EU has squandered last chance to make euro workable, warns Ex-Bundesbank chief

Further integration is always the answer Germany gives as it continues to takeover Europe piece by piece. It portrays continual integration as key to survival, but then chips away at the national sovereignty of other nations in exchange for being part of this ‘elite club’. If they choose not to continue membership, then it will lead to full-blown civil unrest as receiving no aide will cause economies to go into full depression. This doesn’t bode good for member states such as Greece where the political leadership wants to hold on to its power, yet ironically gives it up at the expense of citizens.

It’s quite clear by now that the ‘European Project’ was never going to work, but that was the intention from conception. In the end, guess who’s back? Germany. All roads lead back to Berlin and the Fourth Reich is here with a smarter approach.

 

The former head of the German Bundesbank has warned that the European Central Bank (ECB) will not succeed in raising inflation for years to come and is almost powerless to revive the fortunes of the eurozone on its own.

Axel Weber, now chairman of UBS and widely-regarded as Europe’s most influential private banker, said Europe’s leaders had squandered the chance to rebuild the eurozone’s foundations when the going was good and markets were calm.

In an ominous sign, he appeared to lose confidence in the euro altogether, cautioning that monetary union will be tested repeatedly and may not survive unless EMU leaders agree to bite the bullet on full fiscal and political union.

Beppe Grillo warns that Italy will be ‘dropped like a hot potato’

Some think he’s still a comedian, however, he has it right in knowing that all roads in the European economic crisis lead to Berlin as it seeks to control Europe’s destiny for the fourth time.

In an interview with the German business newspaper Handelsblatt, Mr Grillo said: “The northern European countries are only holding onto us until their banks have recouped their investments in Italian sovereign bonds. Then they’ll drop us like a hot potato.” The comic-turned-political activist, who campaigned against austerity measures implemented by Prime Minister Mario Monti, compared the technocrat prime minister to “a bankruptcy trustee acting on behalf of the banks” and described his Five Star Movement as: “the French revolution – without the guillotine.”

He repeated his call for a referendum on Italian membership of the euro and insisted he was not anti-European, but a critic of the way the EU has evolved.

“I have only said we need a plan B. We need to ask ‘What has become of Europe? Why do we have no common tax or immigration policy? Why is only Germany getting richer?‘,” he said.