Dear Reader,
This week I will cover an article that concerns the EU.
The European Commission, the European Central Bank and the IMF are in a discussion with the Irish and Portuguese governments to resolve the EU’s financial turmoil.
Ministers from the 16 Euro-Countries are gathered to meet and discuss the situation this Wednesday.
The aim is to question Portugal and Ireland
(Source: esharp)
The EU is in the brink of another Greece-style bailout….
(Source: FAZ)
…the European Unions President Van Rompuy is very troubled
Based on his speech in the Parliament in Brussels he sees the Union in a serious “survival crisis”.
He highlighted the increasing splits in the zone, with Ireland resisting to accept aid and other countries in debt like Spain and Portugal are publicly pushing Dublin
On the other hand other countries, also including northern members who have been more responsible in terms of financials, are increasingly frustrated about the pressure from the ECB of being placed on Ireland
However one of the representatives of the parliament underlines that Ireland
Dick Roche responsible for European Affairs agrees and stresses that – “After the ECOFIN-Meeting everything will be seen more logically”.
He adds that: “There is no reason to accept aid from the IMF or the EU, there is definitely no problem with the banks liquidity”.
In my opinion it is important that all members work together now, to get through the current turmoil. The Unions future could get in serious risk. As also Van Rompuy states: “We all have to work together to survive, with the eurozone, because if we don’t survive with the eurozone, we will not survive with the European Union.”
We will see the results of the ECOFIN Meeting next week.
Sources:
1. FAZ
PS.
I found some additional Information about my contribution to Mr. Zoellicks announcement:
World Bank President Robert Zoellick speaks at the Development Committee news conference during the annual IMF-World Bank meetings in Washington
For more info please refer to the link below
And I did some research about the results from the EU summit:
It took a long time. The debates at the EU summit were hard. But after eight hours of white smoke rose and cleared the way for an unprecedented restructuring of the monetary union. Chancellor Angela Merkel and President Nicolas Sarkozy were able to prevail themselves - partly.
For more info please refer to the link below
E.V.
The Eurozone sovereign debt shocks and US Quantative Easing have light the fuse for Götterdämmerung
AntwortenLöschenI relate that the May 2010 EU Finance Ministers’ Summit announced a sacrifice of national sovereignty to preserve the integrity of the Euro. The Leaders’ announcement established a unified economic, political, fiscal, monetary and seigniorage cash aid package for Greece.
Now that assistance appears to be in peril, and the risk of sovereign debt default, and of failed national Treasury auctions, as well as rising interest rates for both corporations and governments looms large. And the risk of substantial competitive currency devaluation, at the hands of currency traders is intensifying by the day.
Ambrose Evans Pritchard in a recent Telegraph article, used the word “Götterdämmerung“, a particularly apt word, to describe the apparent fatal wound to the world’s financial, economic and political systems which is coming soon, as bond traders continue calling interest rates higher, such as the US mortgage rates, and the Interest Rate on the US Government 30 Year US Treasury bond and the Interest Rate on Portugal, Italy, Ireland, Greece And Spain sovereign debt; and as currency traders continue a global sell off of the world’s currencies, as both conduct a war for sovereignty against the world central bankers and world leaders.
God was gracious to provide Revelation 13:3, which reveals that the soon coming apparent fatal wound to the world’s economic and political systems will be healed.
But that it will come at the cost of the rise to power of a world Sovereign and also a world Seignior, the latter comes from Old English and means top dog banker who takes a cut.
Out of the coming investment “flame out”, a global leader and a global banker will rise to establish order: a Sovereign and a Seignior will ascend to govern the world.
According to bible prophecy, their word, will and way will be the law of the land superseding constitutional law and traditional rule of law that comes with national sovereignty.
Perhaps Herman Van Rompuy will rise to be The Sovereign as the Afteramerica website relates that he has called for global governance: nation states are dead … The EU chief relates the belief that countries can stand alone, is a ‘lie and an illusion!’
And perhaps Tony Blair, because of his business connections, will rise to be The Seignior.
Or perhaps the Seignior will be Olli Rehn, one known for calling for calm as related by Ambrose Evans Pritchard in article Telegraph article Greek Rescue Frays as Irish Crisis Drags On.
And yet again, The Seignior might be the co-chair of the Council on Foreign Relations, the CFR, Robert Rubin, who was US Treasury Secretary during the Greenspan era as related by The New York Times.
All seigniorage will come and go through The Seignior: all sovereign wealth funds, and banks will report to him, as there will be unified regulation of banking globally as referred to, in the James Politi and Gillian Tett Financial Times article, NY Fed Chief Timothy Geithner In Push For Global Bank Framework
Soon there will be no national seigniorage anywhere as sovereign debt interest rates will explode to the point where there will be no buyers.
This is already the case for Portugal, Italy, Ireland, Greece and Spain, as they have lost their seigniorage authority. Their fiscal needs are provided for by the ECB which buys their bond issues, as well as debt from their banks. The ECB is the sole lender to these nations. Currently the ECB is The European Seignior.
Sovereign nations and their constitutions will be history, as principles of global governance working through regional economic and security pacts and leaders’ agreements will serve as the basis for regional currencies or a global currency.
The Seignior’s financial and economic power will complement the military and political power of the Sovereign; and between the two they own the world “lock, stock and barrel”
I think that EU is in crisis and is facing great danger. EU had to help Greece and now Ireland. The next one will be certainly Portugal. For the moment, the sizes of these countries are more or less small. The major element which will decide of the future of EU is Spain. If Spain had to be saved, EU would have to provide them with so much money that it could mean the end of EU. I do not think that German people want to give their money to a country which was irresponsible.
AntwortenLöschenFor me, if the EU wants to survive, it has to be more united. They should have a similar Intern Policy.