EU

UK Banks Could Be Shut Down Or Forced Into Bailouts By Brussels

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– UK banks could be shut down or forced into bail-outs by Brussels (Telegraph, Sep 11, 2012):

Banks in London could be shut down or forced into taxpayer-funded bail-outs against the wishes of the British authorities under controversial “banking union” proposals from Brussels, it can be disclosed.

A panel of European officials would be given sweeping new powers to police the financial sector across the continent but also in the City of London.

They would be given “full decision making powers” to impose EU law and to arbitrate disputes between Britain and the eurozone over the risks posed by British banks, according to the proposals being tabled on Wednesday at the European Commission. Decisions taken by the powerful body would be automatically binding unless Britain was able to win the unlikely backing of a majority and overturn them.

Rulings by the panel could create huge costs for the British government and banks if they were ordered to bail out a struggling institution, contribute to cross-border bail-out funds, or allow the EU to rule over breaches of European law.

The moves stem from proposals for a eurozone “banking union”. The radical new EC blueprint for banking regulation at the EU level is focused on giving the European Central Bank new powers to supervise the eurozone’s banks, in order to shore up struggling financial institutions in southern European countries such as Spain.

French Government Gets Whacked, Even The Left Is Angry, And BILDERBERG Hollande Gets Slapped In The Face

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Flashback:

– Francois Hollande Is Another Bilderberg Stooge (Video)

– The French Government Gets Whacked, Even The Left Is Angry, And Hollande Gets Slapped In The Face (ZeroHedge, Sep 10, 2012):

France is mired in a stagnating economy. The private sector is under pressure, auto manufacturing is heading into a depression. Unemployment hit a 13-year high of 10.2%, leaving over 3 million people out of work. Youth unemployment of 22.7%, bad as it is, belies the catastrophic jobs situation for young people in ghetto-like enclaves, such as the northern suburbs of Paris. The “solution”—fabricating 150,000 jobs for the young at taxpayers’ expense—has been tried before, with little success. Gasoline and diesel prices are hovering near record highs. So there are a lot of very unhappy campers.

In a BVA poll, 55% of the respondents were dissatisfied with President François Hollande’s efforts to tackle the economic crisis. By comparison, only 31% were dissatisfied with Nicolas Sarkozy in 2007 at the end of his honeymoon. Devastatingly, for a socialist: 57% believed that he didn’t distribute the “efforts” equitably—same as Sarkozy, the president of the rich.

The problem with voters is Hollande’s “inaction,” after some initial half-measures, such as the partial reinstatement of retirement at 60 and raising back-to-school aid for families. Now people “seriously doubt his ability to change things.” They believe that the government spends its time trying to “unravel Sarkozy’s legacy” and “sitting around in meetings,” rather than making decisions.

Read moreFrench Government Gets Whacked, Even The Left Is Angry, And BILDERBERG Hollande Gets Slapped In The Face

Bilderberg Hollande Defends 75% Tax Rate To A Disillusioned France

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Flashback:

– Francois Hollande Is Another Bilderberg Stooge (Video)

– Embattled Hollande defends his 75% tax rate to a disillusioned France (Daily Mail, Sep 9, 2012):

Francois Hollande last night tried to justify his plans for multi-billion-pound tax rises to an increasingly disillusioned France.

The Socialist president, whose popularity has slumped, appeared on live television to convince the public his policies could help turn the country’s economy around.

During the 25-minute appearance, he unveiled plans for tax increases of ‘between 15 to 20 billion euros’ (£12billion to £16billion), targeting wealthy households, savings and firms.

The money raised will be used for public services, including thousands of new civil servant jobs.

He confirmed that ‘all earnings over one million euros will be taxed at 75 per cent’, adding: ‘It’s symbolic, it will show an example.’

Read moreBilderberg Hollande Defends 75% Tax Rate To A Disillusioned France

Germans Could Be Consigned To Serfdom To Save The Euro – ‘ESM Breaches German Law And EU Treaties’

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The proposed rescue fund for Europe not only breaches German law and EU treaties but could condemn a generation


The euro currency sign in front of the European Central Bank headquarters in Frankfurt . Photograph: Alex Domanski/Reuters

– Germans could be consigned to serfdom to save the euro (Guardian, Sep 9, 2012):

Some commentators have taken to referring to this Wednesday as “the day that could make or break the common currency”, and they’re not far off the mark. On that day, Germany’s constitutional court will announce its verdict on the legality of the European Stability Mechanism, the permanent rescue fund for struggling eurozone countries. If implemented, the ESM’s share capital of €700bn would be provided by all 17 eurozone members in proportion to their economic size. Fourteen have so far ratified the treaty – Estonia, Italy and Germany are the only ones remaining.The German government has defended the ESM treaty, claiming it would fix Germany’s maximum liability at €190bn, and that the Bundestag would retain control over the grant of further assistance. Either German politicians have not read the treaty they have signed, or they do not understand its small print, for there is little in the document that supports their interpretation. Because the ESM is plainly unlawful.

For example, article 25(2) of the treaty states that members are jointly liable for any losses arising from loans made by the ESM. That means if one or more of the ESM members fail to meet their agreed financial contributions, the other members are liable for the shortfall. That situation is already a reality, because Greece and Portugal are unable to make any contribution.

Read moreGermans Could Be Consigned To Serfdom To Save The Euro – ‘ESM Breaches German Law And EU Treaties’

George Soros Calls On Germany To Save Euro By Dropping Austerity Policies Or By Leaving Single Currency

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From the article:

“In other words, Germany must lead or leave.”

Translation:

Germany must surrender and agree to be bankrupted, raped and pillaged … or leave.

Elite puppet financier …

– George Soros urges Germany to save euro (Guardian, Sep 9, 2012):

George Soros calls on Germany to save euro by dropping austerity policies or by leaving single currency

George Soros is calling on Germany to save the euro, either by abandoning its obsession with austerity policies – or itself leaving the single currency.”The difficulty is in convincing Germany that its current policies are leading to a prolonged depression, political and social conflicts, and an eventual break-up not only of the euro but also of the European Union,” he said in an article published in the New York Review of Books.

He warned that the split between creditor and debtor countries in the euro risked becoming permanent, with debtor nations condemned to low growth because they are forced to pay a high premium for access to credit. European union was liable to fall apart under the pressure, he added.

Soros singled out Germany as the country that should take responsibility for this “class divide” in the eurozone.

“In my judgment, the best course of action is to persuade Germany to choose between becoming a more benevolent leading nation, or leaving the euro. In other words, Germany must lead or leave.”

Read moreGeorge Soros Calls On Germany To Save Euro By Dropping Austerity Policies Or By Leaving Single Currency

Former FBI Chief On Chemtrails: Genocide All Over The World (Video)

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YouTube

Description:

Former FBI agent Ted Gunderson speaks out.God rest his Soul.Peace.
http://www.youtube.com/watch?v=Gk0DrAf6wUc
What does a Former FBI Special Agent and Chief have to say about ChemTrails? You will be Surprised! Here is the WikiPedia report on who this Great Man was: Theodore L. Gunderson (Ted) (November 7, 1928 – July 31, 2011[1]) was a retired United States Federal Bureau of Investigation Special Agent In Charge and head of the Los Angeles FBI. He was most famous for handling the Marilyn Monroe and John F. Kennedy cases. Ted Gunderson was born in Colorado Springs. He graduated from the University of Nebraska in 1950. Gunderson joined the Federal Bureau of Investigation in December 1951 under J. Edgar Hoover. He served in the Mobile, Knoxville, New York City, and Albuquerque offices. He held posts as an Assistant Special Agent-in-Charge in New Haven and Philadelphia. In 1973 he became the head of the Memphis FBI and then the head of the Dallas FBI in 1975. Ted Gunderson was appointed the head of the Los Angeles FBI in 1977, In 1979 he was one of a handful interviewed for the job of FBI director, which ultimately went to William H. Webster.

Read moreFormer FBI Chief On Chemtrails: Genocide All Over The World (Video)

EU Funding ‘Orwellian’ Artificial Intelligence Plan To Monitor Public For ‘Abnormal Behaviour’

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– EU funding ‘Orwellian’ artificial intelligence plan to monitor public for “abnormal behaviour” (Telegraph, Sep 19, 2009):

The European Union is spending millions of pounds developing “Orwellian” technologies designed to scour the internet and CCTV images for “abnormal behaviour”.

A five-year research programme, called Project Indect, aims to develop computer programmes which act as “agents” to monitor and process information from web sites, discussion forums, file servers, peer-to-peer networks and even individual computers.

Its main objectives include the “automatic detection of threats and abnormal behaviour or violence”.

Project Indect, which received nearly £10 million in funding from the European Union, involves the Police Service of Northern Ireland (PSNI) and computer scientists at York University, in addition to colleagues in nine other European countries.

Shami Chakrabarti, the director of human rights group Liberty, described the introduction of such mass surveillance techniques as a “sinister step” for any country, adding that it was “positively chilling” on a European scale.

The Indect research, which began this year, comes as the EU is pressing ahead with an expansion of its role in fighting crime, terrorism and managing migration, increasing its budget in these areas by 13.5% to nearly £900 million.

Read moreEU Funding ‘Orwellian’ Artificial Intelligence Plan To Monitor Public For ‘Abnormal Behaviour’

Name The New Reserve Currency: China Imports More Gold In 2012 Than All ECB Holdings

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– Name The New Reserve Currency: China Imports More Gold In 2012 Than All ECB Holdings (ZeroHedge, Aug 8, 2012):

The last time we looked at monthly Chinese imports of gold from Hong Kong in 2012, the comparable country in question was Portugal (whose citizens, if not central bank, incidentally have run out of gold to sell), because that is whose total gold holdings (at 382.5 tons) Chinese imports had just surpassed. Fast forward a month later, and the update is even more disturbing. In July, Chinese gold imports from HK, after two months of declines, have picked up once more and hit a 3-month high of 75.8 tons. While it is notable that this number is double the 38.1 tons imported a year prior, and that year-to-date imports are now a record 458.6 tons, well over four times greater than the seven month total in 2011 which was 103.9 tons, what is far more important is that in the first seven months of 2012 alone China has imported nearly as much gold as the total holdings of the hedge fund at the heart of the Eurozone, elsewhere known simply as the European Central Bank, and just as importantly considering the import run-rate has hardly slowed down in August, which data we will have in a few weeks, it is now safe to say that in 2012 alone China has imported more gold than the ECB’s entire official 502.1 tons of holdings.

What is most amusing is that China, via the IMF, still wants the world to believe that total Chinese official holdings are just 1040 tons (double the ECB’s), when it has imported half this amount in 2012 alone.

Read moreName The New Reserve Currency: China Imports More Gold In 2012 Than All ECB Holdings

Bernard Arnault, France’s Richest Man, Seeks Belgian Citizenship … The Socialist Counter-Revolution Begins

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– The Socialist Counter-revolution Begins: France’s Richest Man Seeks Belgian Citizenship (ZeroHedge, Aug 8, 2012):

few months ago when the new French socialist president gave details of his particular version of the “fairness doctrine” and said he would tax millionaires at 75%, we said that “we are rotating our secular long thesis away from Belgian caterers and into tax offshoring advisors, now that nobody in the 1% will pay any taxes ever again.” While there was an element of hyperbole in the above statement, the implication was clear: France’s richest will actively seek tax havens which don’t seek to extract three quarters of their earnings, in the process depriving France (and other countries who adopt comparable surtaxes on the rich) of critical tax revenues. It took three months for this to be confirmed, and with a bang at that. The WSJ reports that Bernard Arnault, the CEO of LVMH, and the richest man in France, has decided to forego hollow Buffetian rhetoric that paying extra tax is one’s sworn duty, and has sought Belgian citizenship.

From the WSJ:

Bernard Arnault, France’s richest man and chairman and chief executive of LVMH Moët Hennessy Louis Vuitton, is seeking Belgian citizenship, a move that comes as President François Hollande prepares to press ahead with a controversial tax on the country’s wealthiest citizens.

Read moreBernard Arnault, France’s Richest Man, Seeks Belgian Citizenship … The Socialist Counter-Revolution Begins

A Bright Future For Greeks: ‘Now I Clean Swedish Shit’

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– A Bright Future For Greeks:”Now I Clean Swedish Shit” (ZeroHedge, Sep 7, 2012):

One look at the short squeeze in the EURUSD, coupled with the endless jawboning out of Europe, and one may be left with the faulty impression that Europe has been magically fixed and that Greece couldn’t be more delighted to remain in the Eurozone. One would be wrong. This is what is really going on in Europe:

As a pharmaceutical salesman in Greece for 17 years, Tilemachos Karachalios wore a suit, drove a company car and had an expense account. He now mops schools in Sweden, forced from his home by Greece’s economic crisis.

“It was a very good job,” said Karachalios, 40, of his former life. “Now I clean Swedish s—.”

That more or less explains everything one needs to know about the “fixing” of Europe.

Of course, those who saw our chart from yesterday which showed Greek unemployment rising by 1% in one month to a record 24.4% will hardly find this surprising.

For all those others who need a personal anecdote to grasp just how fixed Europe is, we hand it off to Bloomberg.

Karachalios, who left behind his 6-year-old daughter to be raised by his parents, is one of thousands fleeing Greece’s record 24 percent unemployment and austerity measures that threaten to undermine growth. The number of Greeks seeking permission to settle in Sweden, where there are more jobs and a stable economy, almost doubled to 1,093 last year from 2010, and is on pace to increase again this year.

“I’m trying to survive,” Karachalios said in an interview in Stockholm. “It’s difficult here, very difficult. I would prefer to stay in Greece. But we don’t have jobs.”

Read moreA Bright Future For Greeks: ‘Now I Clean Swedish Shit’

German State Of Saxony Supports Legal Action Against ECB Bond Buying

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– German State Of Saxony Supports Legal Action Against ECB (ZeroHedge, Sep 7, 2012):

Since there have been tens of thousands of lawsuits filed internally in Germany with its constitutional court alleging the ESM is illegal, it was only a matter of time before the Germans decided to sue the ECB as well for its “unlimited” bond buying. The time has arrived. From Bloomberg:

  • TILLICH SUPPORTS LEGAL STEPS AGAINST ECB BOND BUYING: WELT
  • TILLICH SAYS ECB BOND BUYING SIGNALS EFSF, ESM NOT ENOUGH: WELT
  • TILLICH: ECB MANDATE SHOULD NOT INCL. UNLIMIT. BOND BUYING:WELT

Perhaps all those rumors of the Bundesbank’s death were, as we expected, rather exaggerated.

ECB’s Hyper Mario Introduces Unlimited Bond-Buying In Boldest Attempt Yet To End Euro Crisis

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Commentary:

In case some of you still think that politicians and central banksters won’t lie to you:

Flashback: Quotes from the Great Depression

In other news:

– Financial Markets Cheer The Death Of The Bundesbank (Welt, Sep 6, 2012) – Bundesbank Text: Weidmann Reiterated Bond-Buy Criticism

– Hyper Mario Draghi: ‘Euro Is Irreversible’ – ECB Announces Sweeping Program For Buying Bonds, Giving The Bank Potentially Unprecedented Power

– The ESM Violates The Law And EU Treaties (Welt, Sep 4, 2012)

War Is Peace!

… and …

Printing Money (QE) Is Saving The Euro!

Quantitative easing (QE) = printing money = creating money out of thin air = increasing the money supply = inflation = hidden tax on monetary assets = theft!

The ECB will just delay the coming (necessary) collapse for a while. This will be EXTREMELY beneficial for the elitists and the banksters …

… and the middle class and the poor will be totally and utterly destroyed:

“When a country embarks on deficit financing and inflationism you wipe out the middle class and wealth is transferred from the middle class and the poor to the rich.”
– Ron Paul

Here is, AGAIN, where elite puppet Draghi is coming from:

– Mario Draghi (Wikipedia):

Draghi was then vice chairman and managing director of Goldman Sachs International and a member of the firm-wide management committee (2002–2005). A controversy existed on his duties while employed at Goldman Sachs. Pascal Canfin (MEP) asserted Draghi was involved in swaps for European governments, namely Greece, trying to disguise their countries’ economic status.

The ECB will have to monetize TRILLIONS of bad debt!!!


Got physical gold, silver and a remote farm (food, water, etc.)?

Central bank governor Mario Draghi overcomes Germany’s fears over inflation to announce new intervention in debt markets


ECB president Mario Draghi was careful to address German objections in his presentation of the unlimited bond-buying policy. Photograph: Alex Domanski/Reuters

– ECB introduces unlimited bond-buying in boldest attempt yet to end euro crisis (Guardian, Sep 6, 2012):

The European Central Bank (ECB) unveiled its boldest attempt yet to stabilise the battered single currency on Thursday when its president, Mario Draghi, announced a new programme of open-ended, unlimited buying of distressed government bonds.

The scheme is aimed at depressing the costs of borrowing for Spain and Italy and countering the risks of a fragmentation of the eurozone and the unravelling of the single currency.

But Draghi also set strict terms for triggering the bond-buying programme, putting pressure on the eurozone’s political leaders to request help, enter austerity programmes, and agree on direct bailouts for struggling governments before the ECB will act.

Draghi brushed aside strong resistance from Germany’s powerful Bundesbank, which lodged the only vote against the new policy in the ECB’s 23-strong governing council, to come good on his pledge in London six weeks ago that the central bank would do “whatever it takes” to save the euro.

Read moreECB’s Hyper Mario Introduces Unlimited Bond-Buying In Boldest Attempt Yet To End Euro Crisis

‘Spain Requests Bailout On September 14’

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– “Spain Requests Bailout On September 14” – Goldman’s Definitive Post-Mortem On Europe’s Third Bond Buying Attempt (ZeroHedge, Sep 6, 2012):

Yesterday, when Bloomberg leaked every single detail of today’s ECB announcement, which thus means today’s conference was not a surprise at all, yet the market sure would like to make itself believe it was, we noted that everything that was leaked, and today confirmed, came from a Goldman memorandum issued hours before. Simply said everything that happens at the ECB gets its marching orders somewhere within the tentacular empire headquartered at 200 West. Which is why when it comes to the definitive summary of what “happened” today, we go to the firm that pre-ordained today’s events weeks ago. Goldman Sachs.Perhaps the most important part is this: “September 13-14: Spain to make formal request for EFSF support at the Eurogroup meeting. With a large (and uncovered) redemption looming at the end of October (and under pressure from other Euro area governments), we expect Spain to move towards seeking support.” In other words, Rajoy has one more week before he is sacked and the Spanish festivities begin.

Read more‘Spain Requests Bailout On September 14’

Breakdown: Three Tons of Food Looted From Grocery Stores In Spain As Millions Struggle (Video)

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– Breakdown: Three Tons of Food Looted From Grocery Stores In Spain As Millions Struggle (SHFTplan, Sep 5, 2012):

As the economic and financial systems of the world rapidly approach the real possibility of  total collapse, signs of what we can expect on a mass scale in the near future are beginning to appear throughout Europe.

In Spain, a country that just a few years ago was heralded as a shining example of real estate entrepreneurship, international tourism and a rising middle class, the situation is so bad that many are unable to meet the most basic necessities for life.

Social safety nets across the continent are visibly under stress and breaking down, so much so that unemployed Spaniards have begun raiding supermarkets in order to put food on the table. As recently as last month the people of Cadiz and Sevilla, which have a reported unemployment rate of 32%, joined together to loot local grocery stores of three tons of food – some of which was distributed to local food banks:

In Spanish with English subtitles:


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Fernando Ferfal Aguirre, author of Surviving the Economic Collapse, was in Argentina in the early 2000?s when the country underwent a hyperinflationary currency meltdown, and says that these acts of desperation are a carbon copy of what he witnessed in his own country and should be expected as the economic crisis accelerates:

To be fair they aren’t taking booze and big screen TVs, but taking what isn’t yours is still under the same principle. Would you do any different if you couldn’t put food on the table and spent months unemployed?

…

Just a few years ago many Spaniards would joke saying that thanks to the new immigration wave everyone in Spain could afford to have a “Sudaca” as a maid. Sudaca is a derogatory term similar to wetbacks, commonly used in Spain referring to South Americans. This is pretty sad given that these “sudacas” are children and grandchildren of those same Spaniards that left to SA because of the Spanish Civil war. Now, its obvious that they are suffering many of the miseries their “Sudaca“ brothers went through in the past.

Spaniards eating out of garbage bins, many of them senior citizens,  have become a common sight in Spain and in other European countries where they have emigrated to looking for work themselves.

In the following videos via The Modern Survivalist and Prepper Website, we can see what happens to civilized societies when there is no food on grocery store shelves or it’s so expensive that it becomes unaffordable for the majority of the population:

Read moreBreakdown: Three Tons of Food Looted From Grocery Stores In Spain As Millions Struggle (Video)

Hyper Mario Draghi: ‘Euro Is Irreversible’ – ECB Announces Sweeping Program For Buying Bonds, Giving The Bank Potentially Unprecedented Power

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See also:

– The ESM Violates The Law And EU Treaties (Welt, Sep 4, 2012)

– Central Bank to Snap Up Debt, Saying, ‘Euro Is Irreversible’ (New York Times, Sep 6, 2012):

FRANKFURT — The European Central Bank on Thursday announced a sweeping program for buying the bonds of troubled euro zone countries, giving the bank potentially unprecedented power.

While the bank’s president, Mario Draghi, insisted that the central bank was not violating a prohibition on its financing governments, it was effectively becoming lender of last resort to countries as well as banks.

“We will have a fully effective backstop to avoid destructive scenarios with potentially severe challenges for price stability in the euro area,” Mr. Draghi said during a news conference. “The euro is irreversible.”

Germany’s chancellor, Angela Merkel, affirmed after a meeting with the Spanish prime minister, Mariano Rajoy, in Madrid on Thursday that the central bank acted “with independence and within the framework of its mandate.” But in fact, Germany’s Bundesbank was the lone vote against the central bank’s bond plan, arguing that it was “tantamount to financing governments by printing banknotes.”

The program was designed to reduce the borrowing costs of Spain and Italy, to help them roll over their debts and get their economies moving again after two years of crisis. But such aid would not be automatic.

Read moreHyper Mario Draghi: ‘Euro Is Irreversible’ – ECB Announces Sweeping Program For Buying Bonds, Giving The Bank Potentially Unprecedented Power

Hungary Rebels Against IMF, Rejects Aid Conditions

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– Hungary Rebels Against IMF, Declines Aid Conditions (ZeroHedge, Sep 6, 2012):

Even as Goldman’s representative to the ECB continues to drone, a few hundred miles east of Frankfurt, one country has rebelled against the new world world:

  • HUNGARY REJECTS IMF AID CONDITIONS, PREMIER ORBAN SAYS

What is wrong with them? Don’t they know that the globalist central-planning dictators always know what is best for them? Needless to say the Hungaria Forint tanks, just as intended.

Audit of NY Fed Reveals Technocrat’s Creation And Cover-Up Of Global Financial Crash

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FYI.

– Audit of NY Fed Reveals Technocrat’s Creation and Cover-Up of Global Financial Crash (Occupy Corporatism, Sep 5, 2012):

Senator Ron Paul has introduced the Federal Reserve Transparency Act of 2012 ( HR459) to the upset of Ben Bernanke, Chairman of the Federal Reserve Bank. In August, the House of Representatives passed 327 – 98 on a vote which exceeded the necessary 2/3rd majority.

Paul, who is pushing for “transparency” in America’s relationship with the Fed, said that Americans are “sick and tired of what happened in the bailout and where the wealthy got bailed out and the poor lost their jobs and they lost their homes.”

The Audit legislation will direct the Government Accountability Office (GAO), which is an independent congressional agency, to oversee a full review of the Fed’s monetary policy while conducting an audit of them and their decisions will be turned over to the Federal Open Market Committee.

In July, the first audit of the Federal Reserve Bank of New York (FRBNY) was published by the Government Accountability Office (GAO). According to Senator Bernie Sanders : “As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world. This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”

During 2007 – 2010, the Federal Reserve banks provided “assistance” of more than a trillion dollars in “emergency loans” to stabilize the financial system.


YouTube

A source in the Deutsche Bank explained that in 2008 our financial and monetary system completely collapsed and since that time the banking cartels have been “propping up the system” to make it appear as if everything was fine. In reality our stock market and monetary systems are fake; meaning that there is nothing holding them in place except the illusion that they have stabilized since the Stock Market Crash nearly 5 years ago.

The Deutsche Bank informant says that the cause for the bailout of the banks was a large sum of cash needed quickly to repay China who had purchased large quantities of mortgage-backed securities that went belly-up when the global scam was realized. When China realized that they had been duped into buying worthless securitized loans which would never be repaid, they demanded the actual property instead. The Chinese were prepared to send their “people” to American shores to seize property as allocated to them through the securitized loan contracts.

Read moreAudit of NY Fed Reveals Technocrat’s Creation And Cover-Up Of Global Financial Crash

AND NOW: Eurozone Demands Six-Day Working Week For Greece

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– Eurozone demands six-day week for Greece (Guardian, Sep 4, 2012):

Government in Athens under pressure to introduce a six-day working week as part of the terms for a second bailout

Greece’s eurozone creditors are demanding that the government in Athens introduce a six-day working week as part of the stiff terms for the country’s second bailout.

The demand is contained in a leaked letter from the “troika” of the country’s lenders, the European commission, European Central Bank, and International Monetary Fund. In the letter, the officials policing Greece’s compliance with the austerity package imposed in return for the bailout insist on radical labour market reforms, from minimum wages to overtime limits to flexible working hours, that are likely to worsen the standoff between the government and organised labour in Greece.

Read moreAND NOW: Eurozone Demands Six-Day Working Week For Greece

Spain: Unprecedented Surge In Corporate Bankruptcies (Chart)

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– Spain’s Hell Is A Bankruptcy Lawyer’s Heaven (ZeroHedge, Sep 5, 2012):

You’ve seen Spanish youth unemployment rates soaring; been brow-beaten with data on the dramatic rise and acceleration of Spanish bank non-performing loans; and the rate of Spanish capital outflows chart is now ubiquitous; but where there is pain, there is also pleasure. As we are always looking on the bright-side and trying to find a silver-lining, Michael Cembalest provides just such a chart. To wit, the unprecedented surge in corporate bankruptcies in Spain; without question, a boon for the bankruptcy-lawyer industry and perhaps just the economic boost the country needs. Tongue-out-of-cheek, this is just a disastrous chart of reality on the ground.

BILDERBERG MERKEL TELLS LAWMAKERS SHE OPPOSES UNLIMITED ECB BOND PURCHASES, CAN ACCEPT TEMPORARY ECB BOND BUYING & ECB BOND BUYING OF SHORT MATURITIES

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– European Credit Buying The Rumor; European Stocks Not So Much (ZeroHedge, Sep 5, 2012)

…

The world, it seems, has no idea what is going on once again… and then Merkel adds this:

  • *MERKEL TELLS LAWMAKERS SHE OPPOSES UNLIMITED ECB BOND PURCHASES
  • *MERKEL CAN ACCEPT TEMPORARY ECB BOND BUYING, BARTHLE SAYS
  • *MERKEL CAN ACCEPT ECB BOND BUYING OF SHORT MATURITIES: BARTHLE

…

If You Do Not Prepare For The Coming Economic Collapse …

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– Some Of The Really Bad Things That Could Happen If You Do Not Prepare For The Coming Economic Collapse (Economic Collapse, Sep 4, 2012):

Most people just assume that since things have always been a certain way that they will always be that way in the future.  Most people just have blind faith that the people running our government and our financial system know exactly what they are doing and that they are doing their best to take care of us.  In fact, once upon a time I was fully convinced of that.  When I was a kid I quickly realized that my elementary school teachers really didn’t have the answers, but I had total faith that those running society at the highest levels were “experts” that were looking out for our best interests.  As time went on I kept progressing in my education, and by the time I was finished with law school I came to understand that none of our “experts” really know what they are doing, and they are definitely not looking out for our best interests.  The blind are leading the blind and we all need to finally admit that the emperor is not wearing any clothes.  Unfortunately, most Americans will repeat the mantra of “if that was true I would have heard about it on the news” until it is way too late.  Most people are waiting for the “authorities” to tell them what to do instead of thinking for themselves.  Sadly, time is rapidly running out and a lot of people are going to end up getting totally blindsided by what is coming.The man in charge of our financial system, Federal Reserve Chairman Ben Bernanke, is not going to save our economy.  He didn’t see the last financial crisis coming, and even after things started falling apart he continued to insist that housing prices would not go down and that we would not have a recession.

Well, it turned out that we had the worst housing crash and the worst recession since the Great Depression of the 1930s.

But still millions of Americans are trusting him to save us this time around.

It isn’t going to happen.

Read moreIf You Do Not Prepare For The Coming Economic Collapse …

German 10 Year Bond Auction Suffers Technical Failure

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– German 10 Year Bond Auction Suffers Technical Failure (ZeroHedge, Sep 5, 2012):

This morning, Germany attempted to sell €5 billion in 1.5% 10 Year bonds. It sold just €3.61 billion directly to investors (who had submitted a less than auction clearing €3.91 billion in bids), forcing the German Treasury to retain 27.8% of the auction, €1.39 billion: the highest retained amount since November 2011 when it was 39%. For one reason or another: the yield was too low at 1.42% (compared to the 1.634 average), there was much more supply elsewhere, fears of what the ECB will do tomorrow, or who knows – the real bid to cover was a paltry 0.79 (all in BTC 1.09 including government retention) compared to 1.57 at the last auction and a 1.31 average at the past 4 auctions. In other words the auction was for all technical reasons, a failure, and only the second such “failure” of 2012. The immediate reaction was Bund futures down 22 ticks at 143.28 vs 143.70 before auction as the market digested the surprising disappointment, with the German 10-year government bond yield up 2.4 basis points at 1.41 percent vs 1.37 percent before auction. In summary, if the Germans needed any more reasons that funding the insolvent Eurozone at all costs up to an including debt monetizations, which may result in failed bond auctions for German itself, are not in their best interest, they just got one. The good news: in an email sent out immediately by the German Finance agency, the bond sale was “not a risk to the budget.” Wouldn’t want a failed bond auction to jeopardize the budget now.

From Reuters:

“The figures once again show that the market environment is very volatile and is holding back on purchases given upcoming decisions,” the German finance agency said, referring to a pending interest rate decision from the ECB due on Thursday.

Read moreGerman 10 Year Bond Auction Suffers Technical Failure

The German Economy Tanks, The ECB Throws Gasoline On The Fire, And Eurozone Bailouts Enter Phantasy Land

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– The German Economy Tanks, The ECB Throws Gasoline On The Fire, And Eurozone Bailouts Enter Phantasy Land (ZeroHedge, Sep 4, 2012):

Slovenia joined the Eurozone in 2007, went on a borrowing binge that blind bond buyers eagerly made possible, dousing some of its two million people with riches, creating a real estate bubble that has since burst, and driving up its external debt by 110%. And in October, it may go bankrupt, admitted Prime Minister Janez Jansa. Because borrowing binges can last only so long if you can’t print your own money. The sixth Eurozone country, of seventeen, to need a bailout. But it’s just a speck, compared to Spain, which will strain the bailout funds, and Italy, which is too large to get bailed out. The other option is the European Central Bank. Its printing press—the one it is not supposed to have—could easily bail out the once blind but now seeing bondholders. As in all bailouts, workers and taxpayers would get a haircut. And in Germany, the debate itself may tear up the Eurozone—just as its economy is tanking.

New car sales in Germany had been holding up well through June—a miracle in face of the fiasco playing out in the Eurozone’s auto industry. But they caved in July; and instead of miraculously recovering in August, they caved again: down 4.7% from August 2011 and down 8.6% from July. Ominously, sales of medium-heavy and heavy trucks, a thermometer of the business investment climate, fell off a cliff: -18.8% for trucks over 12 metric tons, -15.1% for trucks over 20 tons, and -9.4% for tractors (now down 5% for the year!).

Read moreThe German Economy Tanks, The ECB Throws Gasoline On The Fire, And Eurozone Bailouts Enter Phantasy Land

18 Indications That Europe Has Become An Economic Black Hole Which Is Going To Suck The Life Out Of The Global Economy

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– 18 Indications That Europe Has Become An Economic Black Hole Which Is Going To Suck The Life Out Of The Global Economy (Economic Collapse, Sep 3, 2012):

Summer vacation is over and things are about to get very interesting in Europe.  Most Americans don’t realize this, but much of Europe shuts down for the entire month of August.  I wish we had something similar in the United States.  But now millions of Europeans are returning from their extended family vacations and the fun is about to begin.  During August economic conditions continued to degenerate in Europe, but I figured that it wouldn’t be until after August that the European debt crisis would take center stage once again.  And as I wrote about last week, if there is going to be a financial panic, it typically happens in the fall.  The stock market has seen quite a nice rally over the summer, and many investors are nervous that we could see a significant “correction” very soon.  The month of September has been the absolute worst month for stock performance over the past 50 years, and it has also been the absolute worst month for stock performance over the past 100 years as well.  Of course that does not guarantee that anything is going to happen this year.  But things in Europe continue to get worse.  Unemployment rates are spiking, manufacturing activity is slowing down, housing prices are crashing and major financial institutions are failing.  What is happening in Europe right now appears to be an even worse version of what happened to the United States back in 2008.

Read more18 Indications That Europe Has Become An Economic Black Hole Which Is Going To Suck The Life Out Of The Global Economy