Help Ireland or it will exit euro, economist warns

A leading Irish economist has called on Dublin to threaten withdrawal from the euro unless Europe’s big powers do more to rescue Ireland’s economy.


David McWilliams, a former official at the Irish central bank, has said that Ireland could withdraw from the euro if they are not given more help Photo: Rex Features

“This is war: countries have to defend themselves,” said David McWilliams, a former official at the Irish central bank.

“It is essential that we go to Europe and say we have a serious problem. We say, either we default or we pull out of Europe,” he told RTE radio.

“If Ireland continues hurtling down this road, which is close to default, the whole of Europe will be badly affected. The credibility of the euro will be badly affected. Then Spain might default, Italy and Greece,” he said.

Mr McWilliams, a former UBS director and now prominent broadcaster, has broken the ultimate taboo by evoking threats to precipitate an EMU crisis, which would risk a chain reaction across the eurozone’s southern belt, where yield spreads on state bonds are already flashing warning signals. The comments reflect growing bitterness in Dublin over the way the country has been treated after voting against the EU’s Lisbon Treaty.

“If we have a single currency there are obligations and responsibilities on both sides. The idea that Germany and France can just hang us out to dry, as has been the talk in the last couple of days should not be taken lying down,” he said.

Read moreHelp Ireland or it will exit euro, economist warns

Revolt! Robbed of their right to buy traditional light bulbs, millions are clearing shelves of last supplies


End of light as we know it: Millions of Britons are stocking up to grab the last of the traditional bulbs

Millions of Britons are finally waking up to the fact that their beloved light bulb will disappear for good after 120 years.

Traditional 100-watt bulbs are vanishing from the High Street because of a controversial European Union decision.

Yesterday panic buyers were snapping up the remaining bulbs in a last-ditch attempt to stockpile the final supplies. Hundreds of leading supermarkets and DIY chains – including Sainsbury’s, Asda and Homebase – have already sold their last remaining bulbs after a surge in panic buying.

Other stores say they have enough stocks to last until the end of next week.

The supplies are running out after the Government signed up to an EU decision to replace conventional 100w light bulbs with supposedly greener low energy alternatives.

Ministers claim the switch will reduce carbon dioxide by around five million tons each year.

But experts have questioned whether or not the new bulbs, far from being environmentally friendly, are actually harmful.

The low-energy fluorescent bulbs can trigger skin rashes, migraines and epilepsy.

There is also concern because the fluorescent bulbs contain mercury, which makes them dangerous to get rid of.

They can also be more expensive. Currently, an average supermarket price for a six pack of standard 60w pearl light bulbs is £1.21, but a single 60w low energy stick light bulb already costs around £2.19.

Retailers stopped replenishing supplies of conventional incandescent 100w bulbs at the start of the year under a ‘voluntary’ Government scheme to force people to buy green compact fluorescent lights.


New light: Energy-efficient bulbs use less energy – but critics say they can cause skin rashes, migraines and epilepsy

But concerns about the poor quality light of low energy bulbs – and the fact that most don’t work with dimmer switches – has led to tens of thousands of people stockpiling supplies.

Read moreRevolt! Robbed of their right to buy traditional light bulbs, millions are clearing shelves of last supplies

Russia halts gas supplies to European countries

Russia has halted all gas supplies to European countries including Turkey and Greece.

The move comes amid a deepening rift between Russia and Ukraine, which hosts a pipeline supplying gas from its bigger neighbour to countries across Europe.

Bulgaria and Macedonia also reported that all supplies of Russian gas had been cut, while Romania’s pipeline operator said that its supplies had been cut by 75 per cent.

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EU faces deepening energy crunch over Russian gas
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Gazprom Halts Gas Supply to Europe Via Ukraine Pipes (Bloomberg)

Bulgaria’s finance ministry said the country was facing a crisis. Petar Dimitrov, the economy and energy minister, said: “Russia and Ukraine must find an urgent solution because the energy systems of dozens of countries are at risk.”

The European Commission condemned the cuts as “completely unacceptable”. In an unusually strongly worded statement, it demanded that Russia restore supplies “immediately”.

Russia ordered a reduction in gas flow to Europe via Ukraine on Monday, a measure it said was to stop its neighbour from stealing fuel. Ukraine said the move would jeopardise supplies to the rest of Europe, which is facing freezing temperatures.

Read moreRussia halts gas supplies to European countries

Israel rejects EU calls for ceasefire

Israel rebuffed a call from visiting European foreign ministers on Monday for an immediate ceasefire in its Gaza offensive, as troops engaged in their heaviest clashes with Hamas fighters and the civilian death toll mounted. At least 14 children were reported to have been killed.

Speaking after a meeting with a European Union delegation that included foreign ministers from the Czech Republic, France and Sweden, Tzipi Livni, the Israeli foreign minister, said: “A necessary war on terror does not end with an agreement. We don’t sign agreements with terror; we fight terror.”

Read moreIsrael rejects EU calls for ceasefire

Police set to step up hacking of home PCs

THE Home Office has quietly adopted a new plan to allow police across Britain routinely to hack into people’s personal computers without a warrant.

The move, which follows a decision by the European Union’s council of ministers in Brussels, has angered civil liberties groups and opposition MPs. They described it as a sinister extension of the surveillance state which drives “a coach and horses” through privacy laws.

The hacking is known as “remote searching”. It allows police or MI5 officers who may be hundreds of miles away to examine covertly the hard drive of someone’s PC at his home, office or hotel room.

Material gathered in this way includes the content of all e-mails, web-browsing habits and instant messaging.

Under the Brussels edict, police across the EU have been given the green light to expand the implementation of a rarely used power involving warrantless intrusive surveillance of private property. The strategy will allow French, German and other EU forces to ask British officers to hack into someone’s UK computer and pass over any material gleaned.

Read morePolice set to step up hacking of home PCs

What part of Ireland’s ‘no’ does the EU not understand?

Asking the Irish to vote again on the Lisbon treaty is arrogant, insulting and undemocratic

Imagine if, following the election of Barack Obama by 52.9% of American voters, the Republican party, which got just 45.7% of votes, demanded another election. Imagine if the Republicans described Obama’s victory as a “triumph of ignorance” – brought about by an “unspeakable” and “ignorant” mass of people who should have been “swatted away by the forces of the establishment” – and insisted on holding a second election so that, this time, the voters could “get it right”.

There would be uproar, outrage, widespread disgust at such elite disdain for the democratic process. Well, now you know how the Irish people must feel. In June this year, 53.4% of Irish voters rejected the Lisbon treaty, against 46.6% who supported it (giving the “No” camp a “sweeping victory” similar to Obama’s). Yet now the Irish will be asked to vote again. EU officials’ behind-doors deal to force a second referendum in Ireland reveals their utter contempt for Irish voters, and for democracy itself. It is an historic sucker punch against the sovereignty of the people.

As soon as the Irish people’s ballots were counted in June, their rejection of Lisbon was treated as the “wrong” answer, as if they had been taking part in a multiple-choice maths exam and had failed to work out that 2+2=4. Now, they will be given a chance to sit the exam again, “until [they] come up with the right answer,” says George Galloway, attacking EU elitism. The notion that the Irish “got it wrong” exposes gobsmacking ignorance about democracy in the upper echelons of the EU. The very fact that a majority of Irish people said no to Lisbon made it the “right answer”, true and sovereign and final. “No” really does mean no.

Read moreWhat part of Ireland’s ‘no’ does the EU not understand?

Irish will vote on EU’s Lisbon Treaty for a second time next year

Message from the EU ‘New World Order’ to Irish voters:

You haven’t done what you were supposed to do, so we give you a second chance.

This time we will scare the hell out of you and/or offer you some consumer checks, so that you will do the right thing, which is of course what we want you to do. That is the new definition of free will.

If you reject the Lisbon Treaty again you will have to vote a third time and we will provide Diebold voting machines to make sure we get what we want.
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Irish voters who rejected the Lisbon Treaty in June will be asked to vote again on the issue next year, paving the way for controversial EU laws to be introduced in Britain.

All 27 member states must ratify the Treaty before it comes into force. Ireland, Poland and the Czech Republic are the only nations that have not yet agreed to do so.

British voters were initially promised a referendum on whether to adopt the EU Constitution, but the Government decided against allowing it after the document was rebranded as the Lisbon Treaty.

On Thursday the Irish Prime Minister Brian Cowen will confirm that a new vote will be held in 2009.

Diplomats have named October as the most likely date for the vote, while Government sources said April was also being considered

Mr Cowen said he believed that the economic crisis could help persuade some of those who voted against the Treaty to change their minds.

The Government is expected to argue that Ireland would have been in a worse position if it had not signed up to the euro, and that the Treaty will speed up decision-making and help tackle the downturn.

Read moreIrish will vote on EU’s Lisbon Treaty for a second time next year

Company crashes set to hit record next year

Record numbers of companies will go bankrupt next year with 200,000 insolvencies in Europe alone and “an explosion” of failed businesses in the US, according to the world’s largest credit insurer.

The US will see 62,000 companies go bust next year, compared with 42,000 this year and 28,000 last year, says a report by Euler Hermes, part of German insurer Allianz.

The absolute numbers, however, pale in comparison with the figures from western Europe, where the larger number of small companies mean insolvencies are expected to rise by a third from 149,000 last year to 197,000 next.

“The financial crisis will increase the risk of bankruptcy dramatically, particularly next year,” said Romeo Grill, chief economist at Euler Hermes. “There will be an explosion in the US but also big rises in Europe and especially the UK.”

Mr Grill said he expected most company failures in Europe to be focused around the struggling car, retail and textile sectors as well as logistics.

The country with the highest number of insolvencies expected for next year is France with 63,000. But in Europe, Spain, Ireland and the UK are forecast to see the most dramatic rises.

Nearly four times as many Spanish companies will go bust next year as in 2007 while it will be nearly double in Ireland and the UK with 640 and 38,000 businesses respectively.

Read moreCompany crashes set to hit record next year

Euro Dreams Shattered for Poles, Hungarians, Czechs as Currencies Plummet


Hungarian Forint notes of differing denominations sit on display in Budapest on Nov. 19, 2008. Photographer: Balint Porneczi/Bloomberg News

Dec. 8 (Bloomberg) — The slowing global economy is halting the spread of monetary union into eastern Europe and may lead to another year of losses for the Polish zloty, Hungarian forint and Czech koruna.

The zloty fell 21 percent against the euro from a record high in July as Poland headed for its biggest economic slowdown in almost a decade, while Hungary turned to the International Monetary Fund, World Bank and European Union for a bailout as the forint weakened 15 percent. Koruna volatility almost tripled as it depreciated 12 percent. The two-year mandatory trial period before adopting the euro allows swings of no more than 15 percent.

Poland, Hungary and the Czech Republic joined the European Union in 2004, committing to enter the 10 trillion-euro ($12.7 trillion) economy of countries sharing a single currency. The dream faded since July as the worst global financial crisis since the Great Depression drove investors from emerging markets. Now, New York-based Morgan Stanley and UBS AG in Zurich predict more foreign exchange losses in eastern Europe.

Read moreEuro Dreams Shattered for Poles, Hungarians, Czechs as Currencies Plummet

Max Keiser Calls Henry Paulson A Financial Terrorist

If you want to see a very emotional financial analyst this is a must see.
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Max Keiser calls treasury secretary Hank Paulson a “Financial Terrorist”. He states America is issuing non collateralized bonds that are worthless.

The Dollar and the Bonds are counterfeit. They have nothing backing them. This will lead to an economic collapse to all countries who play into this Wall Street scheme.

Developing nations are giving away their commodities for worthless paper.

Source: YouTube