Americans, or at least a good number of Americans, seem to have a great problem in keeping their noses out of other peoples affairs. This time it is the turn of us, "the Brits", to come under the spotlight and to receive the guidance, advice, or perhaps more accurately the "warning" instructions, from the great American busybody to dismiss any thoughts or suggestions of having a referendum on the question of European membership, and to remain within the European Union. Now personally, I believe that continued membership of Europe would be more and more disastrous over time and that we should determine our continued relationship with those across the Channel by the means of a referendum. I would argue that point of view with anyone in this country be they politician, public, press or in fact anyone else that may have a point of view different to mine. However, the thought of "outsiders", particularly Americans, (who's record of offering "advice" to all and sundry outside their own shores is, at best, unfortunate) offering the instruction that not only should we remain in the European Union, but we should also forget expressing a view on membership, is particularly galling. The American people have recently had an election to choose the person who they want to be their President for the next four years. During that time of electioneering, right up to the date of polling, I nor many others in this country, have had the temerity to instruct the American people who they should or should not, vote for as their President. Apart perhaps from a few private comments to friends or others about the candidates public remarks or attitudes , it would be quite wrong of those outside to try to influence the outcome. Many American politicians and State department sycophants, evidently do not share this attitude and consider it their duty as the self appointed "guardians of the world" to throw in their opinions and platitudes on any matter. History is littered with the results of American "advice" and the consequences of their interventionist policies. It may be a vain hope, but the State department, the President for the time being and the countless other interfering American meddlers, really should keep their grubby little fingers out of other peoples pies and their noses out of others people business.

A point of view ....however biased ... I hope is wrong

After the coming bankruptcy of the United States, the battle for freedom from the international banksters will begin in earnest. The fact that the founding fathers of the fledgling United States were wise enough to insist in the constitution that the people would need to bear arms, that for me that will be the saviour of us all. For had they not understood as a result of their own fighting with the international banksters what a threat to individual liberty they actually are, they would not have left the populace of the US as prepared as they have in order to to deal with its now throroughly
corrupted government. Now, we have all seen in recent weeks how there is a concerted effort taking place in order to disarm the populace of the US. With the powers that be dressing it up as something that would be good for all Americans, when they themselves send their own children to school under the protection of armed guards.The truth is, the united states government is now nothing more than another branch of Wall Street, with as many bankers being in it as there are in the biggest of banks. Obama is literally surrounded by bankers, they scrutinize his every move. They write his speeches for him, he merely reads them out. Often not understanding much of what he is actually talking about. And of course, it now matters not for which side you cast your vote, as in essence both sides are merely the other side of the same coin. I thank god that many of those who were previously sheep now recognize what I have written here, after having watched how the banksters have received such preferential treatment as they have from our governments over recent years. Soon the US will have been bankrupted by the international banksters and then its corrupted government will turn upon its own people in an attempt to save itself from their wrath. A wrath which will be well deserved, for their crimes against the people are many. So to the founding fathers I say "well done good Sirs, your foresight may well have saved your nation". For without your efforts your people would not have the means in order to defend themselves from tyranny. I wish all honest, hard working people the best of luck in the coming battles for freedom....

America has gone INSANE....gun issues and violence and arguments over ''rights'' to own and keep military assault weapons holding more than 10 clips? ...arguments over universal healthcare (obamacare)and now this fiscal cliff, with a govt being held hostage over rad tea partiers?! obama asking the most wealthy to pay more taxes, to carry their fair share (with majority of rational americans agreeing with him)? and instead you have the rad republicans/tea partiers dissing obama's suggestion of anyone over $250k to pay more taxes and instead wanting that income threshold increased to $750+k. before doing so... like wtf? you can't make this stuff up....any 1st world, democracy respecting country would have no issues with these ''divisive'' themes.but no, not the ''good ole' USA''....you couldn't find better ironic insanity in a novel.
the entire world shakes her head at disbelief....that any american citizen can truly, sanely, honestly believe their |(broken) homeland is still ''the greatest country in the world'' needs their meds increased...and soon....instead America has become a modern version of Gibbons " Rise and fall of the Roman empire.''

Romanian President Traian Basescu signed on Monday the decree designating Victor Ponta, leader of the Social Democrats (PSD) and co-head of the Social Liberal Union (USL) as prime minister of Romania. The move comes as the USL, the alliance of PSD and the Liberals (PNL), obtained a large majority of votes in the December 9 parliamentary elections.

Ponta has been serving as prime minister for seven months. In spring this year, his alliance replaced a rightist government who had only spent several weeks in office. Over the seven months, USL's main focus was a battle with President Basescu, which included a failed and controversial referendum to remove him from office.

A presidential press release on Monday announced Victor Viorel Ponta was designated candidate for prime minister, in charge with forming a new government due to be validated by the Parliament.

The press release says that during consultations between political parties and the President on Monday morning there was only one proposal for prime minister. As a result, President Basescu designated Ponta as candidate for prime minister.

Ponta has ten days to form a government and come before the newly elected Parliament to receive the vote of support. The USL leader has said he wanted to move faster than that so that Romania have a government by Christmas.

European Commission president José Manuel Barroso has rebuked EU leaders for not doing more to develop growth across the EU, following this morning's Tripartite Social Summit.

Barroso told reporters that he was unhappy with progress so far, and demanded a new sense of urgency. He also signalled to Berlin to allow austerity to be relaxed. Easier said than done.

The full statement is online, but, here's the key section: 

Very frankly I am not happy with the progress made so far.That's why I call on the European Council to accelerate the adoption and implementation of many important growth-enhancing measures included in the Growth and Jobs Compact. It is true that we have been making more efforts in terms of fiscal consolidation than on the measures for growth that were already agreed at the European Council level. We need to balance the important efforts made in terms of sound public finances with the right measures to have growth enhancing policies. We also need to move ahead with our structural reform agenda – the country-specific recommendations have to be implemented at national level....Regarding the deadlines of bank supervision in relation to recapitalizing Spanish banks, people forget that there already exists a 100 billion euros credit line that can be used for those. The problem with this line of credit is that it goes through the Spanish state, so it increases the Spanish public debt (but Olli Rehn, in the previous link says this won't increase Spain's structural deficit.)
So, if I understand well, the use of banking supervision in regard to Spanish banks would be if 1) the opened credit line were not enough or 2) Spain's budget situation became very bad and it needed to avoid recapitilizing banks through state budget. I believe the compromise obtained is quite good: if there is no new crisis regarding Spain, there is time to put in place a deep/thorough banking supervision, with closing bank powers etc; if a new crisis emerges in Spain in Q1 2013, overcoming conditions 1 and 2 up there, then it will be possible to say (maybe), "we have put in place the legal framework, let's make something in a hurry for those".
It's a question of having some instrument ready, just in case, even if the goal is not to use the instrument.

There isn't a banking union, and no chance it will happen

As regards any idea of a Federal Europe is concerned it's interesting to see what's happening in Spain which is apparently in danger of fragmentation......"Hundreds of thousands of Catalans took to the streets of Barcelona  in an unprecedented show of mass support for autonomy from Madrid, blaming Spain’s economic crisis for dragging their wealthy region down.The central government said the crowd was 600,000 strong. Catalan police gave figures as high as 1.5 million...They held up banners and signs saying “No to the Fourth Reich”, “No to Europe”, “Independence Now!” and “Catalonia: the New European State”.  Catalans complain of paying billions of euros more in taxes than they receive back from Madrid, even as their regional government has been forced to fire workers and cut services."  In general people don't like the idea of supporting other populations, even within their own country. Asking nations to do it within a federation simply won't work.  There isn't a banking union, and no chance it will happen. They're talking about common banking regulation and Germany has said 'Nein' to Draghi's suggestion.....Reuters - Schäuble said that, despite the current crisis in the Euro zone, the Euro will ultimately emerge as the common currency of the entire European Union. He said he “respects” Britain’s decision to keep the pound, but insisted that the survival and eventual stabilisation of the Euro will convince non-members to join the currency club. “This may happen more quickly than some people in the British Isles currently believe,” he added....I say: Yet another example of the EU apparatchiks trying to gain control of the UK's financial structure by stealth....(and the other non Euro countries) - but the UK is the big target here.   Come on Great Britain! ... cut the head off this serpent and tell the EU to bugger off ... you'll be doing yourselves a great favor, not to mention the rest of Europe...Does anyone in their right mind think trade with the UK will stop if they leave the EU?   The vast majority of UK exports come here to the USA, Germany second, then France. A vast majority of UK imports come from Germany, USA second, then China, Netherlands, Norway, and France.  50 million quid a day dumped into this black hole the EU, and for what?!  Will Germany stop selling to the UK if they drop out of the EU?
Hell no! it's a major part of their economy.

The EU is the nightmare that just keeps growing

I don't know what's more puke-inducing: (1) hearing Barroso stating that the EU must be turned into a "federation of nation states" in which member countries will surrender more sovereignty to Brussels whilst moving towards full integration; or (2) seeing Barroso's fat, ugly face plastered in numerous DT threads. OMG what a horrible day for the EU!!!.....So how much more crap can the EU citizenry take? ... How many more rights and privileges will be transferred over to Barroso and the other Brussels Eurocrats before the citizens finally revolt? ... How many more hundreds of billions of tax dollars will the Eurocrats waste in their delusional, warped quest towards an ideal Euro-federation? ... How many new bailout funds will be developed? ... How many more ESMs will emerge? ... How many more Draghi speeches promising UNLIMITED FUNDING for the PIIGS will transpire? ... How many more summits between Merkel and the Latin Desperadoes will be required to keep this disaster afloat? ..... The EU is the nightmare that just keeps growing.

 Mircea Halaciuga, Esq.
004.0724.58.1078
PROXEMIS - Managementul Riscurilor

Spain wil fall under the German boot as well...

Prime Minister Mariano Rajoy has said he would not take a decision on whether to apply for a new aid package, on top of a €100bn loan for the country's banks, until he knew what conditions would be attached. Possible options would be for Spain to apply for a precautionary credit line or to petition the European rescue fund to buy Spanish sovereign bonds to force down yields. European Central Bank President Mario Draghi earlier this month laid out plans. The yield on Spain's benchmark 10-year government bond , dropped on Friday to 6.49 percent, its lowest level since early July, as banks took the bonds for use as collateral to raise funds. Rajoy has slashed public spending and hiked taxes in an effort to deflate one of the euro zone's largest public deficits and convince nervous markets, which have pushed borrowing costs to 14-year highs, he can control the country's finances. Botella was made mayor after the conservatives came to power in December and her predecessor was named to Rajoy's cabinet. She said she blamed the previous Socialist government for leaving the country with a massive public account shortfall and leaving Rajoy no choice but to seek international aid. Source: Reuters

Quiet day - The FTSE 100 rose 1.5pc, or 84.44 to 5,696.7 after investors were reassured by the ratings agency that Europe's second largest economy was not at front-line risk of contagion from the ongoing eurozone debt crisis. "In the absence of important shocks that could be linked to a strong worsening of the situation in the eurozone, Fitch does not foresee modifying its negative outlook [on France] before 2013," a spokesman said. The CAC 40 in Paris closed up 2.66pc at 3,210.79, while the DAX in Frankfurt rose 2.42pc to 6,162.98. Fitch affirmed France's top-tier credit rating in December but revised its long-term outlook to "negative" from "stable", citing the intensification of the eurozone debt crisis. Italy remained the biggest worry among the embattled eurozone countries, Fitch said, and warned it could see its credit rating cut this month.

Two of the leading Petrom top managers, who were in the company's management team ever since the privatisation of the oil and gas producer in 2004, have this year left to carry out the reorganisation of OMV's latest acquisition: Petrol Ofisi."I won't be talking about Petrom today because it is already going in the right direction, of integration. Let's talk about Turkey." This was one of the opening messages conveyed by Wolfgang Ruttenstorfer, CEO of OMV in London, at the latest media summit organised by the Austrian oil group, Petrom's majority shareholder.
In mid-October, OMV finalised the acquisition of Turkey's biggest petrol station chain, Petrol Ofisi, for which it paid one billion euros, securing a significant share of a market credited with the biggest chances of growth in the next period.Reinhard Pichler, 49, former CFO of Petrom, left his position last week, being replaced by Daniel Turnheim, a member of the OMV group since back in 2002. Pichler is not leaving the group, however, but will go to Turkey, where he will fill the same position he has occupied in Petrom since 2004.At the beginning of this year Tamas Mayer, who used to be in charge of Petrom's marketing operations, i.e. of the nearly 550 distribution stations, left the position to become Vice Chairman of the Board of Directors of Petrol Ofisi. According to some sources, Mayer will be running marketing operations within Petrol Ofisi, as well.Agerpres, Mediafax, Romanian Vancouver Sun,Global News, Financial Times,Tribune, ,Wall Street Journal,The Washington Times,Athens News,The New York Times,USA Today,Le Monde

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UniCredit Ţiriac Bank ended the third quarter with 67 million RON (almost 16 million euro) net profit, down 6% compared with the same time last year. Nine months into the year, net profit amounted to 215 million RON (52 million euros), a 15% decline compared with 18% in the first half.Operating revenues exceeded one billion RON (245 million euros) nine months into the year, up 15%, while the credit portfolio rose by 13%, to 13.3 billion RON (3.1 billion euros). Midyear, the lending increase stood at 11%, with the Italian group continuing to apply the strategy designed to boost the loan market share.

China - the new frontier for EU Investors

China's rapid growth is easing to a manageable pace and Beijing can do more to reconfigure its economy to promote domestic consumption and reduce reliance on trade, the World Bank said Wednesday. Inflation that has risen steadily this year should level off and is unlikely to be a serious problem, the bank said in a quarterly China outlook. The Washington-based bank raised its 2010 growth forecast from 9.5 percent to 10 percent and said the expansion should slow to 8.7 percent next year. Growth eased to 9.6 percent in the three months ending in September, down from 10.3 percent the previous quarter, as the government imposed lending and investment curbs.
"We think that coming from this very strong growth, China should be able to ease into a more sustainable growth rate in the long term," said the report's main author, Louis Kuijs, at a news conference.
The outlook reflects China's status as the first major economy to rebound from the global crisis on the strength of a flood of stimulus spending and bank lending. While Washington and others are trying to shore up growth, Beijing faces the challenge of cooling inflation and restoring normal conditions.
Beijing needs to boost wages and consumer spending and promote growth of private and service businesses to reduce reliance on exports and energy-intensive heavy industry, the World Bank said.
"The need to rebalance to more domestic demand-led, service sector-oriented growth seems stronger now than five years ago," said Kuijs. "Internationally the environment is less favorable than it was."
Communist leaders made raising domestic consumption a priority in their latest five-year economic plan crafted at a meeting last month. But it also was a goal in their previous plan and private sector analysts say Beijing has yet to take major steps to shift emphasis away from manufacturing and construction. The World Bank recommended opening up more industries to private business, changing the way energy prices are set to encourage efficiency and nurturing private-sector research and development. The bank cautioned against abrupt steps such as mandating sharp wage hikes, saying Beijing instead should look at gradual changes such as allowing more rural workers to move to cities and changing energy prices that favor heavy industry."We are looking for a market-oriented, market-friendly way of getting this consumption growth, consistent with continued strong growth," Kuijs said. Inflation that hit 3.6 percent in September, well above the 3 percent government target, should level off but might stay as high as 3.3 percent next year, the bank said. Kuijs said that in developing economies such as China, inflation of 3 to 5 percent might be acceptable as industries grow rapidly and demand for resources shifts."We still do not think China's inflation is at a very serious risk of escalating but we also do not think China will go back to the very low rate of inflation it saw in 2005," he said.
The bank also cautioned that China's politically contentious trade surplus is likely to rebound in 2011 after narrowing temporarily this year.
The multibillion-dollar trade gap has strained relations with Washington and other trading partners and prompted some U.S. lawmakers to demand sanctions over Chinese currency controls blamed for widening the surplus.

IMF to relax deficit targets for the co-funding of more EU projects

The IMF should relax budgetary gap targets for Romania so that more EU projects could be co-funded, states Andreas Treichl, a CEO with Erste Group, which controls BCR. "Romania is in a situation of conflicting objectives: its strong advantage are the funds available from the EU, but governmental funding is also necessary for these funds to be used. If money from the budget is allotted, deficit targets agreed on with the IMF are overshot and a conflict of 'interests' emerges. The IMF could relax the targets for the European funds to be used. This will be a very interesting exercise in the following months," Treichl stated.Banks have a direct interest in the success of such a move, considering many entrepreneurs and public authorities need loans to be able to co-fund the European funds they try to get. It remains to be seen whether the banking lobby in this respect will be as strong as in the case of modifications requested for Ordinance 50 regarding retail loan contracts.

Fate of the Romanian Economy in 2011 depends on talks with IMF

Yesterday saw the start of two weeks of negotiations with the Fund, which are set to provide some answers to essential questions as far as next year is concerned.
Romania could find out in about two weeks' time if and how much economic growth it will see next year, what the main taxes will look like - flat rate, social contributions, VAT, what the new arrangement to be signed with the IMF in spring will look like and implicitly how big the RON/euro exchange rate volatility will be.
The first official talks between the IMF's review mission and the authorities began yesterday.Jeffrey Franks, the mission chief, says the Fund's forecasts regarding the Romanian economy could be adjusted, but not significantly.Forecast modifications have become a current practice over the course of the arrangement sealed in the spring of 2009, with the IMF so far only revising its calculations for the worse, after failing to anticipate the economic trends. Now the Fund expects a 1.5% GDP growth for 2011.The final forecasts will be an essential tool towards building next year's budget. The draft that recently featured in the press but has yet to be officially assumed is already suspected of overestimating the revenue potential. Things are made even more complicated by the chaos on the political scene, which was reflected yesterday in the Parliament in the decisions on introducing a 5% VAT rate on basic food items and on exempting from taxation pensions of less than 2,000 RON, after there had been talk of taxing all incomes of this type.If these decisions are politically assumed, by the head of state inclusively, attempts by the main ruling party PD-L to talk to the IMF about cutting the flat rate to 12%, cutting overall social contributions to 41% and increasing the minimum wage to 700 RON will fail.