Showing posts with label masuri anticriza. Show all posts
Showing posts with label masuri anticriza. Show all posts

Thursday, October 1, 2015

Useless, useless, useless - Germans have "Dachau and such" ready !!!!

Blowing hot air = UK Prime Minister David Cameron spoke of a comprehensive approach; Viktor Orban, the normally fiery Hungarian leader told me everyone had to co-operate and Angela Merkel insisted, "What we cannot say is Europe cannot deal with this. I say it again and again, we WILL do this!"
EU leaders do actually agree on a number of key issues:
  • Cracking down on people smuggling rings
  • Getting asylum claims processed faster, so failed claimants can be deported more rapidly
  • The need to secure Europe's external borders
  • Boosting aid to the sprawling, squalid refugee camps around Syria, so fewer people feel tempted to come to Europe
  • Stepping up attempts to try to end the war in Syria
But common resolve is one thing. Effective, immediate action is quite another. And some of the leaders' goals are more realistic than others. At a press conference after the summit, the German chancellor spoke of the need to talk to Syria's President Bashar al-Assad as part of a new European push for peace in his country. The conflict has now reached Europe, and Germany in particular. It is the European country of choice for Syrian refugees. In the past, Germany has joined other Western leaders in calling for President Assad to step aside. So these talks would be delicate and controversial, they will not happen overnight and their chances of success are limited, to say the least. Then there's the question of building what is often dubbed Fortress Europe - or what Donald Tusk described last night as "closing Europe's doors and windows".

Thursday, March 12, 2015

Don't forget Target2! Germany is going to take a cold shower of 70-80 billion Euros if there is a Grexit. More worrying Italy and France are up for 10's of billions as well. So it's not exactly a picnic!... Bundesbank's TARGET2 exposure
Amount: EUR 513,365,579,273.88
(As at: 28 February 2015)

I think this whole charade may well simply be about buying time for the "made men" of the Brussels Mafia to settle THEIR creditors and bankers down enough to accept a Greek default and exit and to come up with a creditable excuse that claims the EU is intact and the euro is under no threat ... I've just read Varoufakis's six proposals for negotiation in Brussels next week, and they can be summarised as bla-de-bla-de-bla. In any serious discussion they'd get short shrift. With Juncker there trying to be Greeker than the Greeks, all moral hazard will be blown to bits. So Juncker needs to be told his business is to stay away, shut up, and stop meddling - otherwise his own past 'activities' in Luxemburg will be brought to light...I really don't think the EZ should allow Greek pension funds to be raided, or the ECB or EZ to provide cash for Greece to pay the IMF - the money would never be returned, and it would be an added burden for future taxpayers.  Let us help Greece into an orderly default, grexit from the euro, and the care of the IMF, with vaguely benign promises of rehabilitation 'as and when' ... This could be the final meltdown of the global ponzi scheme that's being going on for over a century. Then all these people who think they are rich will realise that the money they thought they were owed will never be repaid.  The UK and the US didn't avert the collapse of the world's financial systems in 2008, they just postponed it and the imbalances have only got much bigger. If creditors and saver think they're having it tough right now, they ain't seen nothin' yet !

Thursday, January 9, 2014

Capitalism covers a very wide range of systems, and is not the direct culprit for our problems. However, the way capitalism is implemented today is a big problem, it is undermining democracy and radicalizing large portions of the population. It will not end well, if this trend is allowed to persist.
Probably the single most harmful detail is the stock exchange. There are many other issues also, but shareholders in particular have been given the rights of owners, which is illogical, as they are in fact speculators. The owners should be the long term caretakers of corporations, with managers more interested in short term benefits. All shareholders care about is the short to mid term value of the stock, not the long term viability of the enterprise. To get the managers to play this game, they have given managers salaries that approach investor profits in scale. As a result, capitalism has gone bananas, not caring for long term viability, the communities they function in, the environment, the law, not even the customers .... share value is all that counts these days and no cost is too great to achieve it.
Democratic Capitalism need not be like this, it is just the default mode of operation it will slip into if left unattended. And this mode is bent on self-destruction, with a tendency to degenerate into Fascism or Communism ... if left to play out its natural course. If this is not to happen, the democratic part of Democratic Capitalism needs to be more pronounced...point / counterpoint...Capitalism works because entrepreneurs and managers figure out how customers, employees, suppliers, communities, and people with the money all can cooperate to benefit....No it doesn't.
  • Capitalism works by creating profit. Where there is profit there is deficit.
  • Capitalism works by making profit out of the exploitation of those who create that profit in the first place. This is why workers are not paid the actual value of what they produce, because the capitalist or entrepreneur cant make any profit out of that.
  • Capitalism may not be perfect, yet it is the greatest system of social co-operation ever created thus far.
No it isn't, the greatest system of social co-operation is where everyone is equal and treated equally, that is true co-operation. Capitalism is exploitation of the masses for the benefit of the minority.

Saturday, November 9, 2013

A major Swiss gold refiner is being investigated on suspicion of money laundering linked to the processing of gold allegedly looted from DR Congo. Swiss federal prosecutors confirmed criminal proceedings against Argor-Heraeus SA, over claims it knew gold it handled in 2004 and 2005 had been taken from DR Congo during an armed conflict. The case has been brought by the Swiss non-governmental organisation TRIAL.  Argor-Heraeus has strongly refuted all allegations in a statement.  The Swiss gold refiner said the allegation had "arrived like a bolt out of the blue" and there had been "no request or contact whatsoever from TRIAL beforehand".
It said "Argor-Heraeus has been cleared of all above mentioned allegations", referring to an investigation at the time by the UN, SECO and FINMA.
The firm said it would "collaborate in complete transparency with the authorities" to prove its innocence.
'Growing pressure'
The Swiss federal prosecutor's office said on Monday that after reviewing the criminal complaint submitted by TRIAL, it had decided to initiate proceedings against Argor-Heraeus "for suspected money laundering in connection with a war crime and complicity in war crimes".
"Given the secrecy of the investigation and function, we are not able to provide more information for now," it said.
TRIAL alleges that gold looted from DR Congo in 2004 and 2005 was smuggled to Uganda and then refined in Switzerland by Argor-Heraeus.
According to TRIAL, the refinery knew or should have assumed that the gold resulted from pillage, a war crime.
DR Congo was in the midst of an armed conflict at the time, driven partly for control of natural resources.
An estimated six million people are believed to have been killed in DR Congo since 1997.
TRIAL says the sale of the gold "contributed to financing the operations of an unlawful armed group in a brutal conflict".
A report at the time by a UN Group of Experts recommended sanctions against Argor, saying the company must have known the gold was obtained illegally. Sanctions were imposed only on Ugandan businesses involved in the trade. TRIAL alleges that Argor escaped sanctions because of pressure applied at the UN by Swiss diplomats.
However, Argor says that "subsequent detailed in-depth verifications executed by SECO and UNO resulted in the removal of the name of Argor-Heraeus from the report and confirmed that the company was in no way directly or indirectly involved in the alleged claim".
Most of the world's gold is refined in Switzerland and the country is also a major trading hub for gold and other commodities.
The BBC's Imogen Foulkes in Geneva says there is growing pressure for traders and refiners to be more transparent.
Argor is owned partly by German company Heraeus, Commerzbank, and the Austrian Mint.

Thursday, October 31, 2013

There is probably no way to know whether conflicts in the brokerage business are more severe or common than they used to be.
But they aren’t hard to find. An adviser might earn undisclosed fees that could taint his objectivity or recommend mutual funds run by his firm over cheaper third-party choices; he could collect upfront commissions on funds right before moving the client’s assets to a fee-based account.
Often, the code of conduct meant to guide brokers’ behavior doesn’t require them to act in their clients’ best interest. The Finra report urges firms to adopt such a proviso. Some firms don’t give brokers specialized training to sell complex products like “structured notes,” debt securities whose returns depend on factors beyond interest payments alone.
However, other firms review such products after launching them to see whether they perform as promised and to learn whether they have been sold to investors—or by brokers—who don’t understand them.
“That’s a strong process,” Ms. Axelrod says, “and one that I would strongly suggest that firms consider adopting.”
Some brokerages, according to the Finra report, refuse to offer higher payouts for selling in-house mutual funds or other investments; that might help prevent brokers from pushing funds that benefit the firm more than the client.

Saturday, October 19, 2013

THE "ISLANDERS" - The Prime Minister was warned by Jose Manuel Barroso that his attempts to negotiate a new relationship with the EU would be vetoed by other member states.
As a war of words raged, Downing Street insisted the Prime Minister will go ahead with his plans to get a better deal.
A Number 10 spokesman said: “As the Prime Minister made clear in January, he will negotiate a new deal in the EU and then put the choice of staying in or leaving the EU to the British people in a referendum by the end of 2017.”
Mr Barroso, an unelected Portuguese politician who comes to the end of his presidency next year, had dismissed claims by Mr Cameron that there is wider European support for his agenda to “repatriate” powers on social, employment and environmental legislation back to Westminster....
He said in an interview “there will be others, many, who oppose” Mr Cameron’s call for treaty changes which must be agreed unanimously by all 28 member states.
He said: “Britain wants to again consider the option of opting out. Fine, let’s discuss it. What is difficult, or even impossible, is if we go for the exercise of repatriation of competences because that means revising the treaties and revision means unanimity. I don’t believe it will work.”
He added: “I am for a stronger EU not a weaker EU.”
The row will add to calls for Britain to quit the EU, as championed by the Daily Express.
Last night Ukip leader Nigel Farage said: “Barroso describes Cameron’s plans as ‘doomed to failure’. So they are. It is about time the pro- European establishment of this country was honest with us. There will be no change in our relationship with the EU before, during or after Cameron’s futile renegotiations.
“The EU knows this, Cameron knows this and the people of this country need to know this, too. This country needs a choice now.”

Monday, September 30, 2013

Officials in the European Commission are for the first time discussing the possibility of creating a contingency fund for banks and financial institutions outside the eurozone.
Under Brussels’ current rescue mechanisms, which include bail-out funds with €700bn of firepower, banks in non-eurozone countries are not protected. Officials are discussing the possibility of extending an existing fund that is currently used as a backstop to help any member state that has a balance of payments crisis.
Simon O’Connor, a spokesman for the European Commission, said that the ideas being discussed were about “providing a credible public backstop at the European level, capable of reassuring supervisors and market participants that financial stability will be assured”.
According to the Commission, the idea would be to take the existing Balance of Payment Facility and “within it create an instrument for the financial sector”. Details are hazy but under the current rules Britain would be liable for 14pc of the fund - or €7bn. Britain could also be on the hook for any liabilities for failed banks.
France, Spain and Italy are more likely to support the plan, arguing that the EU must show investors it is able to deal with any problems that emerge after bank reviews taking place next year.
"Details are hazy but under the current rules Britain would be liable for 14pc of the fund". And which rules would those be? I hope it wasn't written in the "tidying up treaty" that was Lisbon?
If it wasn't Lisbon I would love to know what rule it falls under and how the British population were informed of the risks of signing up to these rules.... or is that too much to ask for in a "democracy". "... Brussels’ current rescue mechanisms, which include bail-out funds with €700bn of firepower"
What they actually have is nothing.  They plan to take some of the €700bn from Eurozone members (as no Eurozone member is in credit, the EZ member governments would all have to borrow it from the markets, at market rates).  The chumps at the EC plan to use this cash as a basis on which to borrow a whole load more money from the markets, at market rates.  They would then lend this money at preferential rates to EZ members who need to bail out their banks.
Now substitute "banks" for "markets" and it becomes apparent that the grand plan is to borrow a shed load of money from the banks and use that money to bail out the banks.  What could possibly go wrong?
Added to all of this is the dodgy oversight of those who run the scheme, the lack of oversight/control over how they distribute the €700bn and that they can choose their own mates to be their auditors.

Saturday, September 14, 2013

French pension protests loom - After a quiet summer, anti-austerity protests will return to the streets of the eurozone today as French unions hold a day of protest action against Francois Hollande's pension reforms.
Let by the hardline CGT union, demonstrations will take place in 180 locations across France - as workers show their anger against Hollande's proposal to make them pay larger contributions and wait longer to collect their pensions.
Student unions and far-left groups are also expected to join the protests, in the latest expression of disquiet against Hollande's government.
The plans are meant to target France's pensions black hole, which is on track to hit €20bn by the end of the decade.
As Reuters explains:The draft pension law, to be presented to cabinet on September 18th and sent to parliament shortly thereafter, aims to wipe out an annual deficit that will otherwise hit €20bn in 2020. Its main effect is to extend the pay-in period for pension contributions to 43 years by 2035 from 41.5 now.Prime Minister Jean-Marc Ayrault's government submitted a new reform draft to France's top administrative court on Friday adding an amendment that will reduce advantageous conditions for pensioners who have more than three children starting in 2020. 
Analysts have criticised the bill as being too timid, but the CGT argues that it places an unfair burden on workers.
Opinion poll data released last night found that 61% of the public back the protestors, with four in five saying they are concerned about their pensions.
However, the word from France is that today's protests are likely to be subdued, with some moderate unions declining to take part. It's unlikely to be a repeat of the pension protests that gripped the country for days in 2010.
Still, it should give an insight into the public mood in France, which faces many more tough decisions to bring its deficit into line in the years ahead.
I'll try to track the protests through the day, along with other key events as usual.

Monday, September 2, 2013

Sinopec Group's deal with Apache Corp will add daily output of about 130,000 barrels of oil for Sinopec. Chinese companies have completed 83 overseas oil and gas purchases worth $100.7 billion in the past five years. [provided to China Daily]. The operations that are being acquired, located in the Western Desert and away from the centers of political unrest in Egypt, will add daily output of about 130,000 barrels of oil for Sinopec Group, the company said in a statement.
That's equivalent to 9 percent of last year's daily production of 1.5 million barrels of oil equivalent, according to Bloomberg News calculations. The deal is expected to close in the fourth quarter, and it will be Sinopec's biggest such transaction since the 2010 purchase of Syncrude Canada Ltd. "Their (Sinopec's) technical expertise complements our 20 years of experience operating in Egypt and creates an alliance that will continue to explore and deliver the tremendous hydrocarbon resources in the Western Desert," Steven Farris, chairman and chief executive officer of Apache, said in a statement on the company's website. Wei Fujun, a spokesman at Sinopec International Petroleum Exploration & Production Corp, the unit making the purchase, told Bloomberg that Sinopec is aware of the political uncertainties in Egypt and is focused on long-term development in the region. Wei termed the price of $3.1 billion "very reasonable". The deal, which coincides with a potential move by PetroChina Co into Iraq, is viewed by some analysts as a sign of China's increasing investment in the region as it secures energy resources. Chinese companies have completed 83 overseas oil and gas purchases worth $100.7 billion in the past five years. CNOOC Ltd's $15.1 billion acquisition of Canada-based Nexen Inc early this year was China's largest overseas acquisition.
Lin Boqiang, director of the China Center for Energy Economic Research at Xiamen University, said the Egypt purchase also reflects the limited options China has when buying overseas energy assets.
"After all, Egypt is shadowed with political uncertainty. Investing at this time has left Sinopec in a quandary," Lin said.
He said the move was motivated more by Sinopec's chance to benefit, as the company plans to strengthen its upstream capacity, rather than a national, State-backed strategy.
According to Moody's Investor's service, Sinopec may adopt a more prudent approach to capital expenditure in the second half of 2013 to reduce negative free cash flow.

Saturday, August 3, 2013

Silvio Berlusconi hausse le ton. L'ancien président du Conseil, qui ne se résout pas à son nouveau statut de repris de justice, exige la grâce présidentielle et menace de faire tomber le gouvernement si cette dernière lui était refusée. Ses émissaires ont proposé au président Giorgio Napolitano un plan pour sortir de l'impasse. Le Cavaliere se démet immédiatement de ses fonctions au Sénat, évitant ainsi au pays l'écueil d'un vote de la chambre haute sur la déchéance de son mandat. En effet, ce vote, prévu au mois de septembre, mettrait sérieusement en danger la cohésion de la majorité Parti démocrate (PD) et Peuple de la liberté (PDL) qui soutient le gouvernement d'Enrico Letta.    En échange du sacrifice de Silvio Berlusconi sur l'autel de la stabilité gouvernementale, Giorgio Napolitano s'engage à lui accorder au cours de l'automne la grâce, qui entre dans les prérogatives du président de la République. Berlusconi ne serait plus éligible, mais libre. Il ne pourrait pas être candidat de la droite à la présidence du Conseil, mais continuerait à dicter la ligne politique à son parti.
Un scénario improbable pour plusieurs raisons. La Constitution précise que la grâce ne peut être accordée qu'à des sujets "repentis" des délits qu'ils ont commis. Depuis sa condamnation, Berlusconi ne cesse de clamer qu'il est victime d'une magistrature politisée et n'a manifesté aucun repentir. En outre, la grâce est exclue pour les sujets impliqués dans d'autres procès que celui pour lequel ils ont été condamnés de façon définitive.   Or, le Cavaliere a encore une longue ardoise à solder avec la justice de son pays : prostitution de mineur (condamnation à sept ans en première instance), non-respect du secret de l'instruction (condamnation à un an en première instance) et une instruction en cours pour la corruption d'un parlementaire destinée à faire tomber le gouvernement Prodi. Enfin, si Giorgio Napolitano accordait rapidement la grâce au mépris de la Constitution, il délégitimerait la sentence de la Cour de cassation, instance suprême de la justice italienne, et se poserait comme une sorte de quatrième niveau de justice.  Qu'importe, Silvio Berlusconi veut passer en force. Les présidents des groupes parlementaires du Peuple de la liberté au Sénat et à la Chambre ont demandé audience dimanche au président de la République pour présenter officiellement la requête. Le PDL a appelé ses militants à manifester également dimanche - en plein mois d'août ! - à Rome. Les télévisions de l'empire audiovisuel du Cavaliere décrivent un pays plongeant dans l'abîme. Et Sandro Bondi, ancien coordinateur de Forza Italia, avertit : "Si le leader du plus grand parti italien ne retrouve pas l'intégralité de tous ses droits politiques, le pays risque la guerre civile." La grâce... ou le chaos.

Monday, July 22, 2013

In Italy - The Bank of Italy says it expects Italy's economy to shrink 1.9pc. That is significantly down from its previous estimate of a 1pc contraction.   However, it did say growth would return next year and it expects that economy to grow by 0.7pc in 2014.   There are downside risks around the recovery in activity between the end of 2013 and the beginning of 2014, linked mainly to prospects for the global economy, liquidity conditions for companies and credit supply.   It added that improvement in the economy depended on "the full and efficient implementation of economic policy measures" and said the recovery could be at risk if a loss of investor confidence led to a rise in Italy's borrowing costs.   The central bank also said there was little prospect of an improvement in Italy's unemployment rate, which it said would rise from some 12pc in 2013 to nearly 13pc next year, with no improvement until the second half of 2014.
In Greece - the vote in the Greek parliament is expected to be close.   MPs will vote on more than 100 articles contained in a multi-bill of reforms that paves the way for sackings and job transfers in the civil service.   Prime Minister Antonis Samaras and Deputy Prime Minister Evangelos Venizelos met yesterday to discuss the mood in their respective parties, New Democracy and PASOK.   The coalition has 155 MPs, giving it a slim majority in the 300-seat Parliament but there was relative confidence among government officials that any defections would be kept to a minimum.  However, it would seem that the government is more concerned about keeping the country's 325 mayors happy, as reports. The government appears more concerned about the long-term impact of alienating the country’s 325 mayors, especially since local elections are due next year. Mayors have expressed opposition to a range of reforms, particularly the fact that many local authority workers will be among the 25,000 civil servants to be placed in a job transfer scheme by the end of the year.   The government conceded some ground on Tuesday by agreeing not to move municipal police officers or school caretakers if they had postgraduate degrees. More importantly, though, the coalition decided to withdraw a provision that would have led to mayors facing disciplinary action for not keeping within their budgets. It also backed down on the powers that an observatory set up to monitor municipal finances would have.    The watchdog will not have the right to intervene in the drawing up of municipal budgets, as had previously been planned.

Friday, June 21, 2013

Christine Lagarde, one of the most powerful women in the world as head of the International Monetary Fund, is facing acute embarrassment after a letter in which she urged former French President Nicolas Sarkozy to "use me" was found during a police raid on her Paris flat. An undated copy of the letter was found at Mrs Lagarde’s flat in Paris during a raid by police investigating a spiraling financial scandal surrounding payments to businessman Bernard Tapie.
"I'm on your side to serve you and serve your projects for France," she said in the letter.
"Use me during the time that suits you best and fits your action and your cast....If you decide to use me, I need you as guide and supporter: without guide, I might be ineffective, without support I might be implausible."
She signed off: “With my immense admiration, Christine L.”
She also claimed that she does not have "personal political ambitions" and remarked she does not want to become "an ambitious servant", referring to some members of Sarkozy's entourage.
The letter was leaked to French newspaper Le Monde, and its publication has caused acute embarrassment for the head of the IMF.
Ms Lagarde was finance minister during Mr Sarkozy's term as President, before stepping down to become managing director of the Washington-based IMF in 2011.
Her Paris flat was raided as part of an investigation into her handling of a 2008 compensation payment to a businessman supporter of ex-president Nicolas Sarkozy, her lawyer said.
Police are investigating claims that Lagarde, when French Finance Minister under Sarkozy, acted illegally in approving the €285m arbitration payout to Bernard Tapie. Ms Lagarde denies any wrongdoing.

Friday, April 26, 2013

Spain's prime minister, Mariano Rajoy, has announced a further round of cuts, despite worries that austerity measures may prolong a recession that has left more than a quarter of Spaniards unemployed.
Rajoy said the measures, which would be announced in detail on Friday, were necessary as Spain battles to bring down the European Union's highest budget deficit, which reached 10.6% of GDP last year. "We have taken difficult, unpleasant decisions, but we have done so because it is absolutely necessary. Otherwise, we would be destroying the future," he said.
His announcement came amid reports that Brussels is set to significantly relax this year's deficit target, set at 4.5% of GDP.
Last year's deficit was inflated by a €40bn (£34bn) banking bailout, but it would still require major cuts or tax rises to reduce the underlying deficit from 7.1% to 4.5%.
The International Monetary Fund (IMF) boss, Christine Lagarde, last week added her voice to a growing wave of concern that austerity has gone too far and could prevent Spain from exiting recession.
"We favour a reasonable and sensible adjustment for Spain rather than focusing exclusively and excessively on deficit reduction," she told Spain's Expansion newspaper.
Spain's recession eased slightly in the first quarter, with output shrinking 0.5% compared with a 0.8% fall in the previous quarter. The country has been in recession for 21 months.
Jobs will not come until significant growth reappears. And with the economy expected to shrink by 1.5% this year, that will not happen soon. The IMF predicts unemployment will hit 27% next year, further reducing the spending power of Spanish families.
Rajoy said he would resist increases to VAT and income tax. But he has been under pressure from Brussels to increase revenue, and may have to raise indirect taxes.
There was good news, however, from bond markets, where Spain's borrowing costs fell again, bringing the gap between the interest Germany and Spain must pay to borrow money for 10 years down to below three percentage points for the first time in a year.

Wednesday, March 6, 2013

Eurozone investor confidence slides - The political mess in Italy has alarmed investors, whose growing confidence over the euro area has taken a knock this month.
The monthly eurozone investor confidence index, conducted by Sentix, has dropped to -10.6, down from -3.6 in February. That shows that investors across the eurozone have grown more nervous, reversing a six-month trend.
Sentix blamed the Italy election results: The reason for this setback is obvious: it is the outcome of the election in Italy which has caused uncertainty over the country's future development to skyrocket....This has had a negative impact on the whole euro zone.
Latvia has taken the plunge and decided to apply to join the eurozone....Finance minister Andris Vilks told reporters this morning that the application will arrive in Brussels tomorrow, adding:This is a day that will enter Latvia's history.It's caused a bit of a buzz in Brussels, where eurocrats see it as a sign that the euro project is still on the road.Our Europe editor, Ian Traynor, told us all two weeks ago that the application would come in March. That article is well worth a read, with prime minister, Algirdas Butkevicius, explaining exactly why Latvia still wants to join the euro club. It's all about the security: "We see it as a kind of insurance mechanism," said Dombrovskis. "We don't expect to go back into a crisis. We're sticking with prudent fiscal policies and we don't expect to overheat our economy again. "And whatever happens to the euro happens to us anyway. Our economy is completely euro-ised: 80% of borrowing, households and businesses, is in euros. This will help financial and economic stability."

Friday, February 8, 2013

So what are we expecting from this summit? The leaders divide into two camps - the fiscally conservative northern countries and those in the south and east that stand to benefit from more money for infrastructure and agriculture. It is believed that in the build up to the summit some consensus was reached around a budget of €950m - which would be a reduction on the last seven-year spending cycle. This will please the northern bloc. But it is also believed that in a concession to the south, the bulk of the spending, around 40%, would still go on agriculture and related farm subsidies. Indeed, two of the biggest recipients of farm spending - France and Italy - have hinted they could block the budget unless their appropriations are maintained. It is far from clear that the leaders will reach an agreement this time round, though if talks collapse its possible no resolution will be reached until late 2014.,,,Angela Merkel seems pessimistic on the prospect of resolution at this summit. I can't say whether we will be successful, the positions are still far apart. For Germany I can say that we will do everything for such an agreement to materialize because it is very important in a time of economic uncertainty and high unemployment to have a plan. We have to be careful with the way we spend but also show solidarity between net contributors and recipients. Whether we will have a joint vote or whether we will get into a situation where we will have annual tranches in the future I can't say today. It would be desirable to have a joint result but we have to wait and work hard, and that's what I will do....Well now... Why do central bankers and Treasurers from around the world invariably insult our collective intelligence with bland assurances that the euro/US dollar/sterling is in good shape/has weathered the storm/will gradually recover when it is so blindingly obvious that these statements are untrue? Not only are these statements patently false but the people who make them are almost invariably implicated in the processes that created or exacerbated these problems in the first place. If they do it to try to convince the bond and currency markets, then they are doubly stupid because markets are operated by real people putting real money on the line that generally have a low tolerance for bullshit.... Dragi thinks we are the fools that his tin pot immoral and primitive theory of the justification of unaccountable rule by selfish self enrichers defines us as. We are ignorant little people to whom he can feed any lie he likes. He thinks we shall swallow it as if thinking Tizer were little more than a tasty form of the latest exotic continental Lager. He and his kind shall soon be spat out with the same force as a proper beer drinker would Tizer if anyone were so foolish to attempt such a wildly insulting trick. With apologies to Tizer for coming anywhere close to such unpleasant people, if only, by way of metaphor.

Wednesday, November 14, 2012

"nationalists are NOT extremist" - Extremists are the NATZI's running Europe !!!

Clashes during a march to mark Poland's Independence Day in Warsaw'Extremists and hooligans'  are Merkel , Barroso and their  unelectedcroonies !!!!
Diverse groups including Polish patriots, nationalists and groups of football hooligans took part in Sunday's march. Many of the young men wore scarves or balaclavas over their faces.
Nationalist marches have been growing in size on the national holiday, with leftists turning out to oppose them, says the BBC's Adam Easton, in Warsaw.
Last year's march dwarfed its predecessors, with numbers swollen by football supporters outraged by a government clampdown on violent fans.
However, two other marches marking the day in 1918 when Poland regained its sovereignty after years of foreign rule passed without incident.
To prevent clashes this year the marches took different routes.
Polish President Bronislaw Komorowski also organised his own Independence Day march with military veterans in an attempt to reclaim the day from what he called "extremists and hooligans".
Ahead of the march he appealed for a less polarised society.
"Today public life is poisoned by excessive rows," he said. "We should be critical, but criticism should not mean mutual destruction."
The 11 November celebration marks the day when Poland regained its independence, 123 years after it was divided between Russia, Prussia and the Austrian Empire.

Thursday, October 25, 2012

Not looking good for France-business optimism is down again:"...National statistics institute INSEE said on Tuesday [23rd. October] its indicator for morale in the manufacturing sector slumped to 85 in October, worse than the lowest estimate in a Reuters survey of 23 economists. The poll had forecast business morale would be unchanged from last month at 90. The indicator was dragged lower by a sharp deterioration in survey responses relating to total orders and demand, which slumped to -39 from -28 in September - dragged lower by the deepening recessions in southern euro zone nations such as Italy and Spain, which rank amongst France's main export markets..."That's a big drop by any stretch of imagination...As a member of the public I would like to go on record as saying that I am not deeply unhappy with the the EU. In fact, I am absolutely bloody furious ! A bigger bunch of narcissist, egotiscal lunatics I have never seen in my life. Their battle cry of "The project is more important than people" is never far from their lips. Mr Hague do everyone a favour and tell "call me Dave" to get going on planning a referendumon th EU now, the UK voting public would thank you for it. As far as I'm aware the ESM is outside any laws and jurisdictions, not just those of Europe.
If this lot doesn't constiture being above the law, I don't know what does: "...In the interest of the ESM, the Chairperson of the Board of Governors, Governors, alternate Governors, Directors, alternate Directors, as well as the Managing Director and other staff members shall be immune from legal proceedings with respect to acts performed by them in their official capacity and shall enjoy inviolability in respect of their official papers and documents.
The ESM, it's property, funding and assets, wherever located and by whomsoever held, shall enjoy immunity from every form of judicial process except to the extent that the ESM expressly waives its immunity for the purpose of any proceedings or by the terms of any contract, including the documentation of the funding instruments.
The property, funding and assets of the ESM shall, wherever located and by whomsoever held, be immune from search, requisition, confiscation, expropriation or any other form of seizure, taking or foreclosure by executive, judicial, administrative or legislative action.
The archives of the ESM and all documents belonging to the ESM or held by it, shall be inviolable. The premises of the ESM shall be inviolable.  The official communications of the ESM shall be accorded by each ESM Member and by each state which has recognised the legal status and the privileges and immunities of the ESM, the same treatment as it accords to the official communications of an ESM Member.  To the extent necessary to carry out the activities provided for in this Treaty, all property, funding and assets of the ESM shall be free from restrictions, regulations, controls and moratoria of any nature.
The ESM shall be exempted from any requirement to be authorised or licensed as a credit institution, investment services provider or other authorised licensed or regulated entity under the laws of each ESM Member..." And it's officers, staff, and associates, past and present, are also bound to secrecy: "...The Members or former Members of the Board of Governors and of the Board of Directors and any other persons who work or have worked for or in connection with the ESM shall not disclose information that is subject to professional secrecy. They shall be required, even after their duties have ceased, not to disclose information of the kind covered by the obligation of professional secrecy..." I know that all the politicians are fully aware of these ilegalities , but it's worth impressing it once more, because I can't believe how any nation or state would sign up to this!

Wednesday, August 8, 2012

Horst Reichenbach - The Governor of Greece comment !

Last week, Greek prime minister Antonis Samaras secured cross-party support for a further €11.5bn (£9.11bn) of cuts in 2013 and 2014 to keep the €130bn of international rescue funds flowing. The details must be agreed by early September if Greece is to receive its next bail-out tranche.
The divisions within Europe were laid out in the weekend’s German press, where German regional finance minister, Markus Soeder, said that aid to Greece should be stopped. “When a country like Greece on a continuing basis cannot pay back debts, it must leave the eurozone,” he said. “Greece should quit by the end of the year.”...  I read this and I couldn't see any real point in making any comment.  What can really be said..  I saw the figures that last week over 36 billion left EU in capital flight....And the Entire EU Banking and Govt debt climbed in just one week by a little over 40 billion.  Leaving in one week a net defecit of over 76 billio0n.  Considering the EU banks balance sheets are over 46 trillion and rising and the ECB is over 5 trillion .. And between them the have to find over 30 trillion just to reduce leverage DOWN to Lehman levels,   I wonder where, with 76 billion a week or 4 trillion a year defecit still going on they will find any real cash.  And with half of Europe unemployed and a third of SME's busted and destroyed and bankrupted thoughout Southern Europe, just where this 76 billion a week to stop the hole geting bigger will come from seems to me a teeny little problem. Of course even if they can agree, printing can fix it,, but come on,, 30 trillion just to reduce leverage to Lehman levels .  And not a drachma lira or peseta to be earned to pay for it.
You see the probem with this solution is that the EU has not yet passed any laws forbidding foreign ownership of any stocks and shares of EU companies.  And that is a must before starting his presses and felling 98.3% of the worlds forests to print said 30 trillion.  Because you see any foreigner can buy shares in EU companies with the prices demoninated in Euro vouchers..  And printing trillions more of these coupons or vouchers ......well would you want one.   And of course without strict regulations forbidding anyone outside Europe owning those shares, then it wouldn't be long before you get Ethiopian Goat herders and Tuareg carpet salesmen saving up for a couple of weeks and buying a Utility or BMW or a knock down IT like SAP or how about say Gucci, half a goat and its yours.. Of course the evil monkey Mugabe, whose blueprint for success that they are basing their plans on, had the sense to nationalise all foreign owned land and assets first.  Going by form this current shower of corrupt maggots passing themselves off as politicians will almost certainly f8ck the whole thing up and do it arse about face again.
Tum te tum, another day another debt.

Friday, July 6, 2012

The European week in review - our so called union...

- Another bailout in Spain.
- Another Eurogroup meeting in Brussels.
- Another speech about shared debts in Cyprus.
- Another case of unconstitutional pay cuts in Portugal.
- Another debate about renegotiating bailout conditions in Greece.
- Another delay of VAT increase in Italy.
- Another frustration in Germany.
- Another threat from Finland.
- Another sign of utter indecisiveness in Holland.
- There is no Europe. It has never existed, does not exist and will never exist.

Sunday, June 17, 2012

TROIKA ? --- The german governor of Greece Horst Reichenbach - - HE is the "troika"

Athens Chamber of Commerce talking to Sky News: "This is not a Greek crisis, it never was - it's a pan-European crisis. If Germany believes in European vision, she should stop behaving more as a European Germany and less as a Germanic Europe."...TROIKA ? --- The german governor of Greece Horst Reichenbach - - HE is the "troika" ---Views on the Greek election depend on whether you are playing the short or the long game in the eurozone crisis. A short-term player favors an New Democracy (ND) win as it reduces the chances of an immediate breakdown with the Troika. A long-term player will worry that an ND victory would take the pressure off and lead to continued policy drift at the European level. Although a Syriza win may be more scary for markets and would raise the specter of a euro exit, it would hold policy-makers’ feet to the fire and would improve the prospects for an eventual fiscal union. "Whoever wins, the March Troika program will have to be revisited as it is already off-track. The Greek economy contracted by 6.2pc in Q1 and youth unemployment topped 50pc. Indeed, European leaders indicated today that they would offer program concessions to an ND-led government. Further comfort was provided by the ECB and other central banks, which have pledged to cushion shocks emanating from Greece with extra liquidity.” There is a key difference in this election. The Greek constitution says that if elections are held within 18 months of the previous ones, the voting method changes. Voters this time around will not be able to pick candidates from their party of choice by putting a cross next to their names. Instead, they will only vote for their party of choice. The parties have allocated the places to their candidates hierarchically, putting the candidates they prefer at the top of their so-called “list”. The candidates elected from each party will be determined as a function of what share of the vote their party gets, in the order they were ranked by their leaders. Ballots where voters have put a cross next to candidates’ names will be considered invalid.