Why the Euro Is A Dead Currency

If you’ve been following this site for a while you will already know who runs the show in Europe — with 2/3 of the Troika (European Commission, European Central Bank, IMF) being ran by this same nation. The remaining 1/3 (IMF) is headed by Christine Legarde, who is of French origin, yet is strongly tied to the Obama administration and serves as a hedge for American interests.

All signs surely point to a breakup of the monetary union, but what people don’t see are a parallel actions to continue further integration. It may very well break up, but there will be another union behind it rising out of the ashes: The United States of Europe. The politicians and Eurocrats are defying all logic and pushing full steam ahead, no matter the cost.

It’s the greatest heist of all time and the new superpower to come out of it all is under construction.

Experts may tell you it’s game over, but the Bible, God’s written word, says otherwise.

 

I have been warning that government can do whatever it likes and declare anything to be be a criminal act. In the USA, not paying taxes is NOT a crime, failing to file your income tax is the crime. The EU has imposed the first outright total asset reporting requirement for cash, jewelry, and anything else you have of value stored away.

The EU’s crisis within a crisis

All eyes on Germany. It runs the continent and dictates how the game is played.

 

With Europe currently absorbed by the refugee crisis and, after the Paris attacks, its security implications, the Eurozone crisis, once considered an ‘existential threat’ to the EU, suddenly feels remote.

The EU’s capacity to respond effectively to the migration emergency in the coming months, however, is heavily conditioned by the legacy of the Eurozone crisis.

There are three parallels between the Eurozone and the migration crises: the hybrid nature of European governance structures that are little prepared to face up to major external challenges; the preeminence of Germany as a key player; and the important role of a peripheral country – Greece – as a conduit for an external challenge that is becoming an internal crisis.

These issues will determine whether and how the EU will overcome the refugee crisis. They are also, all the same, the areas in which the EU’s capacities have been most stretched by the Eurozone crisis.

Greek PM Alexis Tsipras resigns and calls for snap election

Pass the baton to another candidate running in the same race to give sovereignty over to Germany. It’s clear now that Tsipras never wanted a Grexit and was banking on the public voting “yes” in the referendum, which is precisely why he went against 61% of the public’s will. It backfired and now he has to get out and let the next PM handle the next phase in Greece’s planned capitulation. You don’t make mistakes like these because you’re dumb, rather, they’re calculated. Now he’s ducking out before he can receive any more blame and the ensuing chaos on the streets when the pensions are wiped out.

The next candidate will play to the public, say it’s all Tsipras’ fault, yet still run the nation in the same direction — just as it is in America with the Bush, Clinton and Obama administrations. In Russia today, for example, it’s more apparent. The FSB (KGB) runs all opposition. No matter what candidate wins, the FSB still wins.

Come September, we’ll see if the Greek people want to fool themselves and throw themselves under the bus again.

 

Greek prime minister Alexis Tsipras announces his resignation and calls for an early election, likely held in September

Alexis Tsipras, Greece’s prime minister, handed in his resignation and called a snap election on Thursday night, saying he had a “moral obligation” to lay his actions before the judgment of the nation.

Mr Tsipras made the drastic move amid an internal rebellion in which he lost the support of around a third of MPs within his Left-wing Syriza party, robbing him of a guaranteed parliamentary majority.

Germany Profits From Greece’s Hardships

It’s been hammered in here quite often, but always needs a repeat: All roads lead to Berlin as the European project was designed to fail. Having set up Greece to fail was only one part of the larger plan.

 

As Greeks suffer in multiple ways the effects of the economic crisis their country is going through, Germany has profited handsomely from the Greek crisis. This is a conclusion of research carried out by the Halle Institute for Economic Research (IWH). The study shows that the Greek debt crisis resulted in a reduction in German bund rates of about 300 basis points (BP). This led to interest savings of more than 100 billion euros ($1.10 billion) (equivalent to more than 3 percent of gross domestic product (GDP) during the period 2010 to 2015.

France Calls for the Federalization of Europe

Integration, integration and more integration… That’s the path Europe is on until it represents the United States of Europe in one form or another which has been repeatedly predicted here since 2011 — all of which is brought to you courtesy of the Fourth Reich. Soon, along with it (and already in development) is the European Army.

 

History repeats because human nature never differs. I have warned that Albert Einstein was correct that you can NEVER solve a problem with the same line of thing that created the crisis. We will see that absolutely NEVER has anyone in power EVER conceded that they have been the cause of a crisis – it is always someone else. They are the people who in school didn’t do an assignment and blamed the dog for eating it.

French President Francois Hollande has called for the 19 countries using the euro need to now move rapidly to complete a full socialistic state for Europe with a budget and parliament to relieve the individual governments of their failed socialistic agendas. If anything will cause the collapse of the Euro – this will be it. Hollande argues that the Greek crisis illustrates the problem and of course it was never their failed dreams, it was the lack of a federalized Europe where people have no vote whatsoever in any Troika member.

Ex-NATO supreme commander warns of ‘Grexit security nightmare’

An American former supreme allied commander of the North Atlantic Treaty Organization has warned that a possible Greek exit from the Eurozone “could become a geopolitical nightmare” for the European Union and NATO. James Stavridis, a retired four-start US Navy admiral, who served as NATO’s 16th Supreme Allied Commander Europe from 2009 to 2013, said solving the Greek crisis should not be left to the central bankers. In an article published Wednesday in Foreign Policy, Stavridis said the financial administrators that are handling the Greek crisis were not sufficiently cognizant of the massive geostrategic implications of a possible “Grexit”.

The next few days will transform Greece and Europe

As it turns out, the Greek crisis ends not with a bang, but with a referendum.

It has been easy to ignore the doings in Greece for the past few years, with the perpetual series of summits in Brussels that never seem to resolve anything. But it’s time to pay attention. These next few days are shaping up to become a transformational moment in the 60-year project of building a unified Europe. We just don’t yet know what sort of transformation it will be.

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Whatever the exact phrasing of the question (and assuming the referendum goes forward as planned), it really boils down to this simple choice:

Global finance fears grow as Greece faces economic meltdown

Several Western countries issued travel warnings for Greece on Sunday, as the Greek government shut down all banks and imposed capital controls following the breakdown of talks between Athens and the European Union. British and American citizens traveling or living in Greece were advised to have enough cash on hand, as ATMs were quickly running out of currency. In a late-night televised address to the nation, Greek Prime Minister Alexis Tsipras said banks would remain closed until July 6 –the day after Greeks vote in a nationwide referendum on whether to accept the bailout terms proposed to Greece by its creditors. Police tightened security around ATM machines, as lines were reportedly formed in petrol stations in the capital.

Wake up and smell the collapse: Greece shutters banks for 6 days… no more withdrawals… panic grips the Eurozone… total meltdown approaches

(NaturalNews) The bank holidays have begun in Greece as the banks are now shuttered for the entire coming week. As Sky News reports, “The drastic move comes after people rushed to withdraw their cash amid panic ahead of the referendum on bailout terms.”

Greek citizens are now “hoarding gasoline and groceries,” reports the New York Times, and long lines are the new norm at ATMs and gas stations.

Crunch time finally here in Greek debt crisis

It’s past 10pm, Sunday night in Syntagma Square, and the anti-austerity protest shows no sign of flagging.Under her now-moderately-famous ‘Unf— Greece’ placard (U2 use it in their current tour), veteran protester Panagiota Bletas is straightforward about exactly how her country should be ‘unf—ed’.

“We need to fight austerity,” she says. “The whole of Europe, not just Greece. Nations can’t live under these conditions.”

ECB Gives Greek Banks Barely Enough Cash To Cover One Day’s Bank Run

 

Yesterday evening, after what had been a dramatic surge in the Greek bank run which has resulted in over €3 billion in cash withdrawn through Thursday night, the Greek central bank requested an emergency cash dispensation from the ECB under the country’s Emergency Liquidity Assistance program, just one day after the ECB granted the latest €1.1 billion expansion in the ELA. Rarlier today, in an unscheduled session, the ECB did as requested, however it granted Greece far less than the amount it sought, and according to MarketNews reports, the ECB gave Greece just €1.8 billion in addition funds.

‘It’s going to be bad, whatever happens’: Greece on edge as eurozone exit looms

Greece’s spiralling debt crisis saw cash withdrawals total €400m on Monday. While anxiety varies around Athens, few Greeks see benefit in leaving the euro

“Everybody’s doing it,” said Joanna Christofosaki, in front of a Eurobank cash dispenser in the leafy Athens neighbourhood of Kolonaki. “Our friends have all done it. Nobody wants their money to be worthless tomorrow. Nobody wants to be unable to get at it.”

A researcher in the archaeology department at the Academy of Athens, Christofosaki said she knew plenty of people who had “€10,000 somewhere at home” and plenty of others who chose to keep their stash at the office. Was she among them? “If I was, I certainly wouldn’t tell you.”

Greece moves closer to eurozone exit after delaying €300m repayment to IMF

Athens takes creditor by surprise, saying it will bundle together €1.6bn of debt payments due to International Monetary Fund and settle up on 30 June

Greece has moved closer to default and possible exit from the eurozone after telling the International Monetary Fund it would not be making a debt repayment of €300m (£219m) due on Friday.

A crisis that has been going on for more than five years entered a new phase when Athens surprised the IMF by saying it intended to bundle up four payments in June totalling €1.6bn and make them all at the end of the month.

The move came as the Greek government reacted angrily to what was seen as an ultimatum from its creditors – including the IMF – that demanded further austerity and unpopular reforms to VAT, pensions and wage bargaining as the price for €7.2bn in fresh financial help.

One way or another, a Greek debt writedown will happen

Barring a miracle, it won’t be part of the current package, but debt relief is still the big issue that will have to be tackled at some stage

Whatever deal is, or possibly is not, cooked up for Greece, there is an important point to remember: the country’s debts, standing at €320bn (£235bn), or about 180% of GDP, are unsustainable. One way or another, a debt writedown will have to happen at some stage. Barring a miracle, it won’t be part of the current package.

This has been easy to forget as the euro circus has travelled between Athens, Berlin, Brussels and Riga in recent weeks and months. The talks have concentrated on setting the terms for the release of the last €7.2bn tranche of loans from the previous bailout.

Defiant Tsipras Warns European Leaders They Are “Making A Grave Mistake”

The long-warned Fourth Reich is coming and Greece, while not completely innocent itself, is likely to fall victim of a new rising empire that wishes to turn it into a vassal state. Also, mentioned many times is that the most likely solution for Europe is not a break-up, but rather a dual economy. The dual economy will have a core comprising of the wealthy nations running the show while the periphery will contain the downtrodden who will import all the factory jobs to keep them socially satisfied so long as they have employment and widgets to crank out. The EU and Eurozone may not be around for long, but it will be rebuilt, restructured and resemble a United States of Europe. It’s all a controlled meltdown designed to fail in order to achieve the goal of becoming a world superpower. Create the crisis and provide the solution — by force if necessary.

 

We’ve said repeatedly that negotiations between Greece and the troika are just as much about politics as they are about economics although, in the final analysis the two are inextricably related especially as it relates to the anti-austerity contagion in the EU. In “Democracy Under Fire: Troika Looks To Force Greek Political ‘Reshuffle’” we said the following about the “institutions’” bargaining stance:

It is becoming increasingly clear that the Syriza show will ultimately have to be canceled in Greece (or at least recast) if the country intends to find a long-term solution that allows for stable relations with European creditors, but as we’ve noted before, it may be time for Greeks to ask themselves if binding their fate to Europe is in their best interests given that some EU creditors seem to be perfectly fine with inflicting untold economic pain upon everyday Greeks if it means usurping the ‘radical leftists.’