Euphoria fading on the EU sell out to Germany

Friday's late night deal, or more exactly the one finally struck in the early hours of the following day, is beginning to receive the critical attention it deserves, rather than the knee-jerk approval initially offered by the markets. The following is from an article by Irwin Steltzer in the New York Times, linked here:

The pressure to do something was irresistible. And what they did was to multiply the moral hazard created by the initial bailouts. The European Financial Stabilization Facility will be allowed to lend €500 billion, rather than only part of that amount under the initial arrangement. And the fund will be extended beyond its planned expiration date of 2013. It seems that stronger countries such as Germany and France will provide callable guarantees, but weaker countries will have to contribute hard cash, although how that drain helps them to grow is unclear. The fund will be able to buy newly issued sovereign bonds at auction, but not older issues held by the ECB, which was hoping to offload the €77 billion in bonds it acquired to support the prices of troubled countries' bonds.

German jackboot increases the pressure on Europe's jugular!

The following are the concluding paragraphs to an article in this morning's Daily Telegraph, linked here, on the capitulation of the EU states to huge sacrifices of sovereignty to the Germans:

   Popular revolt is the dog that has not barked since the long slump began. This may just be a question of time. The pattern of the 1930s is that deep alienation starts in year three as austerity grinds on, and in this case tensions on the eurozone perip(h)ery can only turn nastier as the ECB tightens monetary policy.

   What is clear is that sovereign states are being forced to cut wages and dismantle parts of their welfare state under foreign diktat, with a gun held to their heads. This will not be forgotten lightly. The character of the European Project has changed utterly.

Further reading on what made 11-3-11 such a dark day for Europe, read here, (even graver than it will eventually prove for Japan, after the dreadful earthquake and tsunami) may be read from this link.

German bullying of Ireland continues into the early hours. France is next target!

The Herald in Ireland reports, linked here, that the German bullying of Ireland following the Friday EU meeting, continued until 02:00 am yesterday morning.

Only time will tell how long Ireland's new government will be able to withstand such pressure, given that all former nations within the EU have rendered themselves virtually defenceless against the economic hegemony of the Germans!

As was always inevitable, now that the asset stripping of the UK has been virtually completed, with a totally compliant pro-EU coalition government in power in Britain, following its Labour Party predecessors with the identical policies that are bankrupting the former nation, the EU must turn elsewhere for future sources of funds.

France is now finally in the EU's sights!  Can Britain thus hope for support from the French against the EU? We must hope so, perhaps this is a glimmer of hope on this Sunday morning full of the hoorifying news from Japan. The moving ceremony I attended yesterday, as recorded on the posting below, offers some historical evidence of hope for such an outcome.

The Appéllation Contrölée system in France gives that country one of its many unique characteristics, these are now within the EU's sights, particularly the special provisions regarding the creation of cognac, read here.

EU bail outs, as explained by Mary Ellen Synon

Watch out Portugal, when interest rates hit 7.5 (tomorrow perhaps) then EU dependency awaits you. The following extract, from Mary Ellen Synon's blog, linked here, reveals the real agenda!

It is important to remember that these bailout conditions for Greece, just like the bailout conditions for Ireland, were designed by the EU and not by the IMF. The IMF technique for bailout is first to devalue the currency and oversee spending cuts, then negotiate with bondholders. The reason the EU insisted on being leader in the bailout was to stop that very sensible IMF technique being used anywhere in the EU.

Reason? It would have meant a member state becoming independent of Brussels. The IMF could have helped the member state drop out of the euro. Staying in the euro and paying off all the bondholders, as the EU insists, means recovery has to come the more slow and painful way – by the anti-growth austerity Greece and Ireland are both suffering now.

Of course, this means leaving the people of both countries burdened with loans they can never pay off, and with spending cuts and unemployment levels from which they will not recover for a generation. The bailouts are designed in this way for just one reason, to forge the final link in the chain that will shackle Greece and Ireland, and in turn other eurozone countries, to a centralised European government.

The following later paragraph from the same article seems worth highlighting with red:

The unelected technocratic elite of Brussels see government as being too important, too complicated for the little people to control. Sending in inspectors named Klaus to direct the fiscal and economic movements of the government of a member state is more what the euro-elite have in mind -- what they have in mind now, and have always had in mind.

CME reported to make attempt to save US Capitalism from German takeover.

The leaders of Germany nowadays take less and less trouble to disguise the fact that they already hold the other 26 former nations of the EU under their heel. Now their attention is turning to the US, (see also my recent posting on Thyssen Krupp Steel in America,) where Germany's Deutsch Borse is about to complete a takeover of the New York Stock Exchange.

CME Group, who run the Chicago-based futures exchange, are now reported to be considering making an alternative hostile bid for the home of U.S. capitalism, as may be read from here. Let us hope it materialises!

Irish Times confirms Kenny's Berlin trip not at his request!

Mr Kenny’s visit to Berlin takes place ahead of the five-way leaders’ debate due to be broadcast live as part of the Frontline programme on RTÉ One at 9.30pm.Mr Kenny is scheduled to travel to Berlin on the 7.30am Aer Lingus flight from Dublin. A number of options were last night being considered for his return journey, including the 1.30pm Ryanair flight from Berlin to Dublin.

What Perty leader would voluntarily make such a foreign trip eleven days before a crucial national general election. The fact that the trip is not at the Fine Gael leader's request comes at the beginning of the article in the Irish Times, from which the above is a quote, as follows:

FINE GAEL leader Enda Kenny has accepted an invitation to meet German chancellor Angela Merkel in Berlin this morning amid fresh clashes between his party and potential coalition partners Labour over economic policy.

If the clashes are as severe as it appears, surely any independent party leader's priority is their successful resolution, not running off to Berlin for further orders? Now the sham that national sovereignty has become in the EU and German hegemony is fully revealed!