“As more and more countries within the European Union struggle economically, the euro – the union’s common currency – becomes more embattled, with its founder now even predicting its demise.
German Finance Minister Oskar Lafontaine, who was responsible the euro’s development and launch, is now calling for the end of the single currency in order to let southern Europe recover. He says if not, the current fiscal course is “leading to disaster.”
“The economic situation is worsening from month to month, and unemployment has reached a level that puts democratic structures ever more in doubt,” he said, according to the Telegraph, one of Britain’s largest dailies.
“The Germans have not yet realized that southern Europe, including France, will be forced by their current misery to fight back against German hegemony sooner or later,” he said, adding that much of the current fiscal crisis has come in large part from Germany’s squeeze on wages, in order to gain export share.”
Via Natural News
“Obviously this is a colloquial “definition” of insanity. However, at the very least it is an unequivocal demonstration of abject stupidity. Choosing to repeat failure is utterly indefensible behavior.
What do we see with our politicians, bankers, economists, and media talking-heads? Bludgeon your way through all of the obfuscation; and we see that most of our economic problems are derived directly from two, failed policies: excessive money-printing and excessive debt.
Yet what are the only two “solutions” for these problems being proposed by Western governments (and their apologists in the Corporate Media) today? Even more-extreme money-printing, and even more-extreme debt-creation. Putting out the fire with gasoline. Insanity.
Has anyone actually paid attention to any of the so-called sovereign “bail-outs” which have occurred over the past five years? In every instance it has involved lending vast sums of money to hopelessly insolvent governments.
Supposed I owe $10,000, but require a “bail-out” because I can’t service this debt; and my Rescuer lends me another $5,000. Please explain to me how I’ve been “bailed out” when I now owe $15,000? Obviously if I couldn’t make payments on my debt when I owed $10,000; it’s mathematically impossible to do so when I now owe $15,000.”
Via Alt Market
“”Unfair” isn’t quite the word.
Colorado, for those who haven’t followed either the news or The Ticker, passed a nice law to “solve” the foreclosure problem for banks — they stripped the requirement that the banks actually have the mortgage documents to prove that they were the proper party to be able to foreclose.
Remember that the big issue a couple of years ago was “robosigning” — that is, document forgery. Continuing the scam is, of course, the highest and best use of “lobbying” lawmakers, and in Colorado the banksters scored big, removing even the pretense that a foreclosing actor actually owned the mortgage through documentation — even forged documentation!
Now a simple statement became enough.
So-called “financial news media” has ignored this, of course. It’s in their “best interest” too; after all, you wouldn’t be able to sell ads on a TeeVee station talking about “together we’ll go far” if the people understood that how the stagecoach “went far” was by stealing all your property.”
Via Market Ticker
“Spain’s underground economy is reportedly 19% of GDP. Is it? Who knows? Whatever it is, Visa has its eyes on transaction fees while holding a carrot in front of the Spanish government regarding more taxable income.
Via Mish-modified translation from Libre Mercado, please consider Visa recommends Spain further limit the use of cash transactions. “
The black market economic activity is beyond the control of the Treasury, and is one of the major objectives of the government during the current crisis to try to raise tax revenues. In 2010, Spain decreed the obligation to report all transactions greater than $ 3,000. In 2012 a ban was placed on cash payments in excess of 2,500 euros.
Visa Europe now recommends that the Government of Mariano Rajoy further restrict the use of cash to combat the underground economy and, thus, increase tax collection. Visa suggests a measure similar to that adopted in Italy, where the limit is set at 1,000 euros.
“The fleecing of the American public continues.
The theft takes different forms, but it all serves one purpose — to transfer wealth from the average Joe to the crony corporatists and their political lackeys. Here are but a few examples of how this has been accomplished:
- Bailouts for the wealthy and well-connected are paid for by the unconnected middle class.
- Subsidies are provided for unworkable schemes submitted by political donors and favorites. These schemes inevitably fail and the tax-payer is left holding an empty bag.
- Laws are routinely ignored when “friends” need help. In identical circumstances, would you receive the same treatment as Jon Corzine?
- Despite the biggest theft in world history, no one was prosecuted. The Savings and Loan crisis in the 1980s was trivial in comparison to the recent financial crisis. More than a thousand S&L executives were prosecuted.
- Ever-increasing sacrifices in the form of higher taxes from the productive sector are demanded to continue the plush living of the ruling class.
Capitalism and free markets depend upon trust, integrity, property rights and the rule of law. Without these, there are no advantages to free markets. Nor are there any incentives to create wealth. Instead, an economy becomes little more than a massive plunder scheme where the powerful exploit the weak. No economic recovery is possible under such circumstances.”
Via Zero Hedge
“Oh, but everyone believed that if Cyprus “came up with” $7 billion (by stealing deposits) and shutting down the banks, along with capital controls, the $10 billion was “enough.”
Oops — it’s not. As I noted at the time the destruction of jobs that came from pilfering small and medium sized business bank accounts was going to lead to monstrous layoffs — and thus fewer tax receipts.
Now the number has gone up to $23 billion — six billion more — which incidentally is twice what the government was first told they had to find on their own.
Yet another abject fraud perpetrated on the people.
Are you learning yet America?
Via Market Ticker
“There was a brief period of confusion for a while when Goldman didn’t have clear muppet-stomping trades on the book, and those who wished to frontrun the Goldman prop desk (and do the opposite of the muppet flow) were stuck furiously scratching their head. And granted while it’s not a “Stolper”, tonight we got two gifts (in the parlance of Whitney Tilson) with Goldman first telling its clients to sell gold following Goldman’s lowering of its price target for the yellow metal (which as always means the hedge fund known as Goldman is buying what its clients are selling). And then, moments ago, we also learned that Goldman is also selling the 10 Year, which it advise muppets to buy.”
Via Zero Hedge
‘It shouldn’t surprise. It’s already policy. Market analyst Graham Summers explained. Depositor theft is coming. Europe is banker occupied territory. So is America.
Finance is a new form of warfare. It’s more powerful than standing armies. Banking giants run things. Money power has final say.
Economies are strip-mined for profit. Communities are laid waste. Ordinary people are impoverished. Even their bank accounts aren’t safe.
Cypriot officials agreed to tax them. Canada, New Zealand, and Euroland member states plan doing the same thing. So does America.
Officially they’re called “bail-ins.” It’s code language for grand theft. Instead of breaking up, nationalizing, or closing down failed banks, depositor funds will keep them operating.”
Via Activist Post