
ori
sifting-the-sands-of
Bet the farm and lost the bet!
Please enlighten us on where he will fold, I'd care to know because if he gives up on fighting for the LGBT couples it might not really mean as much as the bank reform and rating agency policy he is claiming to wish to reform.
"After winning the French presidential election on Sunday, the Socialist Party’s (PS) François Hollande is already positioning himself to drop his limited election promises on social spending and attack the working class with deep budget cuts.
Hollande’s victory reflected a broad popular rejection of incumbent President Nicolas Sarkozy’s austerity policies and his unpopular imperialist wars. However, any hopes for change from the incoming government will be rapidly disappointed by Hollande …"
http://www.globalresearch.ca/index.php?context=va&aid=30761
?
?
The European Union Commission in Brussels sets the economic policies of its members, including France.
Hollande will not reverse those economic policies (nor has he actually pledged more than to “request“ modifications).
Hollande has promised to team up with Obama, and apparently is already using Obama’s playbook. Under the smokescreen of advocating “gay rights”, Hollande has promised to speed up withdrawal from Afghanistan, boost France’s military production, and continue the NATO “partnership“. Hollande supported the NATO invasion of Libya.
http://www.counterpunch.org/2012/05/07/the-french-chose-a-new-president-will-the-eurocrats-let-him-do-anything/
Absolute nonsense conjured by clueless Anglo-American media probably intended for some more Blammey bashing nothing more. In truth, Hollande is not well known among current US administration.
Firstly, EU Commission is French, basically, meaning the entire premise of these mouthbreathers trying to decrypt EU politics is founded on a severe narrative bias only good for an equally clueless newsreading American populace who interprets absolutely everything in an sort of self-centric projection psychology.
Gene, both Global Research and Counterpunch are anything BUT MSM and the former is an awesome source of alternative news and genuine investigative analysis.
And I do believe the "Socialist Leaning Govts." all around the world movement is coming fast.
Today I saw a picture of bamboo hatted women and men in Vietnam fighting the same XE looking thugs in Black Armour, as their rice farms were being seized (and paid a pittance for) for the construction of an industrial park.
BUrma is ready for Suu Kyii style socialism after so many years of Hoonta life.
In India, the most socialist state has some of the couontry's top ministerial seats (Finance being the primary one)...India has always been a basket case of badly executed socialistic policies anyways. Japan will socialize to a greater and greater extent as Fukushima drives them in that direction.
We are going to get a taste of the equal, some more than others from Animal Farm, soon enough.
Unless...
ori
MSM or not nonsense it is. I'm not here for semantics and 'socialism' vs [insert any other disconnected from actuality -ism here]
You know this already. US-centric media is truly lead-by-the-nose narrative type stuff.
What do you mean the EU comish is french?
Looks like a very fair distribution to me
http://ec.europa.eu/commission_2010-2014/index_en.htm
Perhaps they seemed French while Sarkozy was in power due to Merkozy power? Not sure what you meant by that and then where it goes from there.
So.....
ori
http://www.amazon.com/The-Great-Deception-History-European/dp/0826471056...
http://www.zerohedge.com/news/europe-has-bet-farm#comment-2421149
Sandmann understands the influence, this article is nonsense.
Touched a nerve?
That was quite an outburst of ridiculous accusations and ad hominem insults.
Bertrand Russell once remarked that when he found himself losing his cool in a discussion, it was because he had no good rebuttal relevant to the points presented.
What insults and accusations? Your links, like this article are garbage. Simple as that.
Looks like Hollande is getting ready to challange US$ as the world reserve currency.
I thought I heard the preacher man this morning at Sunday meeting quoting the good book.. sounded like it was Saint Paul to the Europeans:
“And behold joy and gladness, slaying oxen, and killing sheep, eating flesh, and drinking wine: let us eat and drink; for to morrow we shall die.”
Seems pretty timely just about everywhere nowadays.
Not too good for the sheep, though.
Manthong
Isaiah 22:13, not Pauline.
Geez, I guess I've got to rethink my sarc approach.
The Biblical inference was a device to support the obliviousness of Europe to the consumption and slaughter of sheep.
"Saint Paul to the Europeans.. or was it Paul to the Epicureans??"
Oops.. it was Corinthians...
http://www.biblegateway.com/passage/?search=1+Corinthians+15%3A32-34&version=NKJV
I thought it worked (but yes, I did glom the Isaiah word for word).
But verily, I say unto ye all.. taketh not any reference to that what be almighty seriously within these these most unholy of unholy pages. : )
Get ready for a meltdown of epic proportions.
http://ericsprott.blogspot.ca/
Good thing no one in Europe has standing armies any more ???
http://www.globalfirepower.com/
Great link Freewheelin. With UK, France and Germany having all of 400 tanks each, it'll be a quick war. ROFL
Glad I could be of service!
Germans started the first two world wars.. Don't act surprised when they start the 3rd one. That is what is going on isn't it? War. Oh on surface, they seem like concerned politicians.. Armed with bonds.
Nonsense, the Germans didnt start WWI. Austria declared war on Serbia, then the Russians mobilized in response and due to the alliances in place at the time the dominos began to fall rapidly from that point.
The Germans had it hung on them because France and England were angry over taking massive casualties (and perhaps understandably so given the horror of the Western Front) but it isnt historical reality.
WHO CARES, THE US CAN INVADE AND MAKE EUROPEONS SERVENTS ANYTIME WE WANTED TO. OR WE COULD DROP 2 BOMBS AND END EUROPE FOR GOOD.
NOBODY CAN FUK WITH A SUPERPOWER WITH THE WORLDS LARGEST ECONOMY AND WITH PROBABLY THE MIGHTIEST MILITARY POWER THAT EVER EXISTED IN ALL OF HISTORY.
REMEMBER WHEN SOME DUMBASSES CRASHED AIRPLANES INTO OUR BUILDINGS? IT TOOK US 1 DAY TO INVADE AFGANISTAN AND 2-DAYS TO INVADE IRAQ. NOW IMAGINE IF SOME EUROPEON COUNTRIES DECIDED TO FUK WITH US.
THE ONLY COUNTRY THAT GAVE US SUCH A HARD FIGHT WAS THE JAPS, BECAUSE OF THEIR SO CALLED KAMIKAZE ATTITUDE. WE TOOK THAT SHIT AWAY WITH 2-BOMBS.
VIETNAM WAS AN EMBARASSMENT, WE CREATED THE GENEVA CONVETIONS SO WE FOLLOWED IT BECAUSE WE HAVE SO MUCH HONOR, BUT IT WOULDVE BEEN OVER IN A WEEK IF WE COULD HAVE JUST BOMB EVERY LIVING TOWN.
AS FOR KOREA, TRUMAN SHOULD'VE TOOK MCARTHUR'S ADVICE AND NUKED CHINA AND RUSSIA INTO PARKING LOTS.
What a colossal dumbass. Using all caps only amplified your stupdity.
Well, that's what Mr Panos says.
http://www.youtube.com/watch?v=Zvl9N9GdraQ
LOL, none of this matters, China RRR cut will Make us rally all the way to 1380 tonight
I wouldn't bet on it.
and the French planted all those trees because.........
...so their conquerors can march in under the shade.
On a side note...perhaps Mr.Hollande could sell off his rather lavish properties and donate the proceeds to the treasury...confining himself to just his Paris apartment...as a sort of do as I do, not as I say, kind of gesture.
Europe... blah blah blah... Greece... blah blah blah...
Agree that it's tedious.....but you'd better start taking notes.
Let me paraphrase all I know about the situation. The shitstorm cometh. The end.
The Animal Farm?
http://www.youtube.com/watch?v=JutPfQULxVA
IMHO biggest news this week is the BuBa discrediting itself on its inflation flip flop.
This Summers blockbuster Movie;
Totally Alien (to anyone with sense)
Scene 101; the team are trapped in the Euro bunker waiting to hear news from the East and West front
FRENCH ELECTION RESULTS---------
Merkel: Silvo’s gone, the bunga bunga parties are no more. Sarko’s is missing but we will fight on there will be no Retreat. The will to hold out must be brought home to every unit
Draghi: We must Print! Print!
Hudson: Hey, maybe you haven't been keeping up on current events, but we just got our asses kicked the last time you did that pal!
Herman van Rompey: If that fails Mario, we should all pull paper bags over our heads and pretend its OK.
GREEK ELECTION RESULTS------
Hudson: That's it man, game over man, game over! What the fuck are we gonna do now? What are we gonna do?
Burke: Maybe we could build a fire, sing a couple of songs, huh? Why don't we try that?
Hudson: Oh dear Lord Jesus, this ain't happening, man... This can't be happening, man! This isn't happening!
Jose Manuel Barroso: Pull yourself together Hudson, remember we all have big pensions and paychecks to protect. Just put your paper bag back on your head and hum.
Hudson: The Greeks! They're coming outta the walls. They're coming outta the goddamn walls. Let's book!
Apologies to James Cameron
Herman van Rompey: If that fails Mario, we should all pull paper bags over our heads and pretend its OK.
That's who you guys are. Tyler! Tyler! I found them!!!
JK.. Get an avatar, it only takes a couple of minutes.. Then the confusion of who here is an evil bureaucrat will stop.
Naw...this summer's blockbuster is God Bless America at http://www.youtube.com/watch?v=ul4CZrnEFxU.
Now that flic has a future! It'll either be a blockbuster or a cult classic. Thanks George!
"For good or ill, Europe has embarked on a program that will require multiple trillions of euros of freshly minted money in order to maintain the eurozone."
http://www.businessinsider.com/mauldin-germany-has-waved-the-white-flag-...
So what happens when the eruo is 1:1 with the dollar? Sounds like USA exports will get suffer against Larry Summers wishes. Remember, Larry said, "the only way out of this recession is through a weaker dollar and more exports."
For that matter, how will a "strong dollar" effect the recession??
Germany should leave the EU immediately, peg its currency to the US dollar, and let Europe fall into ashes. The German people are fools to finance the lifestyles of the club med countries. Germany is on its way to accomplishing what it couldn't in two world wars: owning Europe.
Germany builds what the world wants: the best freakin cars in the world.
Gimme a break.. PEG TO THE USD?
Waahhahahahaha.
Greets from Germany - inventors of Porsche und Deutsche Mark =)
yes, peg to the USD....they sell mostly to the US anyway....And, they're doing quite a bit of automobile production in the US as well....
Peg your currency to the world's currency: USD....Notice the arabs aren't afraid of accepting the USD for their exports....why should the Germans fear the USD?
Saudi Arabia's willingness to finance US consumption is the only thing making the dollar valuable ... it would be better to wait and see if the Saudi's would start stockpiling German bonds (now safer, decoupled from Europe). If the Saudi's did that they would have fuck all reason to peg with the Dollar, the bond buying would finance their oil ... and that's ultimately the only thing anyone needs the dollar for, to pay for oil.
Got any hard data to back up your assertion that they sell mostly to the US? I looked at this awhile back to see where they were shipping their goods and could only find a CIA factbook figure that the US is about 7% of their exports, what do you have that shows what you claim?
Why not peg to the yuan and own Europe even faster.
when sales of German cars within China eclipses that of the US, then peg to the Yuan....I'm not convinced this Yuan strength has legs however.
So instead they should finance the gas guzzling super size lifestyles of the US? Greece's trade deficit to GDP ratio is still a little worse than the US, but they have already reduced it considerably and should be at US levels in 1 or 2 years.
If you go with your own currency you should peg to fuck all ... you export to pay for your imports, not to let Americans drive SUVs.
As I understand it, greece's problem revolves around fiscal/tax policy. They dont have their own monetary policy. I say we send a bi-partisan US delegation of Timmay and Mittens over there to show them how it is done.
EDIT: +1 chartist. I type too slow.
Well it the greek debt is 1.3 trillion, the french debt is 15 T and the German debt is 25T. So what the phukkity is the problem; as the number crunching has gone fiat viral. WHen the whole financialised economy has gone ballistic who cares about numbers, let this funny money cloud grow n grow and one day explode. Its all baloney anyway, and the first world is NOW baloney land. Those who want to pull the plug on it will one day. In the current structure the Arabs and the Chindians are in the fiat pockets and nuke dockets of the Pax americana world; of which Euro and Yen are surrogates. UNTIL THEY CHOOSE TO LEAVE IT...So print away and let the dust settle wherever it will, when it will.
MEANWHILE IN CAMELOT-EURO-LAND, Merkel looks like she is now heading there;like a tired queen who has been emptied of all austerity resistance, and the Franco-Germany head to head will tell us who gives head and who takes tail; bushy or meager. Greece will just pray that fiat grease will oil its wheels a fex months longer, a few years longer until the bubble gets UNsustainable...Happy bubble blowing...Until it all ends; but WHENNNN?
still in the fucking asylum.. mom liked the gifts though..
Grant now relies on depressed cartoon characters to spice up his grand delusions otherwise known as 'articles'. Noted. Frankly, it was about time let me suggest Bugs Bunny, Captain Planet, Dora the Explorer for further musings.
Can't wait.
It's much more likely that everyone will end up like Greece rather than Germany. So why spend the money?
Well the beauty part is they don't have to spend anything.
"The EU budgetary office is demanding that France reduce its deficit to 3.00% for 2012 while the projection is for 4.50% so that the Commission is threatening France with large fines."
Ummm, so they're already spending too much, so let's force them to spend more by levying fines on them.
Sheesh...you just can't make this stuff up.
Laissez les mal temps rouler!
It seems Bloomberg is very negative ...
"Dow Drops Most in 2012 as Europe Concern Resurfaces"
I would suggest longs on everything tomorrow.
Slightly O/T but it is the weekend Famous French Victories http://politicalhumor.about.com/library/jokes/bljokefrenchmilitaryhistor...
The Fed secretly lent 7.7 trillion dollars all over the world, as per Bloomberg's FOI request.
They may secretly print/lend again to try bailing out the EU.
So it's seems like new elections in Greece ? http://www.bloomberg.com/news/2012-05-13/syriza-says-it-won-t-join-greek...
Perhaps...just perhaps it is all drama for the stage? So that in the end they can emerge in solidarity to announce at half-past midnight they have achieved what no individual man could do alone, but rather as brothers and sisters of the great global family - they, and only they...have managed to save us all.
Could they really be so incompetent?
Its a big mistake to think that Germany is footing the bill for this fiasco in Europe. Sure they are paying some but you are I are picking up the big bills.
Last week Goldman bought 2.8 billion in SPANIS SOVEREIGN BONDS. Now why would they do that? Because their so smart and that's a great investment? Or was it because they were told to plug a hole to keep the ponzi alive another week or two. Just thinking.
Good question. Many look at the actions of those who should know best and simply scratch their heads in complete bewilderment, wondering what they see but we do not. Perhaps they have their glasses on backwards?
Last week Goldman bought 2.8 billion in SPANIS SOVEREIGN BONDS. Now why would they do that?
Because they immediatley shorted the shat out of them.
yup. they bought 2.8 billion (if this is true) and if it is true, they screamed that and immediately shorted double that. very funny.
Hollande is not about to do anything more drastic than pretend to thumb his nose.
The European Union Commission in Brussels sets the economic policies of its members, including France.
Hollande will not reverse those economic policies (nor has he actually pledged more than to “request“ modifications).
Hollande has promised to team up with Obama, and apparently is already using Obama’s playbook. Under the smokescreen of advocating “gay rights”, Hollande has promised to "speed up" withdrawal from Afghanistan, boost France’s military production, and continue the NATO “partnership“. Hollande supported the NATO invasion of Libya.
Merkel and Hollande will doubtless come up with some deal that will promise “peace in our time” with “softened austerity“, assuredly with US “backing” for the razzle-dazzle.
Pseudo left vs. right politics (Gulag vs. concentration camp) have become a divide-and-conquer tool used by the ruling elite to thwart popular (populist) discontent with the imperial and plutocratic status quo.
Good cop, bad cop routine. Wars and martial laws threatened by PR-marketed “right-wing” tough cop politicians, are accepted under PR-marketed “left-wing” soft cop politicians.
It will be the job of “left-wing” governments to administer the otherwise unacceptable upward wealth transfers (aka “public austerity“) demanded by the global cartel. All evil will be done as the supposed “lesser of two evils“.
http://www.counterpunch.org/2012/05/07/the-french-chose-a-new-president-will-the-eurocrats-let-him-do-anything/It seems strange that JPM was shown losing money. It's weird that the media have allowed
regulators to start looking like the saviours (who were 'warning' of impending disaster) , because
ZHers know the truth.
Now stock markets are being allowed to fall, while gold and silver have taken
yet another big hit.
My guess is that either stuff is coming unravelled
or this is the theatrical teaser play for the next big fascist move, and/or QE3, LTRO squared.
BTW stop believing the bullshit about Germany being to blame for all this.
German banks went nuts loaning money because of the perceived bubble
in credit availability (i.e. electronic money) and that those banksters had
forgotten the difference between "real" (cash) money, and the computer stuff.
But, Germany's not the author of that. It's the US, UK and probably Swiss banks. They
are owed money by Germany.
Germany, like good masochistic Protestants, realise that they sinned by banking in this way.
But, they're trying to impose this Protestant ideal on their victims. That's why the Germans
appear to be trying to take over the world (their promotion of manufacturing was trying to do that).
They're behaving this way, as Mr Panos says, because they're German.
And their British and American puppet-masters are sitting back and laughing, as if this mafia
economy is going to make them rich without exposing their pumping up of this derivative/debt/fractional
unregulated monster.
Let's go, black swans.
Woweeeeee. Ok, next CA . Greece finished first, shame on CA for not being number 1
What is this "Europe" people talk about? A collection of very diverse countries, and since the advent of the EU, a prison of nations.
Europe, whatever that is, has not bet the farm. The neofeudal Brussels elite has. They're ready and willing to fight to the last serf to maintain their priviledges. Outrageous salaries, chances to tap into and divert taxpayers' money, and lavish dinner parties with other members of Brussels neofeudal elite. That's what this is all about - keeping their EU(SSR) dream alive.
The EU has failed, the Brussels bureaucrats have failed. Separate European nation states do just fine without the EU. Those EU member states that are not willing to dump the EU, will live and die as slaves, as the next item on the menu is freedom.
If it weren't for the EU, a country like Greece could only have been able to borrow for a short term, preferably not at all.
Freedom is not valued by subhumans until their actual head is put on the chopping block, and their relatives are being dragged off the street willy-nilly for nefarious purposes and trumped-up crimes.
We in the West have bred and raised a very large contingent of subhumans, (courtesy of unionized, pedagogical, amoral teachers and parents who want to be perpetual adolescents), who want no more than to have their pleasure centers excited. It is as simple as that.
Europe has bought the farm. They bet it a long time ago.
New, Obama's compaign strategy.
(The picture is not there)
France then finds itself, one way or another, with a larger budgetary deficit and if the EU then imposes fines
You must be writing as an American. The EU Commission does NOT impose fines on France. France does not pay fines. France IS The European Commission. the working language is French, the culture is French, the Officials are French Enarques. France and Germany set aside fines before when they breached Maastricht in 2002. Germany did not qualify for Monetary Union - it falsified its own convergence - ask Theo Waigel.
The whole charade has been forced and faked from the beginning.
France has no option but to pursue its own path. It has the largest Muslim population in Europe - as many as in the USA - but a different variety, North African and holed up in ghettoes like Watts. The last thing France needs is an Intifada.
The way forward is Import Controls. the disaster came as James Goldsmith warned in his book The TRAP
http://www.amazon.com/The-Trap-James-Goldsmith/dp/0786701854
As Goldsmith said in the second section of the book;
"The New Utopia GATT and Global Free Trade' is a powerful attack on... ..liberal/capitalist dogmas.
Goldsmith pointedly states "...forty-seven Vietnamese or forty-seven Filipinos can be employed for the cost of one person in a developed country like France".
"The adoption of global free trade would therefore be utterly disastrous for the middle- and working-classes of the West, as the transnational corporations simply move their production operations offshore. But the poor of the less-developed world would not benefit much, either.."
"...one of the characteristics of developing countries is that a small handful of people controls the overwhelming majority of the nation's resources. It is these people ... who assemble the cheap labour which is used to manufacture products for the developed world. Thus, it is the poor in the rich countries who will subsidize the rich in the poor countries".
So we are going to Capital Controls and Import Controls the only question being whether the Us leads or follows
Sandmann
Your belief that EU mandates are irrelevant to France and that France is going to "pursue its own path" (under Hollande? - lol) is debatable, to put it mildly.
per Reuters:
“Another area of concern is France. While the country is forecast to grow 0.5 percent this year and 1.3 percent next, its budget deficit is expected to be 4.5 percent in 2012 and be only marginally lower in 2013 at 4.2 percent.
Incoming President Hollande has promised to create 150,000 new jobs and raise spending by 20 billion euros. He has also pledged new taxes to raise revenue by 29 billion euros, bringing the budget into balance by the end of 2017.
But that may not be sufficient for the Commission. A failure to deliver on the 3 percent 2013 target could put France under the excessive deficit procedure, which can lead to fines.”
http://uk.reuters.com/article/2012/05/11/uk-eurozone-idUKBRE84A0P020120511And whenever TPTB have an epiphany to protect the “middle and working classes“, and generously create capital and import controls to do so, we can be sure they will gladly dismantle their global military and financial institutions as well.
To Goldsmith’s contention
Thus, it is the poor in the rich countries who will subsidize the rich in the poor countries
must be added
and the globalist rich who belong to no country will be subsidized by everyone in every country.
Trade agreements are “negotiated” primarily to insure wealth is channeled upward, and have not been nor will they be soon designed to “protect” the lower classes.
The system of rich globalists empowered by international corporations and organizations, who are served by locally-based oligarchies dependent on the globalist economy __that will continue (perhaps for a long time).
As the economic stranglehold becomes tightened, populations will become restless, and local oligarchs will feel threatened, but they will continue to side with their sponsors, and thus become even more dependent on international “assistance”.
The current batch of leaders will not choose to buck the system, and will be “dissuaded” from attempting so by globalist (financial, military) organizations even if they somehow wanted otherwise. The empire is far from dead.
New leadership, and/or new (probably international) political movements will be required to forestall a long dark age of plutocratic tyranny.
Oh my! 40% of German GDP. They bet the farm, or they bet Frankfurt. Doesn't matter. They are going to lose both the farm and Frankfurt.
hey gang we are americans our 1rst concern should be the usa when the euro tanks ben loses & dollar devaluation fails then forget gold forget equities & grab any dollar you can find & hold on tight
Repudiate that crap arrest the banksters and get this show on the road.
I'm going back to USGS to search for earthquakes. Waiting for financial armegeddon takes too long.
They will print to continue bailing out Greece or let Greece default and print to bail out the rest of the Euro zone, either way a lot more Electronic cash is about to be created and so it goes on.
Only if Germany decides enough is enough will it all end and that will be decided by German voters, everything else is just side shows.