Nigel Farage: Germans Keen to Keep UK in EU, Not Brits!
Out of this coming Eurozone collapse, the snakes will launch their 10 Horn Beast!
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Nigel Farage in EU Parliament: “You Are Common Criminals!”
- Farage Unleashed: “You Are Common Criminals”!
by Tyler Durden, www.zerohedge.com
“Years ago, Mrs Thatcher recognized the truth behind the European Project,” UKIP’s Nigel Farage reminds his European Parliament ‘colleagues’, “she saw that it was about taking away democracy from nation states and handing that power to largely unaccountable people.” In one of his most wonderfully vitriolic remonstrations, the fiery Farage blasts Europe’s leadership, “this European Union is the new communism.” Slamming Olli Rehn and his Troika cohorts for “resorting to the level of common criminals and stealing people’s money”, Farage warns, rather chillingly, that, “it is power without limits. It is creating a tide of human misery and the sooner it is swept away the better.” Simply put, he concludes, the European Parliament is living out a federal fantasy which is no longer sustainable.
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Full Transcript:
Years ago, Mrs Thatcher recognised the truth behind the European Project. She saw that it was about taking away democracy from nation states and handing that power to largely unaccountable people.
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Knowing as she did that the euro would not work she saw that this was a very dangerous design. Now we in UKIP take that same view and I tried over the years in this parliament to predict what the next moves would be as the euro disaster unfolded.
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But not even me, in my most pessimistic of speeches would have imagined, Mr Rehn, that you and others in the Troika would resort to the level of common criminals and steal money from peoples’ bank accounts in order to keep propped up this total failure that is the euro.
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You even tried to take money away from the small investors in direct breach of the promise you made back in 2008.
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Well the precedent has been set, and if we look at countries like Spain where business bankruptcies are up 45% year on year, we can see what your plan is to deal with the other bailouts as they come.
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I must say, the message this sends out to investors is very loud and clear: Get your money out of the Eurozone before they come for you.
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What you have done in Cyprus is you actually sounded the death knell of the euro. Nobody in the international community will have confidence in leaving their money there.
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And how ironic to see the Russian prime minister Dmitry Medvedev compare your actions and say, ‘ I can only compare it to some of the decisions taken by the Soviet authorities.’
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And then we have a new German proposal that says that actually what we ought to do is confiscate some of the value of peoples’ properties in the southern Mediterranean eurozone states.
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This European Union is the new communism. It is power without limits. It is creating a tide of human misery and the sooner it is swept away the better.
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But what of this place, what of the parliament? This parliament has the ability to hold the Commission to account. I have put down a motion of censure debate on the table. I wonder whether any of you have the courage to recognise it and to support it. I very much doubt that.
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And I am minded that there is a new Mrs Thatcher in Europe and he is called Frits Bolkenstein. And he has said of this parliament – remember he is a former Commissioner: ‘It is not representative anymore for the Dutch or European citizen. The European Parliament is living out a federal fantasy which is no longer sustainable.’
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How right he is.
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CEO Of Italy’s Largest Bank Says Haircuts Of Uninsured Depositors “Acceptable”, Should Become A Template!
- IMO, the Illuminists are intentionally fomenting distrust of the banking system. Ie. they are pulling the plug on the entire financial system! Their plan calls for a global economic, financial and currency collapse followed closely by WW3! The suggestion that finance ministers and bank CEOs do not understand the consequences of what they are saying ie. bank runs, is nonsensical. They want to initiate the destruction of fiat currencies via hyperinflation to lay the foundation for their coming One World Currency backed by gold and Global Supra-National Central Bank. When money is withdrawn from the banking system, it will flee into hard assets in particular gold/silver. It will cause a rise in inflation and then go out of control into hyperinflation!
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CEO Of Italy’s Largest Bank Says Haircuts Of Uninsured Depositors “Acceptable”, Should Become A Template!
by Tyler Durden, www.zerohedge.com
While the head of the ECB and his assorted kitchen sinks scramble to explain how Diesel-BOOM was horribly misunderstood when saying that depositor impairment may and will be the template for future European bank “resolution” (as should have been the case from Day 1), the CEO of Italy’s largest bank appears to have missed the memo. As Bloomberg reports, according to the chief executive Federico Ghizzoni, “uninsured deposits could be used in future bank failures provided global rulemakers agree on a common approach.” Or failing that, because if Cyprus taught us anything is that Europe will never have a common approach on anything, just use deposits as impairable liabilities, period, once the day of reckoning for Non-Performing Loans comes and these are forced to be remarked to reality, just as happened in Cyprus. One can only hope that uninsured deposits do not represent a substantial portion of the bank’s balance sheet because the CEO basically just told them they are next if when risk comes back to the Eurozone with a vengeance. Especially since as Mario Draghi was so helpful in pointing out, “there is no Plan B.“
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To wit:
Cutting large deposits in failing banks, along with other liabilities such as bonds, to offset losses is acceptable as long as small savers’ funds remain protected, Ghizzoni told reporters in Vienna late yesterday. The European Union has to introduce identical rules in all of its member states and ideally those rules would be coordinated globally, he said.
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In fact, to the Italian, deposit impairment is perfectly ok as long as “everyone does it” – in other words, if it does become the template the Dutch finance minister already said it is, then all is well.
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read more!
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$50-58bn to Flood Out of Cyprus Due to 9.9% Bank Deposit Confiscation by the EU and into Gold and Even UAE Banks!
- $50-58bn to flood out of Cyprus due to 9.9% bank deposit confiscation by the EU and into gold and even UAE banks!
by http://www.arabianmoney.net/
Depositors who are waking up to find that up to 10 per cent of their bank accounts in Cyprus have been confiscated as a part of a European Union rescue operation are unlikely to leave their money in the country because of the risk of it happening again. ATM machines have already emptied on the Mediterranean island in a bid to drain accounts. All electronic money transfers have been stopped.
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An estimated $50 to $58 billion of deposits are being subject to the so-called tax or special levy, which gets around what was supposed to be an EU bank deposit guarantee scheme. This is the first EU banking bailout to involve such a mandatory confiscation of depositors’ money and was agreed by finance ministers yesterday.
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Ending money laundering
It is aimed squarely at the huge offshore funds held in Cyprus by Russians, much of it said to be from money laundering though how an offshore banking centre is suppposed to adjudicate on the source of offshore funds presented to them by depositors is unclear.
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The EU would evidently rather not have this money deposited inside the bloc and has made its draconian ruling to frighten this money away as well as to help refinance the beleaguered Cypriot banking sector. Ironically the impact of this $50 to $58 billion leaving the system will of course be devastating and almost certainly result in another crisis for the banking system.
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The cost of securing German support for the rescue package has been high indeed: the whole future of Cyprus as an offshore banking centre. Will depositors risk leaving their money in such a jurisdiction for a second round of this banking system’s collapse?
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How much more of depositors’ money will the EU want then? Depositors, who are far from all being Russian oligarchs and mainly ordinary people and pensioners are hardly likely to stick around to find out. That’s why there has been a run on the banks and ATMs.
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German finance minister Wolfgang Schaeuble commented: ‘The Cypriot banking sector will be significantly reduced to a sustainable level and business model.’
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Gold to benefit
Where will this flood of money leaving Cyprus go? Mr. Gold, veteran trader Jim Sinclair says gold will rise past $1,600 on Monday and never look back as a consequence. Rival offshore benking centres will benefit and the nearest outside the EU are Istanbul, Beirut, Bahrain and Dubai.
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Russian President Vladmir Putin will undoubtedly be furious at this confiscation of Russian savings. Mr. Sinclair thinks Russia might now signal that its central bank is going to raise its gold holdings further. Perhaps Mr. Putin might also try to tempt depositors to bring some of their money back home.
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But the real beneficiaries will be rival banking centres outside the EU who are shown at a stroke to be more reliable custodians. Confiscating depositors’ money will be suicidal for the Cypriot banks but a boost for offshore banking rivals elsewhere.
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ArabianMoney thinks this is a terrible precendent for the EU to set as it means it no longer guarantees the security of all bank deposits within its territory. That has not happened before. Where will it happen next? Greece? The eurozone financial crisis is back with a bang!
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US and Europe in ‘Major Airlift of Arms to Syrian Rebels Through Zagreb’!
Click on image to goto article!
- US and Europe in ‘major airlift of arms to Syrian rebels through Zagreb’!
by Richard Spencer, http://www.telegraph.co.uk/
The United States has coordinated a massive airlift of arms to Syrian rebels from Croatia with the help of Britain and other European states, despite the continuing European Union arms embargo, it was claimed yesterday.
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Decisions by William Hague, the Foreign Secretary, to provide non-lethal assistance and training, announced in the past week, were preceded by much greater though less direct Western involvement in the rebel cause, according to a Croat newspaper.
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It claimed 3,000 tons of weapons dating back to the former Yugoslavia have been sent in 75 planeloads from Zagreb airport to the rebels, largely via Jordan since November.
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The story confirmed the origins of ex-Yugoslav weapons seen in growing numbers in rebel hands in online videos, as described last month by The Daily Telegraph and other newspapers, but suggests far bigger quantities than previously suspected.
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The shipments were allegedly paid for by Saudi Arabia at the bidding of the United States, with assistance on supplying the weapons organised through Turkey and Jordan, Syria’s neighbours. But the report added that as well as from Croatia, weapons came “from several other European countries including Britain”, without specifying if they were British-supplied or British-procured arms.
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British military advisers however are known to be operating in countries bordering Syria alongside French and Americans, offering training to rebel leaders and former Syrian army officers. The Americans are also believed to be providing training on securing chemical weapons sites inside Syria.
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read more!
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Will Italy Be The Spark That Sets Off Financial Armageddon In Europe?
Financial Armageddon dead ahead !
- Will Italy Be The Spark That Sets Off Financial Armageddon In Europe?
by Michael, http://theeconomiccollapseblog.com/
Is the financial collapse of Italy going to be the final blow that breaks the back of Europe financially? Most people don’t realize this, but Italy is actually the third largest debtor in the entire world after the United States and Japan. Italy currently has a debt to GDP ratio of more than 120 percent, and Italy has a bigger national debt than anyone else in Europe does. That is why it is such a big deal that Italian voters have just overwhelmingly rejected austerity. The political parties led by anti-austerity candidates Silvio Berlusconi and Beppe Grillo did far better than anticipated. When you combine their totals, they got more than 50 percent of the vote.
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Italian voters have seen what austerity has done to Greece and Spain and they want no part of it. Unfortunately for Italian voters, it has been the promise of austerity that has kept the Italian financial system stable in recent months. Now that Italian voters have clearly rejected austerity, investors are fearing that austerity programs all over Europe may start falling apart. This is creating quite a bit of panic in European financial markets right now. On Tuesday, Italian stocks had their worst day in 10 months, Italian bond yields rose by the most that we have seen in 19 months, and the stocks of the two largest banks in Italy both fell by more than 8 percent. Italy is already experiencing its fourth recession since 2001, and unemployment has been steadily rising. If Italy is now “ungovernable”, as many are saying, then what does that mean for the future of Italy? Will Italy be the spark that sets off financial armageddon in Europe?
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All of Europe was totally shocked by the election results in Italy. As you can see from the following excerpt from a Bloomberg article, the vote was very divided and the anti-austerity parties did much better than had been projected…
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The results showed pre-election favorite Pier Luigi Bersani won the lower house with 29.5 percent, less than a half a percentage point ahead of Silvio Berlusconi, the ex-premier fighting a tax-fraud conviction. Beppe Grillo, a former comedian, got 25.6 percent, while Monti scored 10.6 percent. Bersani and his allies got 31.6 percent of votes in the Senate, compared with 30.7 percent for Berlusconi and 23.79 percent for Grillo, according to final figures from the Interior Ministry.
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So what do those election results mean for Italy and for the rest of Europe? Right now, there is a lot of panic about those results. There is fear that what just happened in Italy could result in a rejection of austerity all over Europe…
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read more!
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Al-Qaeda Threatens US and Europe, Promises ‘Earth-Shattering’ Attack!
Operation BlackJack. False flag nuclear attacks on major cities scenario! Source: http://www.telegraph.co.uk
- The western Illuminati may be plotting major false flag (nuclear?) attacks (Operation BlackJack??) in America and Europe to ignite their Satanic World War 3 plan! See also:
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U.S. faces new Al Qaeda threat as terror group’s ‘strike map’ is revealed! Threatens to carry out ‘earth-shattering, shocking and terrifying’ attacks!
Inside the Ring: New al Qaeda threat!
‘Earth-Shattering’ Attack On US And Europe Coming Promises Al-Qaeda!
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Al-Qaeda threatens US and Europe, promises ‘earth-shattering’ attack!
by http://rt.com/news/
A message posted on a jihadist website on Sunday promised that “terrible” attacks will soon strike the US, France, Denmark and other European countries.
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“Where will the next strike by Al-Qaeda be?” a message on the Ansar al-Mujahidin network read, followed by: “The house of disbelief: America, France, Denmark and other countries in Europe, and in the countries that helped and help France and other places.”
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The message threatened attacks that will be “strong, serious, alarming, earth-shattering and terrible,” which will be carried out both collectively and individually. The post also singled out France, telling the country to prepare for a “long war of attrition.”
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The threats against France may be connected to the French military’s recent operation in Mali against pro-Al-Qaeda militants. The commentators on the forum praised the message, and said they hoped to “hear the news of these strikes soon.”
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The Ansar al-Mujahidin network is a well-known jihadist forum that has previously published messages affiliated with Al-Qaeda and its supporters. In April 2012, the NYPD launched an investigation into a 3-D image posted on the forum that said Al-Qaeda would soon return to New York City.
False Flag attacks coming? Syria, Iran & China will be blamed by the Illuminists!
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Cash Strapped Red Cross Predicts Violent Riots in Europe!
- Cash Strapped Red Cross Predicts Violent Riots in Europe!
by Kurt Nimmo, www.Infowars.com
Red Cross boss warns of upheaval similar to the Arab Spring.
The International Committee of the Red Cross said on Tuesday that the organization’s staff experienced working in conflict areas will now concentrate on Europe.
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“We need to prepare for more violence here,” ICRC Director General Yves Daccord told the Danish daily Politiken. “For the first time we see growing pressure on Europeans, where more and more people have become really poor. Secondly, European countries use less money on social welfare due to the economic crisis,” Daccord said. “That creates new challenges for the Red Cross that we have not experienced previously.”
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In Spain, the ICRC now supports about 300,000 “extremely vulnerable” people unable to fend for themselves and helps millions more who cannot make ends meet. Meanwhile, in Greece, the organization’s operation is preparing to go bankrupt.
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Eurostat, the European Union’s statistical agency, reports that almost 120 million EU citizens live below the European poverty line, which is defined as less than 60 percent of median income.
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The European Commission has set aside about 18.6 billion euros ($24.7 billion) for a poverty fund. “We need new mechanisms if we are to help all the poor people who in many cases are now living in a real social emergency,” said Jonathan Todd, spokesperson for the EU social affairs commissioner.
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Daccord said southern Europe may experience the sort of violence and upheaval that the so-called Arab Spring produced in Arab and Muslim nations. Rising food prices, mistrust of government and demands for more political freedom are said to be contributing factors in the uprisings, Europe Online reports.
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In November, labor strikes in opposition to austerity measures in Spain led to violent clashes between police and protesters. In Rome, students attacked police and international rail service was interrupted in Belgium. Workers in Greece, Italy and France demonstrated as part of a “European Day of Action and Solidarity” in response to mass unemployment and the ongoing eurozone financial crisis.
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Europe’s Scariest Chart – Update!
- Europe’s Scariest Chart – Update!
by Tyler Durden, www.zerohedge.com
Despite Draghi’s insistence that ‘significant’ progress has been made, that the ECB’s efforts have not been “killer medicine”, that stocks are higher and spreads are lower (implying the ECB “has already done much that is needed”), and how optimistically-biased cherry-picked economic surveys are positive despite weak economic projections; the fact of the matter is that youth unemployment is only getting worse – much worse. Euro-zone youth unemployment is at a record 23.9% but Spain and Italy saw the biggest jumps (to 55.9% and 36.5% respectively). Greece remains the worst at over 56% based on last data, while Germany rests at 8.1%.
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The Truth About Europe That No One Is Talking About !
EU is doomed !
- The Truth About Europe That No One Is Talking About !
by Graham Summers, http://gainspainscapital.com, via http://www.goldseek.com/
I realize that the situation in Europe can be very confusing. Aside from the fact that we’re dealing with over 20 different countries all with their own respective economies and debt issues, we also have the European Central Bank and the numerous bailouts and bailout funds (the LTRO 1 and 2, the EFSF, the ESM and now the OMT) to keep track of.
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So for clarity’s sake, I’m going to explain Europe’s problems in simple terms. The first thing you should know is that European banks, taken as a whole, have far more leverage than their US counterparts. According to the IMF, US banks are leveraged at 13 to 1.
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European banks are leveraged at 26 to 1. Put another way, they have $26 in assets for every $1 in equity. Think of it this way, imagine if you had $100K in the bank and you borrowed $2.6 million to buy homes and other items. Do you think you would be in a stable financial condition?
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That’s Europe’s banks on the whole.
However, we also know that the IMF only reports based on known assets or the asset levels that the banks admit. How many times in the last few years have we found out that banks were being honest and open about their risk levels? Never.
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So you should use the 26 to 1 leverage level as the minimum. Reality is likely far worse. Which means… European banks are insolvent. Outside of this, European nations are also bankrupt. I realize that everyone likes to focus on Debt to GDP levels, but the reality is that European banks owe far more when you account for unfunded liabilities.
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I know the same is true for the US, but the US’s unfunded liabilities pale in comparison to Europe’s. As far back as 2004, we know that: (see top of post)
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So, we have a bankrupt banking system in bankrupt countries. Now for the zinger… This entire financial system is based on the assumption that European sovereign bonds are still risk free.
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So you have bankrupt nations, selling bonds to insolvent banks, which then use these bonds to leverage up to over 26 to 1 (by the way, Lehman was 30 to 1 when it blew up). And that’s the ENTIRE European financial system.
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I hope this clarifies why Europe is doomed. It is absolutely 100% impossible for Europe to get out of this mess unless the entire union suddenly started growing its GDP at over 10% for a decade. That will never happen.
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My advice to everyone: trust your gut. All of the accounting gimmicks and bailout ideas will never work for the simple fact that the system in Europe is totally broke. The US’s financial system, while problematic (that’s putting it lightly) is nothing compared to how bad Europe is.
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In simple terms, this time around, when Europe goes down (and it will) it’s going to be bigger than anything we’ve seen in our lifetimes. And this time around, the world Central Banks are already leveraged to the hilt having spent virtually all of their dry powder propping up the markets for the last four years.
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On that note, if you’ve yet to prepare for Europe’s BIG collapse…we’ve recently published a report showing investors how to prepare for this. It’s called What Europe’s Collapse Means For You and it explains exactly how the coming Crisis will unfold as well as which investment (both direct and backdoor) you can make to profit from it.
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About
Societal and economics observer and commentator with an endtimes, future history perspective. Follow me at Twitter: socioecohistory
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