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The Euro-What do you think is happening, is this prophetic

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Question: Whats the plan for the euro  (Voting closed: December 14, 2011, 02:58:14 am)
Collapse the euro before Chritmas - 0 (0%)
Collapse the euro before this time next year - 1 (25%)
Add a stronger currency to absorb the mess - 0 (0%)
Collapse the whole world financial structure soon to implement the mark(revelation) - 2 (50%)
Not clear from prophecy whats happening - 1 (25%)
Total Voters: 2

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Author Topic: The Euro-What do you think is happening, is this prophetic  (Read 5456 times)
Lisa
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« on: November 04, 2011, 03:58:14 am »

Trying to work out whats happening from a prophetic angle-interested in your thoughts
« Last Edit: November 04, 2011, 04:00:07 am by Lisa » Report Spam   Logged

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« Reply #1 on: November 04, 2011, 09:12:13 am »

I'm no prophet, but I chose the 4th option - watching the situation closely in Greece. If/when Greece collapses, it WILL have a big affect on the Euro AND on the global economy. I think the euro will crash first, and then maybe a couple of weeks later the dollar/global economy will follow, but not all at once.

As for the Greece situation - the MSM, unsurprisingly, is giving a very muddled picture. One minute they say everything's "ok" after the Greek PM dropped the reforendum and would take the euro bailout, and the next minute they say "not so fast". From what I got out of all the articles I've read, looks like they played the 'ole "Hegelian Dialect"(ie-one side wanted to cram the euro bailout, the Greek PM wanted not to and wanted to default), with the result MAYBE, MAYBE being a trojan horse-like bailout package which would force Greece into default with the dominos falling.

Again, I am no prophet, but just a man - however, it looks like prophecy could be unfolding at a much faster rate than we are anticipating now.
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« Reply #2 on: November 04, 2011, 04:44:05 pm »

http://news.yahoo.com/g-20-leaders-fail-agree-imf-help-europe-135954828.html

G-20 leaders fail to agree on IMF help for Europe

11/4/11

CANNES, France (AP) — Leaders of the world's 20 most powerful economies failed to agree on how to increase the firepower of the International Monetary Fund so that it can help stem the European debt crisis, though they acknowledged its resources should be boosted.

The leaders struggled to reach concrete resolutions at their summit in the French resort of Cannes that has been was overshadowed by Greece's political turmoil and worries about Italy, which accepted IMF supervision of its reform efforts — a highly unusual gesture toward one of the world's leading economies.

"It's important that the IMF sees its resources reinforced," Jose Manuel Barroso, the president of the European Commission, told reporters. However, any decisions on how to reinforce the IMF were left until February.

The lack of detail disappointed markets, with stocks, bonds and the euro falling. Italy's borrowing rates, in particular, hit worrying new highs.

Barroso said the IMF's increased resources would be there to help countries around the world, not just the eurozone, indicating Europe is struggling to attract help from its global partners to fight its debt crisis. German Chancellor Angela Merkel said no countries outside the eurozone had committed any money to the region's bailout fund.

Barroso said several countries had indicated they would provide bilateral loans to the IMF — which would give it more resources without collecting money from reluctant members like the United States.

The G-20 final statement said the IMF should work in the next three months on a special account that could be earmarked for the eurozone.

That way countries like the United States, which think Europe should pay for its own financial problems, wouldn't have to put any money in. And countries like Russia and Brazil, which have expressed interested in helping the eurozone, could.

The statement also said the IMF should work out a way to issue more special drawing rights, or SDRs, the fund's own reserve currency that can be exchanged for cash with central banks around the world. SDRs can just be created and do not require new commitments from IMF member states.

Finance ministers will now have to work out the details of these measures. French President Nicolas Sarkozy said the G-20 would next deal with the topic in February.

With their own finances already stretched from bailing out Greece, Ireland and Portugal — and traditional allies like the United States wrestling with their own problems — eurozone countries were looking to the IMF to use its resources and rescue experience to help prevent the debt crisis from spreading to large economies like Italy and Spain.

"Every day that the eurozone crisis continues, every day it isn't resolved, is a day that has a chilling effect on the rest of the world economy," British Prime Minister David Cameron said.

"The rest of the world outside the eurozone is saying, We are ready to do our part to help stabilize the world economy. ... But you can't ask the IMF or other countries to substitute for the action that needs to be taken within the eurozone itself."

The G-20 announcements show how dramatically the powers have shifted within the IMF.

Until two years ago, the IMF — dominated by the traditional powers in Europe and the U.S. — mostly applied the painful adjustment programs that are attached to its financial lifelines to poor and emerging economies in Asia, Latin America and Africa.

Now, it's growing powers like China, Brazil and South Africa that have to decide whether helping Europe is a worthy investment
.

Last week, eurozone leaders decided to boost the firepower of their bailout fund, the €440 billion ($606 billion) European Financial Stability Facility, by seeking financing from outside investors. Those additional resources could then be used to buy up bonds from wobbly countries like Italy and Spain and help them and others recapitalize banks hit by the turmoil on the markets.

Yet cash-rich countries like China, Russia and Brazil quickly made clear that any investment from their side would have to be channeled through the IMF. That would ensure that their loans come linked to strict economic conditions and could also give them more influence within the fund.

German Chancellor Angela Merkel said the promised increase in the resources of the IMF was positive, adding that she was optimistic that they will also be used to help out the eurozone, once the currency union has worked out the details of the EFSF increase.

"We will now accelerate our work on the guidelines of the EFSF and then all IMF member states are called on to contribute to the EFSF," Merkel said.

Eurozone finance ministers are set to meet in Brussels on Monday.

Separately, Barroso that Italy had asked the IMF for help monitoring its budgetary and structural reforms on a quarterly basis.

The country's borrowing rates have risen sharply this week — and jumped further on Friday — on fears that Minister Silvio Berlusconi does not have the political strength to implement promised reform measures meant to revive lackluster economic growth and bring down debt.

Berlusconi said Italy had turned down an IMF offer for financial aid, asking it instead to simply monitor the implementation of the reforms. The step is highly unusual for such a large economy — the third-largest in the eurozone
.
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« Reply #3 on: November 10, 2011, 10:56:15 pm »

http://www.express.co.uk/posts/view/283060

DEATH OF THE EURO

11/11/11

PREPARATIONS were under way last night for the break-up of the euro as Europe’s debt crisis spiralled out of control.

As Treasury officials worked through the night to soften the impact on Britain, David Cameron warned that the single European currency was facing its “moment of truth”.

Business Secretary Vince Cable went further and spoke about “Armageddon” while Brussels officials warned that the chaos threatened to plunge us all into a new recession.

Ministers are understood to be deeply concerned that French President Nicolas Sarkozy and Germany’s Chancellor Angela Merkel are secretly plotting to build a new, slimmed down eurozone without Greece, Italy and other debt-ridden southern Euro- pean nations.

Well-placed Brussels sources say Germany and France have already held private discussions on preparing for the disintegration of the eurozone.

Certainly it affects our trade and potentially, in this Armageddon narrative, it affects the banking system, but we’re not there yet. 
Business Secretary Vince Cable
 
At the same time, City insiders yesterday speculated that the “death warrant” for the euro had already been written, with a new economic bloc dominated by Germany and France almost certain to emerge in its place.

Howard Wheeldon, senior strategist at BGC Partners, said the single currency experiment had failed.

“Undoubtedly it has failed. We know the concept of a single currency was flawed right from the start. There were too many big differences, in language, in culture and in the economies. There is absolutely no chance of the euro surviving in its current form. It cannot happen
.

“There are limits to what the markets, the people and the voters will accept. That doesn’t mean the euro won’t carry on with fewer members, but it has been a failure.”

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« Reply #4 on: November 10, 2011, 11:07:06 pm »

http://www.reuters.com/article/2011/11/09/us-eurozone-future-sarkozy-idUSTRE7A85VV20111109

11/9/11

French and Germans explore idea of smaller euro zone

(Reuters) - German and French officials have discussed plans for a radical overhaul of the European Union that would involve setting up a more integrated and potentially smaller euro zone, EU sources say.

"France and Germany have had intense consultations on this issue over the last months, at all levels," a senior EU official in Brussels told Reuters, speaking on condition of anonymity because of the sensitivity of the discussions.

"We need to move very cautiously, but the truth is that we need to establish exactly the list of those who don't want to be part of the club and those who simply cannot be part," the official said.

French President Nicolas Sarkozy gave some flavor of his thinking during an address to students in the eastern French city of Strasbourg on Tuesday, when he said a two-speed Europe -- the euro zone moving ahead more rapidly than all 27 countries in the EU -- was the only model for the future.

The discussions among senior policymakers in Paris, Berlin and Brussels raised the possibility of one or more countries leaving the euro zone while the remaining core pushes on toward deeper economic integration, including on tax and fiscal policy.

The change has been discussed on an "intellectual" level but had not moved to operational or technical discussions, the EU official said. A French finance ministry spokesman denied there was any project in the works to reduce the currency bloc's membership .

"There have been no conversations between French and German authorities at any level on decreasing the size of the euro zone," the spokesman said .

A radical overhaul of the European Union would be opposed by many members.

"This will unravel everything our forebears have painstakingly built up and repudiate all that they stood for in the past sixty years," one EU diplomat told Reuters."This will redraw the map geopolitically and give rise to new tensions. It could truly be the end of Europe as we know it."

In Berlin, European Commission President Jose Manuel Barroso warned about the economic costs of any splits in the euro zone. Germany's gross domestic product could contract and its economy would shed one million jobs, he said in a speech.

Barroso said any push toward deeper economic policy integration should not come at the price of creating new divisions among EU members.

"There cannot be peace and prosperity in the North or in the West of Europe, if there is no peace and prosperity in the South or in the East," he said.

To an extent the taboo on a country leaving the 17-member currency bloc was already broken at the G20 summit in Cannes last week, when German Chancellor Angela Merkel and Sarkozy both effectively said that Greece might have to drop out if the euro zone's long-term stability was to be maintained.

But the latest discussions among European officials point to a more fundamental re-evaluation of the 12-year-old currency project -- including which countries and what policies are needed to keep it strong and stable -- before Europe's debt crisis manages to break it apart.

In large part the aim is to reshape the currency bloc along the lines it was originally intended; strong, economically integrated countries sharing a currency, before nations such as Greece managed to get in.

"In doing this exercise, we will be very serious on the criteria that will be used as a benchmark to integrate and share our economic policies," the senior EU official said.

One senior German government official said it was a case of pruning the euro zone to make it stronger.

"You'll still call it the euro, but it will be fewer countries," he said, without identifying those that would have to drop out.

"We won't be able to speak with one voice and make the tough decisions in the euro zone as it is today. You can't have one country, one vote," he said, referring to rules that have made decision-making complex and slow, exacerbating the crisis.

Speaking in Berlin, Merkel reiterated a call for changes to be made to the EU treaty -- the laws which govern the European Union -- saying the situation was now so unpleasant that a rapid breakthrough was needed.

From Germany's point of view, altering the EU treaty would be an opportunity to reinforce euro zone integration and could potentially open a window to make the mooted changes to its make-up.

EU officials have told Reuters treaty change will be formally discussed at a summit in Brussels on December 9, with an 'intergovernmental conference', the process required to make alterations, potentially being convened in the new year, although multiple obstacles remain before such a step is taken.

ACCELERATION

While the two-speed Europe referred to by Sarkozy is already reality in many respects -- and a frustration for the likes of Poland, which hopes to join the euro zone -- the officials interviewed by Reuters spoke of a more formal process to create a two-tier structure and allow the smaller group to push on.

"This is something that has been in the air for some time, at least in high-level talks," said one EU diplomat. "The difference now is that some countries are moving forward very quickly ... The risk of a split, of a two-speed Europe, has never been so real."

In Sarkozy's vision, the euro zone would rapidly deepen its integration, including in sensitive areas such as corporate and personal taxation, while the remainder of the EU would be left as a "confederation", possibly expanding from 27 to 35 in the coming decade, with enlargement to the Balkans and beyond.

Within the euro zone, the critical need would be for core countries to coordinate their economic policies quickly so that defenses could be erected against the sovereign debt crisis.

"Intellectually speaking, I can see it happening in two movements: some technical arrangements in the next weeks to strengthen the euro zone governance, and some more fundamental changes in the coming months," the senior EU official said.

But he cautioned: "Practically speaking, we all know that the crisis may deepen and that the picture can change radically from one day to another."

France and Germany see themselves as the backbone of the euro zone and frequently promote initiatives that other euro zone countries reject. The idea of a core, pared-down euro zone is likely to be strongly opposed by the Netherlands and possibly Austria, although both would be potential members.

"This sort of thinking is not the direction we want to go in. We want to keep the euro zone as it is," said a non Franco-German euro zone diplomat.

Britain, which is adamantly outside the euro zone, is also opposed to any moves that would create a two-speed Europe, or institutionalize a process even if it is already under way.

"We must move together. The greatest danger we face is division," Britain's deputy prime minister, Nick Clegg, said during a visit to Brussels on Wednesday.

(Additional reporting by Robin Emmott and Luke Baker in Brussels, writing by Luke Baker, editing by Angus MacSwan)

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« Reply #5 on: November 15, 2011, 09:15:46 pm »

European economy has all but stalled, report says

11/15/11

http://news.yahoo.com/european-economy-stalled-report-says-205034113.html

LONDON (AP) — Europe appears headed for a recession — if it isn't in one already.

Economic growth has all but stopped in Europe, statistics showed Tuesday. The stall comes just when Italy, Greece and other nations need growth to help them wriggle out of the chokehold of debt.

The European Union economy grew a paltry 0.2 percent in July, August and September compared with the three months before, the EU statistics agency said. That is the same growth rate as the previous quarter, and far slower than the 0.7 percent before that.

And the picture is probably even worse. The statistics did not include Italy and Greece, the two countries in the most debt trouble. And their debt crisis only got worse in October, the month after this snapshot was taken.

Besides lowering standards of living and hurting the job market in Europe, a recession would be bad news for the U.S., which sells 20 percent of its exports to Europe, and for Asia.

Taken as a whole, Europe also has the largest economy in the world, producing $16.2 trillion in goods and services last year. The United States produced $14.5 trillion last year, China $5.9 trillion.

So economic sickness in Europe has the ability to slow growth around the world.

"People are uncertain," said Ferdinand Fichtner of the German Economic Institute DIW. "That is poison for growth."

Fear that the economic slowdown will make the debt crisis worse were evident in financial markets Tuesday. Borrowing costs rose for many nations, an indication that investors are nervous about lending to them.

In Italy, the yield on the closely watched 10-year bond rose back above 7 percent, even though a new government has replaced the dysfunctional regime of Silvio Berlusconi. The yield rose above 7 percent for the first time last week and helped drive Berlusconi from office. And yields of 7 percent forced Greece and other European countries to seek bailouts.

The yield was at 7.04 percent late Tuesday, up 0.46 percentage points from the day before. Spain was at 6.29 percent, up 0.22 percentage points, and France was at 3.66 percent, up 0.23 percentage points.

Higher bond yields triggered by slow — or no — growth create a vicious cycle that is difficult for a country to stop. When the yield goes up on its debt, a country must spend more money paying interest. If the economy isn't growing, then the deficit grows, and countries have to borrow even more. Cut services to close the gap, and the economy can slow even more.

The two largest economies in Europe, Germany and France, kept growing from July through September, but not much faster than their neighbors — 0.5 percent in Germany and 0.4 percent in France.

What happens in those countries matters in the rest of Europe. When the Germany economy booms, Germans are more likely to help, say, the Italian economy by buying Italian cars, indulging in an Italian suit or booking a vacation to an Italian villa.

The Netherlands, traditionally a competitive economy, unexpectedly saw its economy shrink in the third quarter. And countries across Europe are at risk of slowing as the debt crisis spreads to other countries and looms over all of them.

"The uncertainty caused by the sovereign debt crisis is lying like mildew upon the eurozone economy," said Christope Weil, an economist at Commerzbank, referring to the 17 nations in the EU that use the euro as their currency.

The European Commission warned recently that unemployment in that 17-nation club, already 10.2 percent, would remain high for the foreseeable future. Unemployment in the United States is 9 percent.

The 0.2 percent growth in the EU compares with 0.6 percent growth in the United States in the third quarter compared with the quarter before — not exactly sizzling, but at least better. Japan, which is making up for lost economic output after the earthquake and tsunami last March, grew 1.5 percent.

U.S. policymakers frequently cite Europe's crisis as one of the top threats facing the American economy.

"Unfortunately, we can't disassociate ourselves from Europe. The things that are happening there do affect us," Fed Chairman Ben Bernanke said earlier this month. "I hope very much that the Europeans will find a set of solutions that will allow markets to calm down and take off some of the headwinds from the U.S. economy."

Paul Dales, senior U.S. economist at Capital Economics, estimates that a recession in Europe would shave about half a percentage point off U.S. economic growth in 2012, cutting it to 1.5 percent. Others have similar estimates.

A survey last week by the Federal Reserve showed that European banks with operations in the United States are tightening lending. Europe's troubles also hurt China, where products are assembled and shipped to European countries.

American banks have not lent much money to other banks or governments in Europe's most troubled countries. That limits the risk if European banks take a hit because they own bonds issued by countries that can't pay them off.

Dales said U.S. banks had much greater exposure to Asia during a financial crisis there in the late 1990s than they now do to Europe. And the U.S. economy "sailed through" the Asia crisis, he said.

The U.S. could be hurt, though, by a freeze in global lending, similar to what happened after Lehman Brothers investment bank collapsed in 2008. Banks were too worried to lend to each other, increasing borrowing costs for everyone.
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« Reply #6 on: November 16, 2011, 08:58:25 pm »

U.K. unemployment hits 8.3%, highest since 199616 November 2011, by William L. Watts -  Frankfurt (MarketWatch)
http://www.marketwatch.com/story/uk-unemployment-hits-83-highest-since-1996-2011-11-16

The number of unemployed British workers rose 129,000 to 2.62 million in the three months ending in September, pushing the unemployment rate up to 8.3% from 8.1% in the three months ending in August, the U.K. Office for National Statistics reported Wednesday.

The unemployment rate is the highest since 1996, while the total number of unemployed is the highest since 1994, the ONS said.

The number of workers claiming jobless benefits rose 5,300 in October, the ONS said. Economists had forecast a rise of 22,500.
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« Reply #7 on: November 16, 2011, 09:16:08 pm »

Fitch: U.S. bank outlook could worsen over Europe16 November 2011, by Wallace Witkowski - San Francisco (MarketWatch)
http://www.marketwatch.com/story/fitch-us-bank-outlook-could-worsen-over-europe-2011-11-16

Fitch Ratings said Wednesday that the credit outlook for U.S. banks can worsen if the euro-zone debt crisis is not resolved in a timely manner.

"Fitch's current outlook for the industry is stable, reflecting improved fundamentals at most banks combined with ratings lower than at pre-crisis levels.

However, risks of a negative shock are rising and could alter this outlook," the ratings agengy said.

Fitch maintained Europe's sovereign debt crisis still poses a threat to U.S. banks even though the institions have reduced their exposure to the region over the past year.
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« Reply #8 on: November 18, 2011, 07:18:03 pm »

Germany's secret plans to derail a British referendum on the EU
18 November 2011, by Bruno Waterfield in Brussels (The Telegraph)
http://www.telegraph.co.uk/news/worldnews/europe/eu/8898044/Germanys-secret-plans-to-derail-a-British-referendum-on-the-EU.html

Germany has drawn up secret plans to prevent a British referendum on the overhaul of the European Union amid concerns it could derail the eurozone rescue package, leaked documents obtained by The Daily Telegraph disclose.
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« Reply #9 on: November 18, 2011, 07:23:40 pm »

Germany seeks to stop U.K. vote on EU: report
17 November 2011, (MarketWatch)
http://www.marketwatch.com/story/germany-seeks-to-stop-uk-vote-on-eu-report-2011-11-17

Germany has drawn up secret plans to prevent a British referendum on the overhaul of the European Union amid concerns it could derail the euro-zone rescue package, according to leaked documents obtained by The Daily Telegraph of the U.K..

Angela Merkel, the German chancellor, is expected to tell Prime Minister David Cameron that Britain doesn't need a referendum on EU treaty changes, despite demands from senior U.K. Conservatives for more powers to be repatriated to Britain, The Telegraph said.

The leaked memo, written by the German foreign office, discloses radical plans for an intrusive new European body that will be able to take over the economies of beleaguered euro-zone countries, The Telegraph said.

It discloses that the EU's largest economy is also preparing for other European countries, which are too large to be bailed out, to default on their debts -- effectively going bankrupt, The Telegraph said.

It will prompt fears that German plans to deal with the euro-zone crisis involve an erosion of national sovereignty that could pave the way for a European "super state" with its own tax and spending plans set in Brussels, The Telegraph said.
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« Reply #10 on: November 18, 2011, 08:44:51 pm »

11/18/11

http://www.bbc.co.uk/news/business-15748696

Eurozone debt web: Who owes what to whom?

The circle below shows the gross external, or foreign, debt of some of the main players in the eurozone as well as other big world economies. The arrows show how much money is owed by each country to banks in other nations. The arrows point from the debtor to the creditor and are proportional to the money owed as of the end of June 2011. The colours attributed to countries are a rough guide to how much trouble each economy is in.

http://www.bbc.co.uk/news/special/world/11/world_debt/who_owes_whom/img/transparent.gif
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« Reply #11 on: November 20, 2011, 07:27:04 pm »

Doubts rise over euro rescue fund
20 November 2011, (AFP)
http://www.france24.com/en/20111120-doubts-rise-over-euro-rescue-fund

Excerpt:

Economists are increasingly questioning the relevance of the eurozone rescue fund as pressure builds on the European Central Bank (ECB) to lead a lasting and massive debt crisis response.

The European Financial Stability Facility (EFSF), which uses €440 billion of government guarantees to borrow on markets for subsequent lending to bailed-out Greece, Ireland and Portugal, "has no credibility" with traders, said Belgian economics professor Paul De Grauwe.

------------------------------------------------------------------------

A new "technocratic" government has taken power in Rome, with its public finances put under EU-IMF surveillance while France -- the second-largest eurozone economy -- is the latest to see its borrowing costs under pressure.

------------------------------------------------------------------------

Britain, France and the United States have each urged Germany to allow the ECB to emulate the Federal Reserve or the Bank of England by funding governments and pumping liquidity into the eurozone, in effect printing new money in an effort to get the economy moving again.

"The rescue fund, to begin with, will not have sufficient resources, even with a trillion euros," said De Grauwe, who lectures at Belgium's Louvain university.

"Italy has almost two trillion in debts and soon we might be talking about Spain and France," he said.

Yet the newly souped-up EFSF "can't even get out of the (starting) blocks," with markets already adding premiums to the fund's own borrowings.
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« Reply #12 on: November 20, 2011, 11:23:31 pm »

The Coming European Superstate That Germany Plans To Cram Down The Throats Of The Rest Of Europe

November 19, 2011

A lot of people were puzzled about what German Chancellor Angela Merkel meant when she recently stated that the ultimate solution to the financial crisis in the EU would “mean more Europe, not less Europe”.  Well, now we are finding out.

A leaked internal German government memo entitled “The Future of the EU: Required Integration Policy Improvements for the Creation of a Stability Union” actually proposes the creation of a “European Monetary Fund” which would be given the power to run the economies of troubled European nations.

This “stability union” would be quickly followed by the creation of a full-fledged “political union”.  Essentially, this leaked memo proposes the creation of a “European Superstate” which will be crammed down the throats of the rest of Europe whether they like it or not.

National sovereignty would be a thing of the past and European bureaucrats would run everything.

Of course this will never be accepted by the people of Europe until they feel the bitter pain of the coming financial collapse, but we are starting to see that there is already a clear plan for what the Germans wish to implement in the aftermath of the coming crisis.

A lot of people have just assumed that if there is a massive financial collapse in Europe and the euro crashes that it will mean that end of the euro and potentially the breakup of the EU.  But that is not what the Germans have planned at all.

An article in the Telegraph has posted details about the leaked internal German government memo mentioned above.  It really is startling to see that a full-fledged “political union” in Europe is being discussed at the highest levels of the German government….
Quote
    The six-page memo, by the German foreign office, argues that Europe’s economic powerhouses should be able to intervene in how beleaguered eurozone countries are run.

    The confidential blueprint sets out Germany’s plan to tackle the eurozone debt crisis by creating a “stability union” that will be “immediately followed by moves “on the way towards a political union”.

    It will prompt fears that Germany’s euro crisis plans could result in a European super-state with spending and tax plans set in Brussels.

Can you imagine what Europe would look like under such a plan?

National sovereignty would be a thing of the past.

Another article in the Telegraph says that the leaked memo proposes that immediately a “European Monetary Fund” should be set up that would have the power to take over and run the economies of European nations that get into too much debt.  But according to the memo this would just be an intermediate step toward a full “political union”….

Quote
    The six-page German foreign ministry paper sets out plans for the creation of a European Monetary Fund with a transfer of sovereignty away from member states.

    The fund will have the power to take ailing countries into receivership and run their economies. Even more controversially, the document, entitled The future of the EU: required integration policy improvements for the creation of a Stability Union, declares that the treaty changes are a first stage “in which the EU will develop into a political union”. “The debate on the way towards a political union must begin as soon as the course toward stability union is charted,” it concludes.

As the crisis in Europe has gotten worse, the Germans have become more aggressive about throwing their weight around.  At this point, German Chancellor Angela Merkel is the most important politician in Europe and she has been taking the lead in responding to this financial crisis.

As I have written about previously, there have been persistent rumors that French President Nicolas Sarkozy and German Chancellor Angela Merkel have been “secretly plotting” to create a “new eurozone” that will fundamentally change the way that Europe is run.

For example, the following is from an article that recently came out  in the Telegraph….
Quote
    France is drawing up plans to create a breakaway organisation of eurozone countries with its own treaty, parliament and headquarters – a move that could significantly undermine the existing European Union.

That same article also talked about the goals that France and Germany are hoping to achieve through all of this….

 
Quote
  France and Germany are understood to want to strengthen the union between eurozone countries with new taxes and legal measures to stop nations borrowing and spending too much in future.

Of course it is important to note that there is no way that the people of Europe are going to go for any of this right now.

But after feeling the pain of a massive financial collapse for a while will they change their minds?

What is clear is that the status quo is not going to last much longer.  Something has got to change.  Unfortunately, Germany and France seem determined to push the rest of Europe in the direction of creating a European Superstate.

If you want to get a really good idea of what is happening in Europe right now, just check out this video of a recent speech by Nigel Farage on the floor of the European Parliament on November 16th, 2011.  Trust me, it is worth the couple of minutes that it takes to watch it.

But before fundamental structural changes take place in Europe, we are going to see an absolutely crippling financial collapse first.  With each passing day, there are more signs that things are rapidly unraveling.  The following are just a few of the noteworthy news items from Europe that have come out over the past week….

*In Italy there were violent clashes between protesters and police after Mario Monti unveiled his new austerity program.  To get an idea of how crazy things are getting over in Italy, just check out this video.

*Just like what happened when austerity was implemented in Greece, it looks like Italy is now headed down the road toward a major recession.  Industrial orders in Italy for the month of September declined by 8.5 percent.  That is really, really bad news.

*The EFSF has already been forced to buy up huge numbers of its own bonds.  That essentially means that the EFSF is already a bad joke.

*Dozens of big banks all over Europe have been downgraded in recent weeks.  Even German banks are getting downgraded now.  The other day, Moody’s downgraded the ratings of 10 major German banks.

An increasing number of people that work in the financial world are starting to get really freaked out about everything that is going on.

The following is what Mark Mobius, head of the emerging markets desk at Templeton Asset Management, had to say recently….
Quote
    “There is definitely going to be another financial crisis around the corner, because we haven’t solved any of the things that caused the previous crisis.”

Willem Buiter, the chief economist of Citigroup, believes that if something is not done quickly, there will be a financial collapse in Europe in very short order….

Quote
    “Time is running out fast.  I think we have maybe a few months — it could be weeks, it could be days — before there is a material risk of a fundamentally unnecessary default by a country like Spain or Italy which would be a financial catastrophe dragging the European banking system and North America with it. So they have to act now.”

Ann Barnhardt of Barnhardt Capital Management actually shut down her entire firm because she could no longer guarantee that the money her clients were putting into the futures and options markets would be safe.  Posted below are extended excerpts from the open letter that she recently released to the public.  Normally I would not post such extended excerpts, but in this case I believe that they are warranted.  What Barnhardt has written should be a huge wake up call for all of us.  It is refreshing (and a bit frightening) to get an honest assessment of the corruption in the financial world from someone that has made a good living in that world.  The following is how she began her letter….

Quote
    It is with regret and unflinching moral certainty that I announce that Barnhardt Capital Management has ceased operations. After six years of operating as an independent introducing brokerage, and eight years of employment as a broker before that, I found myself, this morning, for the first time since I was 20 years old, watching the futures and options markets open not as a participant, but as a mere spectator.

    The reason for my decision to pull the plug was excruciatingly simple: I could no longer tell my clients that their monies and positions were safe in the futures and options markets – because they are not. And this goes not just for my clients, but for every futures and options account in the United States. The entire system has been utterly destroyed by the MF Global collapse. Given this sad reality, I could not in good conscience take one more step as a commodity broker, soliciting trades that I knew were unsafe or holding funds that I knew to be in jeopardy.

So how did the MF Global collapse wreck the system?  Barnhardt went on to explain this….

   
Quote
The futures markets are very highly-leveraged and thus require an exceptionally firm base upon which to function. That base was the sacrosanct segregation of customer funds from clearing firm capital, with additional emergency financial backing provided by the exchanges themselves. Up until a few weeks ago, that base existed, and had worked flawlessly. Firms came and went, with some imploding in spectacular fashion. Whenever a firm failure happened, the customer funds were intact and the exchanges would step in to backstop everything and keep customers 100% liquid – even as their clearing firm collapsed and was quickly replaced by another firm within the system.

    Everything changed just a few short weeks ago. A firm, led by a crony of the Obama regime, stole all of the non-margined cash held by customers of his firm. Let’s not sugar-coat this or make this crime seem “complex” and “abstract” by drowning ourselves in six-dollar words and uber-technical jargon. Jon Corzine STOLE the customer cash at MF Global. Knowing Jon Corzine, and knowing the abject lawlessness and contempt for humanity of the Marxist Obama regime and its cronies, this is not really a surprise. What was a surprise was the reaction of the exchanges and regulators. Their reaction has been to take a bad situation and make it orders of magnitude worse. Specifically, they froze customers out of their accounts WHILE THE MARKETS CONTINUED TO TRADE, refusing to even allow them to liquidate. This is unfathomable. The risk exposure precedent that has been set is completely intolerable and has destroyed the entire industry paradigm. No informed person can continue to engage these markets, and no moral person can continue to broker or facilitate customer engagement in what is now a massive game of Russian Roulette.

Even more frightening, Barnhardt says that the MF Global collapse is just the “tip of the iceberg” and that more collapses like this are about to happen….
Quote
    I have learned over the last week that MF Global is almost certainly the mere tip of the iceberg. There is massive industry-wide exposure to European sovereign junk debt. While other firms may not be as heavily leveraged as Corzine had MFG leveraged, and it is now thought that MFG’s leverage may have been in excess of 100:1, they are still suicidally leveraged and will likely stand massive, unmeetable collateral calls in the coming days and weeks as Europe inevitably collapses. I now suspect that the reason the Chicago Mercantile Exchange did not immediately step in to backstop the MFG implosion was because they knew and know that if they backstopped MFG, they would then be expected to backstop all of the other firms in the system when the failures began to cascade – and there simply isn’t that much money in the entire system. In short, the problem is a SYSTEMIC problem, not merely isolated to one firm.
So what does Barnhardt say that we should all do?  She is actually recommending that everyone should completely abandon the futures and options markets….
Quote
    And so, to the very unpleasant crux of the matter. The futures and options markets are no longer viable. It is my recommendation that ALL customers withdraw from all of the markets as soon as possible so that they have the best chance of protecting themselves and their equity. The system is no longer functioning with integrity and is suicidally risk-laden. The rule of law is non-existent, instead replaced with godless, criminal political cronyism.

Remember, a few weeks ago I warned you all that a massive derivatives crisis is coming.  Anyone that plays around with derivatives at this point is playing with fire.  Barnhardt says that she will never reopen her firm until Barack Obama is removed from office and fundamental reforms to the financial system have been implemented….

 
Quote
   Finally, I will not, under any circumstance, consider reforming and re-opening Barnhardt Capital Management, or any other iteration of a brokerage business, until Barack Obama has been removed from office AND the government of the United States has been sufficiently reformed and repopulated so as to engender my total and complete confidence in the government, its adherence to and enforcement of the rule of law, and in its competent and just regulatory oversight of any commodities markets that may reform. So long as the government remains criminal, it would serve no purpose whatsoever to attempt to rebuild the futures industry or my firm, because in a lawless environment, the same thievery and fraud would simply happen again, and the criminals would go unpunished, sheltered by the criminal oligarchy.

We are on the verge of a financial crisis that could potentially be just as bad (or even worse) than the financial crisis of 2008.

Right now, 2012 is shaping up as a very, very bad year.

As I have written about previously, when European leaders proposed that private Greek bondholders should take a “50% haircut”, they massively undermined faith in the European financial system.

Now panic and fear are in the air and it is unlikely that financial markets will be calmed any time soon.

Already, there are early signs of the kind of massive credit crunch that almost brought about “the end of the world” in financial markets back in 2008.

For example, a CNBC article that was posted on Friday reported that the flow of credit in Europe is seriously drying up….

 
Quote
  Fear over European banks’ exposure to risky government debt stalked markets and harried bank executives on Friday, as unsecured lending between banks evaporated and the cost of secured loans rose.

And as a recent article posted on Zero Hedge discussed, a similar thing is starting to happen in the United States….

Quote
    The entire dollar funding market is now at levels not seen since the Lehman collapse and is effectively frozen. Only this time it is much, much worse as never before has the global central bank cadre been assumed and implied to be backstopping the global liquidity cascade. Ex-out the implied backstop by the monetary authorities, and liquidity is now locked up more than ever in the history of capital markets.

So what should we do about this?

We should take action and get prepared for what is coming.

Unfortunately, an increasing number of Americans seem to be “checking out” instead.  According to a recent Gallup poll, alcohol consumption in the United States has hit a 25 year high.  More than one out of every ten Americans over the age of 12 is on prescription antidepressants, and most American families spend endless hours staring at the television in an attempt to escape the pain and the frustration that they constantly feel.

Hopefully by working together we can help more Americans (and more Europeans as well) to wake up, to get off their couches, and to take action in a positive way.

Time is running out and the economic crisis is rapidly getting worse.

http://theeconomiccollapseblog.com/archives/the-coming-european-superstate-that-germany-plans-to-cram-down-the-throats-of-the-rest-of-europe
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« Reply #13 on: November 20, 2011, 11:32:46 pm »

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« Reply #14 on: November 25, 2011, 08:20:20 am »

Death of a currency as eurogeddon approaches
It's time to think what hitherto markets have regarded as unthinkable – that the euro really is on its last legs.
 
They need to wake up fast; it's happening before their very eyes. In its current form, the single currency may always have been doomed, but it has been greatly helped on its way by an extraordinarily inept series of policy errors. Photo: AFP By Jeremy Warner, Associate editor
7:00PM GMT 24 Nov 2011
The defining moment was the fiasco over Wednesday's bund auction, reinforced on Thursday by the spectacle of German sovereign bond yields rising above those of the UK.

If you are tempted to think this another vote of confidence by international investors in the UK, don't. It's actually got virtually nothing to do with us. Nor in truth does it have much to do with the idea that Germany will eventually get saddled with liability for periphery nation debts, thereby undermining its own creditworthiness.

No, what this is about is the markets starting to bet on what was previously a minority view - a complete collapse, or break-up, of the euro. Up until the past few days, it has remained just about possible to go along with the idea that ultimately Germany would bow to pressure and do whatever might be required to save the single currency.

The prevailing view was that the German Chancellor didn't really mean what she was saying, or was only saying it to placate German voters. When finally she came to peer over the precipice, she would retreat from her hard line position and compromise. Self interest alone would force Germany to act.

But there comes a point in every crisis where the consensus suddenly shatters. That's what has just occurred, and with good reason. In recent days, it has become plain as a pike staff that the lady's not for turning.

This has caused remaining international confidence in the euro to evaporate, and even German bunds to lose their "risk free" status. The crisis is no longer confined to the sinners of the south. Suddenly, no-one wants to hold euro denominated assets of any variety, and that includes what had previously been thought the eurozone safe haven of German bunds.

Investors have gone on strike. The Americans are getting their money out as fast as they decently can. British banks have stopped lending to all but their safest eurozone counterparts, and even those have been denied access to dollar funding. The UK hardly has anything to boast of; it's got its own legion of problems, many of them not so dissimilar to those of the eurozone periphery.

But almost anything is going to look preferable to a currency which might soon be assigned to the dustbin of history. All of a sudden, the pound is the European default asset of choice.

What we are witnessing is awesome stuff – the death throes of a currency. And not just any old currency either, but what when it was launched was confidently expected to take its place alongside the dollar as one of the world's major reserve currencies. That promise today looks to be in ruins.

Contingency planning is in progress throughout Europe. From the UK Treasury on Whitehall to the architectural monstrosity of the Bundesbank in Frankfurt, everyone is desperately trying to figure out precisely how bad the consequences might be.

What they are preparing for is the biggest mass default in history. There's no orderly way of doing this. European finance and trade is too far integrated to allow for an easy unwinding of contracts. It's going to be anarchy.

It's worth stressing here that for the moment the contingency planning is confined to officialdom. This week, for instance, we've had the Financial Services Authority's Andrew Bailey admit that he's asked UK banks to plan for a disorderly breakup of the euro. He'd be failing in his duties if he hadn't. Europe's political elite, as ever several steps behind the reality, still regards the prospect as unimaginable.

They need to wake up fast; it's happening before their very eyes. In its current form, the single currency may always have been doomed, but it has been greatly helped on its way by an extraordinarily inept series of policy errors.

First there was the disastrous suggestion from Angela Merkel and Nicolas Sarkozy that if Greece didn't buckle under it might be chucked out. Markets reacted logically, which was to sell bonds in any country that looked vulnerable and chase "safe haven" assets, thereby making it much harder for governments to fund themselves.

The blunder was compounded by attempts to underpin confidence in the banking system by forcing banks to mark their sovereign debt to market. This may only have recognised the reality, but it also destroyed the concept of the "risk free asset", forcing banks for the first time to apply capital to their sovereign debt exposures. Unsurprisingly, they stopped buying sovereign bonds, again making it harder for governments to fund themselves.

But perhaps the biggest sin of the lot was effectively to render all credit default swaps (a form of insurance against default) on sovereign debt essentially worthless, or void, by making the Greek default "voluntary".

This has made it impossible to hedge against eurozone sovereign debt purchases, and thereby destroyed the market. Worse, it's made investors believe that the euro cannot be trusted, that it'll repeatedly find ways of reneging on contract. That's the point of no return. This is no longer a serious currency.
http://www.telegraph.co.uk/finance/comment/jeremy-warner/8913884/Death-of-a-currency-as-eurogeddon-approaches.html
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« Reply #15 on: November 25, 2011, 05:05:23 pm »

France, Spain, Belgium 5-year CDS widen to record
25 November 2011, by Ben Edwards - London (MarketWatch)
http://www.marketwatch.com/story/france-spain-belgium-5-year-cds-widen-to-record-2011-11-25

The cost of insuring European sovereign debt against default rose to record highs for France, Spain and Belgium in early trading Friday amid concerns that politicians are still a long way from resolving the euro-zone debt crisis.

Around 0800 GMT, five-year credit default swaps spreads on France, Belgium and Spain all pushed to fresh records, according to data-provider Markit.

France's five-year CDS spread widened two basis points to 250 basis points, while Spain's five-year CDS widened 16 basis points to 495 basis points.

Belgium's CDS widened one basis point to 395 basis points. It has now widened 69 basis points since last Friday.

Italy saw its five-year CDS jump 30 basis points to 583 basis points, closing in on its record high 587 basis points set Nov. 15.

Germany's CDS widened four basis points to 113 basis points. It is now just three basis points from its record high set Oct. 4.

Portugal's widened 10 basis points to 1,110 basis points after Fitch Thursday downgraded its credit rating to junk status.

Greece's CDS spread was one basis point wider at 63 basis points upfront, which means sellers of default protection are demanding a deposit at the inception of a trade to cover the country's deteriorating credit risk. 
 
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« Reply #16 on: November 25, 2011, 07:40:51 pm »

Exclusive: Euro zone may drop bondholder losses from ESM bailout

BRUSSELS (Reuters) - Euro zone states may ditch plans to impose losses on private bondholders should countries need to restructure their debt under a new bailout fund due to launch in mid-2013, four EU officials told Reuters on Friday.

Discussions are taking place against a backdrop of flagging market confidence in the region's debt and as part of wider negotiations over introducing stricter fiscal rules to the EU treaty.

Euro zone powerhouse Germany is insisting on tighter budgets

and private sector involvement (NYSEArca:PSI) in bailouts as a precondition for deeper economic integration among euro zone countries.

Commercial banks and insurance companies are still expected to take a hit on their holdings of Greek sovereign bonds as part of the second bailout package being finalized for Athens.

But clauses relating to PSI in the statutes of the European Stability Mechanism (ESM) - the permanent facility scheduled to start operating from July 2013 - could be withdrawn, with the majority of euro zone states now opposed to them.

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« Reply #17 on: November 26, 2011, 08:56:55 am »

Britain will join the Euro says Lord Heseltine
November 20th, 2011
Author: Jeff Taylor

The staunch Europhile ex deputy prime minister and long term supporter of the Euro, Lord Heseltine, said on the BBC’s Politics Show that “I think we will join the Euro”.

This declaration by the Tory Grandee comes straight after the German finance minister, Wolfgang Schauble, said last week that the UK would join the single currency “faster than people think”.

Lord Heseltine said that, even though it had problems, the ‘chances are’ that the Euro would survive due to the sheer determination of the Germans and the French to maintain its ‘cohesiveness’.

The UKIP leader, Nigel Farage, also speaking on the Politics Show, responded by saying that the Mediterranean countries should leave the Euro. ‘The whole thing is failing.’ He said ‘It is going to break up’.

But actually both may well be right.

The Euro in its current form will almost certainly fail, but out of the ashes the French and Germans would create a new ‘Super-Euro’, a more powerful Eurozone that does not have the weaker countries’ economies holding it back.

And that is the real danger for the UK.

Read more: http://www.economicvoice.com/britain-will-join-the-euro-says-lord-heseltine/50025846#ixzz1eo9BgKFH
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« Reply #18 on: November 26, 2011, 09:06:45 am »

Just waiting on that one person to step forward and have all the right answers....
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« Reply #19 on: November 26, 2011, 04:30:10 pm »

Banks Build Contingency for Breakup of the Euro

For the growing chorus of observers who fear that a breakup of the euro zone might be at hand, Chancellor Angela Merkel of Germany has a pointed rebuke: It’s never going to happen.

But some banks are no longer so sure, especially as the sovereign debt crisis threatened to ensnare Germany itself this week, when investors began to question the nation’s stature as Europe’s main pillar of stability.

On Friday, Standard & Poor’s downgraded Belgium’s credit standing to AA from AA+, saying it might not be able to cut its towering debt load any time soon. Ratings agencies this week cautioned that France could lose its AAA rating if the crisis grew. On Thursday, agencies lowered the ratings of Portugal and Hungary to junk.

While European leaders still say there is no need to draw up a Plan B, some of the world’s biggest banks, and their supervisors, are doing just that.

“We cannot be, and are not, complacent on this front,” Andrew Bailey, a regulator at Britain’s Financial Services Authority, said this week. “We must not ignore the prospect of a disorderly departure of some countries from the euro zone,” he said.

rest: http://www.nytimes.com/2011/11/26/business/global/banks-fear-breakup-of-the-euro-zone.html?_r=1&hp


Prepare for riots in euro collapse, Foreign Office warns
- Telegraphtelegraph.co.uk/news/politics/8917077/Prepare-for-riots-in-euro-collapse-Foreign-Office-warns.html

British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain.
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« Reply #20 on: November 27, 2011, 03:34:19 pm »


BRITISH EMBASSIES READYING CONTINGENCY PLANS FOR COLLAPSE OF THE EURO

November 27th, 2011



British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain.

As the Italian government struggled to borrow and Spain considered seeking an international bail-out, British ministers privately warned that the break-up of the euro, once almost unthinkable, is now increasingly plausible.

Diplomats are preparing to help Britons abroad through a banking collapse and even riots arising from the debt crisis.

The Treasury confirmed earlier this month that contingency planning for a collapse is now under way.

A senior minister has now revealed the extent of the Government’s concern, saying that Britain is now planning on the basis that a euro collapse is now just a matter of time.

“It’s in our interests that they keep playing for time because that gives us more time to prepare,” the minister told the Daily Telegraph.



There are also growing fears for Italy, whose new government was forced to pay record interest rates on new bonds issued yesterday.

The yield on new six-month loans was 6.5 per cent, nearly double last month’s rate. And the yield on outstanding two-year loans was 7.8 per cent, well above the level considered unsustainable.

Italy’s new government will have to sell more than EURO 30 billion of new bonds by the end of January to refinance its debts. Analysts say there is no guarantee that investors will buy all of those bonds, which could force Italy to default.

The Italian government yesterday said that in talks with German Chancellor Angela Merkel and French President Nicolas Sarkozy, Prime Minister Mario Monti had agreed that an Italian collapse “would inevitably be the end of the euro.”

http://www.telegraph.co.uk/news/politics/8917077/Prepare-for-riots-in-euro-collapse-Foreign-Office-warns.html
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« Reply #21 on: November 28, 2011, 06:37:42 am »

New Reports Warn of Escalating Dangers From Europe's Debt Crisis

Warnings that the debt crisis in Europe could cause credit to dry up across the global banking system, endangering the world economy, multiplied on Monday despite fresh efforts by European leaders to prevent the euro monetary union from fracturing.

The Organization for Economic Cooperation and Development said the euro crisis remained “a key risk to the world economy.” The Paris-based research group sharply cut its forecasts for wealthy Western countries and warned that growth in Europe could come to a standstill.

Europe’s politicians have so far moved too slowly to prevent the crisis from spreading, the organization said in a report . It warned that the problems that started in Greece almost two years ago would start to infect even rich European countries thought to have relatively solid public finances, a development that would “massively escalate economic disruption.”

rest: http://www.nytimes.com/2011/11/29/business/global/moodys-warns-of-escalating-dangers-from-europes-debt-crisis.html
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« Reply #22 on: November 28, 2011, 09:25:22 am »

Euro Zone in Mild Recession, US May Follow: OECD

http://www.cnbc.com/id/45459979

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« Reply #23 on: November 29, 2011, 10:19:29 pm »

http://news.yahoo.com/world-bank-head-sees-ripple-effects-euro-woes-010523725.html

11/29/11

World Bank head sees ripple effects from euro woes
CAMBRIDGE, Massachusetts (Reuters) - Europe's debt crisis threatens to undermine consumer confidence and cut off credit to businesses in the rapidly emerging markets that have been bright spots in an otherwise grim global economy, the head of the World Bank warned on Tuesday.

"While the European and euro zone problems have to be dealt with primarily by Europe, you've got to be aware of the ripple effects of this and the ripple effects can easily become wave effects," Robert Zoellick, the institution's president, said in a talk with students at Harvard University.

Leaders of the euro zone nations have been scrambling to head off a spreading sovereign-debt crisis that has hit the Greek, Italian, Portuguese and Irish economies and threatens to engulf the rest of the 17-nation bloc.

One key risk Zoellick cited is that worries about Europe's troubles will spook consumers in emerging markets, such as China, India and Brazil, that have been far quicker to recover from the private-sector credit crunch of 2008.

"What I was most worried about and remain worried about is the fact that if the problems in consumer confidence ... and business confidence in Europe and the U.S. spread to emerging markets then the domestic demand of those economies would also wither," Zoellick said.

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« Reply #24 on: November 29, 2011, 10:25:19 pm »

http://news.yahoo.com/know-euro-crisis-reaches-tipping-point-104500638.html

11/29/11

How to Know When the Euro Crisis Reaches a Tipping Point

Two huge financial dangers that still seemed somewhat unlikely a few months ago now appear hard to avoid. First, the common euro currency is in deep trouble, and European governments are frantically trying to save it. Second, the chances of a worldwide recession are increasing because of these attempts to stave off the euro's collapse. Although the problems have been going on for some time, they're about to get much worse. To know when the crisis is reaching a tipping point, keep your eye on global government bond yields.

Although European leaders are still behaving as though the euro can be saved, behind the scenes banks are preparing for the breakup of the Eurozone. One of the effects of what the banks are doing is that global bond yields are diverging. Where banks cut back their bond holdings, countries have to pay higher yields. By contrast, in those countries where banks are willing to park their money for safekeeping, governments don't have to pay very high yields. (MORE: How to Get Your Dream Job in a Bad Economy)

A second effect of banks hunkering down is that they become less willing to lend money. To support a loan portfolio of a given size, banks have to have a certain amount of equity. If losses on government bonds eat into that equity, banks have to raise more capital. This undermines their stock if they sell additional shares to raise cash while share prices are depressed.

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« Reply #25 on: November 30, 2011, 10:19:14 pm »


http://news.yahoo.com/corruption-making-euro-debt-crisis-worse-ngo-012017868.html

11/30/11

Corruption making euro debt crisis worse: NGO

Corruption is hampering efforts to tackle the eurozone debt crisis, a top anti-graft watchdog said Thursday, as Greece and Italy scored badly in a list of nations seen to be the most sleaze-ridden.

The economic dramas in the euro area have happened "partly because of public authorities' failure to tackle the bribery and tax evasion that are key drivers of the debt crisis," said the Berlin-based Transparency International (TI).

On a scale of zero (perceived to be highly corrupt) to 10 (thought to have little corruption), Italy scored 3.9 and Greece 3.4, ranking 69 and 80 respectively in the list of 182 countries.

Robin Hodess, TI's research director, said the eurozone crisis "reflects poor financial management, lack of transparency and mismanagement of public funds."

"There is a strong link between poor performance in terms of perceptions of corruption and broader issues around economic governance," added Hodess in an interview with AFP.

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« Reply #26 on: December 02, 2011, 11:28:21 am »

http://www.guardian.co.uk/business/2011/dec/01/sarkozy-new-european-treaty-euro/print

12/1/11

Sarkozy calls for new European treaty as euro enters make-or-break week

French president uses speech to set out initiative that appears at odds with Berlin's plan for more rigorous monetary union

President Nicolas Sarkozy has called for a new European treaty to save the single currency and to revive a European Union from fragmenting in its worst ever crisis.

Kicking off a week of high stakes politics that many say could decide the fate of the euro, Sarkozy delivered a major hour-long speech in the southern port of Toulon devoted to his vision of Europe's future.

While conceding that Europe's debt crisis and the collapse of confidence in the currency meant France had to surrender some of its sovereignty under a new punitive regime of fiscal discipline, Sarkozy's focus appeared to be on a new deal enabling the leaders of the 17 eurozone countries to strike political bargains among themselves.

Eurozone governments would need to forfeit their rights of veto in policy-making, he said, under a new system of eurogroup qualified majority voting.

Sarkozy failed to flesh out his ideas but his initiative appeared to run counter to Berlin's plans for a much more rigorous monetary union in which participating governments would surrender ultimate control of tax and spending policies to a centralised EU body armed with intrusive powers of scrutiny and dealing out automatic penalties to fiscal sinners.

"The reform of Europe is not a march towards supra-nationality," Sarkozy said in a swipe at handing powers to Brussels. "The integration of Europe will go the inter-governmental way because Europe needs to make strategic political choices."

The German chancellor, Angela Merkel, is to go to Paris on Monday to try to hammer out the new eurozone blueprint with Sarkozy. She is to unveil her proposals and priorities in a speech to the Bundestag in Berlin on Friday, while David Cameron is also to go to Paris for discussions on the crisis with the French leader.

All of that precedes an EU summit next week that pundits and politicians are billing as Europe's last chance to secure a future for the euro. All the signs were that Paris and Berlin were determined to coin a common plan but remained far apart on the essentials.

"Together we will make proposals to guarantee Europe's future," said Sarkozy.

He wants the European Central Bank to play a more interventionist role in shoring up the currency. Merkel rejects that. While paying ritual tribute to the ECB's independence last night, Sarkozy also said that the central bank would act if it needed to.

"The ECB is independent and will remain so. I am convinced that facing the risk of deflation that threatens Europe, the ECB will act," he said. "It's up to it to decide when and in what way."

Merkel also wants to rewrite the euro rulebook by reopening the Lisbon Treaty, meaning a negotiation among all 27 EU states that would also involve the European parliament and commission.

While he did not go into detail, Sarkozy emphasized the eurozone, suggesting that the 17 countries could strike a separate pact without reopening the treaty.

Berlin insists there should be automatic punishments for countries in breach of the new rulebook, with the European court acting as referee. Sarkozy said only that sanctions should be "more automatic", leaving room for leaders to strike deals.

Mario Draghi, the new head of the ECB, supported the German view while hinting that the central bank could become more active on the bond markets once the new regime was agreed.

"Fundamental questions are being raised and they call for an answer," he told the European parliament. "Our economic and monetary union needs a new fiscal compact – a fundamental restatement of the fiscal rules together with the mutual fiscal commitments that euro area governments have made … Other elements might follow, but the sequencing matters. And it is first and foremost important to get a commonly shared fiscal compact right."

That France and Germany have not yet closed ranks on the new euro pact complicates Cameron's talks in Paris today. The prime minister will keep his options open over possible EU treaty change.

Downing Street signalled that Cameron would not use the imminent treaty negotiations to demand the repatriation of social and employment laws from Brussels. He would instead focus on safeguarding the position of Britain's position in the single market and protecting the City.With France and Germany still split over how to enforce new rules for the eurozone, government sources said, Herman Van Rompuy, chairing next week's summit, has also been unable so far to get a eurogroup consensus on whether the Lisbon Treaty should be reopened.
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« Reply #27 on: December 02, 2011, 03:16:20 pm »

We seeing a pattern yet? Everybody's currency is faultering, intentional or not. So the next offering I'm guessing is their solution. Prophetic? Overall it has it's part I think. Prophecy does speak of the kings of the earth, and so, yeah, prophetic.
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« Reply #28 on: December 02, 2011, 09:56:13 pm »

http://finance.yahoo.com/news/exclusive-mf-global-mixed-funds-014152714.html?l=1

12/2/11

Exclusive: MF Global mixed funds, transferred abroad
WASHINGTON (Reuters) - Regulators investigating the collapse of MF Global have determined that the firm combined money between securities and futures accounts owned by customers, and transferred funds outside the country to at least one entity, a source said on Friday.

"The further we get into (the investigation) the more complex it is ... but we're making progress," the source said, adding that the commingling and transferring of money is making it harder for regulators to determine what money belongs where.

MF Global took futures segregated money and put it into the account for customer securities, essentially mixing futures and securities that were both owned by customers, said an official familiar with the matter.

Until now, it was believed that only customer futures accounts were affected.

The source also told Reuters that MF Global had been using customer funds for "several days if not weeks" rather than just a few days before the firm collapsed.

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« Reply #29 on: December 02, 2011, 10:04:38 pm »

http://finance.yahoo.com/news/debt-funds-needed-eurozone-states-013233757.html?l=1

12/2/11

Debt funds needed in all eurozone states: Germany

BERLIN (Reuters) - Every country in the euro zone needs to set up a special national fund for sovereign debt that is more than 60 percent of gross domestic product, Germany's finance minister told a newspaper.

Wolfgang Schaeuble, detailing a proposal he will make at a European Union summit on December 9, told the Passauer Neue Presse that a total of 500 billion euros ($672 billion) would need to go into the German fund.

"We need a redemption fund in every single country of the euro zone," he told the newspaper in comments released on Saturday.

Tax revenues should be used to support the funds, Schaeuble said, adding that Germany would not need to raise taxes to implement the plan.

"Around 500 billion euros needs to be stored in the fund. This affects federal, state and municipal debt," he said.

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