Italy’s Pier Carlo Padoan calls for ‘political union’ to save euro

A United States of Europe with Germany’s Fourth Reich at the helm is coming.

Countries such as Italy and France will just toe the line and join. Unlike Greece and Cyprus who were forced to join the club, the corrupt Italian and French leaderships are either too scared to go against the grain after Athens has just had an example made of it, or they’re in on the scheme.

 

Italy’s finance minister has called for deeper eurozone integration in the aftermath of the Greek crisis, saying a move “straight towards political union” is the only way to ensure the survival of the common currency.

Pier Carlo Padoan’s comments reflect how the tortured and dramatic negotiations that led to this month’s deal on a third bailout of Greece have triggered a round of soul-searching about the future of monetary union across European capitals.

“The exit and therefore the end of irreversibility is now an option on the table. Let’s not fool ourselves,” he said in an interview in his central Rome office. “If we want to take that risk away, then we have to have a different euro — a stronger euro.” Continue reading

Ships cross Egypt’s New Suez Canal in first test-run

The first cargo ships passed through Egypt’s New Suez Canal on Saturday in a test-run before it opens next month, state media reported, 11 months after the army began constructing the $8 billion canal alongside the existing 145-year-old Suez Canal.

The new waterway, which President Abdel Fattah al-Sisi hopes will help expand trade along the fastest shipping route between Europe and Asia, will be formally inaugurated on Aug. 6. Continue reading

Europe Is Partying Like It’s 1939

The world is preparing for war, but not in Europe, where Daft Punk’s beat goes on.

Europe is different from when I first lived there in the late 1980s and early 1990s. It was not as superficially wealthy then, although this time I rarely wandered far from where the tourists congregate. On the outside, at least, you would hardly see the rot of debt and welfare-state mismanagement even in Italy and Spain. The people were well dressed. The cafés were expensive but still packed. The cars are fairly new and have shockingly little body damage, when you consider the insanity that overtakes Europeans when they slide behind a steering wheel.

But that’s on the surface. Once you get behind the walls and into interior of the homes, the old cramped shabbiness is still there. All their money goes to clothes, food, and drink, because there’s no room in European apartments for the stuff Americans pack into theirs.

Spending Their Money on Frivolity

Like a cheesy disaster movie foreshadowing the apocalypse during Act I, the TVs in the bars where the locals drink wine and gobble pricey tapas cover the looming Greek default 24/7. The coming collapse is background noise to a cacophony of people chattering into iPhones. The revolution is being televised, and no one’s watching.

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China gold holdings jump 57pc, but buying not what it used to be

It’s just a guess, but in the near future you shouldn’t be surprised to see an announcement of a gold-backed Chinese currency. They’ve been increasing the inventory of gold for too long to not do something with it and they would love to put a dent in America’s global hegemon.

 

China’s gold reserves stood at 1658 tonnes at the end of June, the central bank said on Friday, up 57 per cent from the last time it adjusted its reserve figures more than six years ago.

Despite the tonnage increase, gold now accounts for 1.65 per cent of China’s total forex reserves, against 1.8 per cent in June 2009.

The reduced ratio suggests China will increase its bullion purchases, but the market had focused elsewhere, traders said. Continue reading

Was Greece Set Up To Fail?

Not only was Greece set up to burn and have an example made of it by Wolfgang Schäuble, according to former U.S. Treasury Secretary Timothy Geithner, the entire Euro was designed to fail. All roads are leading to Berlin and it’s Fourth Reich dominating the continent.

 

My ‘job’ here is by no means done, anyway. Because of the general strike today, another Solidarity Clinic that I wanted to donate some of your AE for Athens Fund money to, is closed (update on the Fund tomorrow). Parliament is debating the latest Troika strangle plan as we speak, and who knows what tomorrow will bring? An entire economy is being deliberately suffocated, and all in all it’s just total madness. Quiet madness, though (update: and then the riots broke out..).Two things I’ve been repeatedly asked to convey to you are that:

1) you can’t trust any Greek poll or media, because the media are so skewed to one side of the political spectrum, and that side is not SYRIZA (can you imagine any other country where almost all the media are against the government, tell outright lies, use any trick in and outside the book, and the government still gets massive public support?!),

and:

2) Athens is the safest city on the planet. I can fully attest to that. Not one single moment of even a hint of a threat, and that in a city that feels very much under siege (don’t underestimate that). And people should come here, and thereby support the country’s economy. Don’t go to Spain or France this year, go to Greece. Europe is trying to blow this country up; don’t allow them to. Continue reading

Berlusconi: Germany Controls EU, While Being Under US Rule

Even a lunatic can be right about something from time to time.

 

“The EU acknowledges the hegemony of Germany, which in its turn recognizes the United States’ dictate. Therefore, we are not far from the circumstances which sparked two bloody world wars in the XX century,” the prominent Italian politician said. Continue reading

The Brussels Agreement

BERLIN/ROME/PARIS (Own report) – In several western and southern European countries, the agreement on Greece reached in Brussels signals a looming collapse of the continental post-war order and Germany’s revival as an ostentatious dictatorial power. Whereas social-democratic observers do not exclude an attenuation of the contradictions, southern European conservative media are among those who speak of a revival of German hegemonic ambitions, which had largely determined or triggered the First and Second World Wars. The consequences of the French-Italian submission during negotiations in Brussels are generating those fears, because Paris had not succeeded to and Rome had not even seriously attempted to thwart the German dictates of sovereignty over Greece. Both, Italy and France are aware of the dangers of becoming the next victim of German financial dictatorship. They are competing for admission in a northern European core Europe, whose membership will be decided by Berlin, in the case of a possible collapse of the European Union. Current events are directly linked to German foreign policy endeavors in the 1990s and the territorial expansion of Germany’s economic basis through the so-called reunification.

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Greece Eurocrisis Reveals That Germany Rules Europe

The way that Greece has been manhandled this past week is exposing a new Germany.

Over the past week, we have seen the clearest, most naked display of German aggression since the end of World War ii. Germany, of course, has been ruling the eurozone for years. Der Speigel even called Germany the new “Fourth Reich” earlier this year. But for the most part, Germany has concealed its dominance behind a fig leaf of consensus.

That ended this week.

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NATO’s Weakness Will Make Europe Stronger

A German blitzkrieg force in Poland symbolizes Europe’s new military direction.

To half of the alliance, the Cold War is over. To the other half, it’s back on. Seventy percent of Poles say they view Russia has a major threat, according to a Pew poll published in June. For Germany, it was a little over half that.

This dissonance is at the core of NATO’s weakness. And it was exposed in last month’s Pew poll.

Collective defense is at the heart of NATO, under its Article V. But in only two countries out of the eight surveyed, did a majority say they felt they should honor that commitment: the United States and Canada. In Poland and the United Kingdom, those in support fell only slightly short of a majority. Continue reading

Greece capitulates at EU summit

At the cost of national sovereignty and against the will of the Greek people, who just last week voted no in a referendum, the land where democracy was born capitulates and falls under dictatorship.

In politics, when two parties (or more) with starkly contrasting ideologies (i.e. Republicans and Democrats) agree on a deal, 99.9% of the time it’s the citizens who pay the price.

Don’t expect the Marxist Tsipras government to stay in power long.

 

A Greek exit from the eurozone has been avoided after a weekend of tough talks, but the political cost of arriving at a deal is likely to be felt for years to come.

After 18 hours of negotiations, culimnating six months of wider talks, euro leaders emerged bleary-eyed on Monday morning (13 July) to announce a deal that will, eventually, see Greece get a new bailout if it takes painful reforms and if it agrees to intense scrutiny at every step of the way.

The immediate result was summed up by European Commission president Jean-Claude Juncker.

“There will be no Grexit”, he said. Continue reading

Greek deal in sight as Germany bows to huge global pressure for debt relief

Angela Merkel faces a defining moment in her political career as chorus of voices push for Greek debt relief

Germany is at last bowing to pressure as a chorus of countries and key institutions demand debt relief for Greece, a shift that could break the five-month stalemate and avert a potentially disastrous rupture of monetary union at this Sunday’s last-ditch summit.

In a highly significant move, the European Council has called on both sides to make major concessions, insisting that the creditor powers must do their part as the radical Syriza government puts forward a new raft of proposals on economic reforms before a deadline expires tonight.

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Cyprus – Greece – Whose Next?

https://i2.wp.com/www.armstrongeconomics.com/wp-content/uploads/2015/06/ECM-Greece.jpg

 

The Sovereign Debt Crisis began with Greece asking for help from the IMF to the day of Pi from the peak in the ECM 2007.15. The EU then crushed Cyrus [sic] to see how they could get away with not paying people or honoring their debts. The Cyprus experiment was the start of the Bail-In that is now a matter of law in just about every country. Continue reading

Greek Contagion Spreads As Several Italian Bank Stocks Failed To Open

This is how fragile the entire EU system is. If Greece sneezes, Italy coughs. The EU at best might be able to handle a Grexit, although that doesn’t look likely as stated here many times before. Look for the markets to go through a lot of turmoil but Greece is here to stay, whether its within the EU or a newly formed United States of Europe currently underway. Almost all experts agree it’s too strategically important to lose to the Sino-Soviet axis.

 

While things have normalized since the open thanks entirely to the SNB’s aggressive EUR-buying, CHF-selling intervention (good to see that central banks have read the BIS’ report and have learned from their prior intervention mistakes), earlier this morning we got a snapshot of what happens if and when the SNB, and then the ECB itself, finally lose control when as a result of the Greek crisis the contagion promptly spread a few hundred kilometers west to Italy where as the WSJ reported, “several Italian banks failed to start trading on Monday as fears over a Greek debt default induced many investors to shed peripheral stocks, including Italian, with banks suffering the most.Continue reading

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.

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

The Vatican’s Hidden Jerusalem Agenda

From 2009 with huge relevancy to today’s times:

 

This magazine has been watching Joseph Ratzinger for a long time. As we have watched, we have followed his course from chief confidante of the late Pope John Paul ii, to his enthronement as pope, and then on throughout the past four years of his controversial papacy.

As we have watched this leading religious figure, we have monitored his involvement in a clandestine project of the Vatican that was documented in Bible prophecy almost 2,000 years ago and which remained a mystery until fully exposed within the last two decades. Now, in light of Benedict xvi’s visit to Israel in May, his first since being elected pope, it is crucial that the Vatican agenda for the city of Jerusalem be publicized.

Hushed About History

Back in the mid-1990s, a statement made by Pope John Paul ii during an interview in his native Poland, broadcast in Italian over a Polish radio station, was noted by one of our Italian associates. She sent us a transcript of the interview, which included one particularly startling reference by the pope regarding the Vatican’s ultimate goal of transferring its headquarters from Rome to Jerusalem.

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