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Posts tagged ‘George Soros’

European Union may be doomed — and it is all Germany’s fault.

WASHINGTON (MarketWatch) — So the euro will survive but the European Union may be doomed — and it is all Germany’s fault.

This is the gloomy message from billionaire investor George Soros as he promotes his new book, “The Tragedy of the European Union: Disintegration or Revival?”

“The euro is here to stay because Germany wants it to be here,” Soros said in an interview this week with the BBC, “and they’ll do whatever they have to do to keep it there.”

However, Germany will only do the very minimum, Soros said, which means the economic divergence among the EU countries will continue to grow.

Continuation of the euro EURUSD -0.14%  with the current austerity policies means the EU is in for “long-lasting stagnation,” said the 83-year-old investor, who has been a persistent critic of Germany’s stance in the euro crisis. “Unfortunately,” he added, “the European Union may not survive.”……………….

full article at source: http://www.marketwatch.com/story/german-hard-line-on-euro-could-end-the-eu-soros-warns-2014-03-14

Has Merkel Just “Blinked” and Saved the Euro Project?

Barack Obama, President, talked with David Cam...

Barack Obama, President, talked with David Cameron, Prime Minister, and Angela Merkel, Chancellor, at the 36th G8 summit in Muskoka District Municipality, Ontario Province on June 25, 2010. (Photo credit: Wikipedia)

By: Christopher_Quigley

A picture tells a thousand words. The chart below shows just how grave the situation in Spain is. Europe is in crisis and the euro is in danger of falling apart.

Things have become so serious that President Obama has intervened and has asked  British Prime Minister David Cameron to travel to Berlin today and put an ultimatum to Chancellor of Germany Angela Merkel: “act before it is too late”.

It looks like following such pressure that she has finally blinked and altered her former “stone walling” policy. It looks like Spain will be granted a bank bailout without giving up the type of sovereign authority demanded of Ireland and Portugal and Greece. According to news reports:

1.            ” Brussels’ officials are examining the possibility of paying bailout funds directly to the Spanish banking rescue fund rather than to the Spanish government. And Germany’s Angela Merkel is looking for a way to enable Spain’s reluctant premier Mariano Rajoy to access eurozone rescue funds while not having to impose new economic reforms.”

2.             “Unnamed German officials told Reuters that contingency plans were under way, with lawyers studying treaties, for ways to provide funding without a full-on programme.”

3.             “Derek Scally of the Irish Times reports that British Prime Minister David Cameron is expected to raise the issue with chancellor Angela Merkel when he travels to Berlin today. Mr. Cameron is expected to pass on to the German leader the central message of a phone call he had yesterday with US president Barack Obama on “an immediate plan for the solution of the crisis and restoration of market trust”.

This departure by Merkel, if it proves to be true, will be a game changer. Confirmation will be great news for world stock markets.

It looked like the Spanish banking system was on the verge of collapse. Spanish officials were  refusing to request an IMF/EU bailout along the lines forced on Greece et al even though the bond market had effectively closed its doors to Madrid. The premier Mariano Rajoy was of the opinion that additional austerity that such a bailout would demand would cause political and social chaos throughout the Iberian Peninsula. With the bond market defunct Spain’s only alternative would have been to print its own currency. This recourse would only have been possible if Spain left the euro. Such an unthinkable possibility motivated George Soros to state the following at the Festival of Economics at Trento Italy last week:

“It is impossible to predict the eventual outcome. As mentioned before, the gradual reordering of the financial system along

National lines could make an orderly breakup of the euro possible in a few years time and, if it were not for the social and political dynamics, one could imagine a common market without a common currency. But the trends are clearly non-linear and an earlier breakup is bound to be disorderly. It would almost certainly lead to a collapse of the Schengen Treaty, the common market, and the European Union itself. ( It should be remembered that there is an exit mechanism for the European Union but not for the euro.) Unenforceable claims and unsettled grievances would leave Europe worse off than it was at the outset when the project of a united Europe was conceived.

But the likelihood is that the euro will survive because a breakup would be devastating not only for the periphery but also for Germany. It would leave Germany with large unenforceable claims against the periphery countries. The Bundesbank alone will have over a trillion euros of claims arising out of Target 2 by the end of the year (see note below), in addition to all the intergovernmental obligations.  And a return to the Deutschemark would likely price Germany out of its export markets not to mention the political consequences. So Germany is likely to do what is necessary to preserve the euro – nothing more. That would result in a eurozone dominated by Germany in which the divergence between the creditor and debtor countries would continue to widen and the periphery would turn into permanently depressed areas in need of constant transfer payments. That would turns the European Union into something very different from what it was when it was a “fantastic object” that fired people’s imaginations. It would be a German empire with the periphery as the hinterland.”

Today it looks like Angela Merkel has heeded Mr. Soros’ advice and gone for the “least worst” option. Should she manage to convince her political backers to allow future bank bailouts without sovereign interference Spain will probably agree to stay within the euro. Such a mechanism would also suit Italy should the need arise. The only problem now is that the fund required to solve this problem will need to be in the magnitude of 2 – 3 trillion euros. This is why I think President Obama and David Cameron have decided to get directly involved. The game now is only open to high rollers and the stakes could not be higher. We certainly are living through historic days.

Author’s Note: TARGET2 is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem. TARGET stands for Trans-European Automated Real-time Gross settlement Express Transfer system. TARGET2 is the second generation of TARGET.

Payment transactions are settled one by one on a continuous basis in central bank money with immediate finality. There is no upper or lower limit on the value of payments. TARGET2 mainly settles operations of monetary policy and money market operations.

TARGET2 has to be used for all payments involving the Eurosystem, as well as for the settlement of operations of all large-value net settlement systems and securities settlement systems handling the euro.

TARGET2 is operated on a single technical platform. The business relationships are established between the TARGET2 users and their National Central Bank. In terms of the value processed, TARGET2 is one of the largest payment systems in the world.

Source: European Central Bank website.

Comment:

I welcome this excellent summary of the current situation in Europe and for the first time I whole heartily agree with sums you have come up with another 2.5 to 3 trillion Euros) that will be required by Germany to save the euro and yes you are right it’s going to have to be Germany that has to put its hand into its pockets or else walk away from the whole mess!

Well done and keep up the great work !

Euro Crisis a Death by A Thousand Day Trades

Romano Prodi (second from the right) at the He...

Image via Wikipedia

By: Christopher M_Quigley

Labour unrest, collapsing employment, bankrupt public coffers, riots and sovereign debt default.

This all might seem unexpected however in 1995 a former European Union economist Bernard Connolly foretold it all in his classic book “The Rotten Heart of Europe.”  Connolly was hounded out of his elite job for telling the truth about the lies and obfuscation regarding the ERM (Exchange Rate Mechanism), the forerunner of the Euro. He knew that his instincts and training as a professional economist were telling
him that the Euro would be a disaster for Nation States yet he was not allowed
to articulate his genuine concerns. “As we shall see, in France the long arm of the authoritarian state has pressurized dissident economists and bankers, deployed financial information programmes on international TV channels, threatened securities houses with loss of business if they questioned the official economic line, and shamelessly used state-owned and even private-sector banks, in complete contradiction with their
shareholder’s interests and Community law, to support official policy. ………. The
economic profession in Europe organized literally hundreds of conferences,
seminars and colloquia to which only conformist speakers were invited; and the
Commission’s “research” programmes financed large numbers of economic studies
to provide the right results from known believers.”

Connolly
goes to state the essence of his book:

“My central
thesis is that the ERM and the EMU (European Monetary Union, the mechanism with
ultimately brought the Euro into technical existence) are not only inefficient
but also undemocratic: a danger not only to our wealth but to our freedom and
ultimately, our peace.”

As the current crisis unfolds we are just beginning to see the flaws in the Euro
system that Connolly foresaw. Under the regime yes we have stable exchange
rates between the Euro countries but there is no harmony between the disparate
economies that make up Euroland. For example when it comes to borrowing
“sovereign debt” each country is on its own. This last week Greece had to pay
18% on two year money whereas Germany had to pay only 3% approx. Where Greece
has gone Spain, Portugal and Ireland are soon to follow. The technical makeup
of the Euro is being brought into the glare of the light of day and business
functionaries do not like the weaknesses they see. The idea that the Euro has a
“central” bank has thus been exposed as a myth. If the Euro actually had a real
central bank the sovereign nations of the European Super State would be able to
borrow under its aegis, they cannot.

This means the Euro is not a “currency” as such but in actual fact is an exchange rate
mechanism only.

Thus it is a political entity not an economic one. The fact that Germany “cannot assist”
Greece in these crises while the Euro burns indicates again that politics and
power rules the day not bread and butter and families and jobs. The behavior of
Germany is actually frightening in light of the fact that it is the major
beneficiary of this artificial exchange mechanism. The Euro is allowing cheap
German goods flood Europe and explains why it has 200-300 billion Euros of
trade surpluses with its economic partners.

In a survey last week over 80% of Greeks said they wanted to exit the Euro but this voice
is not being reported in much the same fashion that Connolly’s concerns were
silenced by elite bankers and politicos. However, in 1995 when the Euro
mechanism was being set up the world was less connected. Today we have
international hedge funds connected through Cray computers ready to “play” the
markets. As soon as traders realize the Euro is a one way bet they will opt to
profitably destroy the exchange mechanism because of its exposed failings. The
Emperor has been seen to have no cloths. As sure as night follows day they are
going to reap their reward. They will seek to emulate George Soros when he
reaped his one billion sterling paycheck on the 16th. September 1992 (“Black
Friday”). It was that day the bank of England lost 3.4 billion sterling in one
single 24 hour period, defending a flawed exchange link to Euroland. It is my
suspicion that Germany sees this as a very real scenario and does not desire to
waste its hard won foreign reserves on a “Norman Lamont” (The “Black Friday”
chancellor of the British exchequer) type endgame.

All of this would be fascinating if it were purely an academic issue, unfortunately it is
not. In Ireland, for example, the country is going through a horrendous
economic downturn, one which is being exacerbated by this “currency” crisis.
The problem is the perception is out that the Euro is not a real currency and
confidence is vanishing. The end result is lost jobs, non-existent credit,
frozen business cash flows, unemployment and emigration. In other words the
issues are very, very real. And I am sure it is the same in Greece, Portugal,
Spain and Italy.

I do hope that the powers that be put their heads together to solve this developing
disaster. Bernard Connolly wrote about it 35 years ago so they have had a lot
of time to prepare. Let’s hope wisdom prevails and that the lessons Argentina
learnt nearly a decade ago can be used. In that crisis, when she had to break
the link to the Dollar (a la our Euro), she allowed devaluation. Inspiringly
its leaders also insisted on the recalibration of all Dollar denominated loans.
In evaluating their response to the currency crisis elite realized that they
had only two options. Social catastrophe or neutered bankers. They took on the
bankers and substantially diminished their debt. Thus they saved their nation.

 Accordingly, the so called “PIIGS” countries; Portugal, Italy, Ireland, Greece and Spain,
should form a league for the purpose of national economic restructure. This
league should form a common secretariat with the purpose of negotiating an exit
from the Euro and allowing their currencies to “float” once more. This will
immediately allow their economies to become competitive again without
widespread deflation. Most importantly all Euro loans must be devalued based on
a new negotiated exchange conversion, as per the Argentinean model. This action
will be greatly resisted by Euro bankers. This is why no one European nation
could go this route alone. But together, in league, they have a chance.

 I hope Irish leaders realize the difficulty we are in and have the intelligence,
resolve and wisdom to formulate the type of solution mentioned. If such leadership
was shown by Ireland perhaps the other heads in Portugal, Italy, Greece and
Spain would have the courage to join with their fellow European brothers and
sisters and save their nations from certain financial regression. Yes we truly
are living in interesting times.

Reference:
“The Rotten Heart of Europe”

Bernard Connolly

Faber & Faber, London, 1995.

Oil ‘could hit $200 a barrel’

When it comes to state visits the devil is in the detail. It’s the nuances of the arrangements that allow you to calibrate just how important a relationship is. That’s why the world has been watching the visit of the Chinese President Hu Jintao with such attention. The state dinner at the White House – described as an “intimate” event – apparently signifies that Washington rates China as pretty much the most important nation, economically, on earth. But the visit has also prompted much speculation in the press about how long the Chinese economic miracle can last and whether it is about to come to a juddering halt. Jim Rogers, the legendary investor who co-founded the Quantum Fund with George Soros, has moved his family to Singapore and is making sure his two young daughters can speak Mandarin. He spoke to the Business Daily’s Justin Rowlatt.

Transcript is below

Jim Rogers: The largest creditor nations in the world are in Asia now: China, Korea, Japan, Hong Kong. This is where the assets are. You know who the debtors are and where they are.

Justin Rowlatt: But listen, I mean the Chinese economy is still way behind the American economy is and it is about the third the size of the American economy.

Jim Rogers: Yes, of course. They had a disaster for 300 years, but about 30 years ago, they woke up, they changed their minds and they said we got to try something new. They unleashed entrepreneurship and capitalism again, and they have been astonishing for 30 years. It takes a while to go from a disaster to rival the Americans, but they are on their way.

Justin Rowlatt: Do you really believe the Chinese boom can continue, because lots of people are saying there are all sorts of asset price bubbles that are going to trip the Chinese up in the coming years?

Jim Rogers: Well, the only asset bubble I see potentially in China is in urban coastal real estate, but real estate is not nearly the entire Chinese economy as it was in America and the U.K. Sure, they will have setbacks.

Justin, in the 19th Century, America had a horrible civil war. We had 15 depressions with a ‘D.’ We had very few human rights. We had massacres in the streets regularly. We had very little rule of law. You could buy and sell – you can still buy and sell congressmen in America, but in those days they were cheap. America had horrible problems, but they came out of that and had a pretty good 20th Century.

Justin Rowlatt: So what does that imply about where people should put their money; where are the sensible investments in Asia?

Jim Rogers: Well, the best way to invest in Asia in my view is to buy commodities, because the Chinese have to buy cotton, they have to buy zinc, they have to buy oil, they have to buy natural resources because they don’t have enough.

If you want to invest in China and you own cotton, they are going to be very nice to you Justin. They are going to pay the bills, they are going to take you to dinner, they are going to pay you on time. If you want to invest in stocks, you have to do a lot of homework and know what you are doing. Another way is to invest in the currency. I own the renminbi. I expect the renminbi to go up a great deal over the next decade.

Justin Rowlatt: But commodities are already at relatively high prices, aren’t they? I mean hasn’t that horse bolted already?

Jim Rogers: No, no, the only commodity I know which is making an all time high is gold. Some commodities are up, yes. Sugar is up a lot, but Justin, sugar is still 50% below its all time high. How can you say that’s bolted? Silver is going up, but silver is 40% below its all time high. Yes, commodities have been going up recently, but they are still extremely depressed on a historic basis.

Justin Rowlatt: So what about oil? I mean oil prices are pretty high, aren’t they? Almost $100 a barrel. Are they really going to go higher do you think?

Jim Rogers: Well, the surprise is going to be how high the price of oil stays and how high it goes, because Justin we have had no major elephant oil discoveries in over 40 years. The International Energy Agency is going around the world pleading with people to listen. Known reserves of oil are declining. It is not good news. Unless somebody discovers a lot of oil very quickly, prices are going to go much higher over the next decade.

Justin Rowlatt: How high do you think the oil price could go then?

Jim Rogers: Justin, the price of oil is going to make new highs. It will go over $150 a barrel. It will probably go over $200 a barrel.

Justin Rowlatt: Over $200 a barrel? I mean that’s a world record high, isn’t it?

Jim Rogers: Of course it is, but Justin, the world is running out of known reserves of oil. Maybe there is a lot of oil in the world, but if there is, we don’t know where it is or how to get to it.

Justin Rowlatt: You got the pre-salt deposits off the coast of Brazil, there is Arctic oil, I mean there are big reserves of oil yet to be tapped, aren’t there?

Jim Rogers: Justin, those reserves off the coast of Brazil are wonderful if you own them, but even the wildest and most optimistic estimates would only add one year’s reserves to the world. The world is using 86 million barrels of oil everyday Justin. Even if it stays static or goes down a little bit, those finds off Brazil will make somebody rich, but they are not going to solve the world’s problems. And, if you know of a lot of oil in the Arctic, please tell us where it is, but it is going to be very difficult to get it out of there.

Justin Rowlatt: What other things should people be looking out for do you think Jim?

Jim Rogers: Well, there are many parts of the world economy which are going to do well no matter what happens. Chinese agriculture is going to boom because Mao Zedong ruined agriculture in China and now they are spending huge amounts of money trying to solve the problem.

Water is going to be a great growth industry, because India has a huge water problem, China does, America does. Many places have big water problems, so huge fortunes will be made in water in the future.

Chinese tourism is going to boom. They have not been able to travel for about 300 years. Now they can get passports easily. They can take money out of the country. And Justin, there are 1 billion 300 million of them. They want to see their own country and they want to see the world. It is going to be a great growth industry.

Justin Rowlatt: You said that obviously there are going to be issues for water for countries like China and India in the future. How would you make money out of the kind of water demand that there is in many developing countries?

Jim Rogers: Well Justin, countries can survive civil war, epidemics, all sorts of things, but one thing the countries cannot survive is that they run out of water. China has a terrible water problem in the north as does India, which has an even worse problem. So if you can figure out a way to transport it, pump it, clean it, whatever you got to do, you will make a lot of money in water.

I would not suggest you own water, because if you own water, when things get really bad, the politicians will sneer and say, “You filthy horrible capitalist, you are making money off people’s God given right to water.” And if you are lucky, they will hang you in the city square. But if you can solve the water problems, they will build a monument to you in the city square and you will be extremely rich.

source :http://www.bbc.co.uk/news/business-12235196

New World Order

In the video you are about to see, George Soros talks about “the creation of a New World Order“, he discusses the need for a “managed decline” of the U.S. dollar and he talks at length of the global need for a true world currency. So just who is George Soros? Well, he is a billionaire “philanthropist” who came to be known as “the Man Who Broke the Bank of England” when he raked in a staggering one billion dollars during the 1992 “Black Wednesday” currency crisis. These days Soros is most famous for being perhaps the most “politically active” (at least openly) billionaire in the world. His Open Society Institute is in more than 60 countries and it spends approximately $600 million a year promoting the ideals that Soros wants promoted. Soros and his pet organizations have played a key role in quite a few “revolutions” around the globe over the last several decades, but these days the main goal of George Soros is to bring political change to the United States.

So exactly what is it that George Soros is trying to accomplish? Well, in a nutshell, what he wants is a Big Brother-style one world government based on extreme European-style socialism, strict population control and the radical green agenda. It would be a world where the state tightly regulates everything that we do for the greater benefit of the environment and of society as a whole.

However, Soros is not the “mastermind of the New World Order” that some have tried to make him out to be. The truth is that to those in the international banking elite, Soros is considered to be something of a “black sheep” and an “outsider”. Much of what Soros is trying to accomplish lines up with the goals of the international banking elite, but what they don’t like is that Soros won’t stop publicly talking about a global currency and a “New World Order”. Of course the international banking elite very much want a global currency and a “New World Order”, but what they don’t need is a “squeaky wheel” like Soros running around drawing unneeded attention to those goals.

Also, Soros does not seem to understand that both sides of the political spectrum in the United States are deeply influenced by the international banking elite. Sadly, the truth is that the same handful of elitist organizations has dominated the cabinets of every single president that we have had since World War II. If you doubt this, just check out how many members of each presidential administration over the last 40 years have belonged to either the Council on Foreign Relations, the Trilateral Commission or the Bilderberg Group. If you have never looked into this before, you will be absolutely shocked. No matter what president we elect, it is always the exact same organizations that always dominate their cabinets.

But Soros still seems very much trapped within the left/right paradigm and he seems absolutely obsessed with destroying the Republican Party. For example, Soros spent an insane amount of money attempting to defeat George W. Bush back in 2004. According to the Center for Responsive Politics, George Soros donated $23,581,000 during that election cycle to political organizations that were trying to keep Bush from being reelected.

Soros has also been a tremendous backer of Barack Obama, although lately Soros seems a bit disenchanted with him. Through organizations such as the Center for American Progress and MoveOn.org, Soros is constantly trying to influence the state of American politics.

Euro Crisis or Death by A Thousand Day Trades

 

We in Europe are certainly living in interesting times.

   PDF Document  here   Euro Crisis Or Death By A Thousand Cuts[1]

Labour unrest, collapsing employment, bankrupt public coffers, riots and sovereign debt default.

This all might seem unexpected however in 1995 a former European Union economist Bernard Connolly foretold it all in his classic book “The Rotten Heart of Europe.” Connolly was hounded out of his elite job for telling the truth about the lies and obfuscation about the ERM (Exchange Rate Mechanism), the forerunner of the Euro. He knew that his instincts and training as a professional economist were telling him that the Euro would be a disaster for Nation States yet he was not allowed to articulate his genuine concerns.“As we shall see, in France the long arm of the authoritarian state has pressurized dissident economists and bankers, deployed financial information programmes on international TV channels, threatened securities houses with loss of business if they questioned the official economic line, and shamelessly used state-owned and even private-sector banks, in complete contradiction with their shareholder’s interests and Community law, to support official policy. ……….

The economic profession in Europe organized literally hundreds of conferences, seminars and colloquia to which only conformist speakers were invited; and the Commission’s “research” programmes financed large numbers of economic studies to provide the right results from known believers.”Connolly goes to state the essence of his book:

“My central thesis is that the ERM and the EMU (European Monetary Union, the mechanism with ultimately brought the Euro into technical existence) are not only inefficient but also undemocratic: a danger not only to our wealth but to our freedom and ultimately, our peace.”

As the current crisis unfolds we are just beginning to see the flaws in the Euro system that Connolly foresaw. Under the regime yes we have stable exchange rates between the Euro countries but there is no harmony between the disparate economies that make up Euroland. For example when it comes t0 borrowing “sovereign debt” each country is on its own. This last week Greece had to pay 18% on two year money whereas Germany had to pay only 3% approx. Where Greece has gone Spain, Portugal and Ireland are soon to follow. The technical makeup of the Euro is being brought into the glare of the light of day and business functionaries do not like the weaknesses they see. The idea that the Euro has a “central” bank has thus been exposed as a myth. If the Euro actually had a real central bank the sovereign nations of the European Super State would be able to borrow under its aegis, they cannot.

This means the Euro is not a “currency” as such but in actual fact is an exchange rate mechanism only.

Thus it is a political entity not an economic one. The fact that Germany “cannot assist” Greece in these crises while the Euro burns indicates again that politics and power rules the day not bread and butter and families and jobs. The behavior of Germany is actually frightening in light of the fact that it is the major beneficiary of this artificial exchange mechanism. The Euro is allowing cheap German goods flood.

Europe and explains why it has 200-300 billion Euros of trade surpluses with its economic partners.In a survey last week over 80% of Greeks want to exit the Euro but this voice is not being reported in much the same fashion that Connolly’s concerns were silenced by elite bankers and politicos. However, in 1995 the world was less connected when the Euro mechanism was being set up. Today we have hedge funds connected through Cray computers ready to “play” the markets. As soon as traders realize the Euro is a one way bet they will opt destroy the exchange mechanism because of its exposed failings.

The Emperor has been seen to have no cloths. As sure as night follows day they are going to reap their reward, the same way George Soros reaped his one billion paycheck on the 16th. September 1992 (“Black Friday”) when the bank of England lost 3.4 billion Sterling in one single day defending a flawed exchange link to Euroland. It is my suspicion that Germany sees this as a very real scenario and does not desire to waste its hard won foreign reserves on a “Norman Lamont” (The “Black Friday” chancellor of the British exchequer) type endgame.

All of this would be fascinating if it were purely an academic issue, unfortunately it is not. In Ireland, for example, the country is going through a horrendous economic downturn, one which is being exacerbated by this “currency” crisis. The problem is we now know the Euro is not a real currency and confidence is shot. The end result is lost jobs, non-existent credit, frozen business cash flows, unemployment and emigration. In other words the issues are very, very real. And I am sure it is the same in Greece, Portugal, Spain and Italy.

I do hope that the powers that be put their heads together to solve this developing disaster. Bernard Connolly wrote about it 35 years ago so they have had a lot of time to prepare. Let’s hope wisdom prevails and that the lessons Argentina learnt nearly a decade ago can be used. In that crisis, when she had to break the link to the Dollar (a la our Euro) she allowed devaluation but inspiringly its leaders also insisted the devaluation of all Dollar loans. In doing so the elite realized that they had only two options.

Social catastrophe or neutered bankers. They took on the bankers and substantially diminished the debt. Thus they saved their nation.

Accordingly, the so called “PIIGS” countries; Portugal, Italy, Ireland, Greece and Spain, should form a league based on national economic restructure. This league should form a common secretariat with the purpose of negotiating an exit from the Euro and allowing their currencies to “float” once more. This will immediately allow their economies to become competitive again without widespread deflation. Most importantly all Euro loans must be devalued to a new negotiated exchange conversion, as per the Argentinean model. This action will be greatly resisted by Euro bankers. This is why no one European nation could go this route alone. But together in league they have a chance.

I hope Irish leaders realize the difficulty we are in and have the intelligence and wisdom to formulate the type of solution mentioned. If such leadership was shown by Ireland perhaps the other heads in Portugal, Italy, Greece and Spain would have the courage to join with their fellow European brothers and sisters and save their nations from certain financial destruction. Yes we truly are living in interesting times.

source  thanks to chris at  www.wealthbuilder.ie

Reference: “The Rotten Heart of Europe”

Bernard Connolly

Faber & Faber, London, 1995.

Keiser report No.19

If you want to really know what is going on then look at this video
covered in the video is Gold, IMF, UK deficit, George Soros, and many more stories

Is the Irish government involved in these kind of financial tools and were there advised by Goldman sacks?

Can they categorically state on the floor of the Dail that they have no exposure to any of these kinds of toxic synthetic financial tools?

Can they categorically state that none of the Irish financial instustions have any of these derivatives on their books and if they so state then why are they looking for traders in these kinds of derivatives at NAMA

see link http://thepressnet.com/2010/01/16/irish-banks-derivative-trading-losses/

It is my belief that not only are the banks up to their tonsils in these derivatives and are hiding huge losses, the Government are actively concealing such losses from the General public.

we may even be in the same situation as Greece ,because the government will not come out and deny that they have not used the services of Goldman Sacks in the setting up of such derivatives.

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