A select group of top EU officials have met behind closed doors. The Frankfurt Group, as it's known, is composed of the leaders of France and Germany, the heads of the ECB and IMF, as well as three top EU officials. They met secretly to forge a common line ahead of the main event. On her way in, IMF chief Christine Lagarde said her institution was ready to take part in the leaders' desperate struggle to save the euro but insisted on "decisive" and "coordinated" action. The over-riding concern of the German is that one's currency above all else be a store of value. One's national currency is not a device to ensure the profits of the banking industry or wealthy individuals who made poor bets in the credit markets. National currency is not some abstract Keynesian lever to be pulled by the economic dons to protect their best friends and future or past employers. The power brokers in the Anglo world are defending the absolute right of those who benefit from 40:1 leverage and then expect a bail-out by devaluing the national currency. This is not a position that finds sympathy with the typical German but apparently is a good fit for the City of London. Basing one's national wealth on financial services is the same as basing future economic wealth on haircuts or laundry service. Finance is a service, plain and simple, just like policing or the fire department. Money creation in any society is not a private right, it is societal function that reflects the growth in tangible value, not the private domain of a central banker for the sole benefit of his friends in the bond and equity markets. So if you want to ensure the right of every investment banker and financial engineer to provide the latest breast implant upgrade for his mistress, go right ahead. I for one hope Angela Merkel brings down economic hell on the Central Bankers in the Anglo world and their spineless politicians who make my hard won savings more worthless on a daily basis. Ellen Synon reports in the Irish Daily Mail: "I understand from a well-placed source that they won’t be allowed out again until they’ve agreed it, or something close to it. The plan has been already been worked out by Mr Van Rompuy under the direction of the Germans, also José Manuel Barroso, the president of the European Commission, and Jean-Claude Juncker, prime minister of Luxembourg and president of the Eurogroup. I say that just to point out that the only brush with democracy this plan has had is the electorate of Luxembourg (electorate approximately 400,000) when they voted to put Mr Juncker in as their prime minister." And that is the only brush with democracy the euro-elite intend that their plan shall have. Mr Van Rompuy and his mates are determined there will be fiscal integration in the eurozone, with member states forced to change their own constitutions to accept sanctions on debt and deficits, and to enforce balanced budgets, and submit their budgets to the new supranational power of EU. The euro-elite intend to give the European Court of Justice the power to enforce their agreement.
Access Investments-Building Awareness - European Union-ROMANIA
Thursday, December 8, 2011
The Frankfurt Group, as it's known, is composed of the leaders of France and Germany, the heads of the ECB and IMF, as well as three top EU officials.
A select group of top EU officials have met behind closed doors. The Frankfurt Group, as it's known, is composed of the leaders of France and Germany, the heads of the ECB and IMF, as well as three top EU officials. They met secretly to forge a common line ahead of the main event. On her way in, IMF chief Christine Lagarde said her institution was ready to take part in the leaders' desperate struggle to save the euro but insisted on "decisive" and "coordinated" action. The over-riding concern of the German is that one's currency above all else be a store of value. One's national currency is not a device to ensure the profits of the banking industry or wealthy individuals who made poor bets in the credit markets. National currency is not some abstract Keynesian lever to be pulled by the economic dons to protect their best friends and future or past employers. The power brokers in the Anglo world are defending the absolute right of those who benefit from 40:1 leverage and then expect a bail-out by devaluing the national currency. This is not a position that finds sympathy with the typical German but apparently is a good fit for the City of London. Basing one's national wealth on financial services is the same as basing future economic wealth on haircuts or laundry service. Finance is a service, plain and simple, just like policing or the fire department. Money creation in any society is not a private right, it is societal function that reflects the growth in tangible value, not the private domain of a central banker for the sole benefit of his friends in the bond and equity markets. So if you want to ensure the right of every investment banker and financial engineer to provide the latest breast implant upgrade for his mistress, go right ahead. I for one hope Angela Merkel brings down economic hell on the Central Bankers in the Anglo world and their spineless politicians who make my hard won savings more worthless on a daily basis. Ellen Synon reports in the Irish Daily Mail: "I understand from a well-placed source that they won’t be allowed out again until they’ve agreed it, or something close to it. The plan has been already been worked out by Mr Van Rompuy under the direction of the Germans, also José Manuel Barroso, the president of the European Commission, and Jean-Claude Juncker, prime minister of Luxembourg and president of the Eurogroup. I say that just to point out that the only brush with democracy this plan has had is the electorate of Luxembourg (electorate approximately 400,000) when they voted to put Mr Juncker in as their prime minister." And that is the only brush with democracy the euro-elite intend that their plan shall have. Mr Van Rompuy and his mates are determined there will be fiscal integration in the eurozone, with member states forced to change their own constitutions to accept sanctions on debt and deficits, and to enforce balanced budgets, and submit their budgets to the new supranational power of EU. The euro-elite intend to give the European Court of Justice the power to enforce their agreement.
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European leaders have embarked on a mammoth effort to forestall the ruin of the single currency at what was seen as the most important Brussels summit in years, with France, Germany and the leaders of the eurozone lined up against David Cameron and his campaign to extract a price in return for agreeing to Europe's new "fiscal compact".
President Nicolas Sarkozy of France said the two-day summit was the EU's last chance to save the euro. Chancellor Angela Merkel of Germany, the central figure pushing a new punitive euro regime, voiced confidence that a satisfactory deal would be reached. Cameron insisted he wanted a "fair deal" for Britain and warned he would not hesitate to veto Franco-German proposals unless he got something in return.
In what was seen as a warning on behalf of Germany and France, Jean-Claude Juncker, the prime minister of Luxembourg and chairman of the Eurogroup, told Cameron to back off or face the prospect of being sidelined by a new treaty forged simply among the 17 eurozone countries
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