ECB’s Nowotny Says Governments May Face Threat of ‘Debt Spiral’!

• What we are seeing is the deliberate, engineered coming collapse of the western economy. Like it or not Asia will also be affected badly. So, the whole world will be engulfed in a period of economic darkness. This Great Depression 2.0 is not going away soon. It has at least another 5-7 years to go. History tells us that past depression led to world war. This time round it will be no different.
   
• The Illuminati cabal, shadow government, who rules the western world is engineering another world war. This is their final world war for World Government, a global fascist police state. America, Eurozone and Japan will go into sovereign debt default. The greater middle east war will be triggered by Israel/Iran. From Afghanistan, Pakistan, Iran, Iraq, Syria, Israel, Lebanon… etc we will see war. The biggest threat to the western Illuminist hegemony is China. An attack on Iran will drag both China and Russia into this war. India will very likely be used as a proxy to fight against China.
   
• The end result is the destruction of all major countries including America. This is really about destroying the current system and depopulation/mass culling of the sheeple. In reality, this war is against the sheeple. It will foment so much fear, violence, chaos, hate, deaths, famine… such that the sheeple will finally ask for a world government. This is the Satanic Hegelian dialectic in action: create the problem, manage the reaction and finally offer up the pre-planned solution.
    
  March 14 (Bloomberg) – European Central Bank council member Ewald Nowotny said that some euro-region governments may face a “debt spiral” if they don’t starting cutting their budget deficits next year.
   
  “The economic situation is still very tense and problematic,” Nowotny told Austria’s ORF television in an interview today. In 2011, governments have to start pushing down their budget deficits or they “can end up in a debt spiral and consolidation will become costlier and more painful. There are several countries in Europe that see this problem.”
   
  Greek Prime Minister George Papandreou on March 3 detailed 4.8 billion euros ($6.6 billion) of additional deficit cuts in a bid to push down the European Union’s largest budget shortfall. The Greek government aims to reduce last year’s deficit of 12.7 percent of output to within the EU’s 3 percent limit in 2012.
   
  Standard & Poor’s and Fitch Ratings cut Greece’s credit grade to BBB+ in December. Moody’s Investors Service has said it may lower its A2 rating two steps to Baa1 if the Greek government only partially implements its deficit-cutting plans.
   
  ECB President Jean-Claude Trichet said in an interview with Bloomberg Radio yesterday that “there is no case” for Greece to be judged more negatively in financial markets or by ratings companies. Nowotny said today that regulators should “limit the importance and influence” of ratings companies.
   
  In Greece, “you have the problem that it’s not only a budget problem but also a problem of trust,” Nowotny said. “It’s important to extinguish a fire when it’s still small. The Irish government has taken a series of extensive measures” to push down the deficit “and moved out of a danger zone.”
   
  The euro has shed 3.9 percent against the dollar this year on concern that Greece’s budget problems will spread to other euro-region states. Nowotny today called speculation on Greece leaving the 16-member region “absurd” and said that a weaker single currency is helping exporters.

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