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It's Official: German Economy Minister Demands Surrender Of Greek Budget Policy, Says It Is First Of Many Such Sovereign "Requests"
While over the past 2 days there may have been some confusion as to who, what, how or where is demanding that Greece abdicate fiscal sovereignty (with some of our German readers supposedly insulted by the suggestion that this idea originated in Berlin, and specifically with politicians elected by a majority of the German population), today's quotefest from German Economy Minister Philipp Roesler appearing in Germany's Bild should put any such questions to bed. And from this point on, Greece would be advised to not play dumb anymore vis-a-vis German annexation demands. So from Reuters, "Greece must surrender control of its budget policy to outside institutions if it cannot implement reforms attached to euro zone rescue measures, the German economy minister was quoted as saying on Sunday. Philipp Roesler became the first German cabinet member to openly endorse a proposal for Greece to surrender budget control after Reuters quoted a European source on Friday as saying Berlin wants Athens to give up budget control." And some bad news for our Portuguese (and then Spanish) readers: you are next.
"We need more leadership and monitoring when it comes to implementing the reform course," Roesler, also vice chancellor, told Bild newspaper, according to an advance of an interview to be published on Monday.
"If the Greeks aren't able to succeed themselves with this, then there must be stronger leadership and monitoring from abroad, for example through the EU," added Roesler, chairman of the Free Democrats (FDP) who share power with Chancellor Angela Merkel.
Reuters reported on Friday that Germany wants Greece to give up control of budget policy to European institutions as part of discussions over a second rescue package.
Greece, which has repeatedly failed to meet the fiscal targets set out by its international lenders, is in talks to finalise a second 130 billion-euro ($172 billion) package.
With many Greeks blaming Germans for the austerity medicine their country has been forced to swallow, officials in Athens dismissed the idea of relinquishing budget control as out of the question.
Finance Minister Evangelos Venizelos said on Sunday Greece was perfectly capable of making good on its promises.
"Anyone who puts a nation before the dilemma of 'economic assistance or national dignity' ignores some key historical lessons," he said in a statement before heading to Brussels for a European Union summit on Monday.
And by the way, this is just the beginning:
A government source in Berlin said Germany's proposal was aimed not just at Greece but also at other struggling euro zone members that receive aid and are unable to make good on their obligations.
So yes, it is true, and Germany is dead serious. Ball is in the Greek court now: just how far will the new technocrat PM go to sell its people in exchange for a few banker smiles?
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Cue Sausage the riot dog. Maybe a few Molotov cocktails will fly as well..
At least one guy in Ireland found a use for the Euro :
Jobless man builds a house out of $1.82 billion worth of shredded money"Whatever you say about the Euro, it's a great insulator."
http://www.youtube.com/watch?feature=player_embedded&v=beK0O25O9aY
You can't eat fiat currency, but you can build a house out of it!
3 words "this is Sparta" "lock and load".
there's never been any confusion on my part that it is the hofjuden that are demanding greek's sovereignty and tangible assets; not the german people via their stupid Bundestag.
This fits perfectly into my long held opinion that Germany is done rescuing peripheral EZ countries, but for the sake of appearances, does not want to be the one that actually pulls the trigger.
My suspicion all along has been that Germany will resolve this issue by making impossible demands from the PIIGS countries in return for 'Assistance'. When the target countries inevitably decline to sell their souls to Berlin, the Germans can walk away with a clean conscience and say 'Well we did our best to help, but they refused to accept'.
Agreed - this makes it palatable domestically as well. To the average German it looks reasonable, and since these guys don't want to accept a reasonable offer - time to leave the burning building.
My feeling is that the Germans will firewall their banks while everything goes to pieces around them. Then buy it up and complete their dream of controlling Europe.
"My feeling is that the Germans will firewall their banks while everything goes to pieces around them."
They have already done so. On Thursday, the 2008 banking bailout fund SOFFIN was re-passed by the Bundestag and has a size of about half a billion- to be reactivated for the next emergency soon to come:
http://www.handelsblatt.com/politik/international/risiken-durch-die-euro...
Half a billion isn't enough. They're going to need a lot more than that. 100 - 200 bn is closer to the mark (no pun intended)
hm
now are all german nazis again or what ?
If Germany doesn't want to lose their money, they should give anything to Greece. Simple.
Let us control your budget or NO MONEY.
No money it is then.
Problem solved.
There are nefarious people who look at this as opportune conquest rather than bailout.
That's what I'm saying.
-From my mom's kitchen ipad
"just how far will the new technocrat PM go to sell its people in exchange for a few banker smiles?"
he would walk a million miles....piece of shit that he is....
Spoke with a Greek on Friday, was illuminating to say the least- Greece is laughing at the rest of the world, believing that they have all the leverage they need to continue on "as-is", and see no reason to make ANY changes in their system....
Can't blame them- gutless ECU has been all talk thus far.
Nice to see that Germany sees thru their bullshit.
You spoke to a Greek? REALLY???
Was she a 6ft blonde Greek goddess with huge boobs, was she named "Mary"? Did you fuck her but lost her phone number and you don't have a picture of her either?
You lucky statistician, you
"also at other struggling euro zone members that receive aid and are unable to make good on their obligations"
As a Portuguese I know what this means, and it does NOT mean "some bad news for our Portuguese (and then Spanish) readers: you are next".
Ergo rated 4*
And as a person who loves Portugal, I'm afraid that that is exactly what it means.
I'm afraid this is wishful thinking on your part, beeing Portuguese doesn't necesseraly qualify you to predict the troubles that are coming your way. In fact Portuguese, as well as Greek, people TEND (this is not personal and I don't mean to generalise either) to be more in the dark than the rest. Courtesy of their goverments....
As a Portuguese who doesn't live there anymore and keeps up with the state of things both there and in 2 other EU countries (one I lived in before and the other one where I am now) I'm afraid you can be pretty damn sure that Portugal will be next.
Given the exceptional ineptitude of Portuguese politicians (note the one-off raiding of the Banker's Association Pension Fund to slice off a tiny 1/4 of this year's public deficit), the policies of austerity for the middle class but not the local elites, the unresolved housing boom, the almost constant discovery of yet another previously unknown debt from the Madeira region, the fact that, frankly, nobody else in Europe really cares about Portugal (and they have really silly prejudices, like the notion that everybody in Portugal sleeps the siesta) and, above all, the spectacularly bad level of management in Portugal (exceptionally good workers, really bad management) it's pretty much guaranteed that when shit hits the rotating impeller, Portugal is going to be left out to dry.
In fact, after a Greek default, expect the focus to completely bypass Portugal and Ireland (who will be left to fend for themselves) and go directly to Italy and Spain, the real Too-big-to-fail of this show.
The most imp data point that FED looks at and it cannot be easily faked.
http://capital3x.com/trades/one-data-point-that-fed-look-at-more-than-ot...
props, that chart is only gonna get worse
I doubt very much that Greece, the first ????? (démos): people and ?????? (cràtos): power, will give up its democracy for money.
I mean, in both cases (accepting lost of sovereignty or the default) the Greeks will face a long period of sacrificies, so I won't be surprised if tomorrow they say: "Fuck you all, Greece is in default."
At least by doing so they can avoid a revolution, because no one, homeless or rich, will accept a german dictatorship.
Plus, we have goldman saying to short USD heavly..... mmmhhhhh.......
2012 bitchez.
you're forgetting Goldman runs Greece.....
Ever been to Greece?
Bunch of frickin loons.
When they realize everyone is serious, they will sell their souls for another round of Ouzo in order to keep the party going.
Your name should be "Stinking Flatulence" considering that you are talking out of your asshole.
It's funny, they finally hit a snag in their little plan.. Here they've been effortlessly throwing billions into the PIIGS, gloriusly creating the audacious next day market melt after the humpteenth summitt meeting in Brussells.. Only now they got a small problem with the country that just keeps taking all the bailout billions and never does anything they were supposed to. So it becomes unavoidably clear that these guys have just decided to suck up all these billions and then head off into the sunset.. Which means that now, instead of a summitt, speech, launching of billions - with ensuing market melt up - they are forced to snipe each other from afar all weekend, no billions are released to the destitute nation, sit around the office sweating the next day as the market falls off a cliff. They don't like this! Don't be suprised if you see an 'unexpected' international conflict magically appear out of nowhere.
don't forget a lot of the money goes to repaying the debt (i think 70%?) previosuly borrowed by greeks and owed to....germans and french and americans!
If any of this was real, Greece would call Germany's bluff:
"Hey Germany, you're broke bitchez too!"
"Hey Francy pants, the farce is strong with you too. Liar, liar, France on fire."
It isn't real. I love how we track this fiction soap opera shit like something real is going on.
One wouldn't expect less from an an allienated Vietnamese, a mentally bastard, a demi-"German", and not at all Vietnamese anymore, who is changing to the yellowisher shade of yellow, at the hearing of the word Vietnam, from a yenissary of his country.
He is a shame and a traitor of his origins, in the first place.
So, no wonder what he plans on Greece THE FUCKING BASTARDO !!!
We have declaration of war.
My opinion is they prepare for the "final solution", just like in 2WW, when the Jews and Polands denied to accept the PLOT against them, until the moment they were stacked onto the wagons to the Lagers.
And even then, until the last moment, they were looking each other.. wondering...
Bankers: monetary Lebensraum, bitches
History Rhyming again.. this must be the chorus. All together now... WAR WAR WAR WAR..
Twain said - History does not repeat but it rhymes. Well it's starting to feel a whole lot like 1939.
Damn ... that's my quote.
Kind of humorous to see Germany making demands after playing patty-cake for the past 3 years.
Did you really think they were going to pay you back Frau Merkel?
One of the questions that I have yet to see receive much attention, or discussion is what have the Greeks done with all debt money that has been accumulated to date??? or more simply, where did it all go?
Yea, some went to deficit financing of government capital & operating budgets and some went to pay interest on sovereign debt.
How much was borrowed by Greek banks at lower than would have otherwise been available interest rates to encourage Greeks to buy Mercedes & BMWs and generally live beyond their means? and how much was diverted to Greek politicians & pork souvlaki spending on "greecing the wheels of Greek economic life" so to speak?
It also seems apparent that the Greek government distorted their financial reporting which in part made them look more credit worthy than they otherwise would have, and hid the problem longer and allowed it to get bigger, so they must bear some responsibility.
In the end, though it seems both borrowers and lenders are to blame, though just as with the US subprime mess, ultimately the lenders have control and if they decide to lend to credit risks that are known (or should have been known) to be bad, the losses should be on them.
A Greek default won't be the end of the world - let each creditor bank take the hit & let each sovereign recapitalize its own banks, which in turn will spotlight the bad decisions the banks took in lending this money and give the taxpayers in their respective countries a chance to identify who really caused this mess and take action to change things that will prevent it from happening in the future.
unfortunately, that seems to be a pipe dream - but the alternatives seem much worse with politicians continuing to try to pass the buck, er euro debt, on someeone else's taxpayers...
Went to buy military equipment, muwahahahahaha!
Greece Spends Bailout Cash On European Military Purchases
http://www.zerohedge.com/news/greece-spends-bailout-cash-european-military-purchases
Is it adding up yet?
Oh wait, it can't add up, can it?
There is no balance sheet!!!!!
There is no spoon!!!!
Muwahahahahaha!
I agree, a default is not the end of the world, but the lenders don't let the victim free...
Such GIGALOANS are very attractive to the brokers also (PM's...) because of the provisions (10% said Mr. Stiglitz)...
'It also seems apparent that the Greek government distorted their financial reporting which in part made them look more credit worthy than they otherwise would have, and hid the problem longer and allowed it to get bigger, so they must bear some responsibility.'
In tandem with Goldman only. Since Goldman are the "Untouchables", we can always go after the Greeks. Yes, yes those do-nothing lazy bastards. Sprinkle in some oversimplified shit about 'productivity' and: Viola! The perfect formula for Yankee ignorance of things outside their very own immediate issues. Carry on, the MSM has taught you well you sad, sad solipsists.
oops, sorry mscreant...gmta anyway
where indeed, you might check this out as part of how greek deficit spending went on buying german railways, gear and erecting stations..this is the tip of an iceberg i'm sure..
http://www.bbc.co.uk/news/business-12272153
or you might try this for how greece needs to buy german and french planes etc to protect themselves from those nasty turks who invaded the northern part of cyprus and, shock/horror want to join the euro
http://www.politicalworld.org/showthread.php?t=1408
They put on a fine Olympic Games. They also got a brand new shiny airport which I had the pleasure of flying into on its 4th day of opening.
My longest holiday in Greece was meant to be 3 weeks, I stayed for 10, but then again that was before they adopted the Euro.
A lot of folks are focusing on Germany imposing its will on others....you are missing the point. All governments are puppets for central banks - only paying lip service to their population.
What I see is the international banking cartel making a show of Greece to scare all the other countries into towing the line. This is a long game and has been going on for hundreds of years - we are just in a more dynamic period right now (and that makes it more interesting).
To think that Greece was ever a country of free people is a pathetic joke. Perhaps even more pathetic is to think there is a real election going on in the USA where the people will assert their control over "government".
But this is not just about economics is it? I love how there has been so much serious analysis of the aftermath of our wars of liberation in Iraq, Afganistan, Libya etc. (sarc). I mean, how can you not turn on the TV these days without seeing our reporters traveling into the hinterand of Iraq to see how the common people have suffered. God bless you MSM....without you where would we be?
An deutschen Schweinen und lokalen (griechischen) Kollaborateuren:
http://www.youtube.com/watch?v=EAsDzAUa2Hc&feature=player_embedded
200.000 Athener starben in 1942 Winter an Hunger (from the fourth minute and then, in the video)
_____________________________________________________________________
Die kalten Exekutionen in Kontomari, Chania, Kreta Island (eine von den vielen Exekutionen in ganz Griechenland). They gather the people from the village and execute them (one example from a number of such revenge type executions against the greek people, because they resisted)
http://www.youtube.com/watch?v=vPYXmODt5M8&feature=player_embedded
The German army ordered the greek people to pay for the German Army's food and living (by seizing all food, etc.)
OMG.
And also, the Germans demanded also a LOAN from occupied Greece !!!
AND SEIZED THE GREEK GOLD FROM THE NATIONAL BANC ETC, TOO, SHIPPING IT TO GERMANY !!!
Not surprising that Greece is milking Germany for whatever they can get and playing the waiting game.
King George invested way too much to try and hold on to the colonies and was much too slow to realize that despite having the largest Army and Navy in the world the battle was already lost.
What is Germany going to do, invade?
What court is going to take away the sovereignty of Greece?
You can flash digital money from one end of the globe to another in milliseconds but you cannot force individuals, families, towns, regions, and nations to do something without physically occupying or subduing them.
Good luck with that Germany and Europe.
Banker Smiles are barbarous relics. There, I said it.
However, you can eat them deep fried, and they make a nice necklace for the mistress.
thats not an anagram..oh wait..nm
And the English "Allies" "of course, of course, bombarded Piraeus Haven, in an "experiment" of "trying the new types of bombs against the Germans" or something like that!!!
4.000 people in Piraeus Haven were killed then!!! (during the War and despite the fact, that Greece was on the side of the Allies!!!)
THE GREEK GENOCIDE HAS NOT BEEN DISCUSSED YET IN A INTERNATIONAL LEVEL, AS IT'S WORTH AND IT DESERVES !!!
4000 ain't a genocide, tard.
TARD, OVER 700.000 TO 1.000.000 GREEK PEOPLE WERE KILLED OR STARVED DURING THE WAR
I'M TALKING ABOUT THIS GENOCIDE
(THE 4.000 IN PIRAEUS WERE THE "COLLATERAL DAMAGES..." AS IT IS CALLED TODAY, IN YOUR POLITICAL CORRECT LANGUAGE...)
That's called war. 25 million Russians were killed and are they calling this genocide? No. STFU now.
ccording the population it s clear genocide
LOOK THE GERMAN MONSTERS IN ACTION
http://www.youtube.com/watch?feature=player_embedded&v=EAsDzAUa2Hc
http://www.youtube.com/watch?v=eslVB34UswQ&feature=watch_response
To lolmao:
I know that you are angry because your girlfriend has the menstruations, but this doesn't allow you to say bullshits.
I am ashamed to have been born in the same country as you. Whatever compensation Greece was entitled to from Germany, it was obviously exchanged for something else by the great Greek political leadership long time ago. Fucktards like you can shout all they want but the truth is that whatever "leverage" Greece got from that entitlement if it didn't go for the benefit of Greece as a country then it probably went to the benefit of some of the morons that we call "parliament" in the past 35 years and their friends. So why don't you go do something usefull and ask it from them?
check this :
www.filikietairia2010.gr
and this: nasostsaganelis.gr for the amounts
Anyone else notice the large increase in earthquake activity in Europe, most notably in Greece and Turkey. Coincidence? Or could it be the folks at HAARP are trying to create a need for a large "humanitarian mission" to Greece?
Simple plate tectonics - Greece is breaking away from Europe, sailing on the earth's crust towards Africa. Happy End.
IMO TPTB have machines controlling the weather, and definitely have the ability to cause earthquakes and other allegedly "natural disasters" with man-made machines.
Don't forget the Japanese Earthquake was man made.
Malaka.
We are not arguing what you are - just the price..
http://en.wikipedia.org/wiki/Molon_labe
the pure archaic-doric-laconic beauty of "molon labe" is it's shortness, though leaving the initiative to the other players, so shifting all blame and attracting fame and glory even in defeat. good solid game theory behind it
http://imgur.com/gallery/8jp3y
Nobody's covered this point: this move by Germany will send what's left of Greece's educated class and whoever has money rushing for the exits, an accelerating spiral.
LMAO. Where will they go?
No where to run to baybee, no where to hide.
Of some importance here is that Rösler is the leader of a party that in polls currently sits at about 3%, meaning they would not enter the parliament at the next election (5% is the lower limit). In other words: He is desperate to score, no matter how.
About 75% of the German population is against further payments to Greece - easy enough for Rösler to jump on that bandwagon and be the first to publicly make such a statement.
TD
Let'ssee if I have this straight.
Germany provokes Athens via proxy to give up what it can not give up (unless this is what "subsidiarity" really is). Athens - backed into a corner decides to default, setting off the protection derivatives involved for this flea-bite.
The rest of the Periphery considers whether to play 'monkey-see monkey-do' -- Read:- Portugal, Ireland and HUngary for openers. It gets out of hand splendidly as Spain and Italy are sucked in, and Germany, facing a systemic finacial colapse, picks up its marbles and washes its hands?
No country cedes its sovereignty voluntarily -- it does so after military exchanges and Dear Deuchland doesn't have an army worth spit (for good reason).
I am aware that Hungary is non-eurozone but its external borrowing is hardly a picture of sobriety.
You are misguided by the media. Do not mention Hungary together with Portugal or Ireland. At least you are aware that HU is non-eurozone. Congratulations. Look at the naked numbers before you write über-smart comments. This was for my Hungarian half.
As for my other half which is German, I can tell you that Germany has no ambitions whatsoever to "suck in" any other countries. All the world is demanding that the Germans to pay for whole Europe? So the Germans put down their claims. You do not pay if you do not get something in ex-change - in this case some controll.
Finally: do not mix up EU with the Germans where they do NOT have the majority in any way.
well written, now I thirst for an Hungarian perspective, please post some in future.
BRITISH PARLIAMENT, 1766
"An act for the better securing the dependency of his majesty's dominions in America upon the crown and parliament of Great Britain.
....
may it therefore please your most excellent Majesty, that it may be declared ; and be it declared by the King's most excellent majesty, by and with the advice and consent of the lords spiritual and temporal, ...
..That the said colonies and plantations in America have been, are, and of right ought to be, subordinate unto, and dependent upon the imperial crown and parliament of Great Britain; ...
to make laws and statutes of sufficient force and validity to bind the colonies and people of America, subjects of the crown of Great Britain, in all cases whatsoever, ... "
link: http://ahp.gatech.edu/declaratory_act_1766.html
Repealed in 1964
Angela?
You are probably right though, why control this mess when you can let it burn (after you benefited greatly) and then have them beg you to pick up whatever is left for peanuts.
Gosh,
I'll make sure that I do that at once...NOT
Lol!!
Molon labe !
The currency act of 1764:
... may it please your most excellent Majesty, that it may be enacted; and be it enacted by the King's most excellent majesty, by and with the advice and consent of the lords spiritual and temporal,
... That from and after the first day of September, one thousand seven hundred and sixty four, no act, order, resolution, or vote of assembly, in any of his Majesty's colonies or plantations in America, shall be made, for creating or issuing any paper bills, or bills of credit of any kind or denomination whatsoever, declaring such paper bills, or bills of credit, to be legal tender in payment of any bargains, contracts, debts, dues, or demands whatsoever; and every clause or provision which shall hereafter be inserted in any act, order, resolution, or vote of assembly, contrary to this act, shall be null and void. ...
V. Provided also, That nothing herein contained shall extend, or be construed to extend, to make any of the bills now subsisting in any of the said colonies a legal tender.
Whatever is coming down the road, I got the feeling it "ain't gonna be pretty." So are the Germans preparing for the start of a financial World War III using their financial clout to take over Greece, Spain and Portugal? Perhaps Italy as well? It should be interesting to see what Nagal Farage says about all of this...... No matter what, I bet the Squid has a hand in whatever happens......
Zero Hedge’s handling of the Troika proposals on Greece implying at times “annexation, colonization,” etc. by Germany fosters this type of low information reaction.
There is a reduced generality effect that is taking hold by readers who want a prepackaged narrative...
oh, I'm dying to hear what Nigel Farage has to say over this. Perhaps he will ask his German wife if she lusts for Greek annexation?
but wait, he a member of the one parliament that would get more power from this... decisions, decisions...
Noooooo man. Nothing is serious. Germans just want the system to be cleaned up, aka few banks collapse, but .........they DO NOT WANT TO BE BLAMED FOR IT.
It's just a matter of blame.
The good thing about Minister Rösler is that he not only IS a puppet, like all other leading politicians - he also LOOKS like a puppet.
Great observation. I'm sure he's got no other income and would like to maintain the job. In North America, they call it Career Politician. In Europe they simply call them Politicians.
Doctor of Medicine (M.D.), age 39, adopted from an orphanage in Saigon 1973, stepfather Luftwaffe flight instructor, married, two children ...
Sounds like a good deal for Greece. Germany is organizing a strategic default for Greece which erases 50% of its debt. Plus Greece gets fresh money for 3. something%. Plus they get a consulting service for free to modernize their goverment structures trying to dampen the corruption in Greece. The Greek population is not happy but that is much more what was expected.
And the price for this package for the average Greek. He has to accept, that the corrupt elite of his country is loosing some power (anyhow not for long, since the fat allways swims on top of the soup). Not a bad deal. At least there is hope that the things are moving in the right direction.
But its a bad deal for Wall Street and the City and some other big European banks. They have to take the hit through the necessary write downs in value, plus it triggers the payment of CDS since there cant be any doubt, that such a haircut is a default. Otherwise nothing ever is regarded as a default. One could stretch this new "default rules" to extreme extents. As longs as a debitor pays 1 cent for the Dollar and the creditor accepts this as full payment, then it can be argued with the same right that it is not a default. Since this is complete rubbish there can only be one outcome. Greek is declared as fully defaulted on its financial obligations. And this is what is going to happen now.
Deutsche Bank had bought protection (CDS) against a Greek default from US banks. Otherwise Deutsche Banks balance sheet would look not so good anymore. And now the US banks have to pay so that Deutsche Banks balance sheet does not get a fatal hit.. But just now, wonder o wonder, I heard it today in the news, Deutsche Bank is sued in US by the SEC because of their fraudulent role in the Mortgage Backed Security crime. But why only Deutsche Bank ?. Simply because they jumped ship away from the big US banks.
Thank you, sir. At least somebody is doing the math.
Some brilliant satire here on the greek situation. http://hat4uk.wordpress.com/
People, come back to your minds. Listen, I'm from the Balkans and live in Toronto. Here me out here:
Greece is too too important strategically. It practically controls all mediterraneans. The island of Crete has a Nato base with nuclear submarines, it's soooooo important. Nobody wants national protects in Greece against USA and Nato.
Solution:
- Greece will be bailed out via few European bank collapses.
- Opeationally, Greece will invoke CAC (collective action clause) which will lead to Lehman in Europe. A Lehman for Europe is very good for the system.
Seems there are two threads here: The 'Modest Proposal' that requests Greece give up significant budget authority, and Germany as a bad guy lender.
The Modest Proposal seems outfront to be a bank cartel wet dream channeled through the FDP, but there are other possibilities: the cynics' favorite - Merkel is looking for an out and is trying to force a Greek' default so Germany can exit stage left; or it is a simple pressure tactic on the Greek Parliment to finally really, really get serious; or it is an EU trial ballon of dirigible proportions with the obvious punchline that it is named LZ129;
or (your favorite theory here).
I vote for the 'looking for an exit' strategy - Merkel and crew have spent two plus years saying "The Euro must be preserved" blah blah: a big time face-saver is required. I suspect this may work; it is probably not possible for Goldman's man in Greece to convince the Greek parliment to either go along with the Modest Proposal OR to come up with enough real austerities with real mechanisms in place to ensure compliance and satisfy the banksters Troika - and Get The Cash within six weeks and counting. If this is more or less correct, then the end game is clear: settle the PSI and ensure a credit event to trigger the CDS and allow the hedgies and the banks left still holding some Greek paper to exit with some real money; Germany (also fronting for other northern tier countries) says no more bailout cash because there are no Greek mechanisms to ensure austerity; Greece defaults on the March debt payments; the banks get nationalized; and hello drachma. Portugal politicians wet their pants.
So, is Germany the bad lender? Seems a lot of ZHers are into dragging the Nazis back in, but it does take two to tango. The creation of the EZ and the Euro common currency gave the southern tier countries a big fat credit card, and (surprise, surprise) the politicos went ape shit outdoing one another in 'expanding the social network' and providing the voters with an unsustainable pile of goodies. (Not that the US is any damn different, mind you.) The bill is (over)due. So, as per the US housing bubble, the borrowers get screwed, some lenders lose money, and the money mechanics make out like the bandits they are.
My optomistic prediction for Greece is that things are going to get worse before they get worse.
Now, can we turn our attention to Portugal? I have my new bag of popcorn.
I vote for the 'looking for an exit' strategy" - You get my vote.
As to Portugal, it's already in the sack. Once Greece forces losses, Portugal, Ireland etc will jump right in, regardless of the fact that most of Portugal bonds are issued under brittish law. We need a clean up.
cue on of my favorite quotes from animal house
http://www.youtube.com/watch?v=zOXtWxhlsUg
One would think that such a demand, coupled with the internationally recognized rude hand/finger gesture that Greece must offer in response that the default of Greece is unambiguously at hand. First Greece then anyone else that TPTB might think need supervision. How strange then that as I type the euro is at pretty much a high not seen since early last Dec. Shouldn't the euro be crashing? What am I missing?
sunny
It has already crashed too much and too fast already. Give it some more time since a lot of banks have run out of euros to sell.
don't forget the other two (very ugly) sisters to europe, namely the us and japan, both of which are in a worse solvency position than europe as a whole. think of it this way, if you were a global investor and could take currency risk anywhere..which currencies would you rather have, the euro, the yen and the US dollar? or the remnimbi, the real, the norwegian krone and dare i say it...gold?
don't forget the euro was issued at US$1.19 per euro, dropped to 0.82cents per euro and peaked at US$1.60. the currency markets have this as one big "ugly sisters" hobson's choice.
As I've said, annexation without firing a shot. It's German economic imperialism.
What, pray tell, is the origin of this fanatical view of German economic success as, somehow, a Teutonic war machine?
“Annexation without firing a shot”? My word, the only time “annexation” is mentioned is when a hugely anti-German faction is trying to turn back the clock to 1939.
Have not the German people suffered enough from prejudice by those who use Hitlerism to claim the German populace was “keen to go along for the ride”? How long will it be before the accusations and the ill will against the German people come to an end?
Consider developments after WWII:
In 1947, a defeated, divided, truncated, occupied Germany was a mass of rubble, its economy a desperate scratching for subsistence.
Although the Marshall Plan enabled Germany’s people to rebuild a free society and a free economy, a predecessor blueprint for genocide became the on-going principal occupation policy directive – a policy that aimed at the destruction of a nation’s people. It was the Morganthau Plan, drawn up by America’s Jewish wartime Secretary of the Treasury, Henry Morganthau and his closest advisory, Harry Dexter White, a member of a Communist espionage ring in Washington while he served as Assistant Secretary of State.
It aimed at the permanent destruction of Germany’s industrial heart and the consequent death through starvation and disease of millions and tens of millions of Germans.
Time magazine has aptly called it “history’s most terrifying peace”.
The conservative newsletter, Review of World Affairs, quotes the plight of the German people after the war as follows from a confidential memorandum prepared by an eminent European economist:
“Since the end of the war about 3,000,000 people, mostly women and children and over-aged men, have been killed in eastern Germany and south-eastern Europe; about 15,000,000 people have been deported or had to flee from their homesteads and are on the road. About 25 per cent of these people, over 3,000,000, have perished. About 4,000,000 men and women have been deported to eastern Europe and Russia as slaves….” Quoted by Sen. Homer Capehart in speech before U.S. Senate, Feb. 5, 1946.
Dr. Lawrence Meyer, executive secretary of the Lutheran Church, Missouri Synod, after a tour of Germany at the time stated:
“About 16,000,000 German refugees east of the Oder are being deported from their homes. It has been estimated that already 10,000,000 have been driven out. The human tragedy and suffering caused by this ’Volkswanderung’ are unparalleled in history…”
An authentic eye-witness reported…
“A large barge is slowly being towed across the Oder River. In it, lying on straw, are 300 children ranging from 2 to 14 years of age. There is hardly a sign of life in the whole group. Their hollow eyes, their swollen bellies, knees, and feet are telltale signs of starvation. These are merely the vanguard of hundreds of thousands—millions of homeless, shattered, hungry, sick, helpless, hopeless human beings fleeing westward – west of the Oder and Neisse rivers.
“A trust in God—in his goodness and mercy—these are the only hope of Germany today. And thank God in many there is still faith in God against which the gates of hell have stormed in vain during the past decade.” (Capehart)
And, then, after Germany surrendered, their soldiers surrendered to the Aliies thinking that they would be treated more fairly than by the Soviet hoards. Eisenhower, however, promptly declared and designated the surrendered German soldiers as "defeated enemy forces" or DEF.
As one ZH commenter said: “Then began the liquidation of over 1 million surrendered and captured German soldiers, mostly very young or old because Germany had run out of men at the end of WWII. They were literally starved to death in open concentration camps guarded by Allied forces, with no food, toiletries, or shelter. Anyone who tried to bring them food or anything were shot on sight. Some 1.2 million Germans were literally starved to death by Eisenhower after WWII.”
IIRC Jewish wartime Secretary of the Treasury Henry Morganthau invented the oxymornic term "Judeo-Christian" in order to tip anti-war American sentiment against Germany and into the war. The term itself is a lie: it implies a permanent connection between "Judaism" and Christ where none exists. Firstly Judaism is the religion of the Pharisees who murdered Christ. Secondly the term Jew first appeared in history in print in the year 1775 AD (see Oxford Dictionary, don't take my word for it). So in truest fact Jesus was not a Jew because no such term existed till one thousand seven hundred years later. If you protest that I argue simple semantics, I agree. The superior point is that OT Hebrews are not "Jews" (a Judaic scientist well documented the DNA origin of ME "Jews" is Khazaria of central eastern Europe, not the ME...but that's another story). There is no such thing as a Hebrew "race", at least not Scripturally.
OT Hebrews are split into two groups, those actually chosen by God for their "faithfulness" to God (called the "remnant"), and the unfaithful who God did not save. We see in Acts that God labels the spiritual father of some Hebrews "the devil", not God...also see "say not that you have Abraham as your father" said directly to physical descendants of Abraham. Why? Because Christ denies salvation by race.
To say one is saved spiritually by one's physical Judaic DNA is the religion of the Pharisees who murdered Christ and modern Judaism, the exact opposite of what Christ taught, which is salvation by faith. A modern Jew denies Christ is God, the opposite of Chrisitianity. So it is impossible to say one denies Christ and worships Christ as the term Judeo-Christian implies. There is no such thing as a Judeo-Christian anything.
Besides, per the OT all vestiges of the OT Law are fulfilled in Christ. The next time you see Allan Dershowitz, asked him what two dates did he last visit "The Temple" (the real temple, the one Rome destroyed in 70AD) as the OT mandates for every Hebrew male. Alan will laugh and reply he can't visit the temple because it's gone. To which I reply, yes, Alan, it's gone, and so is all the Hebrew religion and politics with it, fulfilled in Christ.
Also, the words Pilate placed on the crucifix do not state "Jesus King of the Jews", but rather, "Jesus of Nazareth, Leader of the Judeans"....in the 1st CAD the term "Judean" solely describes a person who lived in Judea and nothing else. Its sum total religious meaning is...zero. The sign simply means: Jesus lived in Nazareth and started a clan of followers in the town of Judea.
The mere mention of any of these apparent truths of Judaism and Jews and Israel places one's head square on the Judaic chopping block of history. One risks permanent loss of work and possibly even life depending on where you live.
But any and all slander against any other people, especialy Germans, is endorsed and encouraged, all in the name of enlightenment.
Professor Debra Lipstadt wants holocaust deniers imprisoned for life, while she relishes denying the allies holocaust against Germany in Dresden (40k innocent civilians fried....btw, soon after Hitler was elected he abolished the voting right of Germans to remove him from office)
And dont forget one thing: US of A military treated their enlisted negroes worse than they treated German prisoners.
You get to love negroes: anytime US citizens fly into a propaganda fit, the negro card trumps them all and brings them back to reality.
US of A military treated their enlisted negroes worse than they treated Germans. That is not true,
At the age of 25, after 9 years of being a soldier and prisoner of war in France my father got in 1949 a job as driver for the US Army in Mannheim. He told me that the Germans and the Negroes serving in the Army had very good contact and relations. Later on he was still long in contact with one of his black buddies from this time.
My father explained me why Black American soldiers and Germans were fraternizing that easy. He said: The Negreos in the Army were treated just a very little tiny bit better than the Germans by the officers and the white soldiers in general. The Germans and the Negroes were both treated not as an human beings, more like animals at that time.
He said, it was somehow understandable for him, that he was treated this way. He said, he had to be happy, that he got permission from them to continue his life. This was only counting for him, everything else was luxury. But what he could not understand, how the Black soldiers were treated by their officers, since my father knew by personal experience on the battlefields that these black men were excellent and brave soldiers. Many gave their life or health for America and all what they got as a "danke schoen" was a kick in the butt.
So as an ironic consequence of WW2 Germans and Black Americans became quickly friends and treated each other as equals. This was a general occurance and it left its traces in Germany. You hardly find a country in this world more open to interracial marriages. Today its absolutely normal and accepted that Black and White is marrying and having children. Only former Eastern Germany which was occupied by Russia till 1990 has still some areas where racism and white supremacy thinking is still alive. But its getting lesser and lesser.
Der Spiegel again
http://www.spiegel.de/wirtschaft/soziales/0,1518,812081,00.html
Greece's mighty promise to get 50 billion Euros from privatizing state-owned property was of course a joke from the start and the actual earnings are far behind the 50 billion. Even better, the head of the department that is responsible for the privatization admitted that the numbers were 'made up on a lucky guess'.
More and more I do think that somebody non-Greek should run this country.
whats greek for "GHANDI"!
Ghandistavropaloutakilaskisoulopolous?
ok you got me..i got lost after kojak's brother got hit on the head with a lollipop :)
Beating a dead horse has become EU's main circus attraction.
Behold the concept: Sovereign Receivership
Vassalage, Mein Technocrat.
more like the new technocrat is baron von vaseleine der derriere
Or the Greeks could just review Iceland's solution and get everyone in the lower and middle classes to do a gigantic search and replace and call themselves Iceland. Problem solved.
No Greek in his right mind would think a silo full of Greek olives would magically double overnight, and yet that's exactly what central bankers thought empty houses would do: a $75,000 suburban house magically becomes $575,000.
The cental bank "wealth" is imaginary wealth and therefore doesn't exist. The debt doesn't exist except to screw central bankers and expose them as worthless morons. The primary economy and secondary economy in Greese, er, Iceland, is fine. The more bankers, hedge fund managers, and day traders destitute, broke, unemployed, and on food stamps, the better off the world will be. Collateralized Debt Obligations indeed.
Here's how you figure it out:
Just because they use a common coin would the citizens of the "country" of New Hampshire dig into their pockets for dough to give to inept politicians in the "country" of Mississippi so they could pay interest to vampire squid bankers in the "country" of New York?
true...but nonetheless an inconvenient truth...oops whatver happened to the red dress..maybe we could make it a national flag with knights of the round table led by sir cumspect!!! (apologies, i know it was gore(ing) with his version and clinto who got stuck with the dry cleaning bill heh)
"debt deal near"....?....again?
The playbook on how to ransack and pillage the peasants.
On May 23, 1933, Congressman, Louis T. McFadden, brought formal charges against the Board of Governors of the Federal Reserve Bank system, The Comptroller of the Currency and the Secretary of United States Treasury for numerous criminal acts, including but not limited to, CONSPIRACY,FRAUD, UNLAWFUL CONVERSION, AND TREASON. The petition for Articles of Impeachment was thereafter referred to the Judiciary Committee and has YET TO BE ACTED ON.
http://www.archive.org/stream/CongressmanMcfaddenOnTheFederalReserveCorporation/CongressmanMcfaddenOnTheFederalReserveCorp#page/n0/mode/2up
you mean the rumors are true?
http://www.rumormillnews.com/cgi-bin/archive.cgi?read=44772
Economy is the same as Religion. It is first mentioned in Bible in the money parabola1. Look it up, it is with coins2
In the hunter-gatherer age there was no money, there was honey and stuff. Bible came and after that, money. We do have a part of the brain which deals with religion, but I guess we evolved. That is man interfering in society's organization from the beginning of society. I think there are better systems.
From the subnotes you can draw a hole hell of a conclusion.
Jesus often told a story to teach a lesson. Hear the story of the talents:
Q: How many tablets did the man have left?
A: 198, as he had levered 40-1 in a synthetic off balance sheet swap.
Moses, brother Aron, would be proud
as the goden calf took on monumental character in moral, and monetary meaning
This is freaky. That really means money is our god:))
If the rate of decrease in Greek politician's acceptance by the people keeps on like it is currently, don't be surprised to see a German running for Prime Minister next year, and getting the full majority vote.
Especially if he would promise to prosecute previous deputies, ministers and prime ministers for what they did to the country. Boom !!! - more than 50% in the elections.
You might laugh about it now, but just wait a little bit more.
To be clear, I'm not supporting such a future for Greece, I'm just reading the signs of what people feel like here.
the rate of acceptance is plunging yet Greeks are only rage posting in FB and other news blogs maintaining their passive aggresive stance they have been keeping for years.
Not laughing, a few Greek friends make similar comments
I can imagine that, because the Greeks have a very good experience with a German during the last ten years. Dont laugh. Its about the former coach of the National soccer team of Greece. His name is Otto Rehagel and he manged the impossible. He was able to form an excellent Greek National team despite all the corruption and difficulties and despite the fact that the Greek National team had a terrible performance since ever.
What nobody in Greece expected happened. Greece became European Champion this was seen somehow as a miracle and all of Greece knows, that it was only the merits of Otto Rehagel who disciplined the players and formed a real team. The Greeks had in principle only average players but as a team they were unbeatable. This was a realy big thing in Greece and is mattering till now.
The Greeks love Otto Rehagel and call him Rehakles. He did more for the good relations between Greece and Germany than any other person alive.
In addition to Tyler's headlines, more Greek PM quotes are hitting my newswires;
Lukas Papadimos
"Greece won't be able make the 14.5b Eur bond payment due on March 20, unless the new aid package and the PSI talks are finalized by Wednesday. This in turn will mean that we've missed the train and such a development would mean the bankruptcy of Greece."
1) If GReece gets a "stronger leadership and monitoring" from EU or abroad, who will be doing the tax collections and policing on the roads? A "stronger police and authority" from EU or abroad?
2) Who on earth is setting the targets on these programmes? Troika can blame it on weak greek leadership, but do they honestly belive they would be more successful?
Under a single hard currency, with no import duties, no protection against transfer pricing, and without real local economy subsidies allowed, no country can 'spring' back to competitiveness.
the greek's need a 'bear hug' - a bloated bureaucracy is a great feast for a czar's exit from a long, long-enough hibernation to satiate its growing pains on frozen carrion - no questions asked,...
Willkommen to the United States of Germany
Bild is the equivalent of the National Enqiurer (check it out at www.bild.de) - If the story appears in Handelsblatt or Frankfurter Allgemeine Zeitung then at least it will have credibility. Not to say that the events are not happening, just think they should be reported free from sensationalism and embellishment. They are sensational enough without that.
OT
Fellow ZH readers, im looking for a good read on Fabian Society/ Fabianism, maybe someone can share his knowledge with me, and provide me with a good link on Fabianism.
Thanks in advance.
whatever rocks your boat...you can try this..
http://www.fabianwomen.co.uk/
or this
<< LINK REDACTED BY ZEROHEDGE.COM FOR TOS PURPOSES>>
be well!
;>)
The men who drafted the IMF/World Bank’s manipulated paper standard—their monetary unit called the SDR or Special Drawing Rights -- were Fabian Socialist from England, John Maynard Keynes, and the Assistant Secretary of the U.S. Treasury, Communist Harry Dexter White.
The most revealing component of the Fabian crest is a wolf in sheep’s clothing.
“One of the early American advocates of socialism on a global scale – including the draining of wealth away from the ‘rich’ United States—was John F. Kennedy. He undoubtedly learned the concept while attending the Fabian London School of Economics in 1935-36 just prior to his father’s appointment as Ambassador to England.” – G. Edward Griffin, The Creature from Jekyll Island: A Second Look at the Federal Reserve.
(Kennedy was the first president to impose income taxes on all earnings of cooperatives (private savings and lending institutions) and their patrons, as requested by the banking industry. Kennedy would apply the withholding principle to patron dividends. The President called for withholding on interest and dividends, saying it was “unfortunate.”)
Here are some comments with names regarding the Fabians to get you started on you internet research (and it would be wise to get Griffin's book):
“The Fabians were an elite group of intellectuals who formed a semi-secret society for the purpose of bringing socialism to the world. Whereas Communists wanted to establish socialism quickly through violence and revolution, the Fabians preferred to do it slowly through propaganda and legislation. The word socialism was not to be used. Instead, they would speak of benefits for the people such as welfare, medical care, higher wages, and better working conditions. In this way, they planned to accomplish their objective without bloodshed and even without serious opposition. They scorned Communists, not because they disliked their goals, but because they disagreed with their methods. To emphasize the importance of gradualism, they adopted the turtle as the symbol of the movement. The three most prominent leaders in the early days were Sidney and Beatrice Webb and George Bernard Shaw. A stained-glass window in the Beatrice Webb House in Surrey, England is especially enlightening. Across the top appears the last line from Omar Khayyan:
Dear love, couldst thou and I with fate conspire / To grasp this sorry scheme of things entire, / Would we not shatter it to bits, and then / Remould it nearer to the heart’s desire.
Beneath the line Remould it nearer to the heart’s desire, the mural depicts Shaw and Webb striking the earth with hammers. Across the bottom the masses kneel in worship of a stack of books advocating the theories of socialism. Thumbing his nose at the docile masses is H.G. Wells, who after quitting the Fabians, denounced them as ‘the new Machiavellians.’ The most revealing component, however, is the Fabian crest with appears between Shaw and Webb. It is a wolf in sheep’s clothing.”* – G. Edward Griffin, The Creature from Jekyll Island: A Second Look at the Federal Reserve.
*See Zygmund Dobbs, The Great Deceit: Social Pseudo-Sciences (West Sayville, New York Veritas Foundation, 1964), opposite p. 1. Also Rose L. Martin, Fabian Freeweay: High Road to Socialism in the U.S.A. (Boston: Western Islands, 1966), pp.30, 31.
http://www.americanbanker.com/175/JFK-urges-level-playing-field-for-bank-taxation-1043348-1.html
The Thought of capitalism for the Elite, poverty and marxism to the people, seem to describes the situation we are in.
It struck my G.Orwell/Huxley cort.
George Bernard Shaw, the first to come up with gasing your fellow citizen.
Ixquick it.
A trip down memory lane:
Fed Spending Will Create 3 Million Jobs: Yellen
Saturday, 8 Jan 2011 | 5:04 PM ET
U.S. Federal Reserve Vice Chair Janet Yellen on Saturday defended the central bank's asset buying, citing an internal study showing the economy will gain 3 million jobs as a result of all of the Fed's purchases.
"It will not be a panacea, but I believe it will be effective in fostering maximum employment and price stability," Yellen said in remarks prepared for delivery to the American Economics Conference.
Yellen said a simulation approximating the Fed's most recent asset-buying program was shown to generate about 700,000 new jobs.
The study goes on to suggest that inflation is currently a percentage point higher than would have been the case, implying that if the Fed had not bought longer-term securities after cutting interest rates to near zero in December 2008, the economy would now be close to a damaging deflationary spiral.
Yellen said longer term interest rates are currently lower than they would otherwise have been. Concerns about the Fed's controversial $600 billion bond-buying program—that it will cause inflation, imbalances, and trigger a damaging competitive currency devaluation—are misplaced, she said.
How will these alledged jobs contribute to GDP?
oops ignore the last comment..i didnt turn the calendar over and read 2011 as 2012! still applies tho!
that's easy then...just buy back another 10 trillion of treasuries out of the 16 tirllion and we have full employment...garsh..life is soooooooo easy when you have never had to do a day of real work in your life! leep printing 2 trillion a year and we never even have to pay taxes! simples...(sarc off...effing meerkats)
Apologies for the multiple butcheries of the words of Santayana, but those who fail to learn from their mistakes (of historical proportions) are condemned to repeat them.
China and Russia could offer Greece a nuke to hold for them. They could offer Greece the yaun to use as currency. Every country needs leverage against bankster occupation.
As reported, did the ECB agree to forgive 1/2 the Greek debt? Also, did Greece not agree to said forgiveness, apparently desiring/requesting/demanded more forgiveness than 1/2?
What does this mean to readers? What should it mean to a reasonable person? What is a reasonable conclusion to draw?
I have a suggestion to all the friends commenting on this post.
Erase the word DEMORCACY from your dictionary. Use anither one....
What they wish to do to my country, is a working execrise for the rest of the world.
The Shock Doctrine is working perfectly so far.
Before jumping to colclusions think how needless is it to condemn a nation and its citizens from tha safety of your - so called- security.
US lost its freedom right after 911. They didnt fight for their freedom. They are still afraid to travel abroad. They lost their personal dignity by allowing their Gov to capitalize on the "terrorist" threat.
In our case the terrosist is the DEBT and the Greek citizens. The bad guys down south of Europe.
All politicians are a tragic waste of skin. Worthless.
For people like myself - who know 1-2 things in detail ( financial and political ) - its is a nightmare. Honestly.
Not only for us the Greeks, but i foresee the worst for all of you. How? When? Who? you know who.., the guy who will decide one day that YOU ARE DISPOSABLE as a person. Today you are.. since you alny live with/on personal DEBT. DEBT creates THEIR MONEY.. so YOU are the MEANS to their END. You will be the next terrosist in line, to by sucked to the last drain of your life. They will make you feel GUILY.. and melacholic since you are guilty.
After they have arranged that YOU FEEL GUILTY.. then they will tell you... you US guys you owe 40K a head to the Gov the minute you come to life. We need that money back.AND THEY WILL GET IT.
Dear friends, lets not make Greece the scapegoat AND THE TROJAN HORSE for the NEW GLOBAL FINANCIAL GOVERNANCE. GLOBAL POLITICS AND STRATEGIES... WIPE OUT HUMAN SOULS IN THE BLONK OF AN EYE...
I can answer to ANY QUESTION you may have.. in any Global Financial Issue.... country.. whatever...
PP
PS.. have a llok at this report..
http://www.scribd.com/doc/79754974/JP-MORGAN-2012-Outlook-the-Post-Stimu...
Who do you think will be the next to lose their DEMOCRACY ? like in 40-60 days..!
Plz read
http://www.scribd.com/doc/79775962/Congressman-Mcfadden-OnThe-Federal-Re...
also...
October 4, 1936
Attacks on Congressman McFadden's Life Reported
....Commenting on Former Congressman Louis T. McFaddens's "heart-failure sudden-death" on Oct. 3, 1936, after a "dose" of "intestinal flu," "Pelley's Weekly" of Oct. 14 said:
....."Now that this sterling American patriot has made the Passing, it can be revealed that not long after his public utterance against the encroaching powers of Judah, it became known among his intimates that he had suffered two attacks against his life. The first attack came in the form of two revolver shots fired at him from ambush as he was alighting from a cab in front of one of the Capital hotels. Fortunately both shots missed him, the bullets burying themselves in the structure of the cab."
"He became violently ill after partaking of food at a political banquet at Washington. His life was only saved from what was subsequently announced as a poisoning by the presence of a physician friend at the banquet, who at once procured a stomach pump and subjected the Congressman to emergency treatment." /s/ Robert Edward Edmondson (Publicist-Economist)
President Andrew Jackson stated in reference to the bankers at the state of his administration:
"You are a den of vipers and thieves. I intend to rout you out, and by the Eternal God, I will rout you out."
PP
L Mc Fadden 1934
Roosevelt Seizes the Gold
"By his action in closing the banks of the United States, Roosevelt seized the gold value of forty billions or more of bank deposits in the United States banks. Those deposits were deposits of gold values. By his action he has rendered them payable to the depositors in paper only, if payable at all, and the paper money he proposes to pay out to bank depositors and to the people generally in lieu of their hard earned gold values in itself, and being based on nothing into which the people can convert it the said paper money is of negligible value altogether.
"It is the money of slaves, not of free men. If the people of the United States permit it to be imposed upon them at the will of their credit masters, the next step in their downward progress will be their acceptance of orders on company stores for what they eat and wear. Their case will be similar to that of starving coal miners. They, too, will be paid with orders on Company stores for food and clothing, both of indifferent quality and be forced to live in Company-owned houses from which they may be evicted at the drop of a hat. More of them will be forced into conscript labor camps under supervision.
"At noon on the 4th of March, 1933, FDR with his hand on the Bible, took an oath to preserve, protect and defend the Constitution of the U.S. At midnight on the 5th of March, 1933, he confiscated the property of American citizens. He took the currency of the United States standard of value. He repudiated the internal debt of the Government to its own citizens. He destroyed the value of the American dollar. He released, or endeavored to release, the Fed from their contractual liability to redeem Fed currency in gold or lawful money on a parity with gold. He depreciated the value of the national currency.
"The people of the U.S. are now using unredeemable paper slips for money. The Treasury cannot redeem that paper in gold or silver. The gold and silver of the Treasury has unlawfully been given to the corrupt and dishonest Fed. And the Administration has since had the effrontery to raid the country for more gold for the private interests by telling our patriotic citizens that their gold is needed to protect the currency.
"It is not being used to protect the currency! It is being used to protect the corrupt and dishonest Fed. "The directors of these institutions have committed criminal offense against the United States Government, including the offense of making false entries on their books, and the still more serious offense of unlawfully abstracting funds from the United States Treasury! "Roosevelt's gold raid is intended to help them out of the pit they dug for themselves when they gambled away the wealth and savings of the American people."
PP
"'My Dear Senator Weeks:
"'Throughout my public life I have supported all measures designed to take the Government out of the banking business. This bill puts the Government into the banking business as never before in our history. "'The powers vested in the Federal Reserve Board seen to me highly dangerous especially where there is political control of the Board. I should be sorry to hold stock in a bank subject to such dominations. The bill as it stands seems to me to open the way to a vast inflation of the currency. "'I had hoped to support this bill, but I cannot vote for it cause it seems to me to contain features and to rest upon principles in the highest degree menacing to our prosperity, to stability in business, and to the general welfare of the people of the United States.
Very Truly Yours,Henry Cabot Lodge.'"
PP
and he believed in the superiority of the anglo-saxons..hmmm..
whatever... this is not the case in his remark.. dont forget it was 1913... 100 ago !
PP
surrender control of budget to outside institutions = no longer a sovereign = no longer has a seat in the U.N.
When are the consequences of this surrender going to be discussed?
discussed by who?
all citizens around the world should discuss this new fascist order.-
PP
This question is admittedly very aggresive, but that should not discount its legitmacy.
When the EU formed the overwhelming reports were this union signlaled the end of USD hegemony. A few decades later the EU appears destined for the dust heap of history.
Now the underground media (this blog, for instance) says the entire world economy is just ripe for Armegeddon.
What/why/how should any reasonable person put any more stock in the former vs. the later?
You need to ask more questions. I think you have some assumptions that not all would agree upon.
"When the EU formed the overwhelming reports were this union signlaled the end of USD hegemony."
Most on this blog thought the whole Euro experiment was a bad idea. You get lots of differing opinions about why it was a bad idea. Conspiracy folks saw it as a step towards one world currency/govt. Others thought that the cultures and resources of the countries involved were too different from one another for them to succeed as a union.
"A few decades later the EU appears destined for the dust heap of history."
Yes....and?
"Now the underground media (this blog, for instance) says the entire world economy is just ripe for Armegeddon."
I fear you have set up a false if/then statement. Your first proposition would be viewed as wrong by many here.
You have been reading here for a while. You should know the following:
Goldman Sachs and others helped Italy, Spain, Greece, and probably more hide bad debt so that they could get into the EU.
The United States Banking system has been accepting payments for insurance (CDS) against default on those bonds. If they default, the US banking system must pay out to the bondholders.
The US banking system does not have enough in reserves to do this.
Meanwhile, the US has been selling bonds that few except Primary Dealers have bought. In fact, many other countries are selling the bonds of ours that they are holding. The market is flooded with soverign debt with few buyers. Meanwhile, the Primary Dealers representing the Treasury sell these to the Fed in a few days to three weeks. The PDs make billions of dollars doing this for the Treasury and Fed. To say this differently, we are printing, buying our own debt, or kiting checks to keep funds flowing throughout our various entities. The Fed is also "swapping currencies" with other countries CBs and allowing soverigns to "borrow" printed dollars while the Fed takes on their bad assets as "collateral." If they default, the US taxpayer is backstopping the Feds balance sheet. These kinds of swaps, exchanges, and "borrowing entities" with lots of fancy initials are the only thing keeping the house of cards up.
In my opinion, these facts are why a reasonable person would believe that financial armegeddon is here and those who run the system are trying desperately to scam the world with stories we will accept so that we will keep on with business as usual.
(my spell check is not working, apologies)
Many thanks for your time well spent at the keyboard.
Armageddon is nice this time of year. When dining, try The Four Horsemen Bistro, where the specialty is the stir fried locusts with chili and tamarind paste, or wander aimlessly over to the Wormwood Cafe and sample the poached Sea Beast, quick-seared over fire and brimstone, then poached in a Lake of Fire before being served in a balsamic and red wine reduction (I prefer a Barbarous-co). A Bloody Moon cocktail (7 parts gin, 7 parts grapefruit, 7 parts grenadine, 7 parts Michael's Dragon bile) should Seal the deal. Legend has it this libation is an aphrodisiac, which should prime you for the Second Coming.
Naughty funny, Mr.Chindit13, sir.
I did not know Sea Beast was a protected species.
NO REPESENTATION WITHOUT TAXATION! COMING TO A TOWN NEAR YOU AFTER THE GLORIOUS DAY!