Tag Archives: Eurozone

Ellen Brown ~ EU Showdown: Greece Takes On The Vampire Squid

“Despite that risk, on January 3rd Der Spiegel reported that the German government believes the Eurozone would now be able to cope with a Greek exit from the euro. The risk of “contagion” is now limited because major banks are protected by the new European Banking Union. The banks are protected but the depositors may not be.” – E Brown

EllenBrown2Greece and the troika (the International Monetary Fund, the EU, and the European Central Bank) are in a dangerous game of chicken. The Greeks have been threatened with a Cyprus-Style prolonged bank holidayif they “vote wrong.” But they have been bullied for too long and are saying “no more.”

A return to the polls was triggered in December, when the Parliament rejected Prime Minister Antonis Samaras’ pro-austerity candidate for president. In a general election, now set for January 25th, the EU-skeptic, anti-austerity, leftist Syriza party is likely to prevail. Syriza captured a 3% lead in the polls following mass public discontent over the harsh austerity measures Athens was forced to accept in return for a €240 billion bailout.

Austerity has plunged the economy into conditions worse than in the Great Depression. As Professor Bill Black observes, the question is not why the Greek people are rising up to reject the barbarous measures but what took them so long.

Ireland was similarly forced into an EU bailout with painful austerity measures attached. A series of letters has recently come to light showing that the Irish government was effectively blackmailed into it, with the threat that the ECB would otherwise cut off liquidity funding to Ireland’s banks. The same sort of threat has been leveled at the Greeks, but this time they are not taking the bait.

Squeezed by the Squid

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Steven MacMillan ~ Soros: The European Union Is A “Failed” Experiment In “International Governance”

“Unemployment and contempt towards the political class has soared across the European continent since the financial crisis of 2008, and this could trigger a revolution in Europe in the coming years.” – S MacMillan


Is the Western elite’s brainchild – the European Union – disintegrating? Due to persistent economic problems, the rise of “popular resentment” across the continent, the political fallout after the illegal coup in Ukraine and the subsequent unpopular economic war on Russia, the EU is on the verge of crumbling.

In an interview with France 24, the hedge fund manager, billionaire and founder of the Open Society Foundation, George Soros, reveals that the European Union has failed to achieve the desires of the elite and many within Europe now see “Russia as a role model”:

We have to recognise that the [European] Union itself, which is a noble, well-intended experiment in international governance, has failed, and has not delivered what it promised, and there is such a degree of disappointment that even Russia can offer an alternative. (3.21 into the interview)

Soros then asserts that many in Europe – including the UK Independence Party (UKIP) leader Nigel Farage, Front National President Marine Le Pen in France, as well as “a lot of people in Germany” – find the idea of “closer cooperation with Russia rather attractive”. Continue reading

Patrick O’Flynn ~ Dismantling The Euro Is The Only Solution [Video]

European Parliament, Brussels, 23 September 2014

Global Systemic Crisis/October 2012 -The Global Economy Sucked Into A Black Hole And World Geopolitics Heated To White-Hot

GEAB | September 16 2012 | Thanks, Kevin

As LEAP/E2020 anticipated since the end of 2011, the end of summer 2012 marks the beginning of the revival for Euroland with the emergence of a positive dynamic fed by two lasting phenomena: first, the progressive operational installation of the instruments bitterly discussed and decided upon during the last 18 months and, secondly, the visionary spark brought by the political changes of the last six months which have put Euroland’s medium to long term future back in the middle of the decision-making process. The Euro’s progress these past weeks offers a perfect illustration of the phenomenon (1). That being said, Europe will be in recession for the next six to twelve months. It just goes to show that the only good news that we announced in the June 2012 GEAB issue is far from being miraculous.

In a certain sense, it’s even the contrary, since henceforth it’s no longer possible to hide the global economy’s tragic state behind the pretext of the “Euro or Greek crisis”. The more Euroland advances constructively, the more the “Potemkinien” (2) character of the US, Chinese, Japanese and Brazilian… economies’ « health » will show itself. The tree will no longer hide the forest, namely that all the major global economies are entering recession or slowing growth simultaneously, leading the socio-economic and financial world into a black hole.

At the same time summer 2012 will have marked a major acceleration in world geopolitical dislocation with a Syrian conflict which becomes more dangerous for the Middle East and the world day by day (3), Israeli-Iranian tension which is ready to explode at any time, and widespread testing of declining US power – from the China Sea to Latin America via the whole Muslim world. The strategic-military world is heated white-hot as the massive resumption of arms sales worldwide illustrates for that matter, with the United States supplying 85% of the total (4).

Global arms sales and principal exporters’ share (2010-2011) - Source: New York Times, 08/2012

Global arms sales and principal exporters’ share (2010-2011) – Source: New York Times, 08/2012

For these reasons, LEAP/E2020 maintains its June 2012 Red Alert and estimates that, by the end of October 2012, the global economy will be sucked into a black hole against a backdrop of world geopolitics heated white-hot. Suffice it to say that the coming weeks will, according to our team, carry the planet away in a hurricane of unprecedented crises and conflicts.

So, in this GEAB issue, LEAP/E2020 sets out the list of the seven key factors of this double shock without modern historical equivalent:

In addition, this GEAB issue contains an anticipation of the cumulative impact of the crisis and the Internet on European retail trade, predicting a loss of 2.5 million jobs by 2015.

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Mike Adams ~ Germany’s Constitutional Court Decision Either Means A Rapid Eurozone Financial Collapse, Or Inevitable Hyperinflation

Natural News | September 12 2012

Natural News ~ The financial collapse of the Eurozone may be upon us. This Wednesday, September 12, the Federal Constitutional Court of Germany must decide whether it is legal for Germany to participate in the financial bailouts of other nations in the Eurozone.

The court has been inundated with tens of thousands of petitions (not just petition signers, but tens of thousands of individual petitions) demanding the court say NO to the bailouts and stop draining Germany’s economy to rescue the failed debt spending of other nations.

Here’s why this matters:

A NO decision means a rapid financial collapse of the Eurozone

If Germany votes NO, then Germany stops bailing out Greece, Spain and other nations on the brink of financial disaster. Sometime in the coming days, weeks or, in the best case, a few months, European nations start collapsing, complete with bank holidays, riots in the streets and almost certainly martial law.

This collapse will, at first, cause a flight of capital to the USA, making the U.S. look stronger in the short term, but given how many U.S. banks are invested in European financial instruments (derivatives), the U.S. banking collapse won’t be far behind.

A YES decision means runaway hyperinflation across the Eurozone

If the German court votes YES to the continued financial bailouts, then Germany must crank up the printing presses and start creating money at such a rapid pace that hyperinflation becomes almost inevitable. Literally trillions of Euros would have to be (electronically) printed in Germany, then transferred off to other countries like Italy, Spain and Greece, where banksters and governments have spent themselves beyond the point of collapse and are in desperate need of bailouts.

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Ethan A. Huff ~ Euro Collapse Imminent, Experts Believe

Natural News | August 30 2012

Natural News ~ The future does not look very promising for the euro, the flailing currency of the European Union (EU). Speculation among many bankers, company executives, investors, government officials, and others that the euro is about to completely unravel are actually helping to fuel the currency’s decline, say some, a process that many others, including euro architect Otmar Issing, have long believed was inevitable anyway.

The ongoing debt crisis in the “Eurozone,” or the bloc of European countries that are part of the EU, is only continuing to worsen, and EU officials have been unable to come up with a viable policy solution to jump start the EU economy. Meanwhile, the local economies of Greece, Italy, and Spain are in rapid decline with no end in sight, and countries like Germany and Finland that have had to continually prop them are up are growing weary of having to keep the ship afloat, so to speak.

Many European banks have stopped lending across their own countries’ borders, investors have pulled their assets out of European markets, and the Constitutional Court of Germany, one of the key countries holding the EU together, will soon determine whether or not its continued bailout efforts for the worst performing countries in the EU are even legal in the first place. All the signs, in other words, are pointing to an eventual euro collapse.

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Alasdair Macleod ~ September 12th German Court Decision = Collapse of the Euro Zone? [Audio]

SGTbull07 | August 23 2012

Part 1 of 2: In this interview Alasdair & I discuss the critical German Constitutional Court decision due on September 12th which may mark the END of Germany’s ability to fund the endless Euro Zone bailouts, which now total more than $2 TRILLION for Germany alone! If Germany bails on the bailouts… the EuroZone will fall and all hell will break loose globally.

In Part 2 Alasdair & I discuss the developing shortage of physical gold and silver, and the total denial of the average American that there is any problem whatsoever. Even talking about these issues with the average sheeple makes the informed among us “party poopers”, or worse, “gloom & doomers”.

Alasdair Macleod is the head of research at GoldMoney.com and a precious metals pundit of the highest order.

Listen to Part 2 here

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Ethan A. Huff ~ Finland Preparing For ‘Full-Blown Currency Crisis’ And Collapse Of Eurozone

Natural News | August 21 2012

Erkki Tuomioja

Natural News ~ In a shocking admission that shows just how serious the ongoing “Eurozone” crisis truly is, a Finnish official has come forward with information about how his country, which is among the strongest in the European Union (EU), plans to deal with a potential break-up of the euro. Erkki Tuomioja, Finland’s Foreign Minister, openly admits that his country is preparing for an eventual collapse of the Eurozone, and has contingency plans in place that may include reverting from the euro back to the country’s former currency.

Though Finland is relatively strong compared to many other EU member countries, it is weaker than its non-EU Scandinavian neighbors, which include Sweden, Norway, and Denmark. Each of these countries still has its own unique currency, and all of them are growing and thriving much faster than Finland, which is bound to a currency and economic union that is constantly being dragged down by Greece, Spain, and other economically-failing countries.

European socialist system failing as ‘poor’ countries continue to drag down ‘rich’ countries

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Wolf Richter ~ Even Counterfeiters Are Giving Up On The Euro

Testosterone Pit | July 19 2012 | Thanks, Thomas

My first experience with a physical euro was mid-December 2001 when I travelled to Europe for preliminary discussions with potential partners for the startup I ended up launching later that year. First stop: Germany. Bank showcases were filled with euro feel-good agitprop. Euro bills and coins would enter circulation on January 1, and this was part of the long-running campaign to persuade Germans to surrender their Deutsche marks. People had some apprehensions, and some wanted to retain the D-Mark, but my business contacts were gleeful: the euro would become the dominant reserve currency in the world; oil would be priced in it.

To celebrate this unique moment in history, I entered a Deutsche Bank branch and bought several euro Starter Packs, as they were called in good German. The clear plastic pouches cost DM 20 and contained all denominations of euro coins. I handed them out as souvenirs when I came home. Here is the one I kept:

The following year, the euro was in every Eurozone wallet. OK, people were bitching. Things had gotten more expensive. Little but highly visible things. Merchants rounded up. An espresso in Germany might have cost DM 3 but then sold for €2, instead of €1.50 as it should have.

By then, I’d moved to Belgium—without feel for what things had cost beforehand. What I did notice was how easy, cheap, and fast transactions were with Eurozone countries. I was too busy building a company to worry about birth defects and fatal flaws of the monetary union that covers not only the 330 million people in the Eurozone, but another 150 million people in Africa whose currencies are pegged to it, and maybe 20 million people in other countries with currency pegs. And for nostalgic reasons, I would like the euro to survive.

But that may be wishful thinking. Every day brings new developments that raise my doubts further: turns out, even counterfeiters have lost confidence in the euro.

In fact, the euro counterfeiting bubble has collapsed. The ECB, in its biannual reports on euro note counterfeiting, documented the bubble and its demise, which by the way, parallels in timing, if not in magnitude, other bubbles, including the Wine Bubble [read….. Ouch! The Wine Bubble Blows Up].

After a fairly steady period through 2006, euro counterfeiting jumped 70% to its peak in the second quarter of 2009. Alas, following on the heels of the financial crisis, the Eurozone debt crisis began to gnaw on periphery countries, and counterfeiters lost confidence along with the rest of the financial markets. By the first half of 2012, counterfeiting had crashed 44%. And not much but thin Alpine air appears to be underneath it.

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