Socio-Economics History Blog

Socio-Economics & History Commentary

Gregory Mannarino: This New QE3 Is Going To Unleash An Economic Monster!

September 14, 2012 Posted by | Economics | , , , , , , , , , | Comments Off on Gregory Mannarino: This New QE3 Is Going To Unleash An Economic Monster!

The World Is Well On Its Way To a Financial Thermonuclear Blowout, Too!

  • Emphasis mine:

    The World Is Well On Its Way to a Financial Thermonuclear Blowout, Too! 
    Simultaneous with the announcement by the Karlsruhe court, giving pretty much of a green light to the ESM and the Fiscal Pact, European Commission President Jose Manuel Barroso today presented a complementary proposal to create an “enabling mechanism” of sorts, which would make the ECB the bank supervisory agency for all of Europe, as of Jan. 2014. Once implemented, it would replace national bank regulators in chartering banks, conducting investigations, and so forth. After that, Bloomberg reported, the plan is to have the ECB authorize cross-border bailouts, pooled funds, and even to directly recapitalize banks via the ESM.

    This would make the combined ECB and ESM a full-fledged hyperinflationary bailout machine for the British Empire’s bankrupt banks, entirely by-passing any remaining traces of national sovereignty in Europe.

    On the U.S. side, the Federal Reserve’s FOMC began its two-day meeting today, which is expected to end tomorrow with the announcement of further measures of quantitative easing on this side of the Atlantic, as well.

    So, everything indicates that the British and Obama are well on the way to getting what they asked for: a pre-election rolling out of the Big Bazookas to bail everything out for another day or two. But as Lyndon LaRouche warned last night in a discussion with associates, this crazy strategy could be exactly what blows everything up for Obama before the elections. As LaRouche put it:

    “It’s possible that Obama will become elected President, again… But that is not necessarily what’s going to happen. What happens, if the United States economy blows out in the coming weeks ahead? What will be the effect of a collapse of the European economy, on the U.S. economy, at the time that the U.S. administration is gambling on a big bailout through hyperinflation? They’re taking one spurt of hyperinflation, to carry Obama through to re-election. That’s the plan. And it’s hyperinflationary.”

Zimbabwe Hyperinflation!


September 14, 2012 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , | Comments Off on The World Is Well On Its Way To a Financial Thermonuclear Blowout, Too!

British PM’s Love of Banksters Like Brain Virus from Cat Poop!

September 14, 2012 Posted by | Economics, GeoPolitics | , , , , , , , , | Comments Off on British PM’s Love of Banksters Like Brain Virus from Cat Poop!

Nuclear Iran, Jittery Israel, Expensive Oil: ‘Risks Too High!’

Stop the war!

September 14, 2012 Posted by | GeoPolitics | , , , , , , , , , , , , | Comments Off on Nuclear Iran, Jittery Israel, Expensive Oil: ‘Risks Too High!’

US Anti-Islam Policy Backfires in Mideast !

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Michel Chossudovsky: EU States Support Terrorist Free Syrian Army!

  • EU states support terrorist Free Syrian Army! 
    The EU member states have been lending support to the terrorist Free Syrian Army in an attempt to pave the grounds for intervention in Syria, a top Russian political analyst tells Press TV.

    In an exclusive interview on Saturday, Michel Chossudovsky, director of the Center for Research on Globalization, pointed to the meeting of the EU Foreign Ministers in Cyprus in which they discussed the Syrian issue.

    “They are addressing the issues of Syria focusing on atrocities which have been committed without acknowledging the fact that these atrocities, these bomb attacks are in fact committed by opposition forces or [so-called] Free Syrian Army and they themselves are supporting the Free Syrian Army,” he said.

    The EU states seek to intervene in Syria while at the same time supporting an opposition involved in terrorist activity, the analyst pointed out.

    “So, there you have European heads of government actually supporting terrorist entities while at the same time using the terrorist incident to provide a pretext to intervene on humanitarian grounds,” Chossudovsky added.

    The terrorist Free Syrian Army has recently threatened to attack the airports of the capital, Damascus, and the northwestern city of Aleppo.

    The group said in a statement that the airports “will be considered legitimate military targets as of September 10.” The news comes as France is considering arming the insurgents in Syria with anti-aircraft guns, arguing that the military assistance will help end the turmoil in Syria.

    Since March 2011, Syria has been experiencing unrest, which President Bashar al-Assad’s government says is being orchestrated from outside the country.
    The anti-Syria Western regimes have been calling for Assad to step down, but Russia and China oppose the Western drive to oust the Syrian president.
  • The Masonic Origins of the Muslim Brotherhood (emphasis mine)
    The Masonic origins of the Islamists movements, and their true goal to undermine Islam and fight for Western Zionist Powers such as Britain and the United States of America. The Muslim Brotherhood has acted as a clever technique to recruit agent-provocateurs for the Illuminati. The lowest ranks may sincerely believe they are defending Islam, and confronting “Western imperialism”. However, these various terrorist groups, through representing different factions, are part of a single network serving the same Illuminati cause.

    When we explore the political and financial connections of the terrorists, we find that these are not merely wayward fanatics, operating in isolation, but that their channels penetrate to the upper reaches of power, in the British and American governments, and outward into the nether regions of the occult and criminal underworlds.

    William Engdahl on Egypt’s uprising:
    They are being organized in a Ukrainian-style high-tech electronic fashion with large internet-linked networks of youth tied to Mohammed ElBaradei and the banned and murky secret Muslim Brotherhood, whose links to British and American intelligence and freemasonry are widely reported.

    Muslim Brotherhood created by British Intelligence
    Dr. John Coleman, a former British Intelligence agent…states in his report on Iran’s Islamic Revolution that the Muslim Brotherhood was created by “the great names of British Middle East intelligence”…and that their mission was to “keep the Middle East backward so that its natural resource, oil, could continue to be looted…”

    The Muslim Brotherhood is a London creation, forged as the standard-bearer of an ancient, anti-religious (pagan) heresy that has plagued Islam since the establishment of the Islamic community (umma) by the Prophet Mohammed in the seventh century. Representing organized Islamic fundamentalism, the organization called the Muslim Brotherhood (Ikhwan al-Muslimum in Arabic) was officially founded in Egypt, in 1929, by the British agent Hasan al-Banna, a Sufi mystic. Today, the Muslim Brotherhood is the umbrella under which a host of fundamentalist Sufi, Sunni, and radical Shiite brotherhoods and societies flourish.

    The Muslim Brotherhood is a tool by the British-based Globalists whose main objective is to overthrow the established world order and create a new one-world system of global governance. Without the British, “radical Islam would have remained the illegitimate, repressive minority movement that it has always been, and the Middle East would have remained stable and prosperous.”

    The real Muslim Brothers are…the secretive bankers and financiers who stand behind the curtain, the members of the old Arab, Turkish, or Persian families whose genealogy places them in the oligarchic elite, with smooth business and intelligence associations to the European black nobility and, especially, to the British oligarchy.

    By fabricating a bogus war between Islamic fundamentalism and the West, the globalists are able to attack their real enemy, humanity. Pulling the strings, they will ensure that both Western and Muslim states are degraded and finally completely subjugated to their odious rule.

September 14, 2012 Posted by | GeoPolitics | , , , , , , , , , , , | Comments Off on Michel Chossudovsky: EU States Support Terrorist Free Syrian Army!

Italy To Ban Cash Transactions Over €50 in 2013!

All scams are based on deception and mis-direction! ‘666’ is coming!

  • Italy to Ban Cash Transactions Over €50 in 2013! 
    You won’t even be able to fill up your car without a credit or debit card in Italy beginning in 2013, as the Italian Council of Ministers has voted to increase the current capital controls banning the use of cash on transactions over €1,000, down to any transaction over €50!

    As we stated when Italy first announced capital controls and caps on cash transactions several months ago, expect bans on cash transactions to be coming to a neighborhood near you in the next 2-3 years.

    Courtesy Google Translate:

    Rome – The technical Rome government wants to limit cash transactions in Italy. From 2013, citizens may pay amounts in excess of 50 euros only by credit or debit card. That the Council of Ministers decided today.

    The measure is intended to reflect the money laundering and black money payments to clamp down. Since July, the government has banned cash transactions over 1,000 euros.

    Read more!

Every barcode has a ‘666’ in it. The explanation is: They are the left, right and centre delimiters! Yeah right !

“The ultimate goal that these people have in mind … is the goal to create a One World Government run by the banking industry .. run by the bankers! … The whole agenda is to create a One World Government where everybody has an RFID chip implanted !”
– Aaron Russo 0:15 onwards

“He’s (Rockefeller) the one who told me 11 months before 9/11 ever happen, there was going to be an event. .. And out of that event we will invade Afghanistan, (for) the pipelines to the Caspian sea. We were going to invade Iraq .. to take over the oil fields, establish a base in the Middle East and make it all a part of the New World Order! And we will go after Chavez Venezuela. Sure enough 9/11 happened ! … And there was going to be this War on Terror which has no real enemy. And the whole thing is a giant HOAX! … This whole War on Terror is a FRAUD! ”
– Aaron Russo 2:30 onwards


September 14, 2012 Posted by | Economics, EndTimes, Social Trends | , , , , | 1 Comment

Gaza Under Fire of Israeli Air Strikes!

  • “Mr. Benjamin Freedman, a Jewish industrialist born in New York, wrote in the Economic Council Letter published there of October 15 1947: “These Eastern European Jews have neither a racial nor a historic connection with Palestine. Their ancestors were not inhabitants of the Promised Land. They are the direct descendants of the people of the Khazar Kingdom. The Khazars were a non-Semitic, Turko-Mongolian tribe.” Mr. Freedman was challenged, unwisely, by a Zionist objector; he invited his challenger to go with him to the Jewish room of the New York Public Library. There they could together examine the Jewish Encyclopedia volume I pp. 1-12, and the published works of Graetz, Dubnow, Friedlander, Raisin and many other noted Jewish historians, which, as well as other non-Jewish authorities, “establish the fact beyond all possible doubt”.’
    ~ Somewhere South of Suez (1950) pp349-350.”

Revelation 2:9 – …. and I know the blasphemy of those who say they are Jews and are not, but are a synagogue of Satan.

“ … it turns out the creation of Israel had not, after all, been a haphazard fight in which the Arabs fled their homes at the directives of their own leaders, but it had been an unprovoked, systematic campaign of ethnic cleansing by the Jewish militia involving massacres, terrorism and the wholesale looting of an entire nation.” from 4:22 onwards



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Chinese Crude Imports Plunge To Mid-2010 Levels!

  • Chinese Crude Imports Plunge To Mid-2010 Levels! 
    by Tyler Durden,
    By now everyone knows about the collapse in Chinese iron ore consumption, electricity production and luxury good demand (see Burberry), as well as the record copper stockpiling, all of which point to the arrival of the long-deferred Chinese hard landing. Rumors, subsequential denials notwithstanding, that Chinese Hu Jintao successor Xi Jinping may or may not be missing, are not helping.

    Above we present yet another data point which had, for the longest time managed to diverge from the underlying Chinese economic reality, only for it too now to recouple with gravity with a bang: Chinese crude imports. Coming in at 18.4 million barrels, this was a 16% plunge from July’s total imported energy needs, and is the lowest print since mid-2010 swoon, first crossed to the upside back in early 2009. Which likely is where the general Chinese economy is as well, at least in terms of actual demand. Only this time instead of going from the lower left to the upper right, to quote Dennis Gartman, it is doing the inverse.


September 14, 2012 Posted by | Economics | , , | Comments Off on Chinese Crude Imports Plunge To Mid-2010 Levels!

Roubini Sees ‘Perfect Storm’ of Risks for Global Economy!

  • Roubini sees ‘perfect storm’ of risks for global economy! 
    by Dan Perry, Associated Press
    Experts and leaders gathered in Italy may disagree on the cure, but the malady seems clear: the world economy faces a “perfect storm” of risks that include prolonged crisis in a structurally flawed Europe, political paralysis pushing America off a “fiscal cliff,” a slowdown in the emerging economies drying up the last of global growth, and the spectacularly destabilizing prospect of war over Iran’s nuclear program.

    A world of such unpredictable peril is also one in which jitters suppress the appetite for private and corporate risk, yielding meagre investment and low consumption and prolonging the woes that snuck up on a booming world in the summer of 2007 as a “credit crunch”, mushrooming a year later into the Great Recession.

    Many attendees at the annual Ambrosetti Forum at Lake Como on Friday fretted about mounting U.S. debt and the Europe’s inability to balance electorates’ apparent insistence on national sovereignty with the need for regional coherence to salvage the teetering euro. But economist Nouriel Roubini predicted years of gloom almost regardless of what is decided.

    “History suggests that whenever (there is) a crisis with too much private debt first and public debt second you have a painful process of deleveraging”

    That analysis is rooted in the specific nature of this crisis, a downward spiral in which a financial meltdown largely caused by excess credit was defused by a blast of public spending; that 2009 stimulus, widely credited with avoiding a global depression, pushed some governments too far into the red for the markets’ liking — a “sovereign debt crisis”; and this is turn was attacked through severe austerity measures that suppressed spending to the point that countries cannot grow their way back to prosperity.

    read more!


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Netanyahu Denied Meeting with Obama After Lashing Out at US!

  • All the ‘disagreements’ between NUTenyahu and the Obama administration are a political charade. It is BS propaganda! Who controls America? The Jewish lobby. The Zionist money power! Do you really think that Obama will be allowed to oppose Zionist ‘666’ Israel without the go ahead from the Zionist money power? Anyone in Washington who speaks against Zionist ‘666’ Israel is unceremoniously dumped, removed from power, attacked by the Zionist controlled MSM … etc. Why isn’t the Zionist MSM attacking Obama vociferously?
  • Obama is doing what he is told to do! And so is NUTenyahu. I have mentioned many times: this is not a Jewish conspiracy! It is an Illuminist-Satanic conspiracy. ‘Jews’, ‘Jewish’ … are simply deep cover(a front) for the Illuminati. The Satanic plan is for Zionist ‘666’ Israel to start the Greater Middle East war and fight to the death by itself !
  • Do not be surprised when NUTenyahu makes the stupidest decision by attacking Iran. Obama and NUTenyahu are both Illuminist agents. What does Zionist ‘666’ Israel gain by attacking Iran? Nothing at all ! Zionist ‘666’ Israel which has 400+ nuclear bombs is declaring that Iran which has ZERO nuclear bombs and NO nuclear weapons program is a nuclear threat! It is a nonsensical narrative! The real reason for the attack is: the western Illuminati’s global petrodollar USD currency hegemony is under attack by Iran (and Russia/China)!

    Albert Pike’s Satanic World War 3 Plan
    The Third World War must be fomented by taking advantage of the differences caused by the “agentur” of the “Illuminati” between the political Zionists and the leaders of Islamic World. The war must be conducted in such a way that Islam (the Moslem Arabic World) and political Zionism (the State of Israel) mutually destroy each other. Meanwhile the other nations, once more divided on this issue will be constrained to fight to the point of complete physical, moral, spiritual and economical exhaustion… more!

    Netanyahu denied meeting with Obama after lashing out at US! 
    The White House has shot-down a request from Israeli Prime Minister Benjamin Netanyahu to meet with US President Barack Obama later this month, a rejection that comes right after an unusually hostile statement directed towards the United States.

    Prime Minister Netanyahu is not expected to meet with Mr. Obama later this month when the Israeli PM comes stateside to visit the United Nations in New York City, despite a plea recently extended to the White House. Reuters report that Netanyahu’s office had requested a meeting with the American commander-in-chief, but that staffers for the president don’t seem interested in entertaining the idea.

    “[T]he White House has got back to us and said it appears a meeting is not possible. It said that the president’s schedule will not permit that,” an Israeli official tells Reuters on condition of anonymity.

    Washington has denied that they flatly refused Israeli PM Netanyahu’s request for a meeting and that a scheduling conflict was the catalyst in the decision. On the heels of a series of publicized disagreements between the two allies, however, the rejection is being seen by some as a response motivated by something much different.

    Despite a time-tested relationship, Israel and the United States have not seem eye-to-eye as of late in regards to a nuclear procurement program in Iran that is rumored to have been established for the sake of securing a chemical weapon for the Iranians.

    On Tuesday, Netanyahu deterred from a news conference with the prime minister of Bulgaria to speak, in English, about how he personally views the United States’ attitudes towards the Iranian nuclear conflict.

    “The world tells Israel ‘wait, there’s still time’. And I say, ‘Wait for what? Wait until when?'” Netanyahu said. “Those in the international community who refuse to put red lines before Iran don’t have a moral right to place a red light before Israel.”

    Netanyahu’s remarks are being considered a direct statement to US Secretary of State Hillary Clinton, who days earlier said explicitly that the Obama administration doesn’t intend on laying out “red lines” regarding Iran, adding, “We’re not setting deadlines.”

    Israel insists that Iran is eager to get their hands on a nuke and will strike Netanyahu’s government is given the chance, a dilemma that requires immediate American intervention before a full-fledged war erupts. President Obama, while still showing support for Israel, has refused to ramp up pressure on Iran to a point of aggression.

    Conservatives in the US have made the Israel/Iran issue a main talking point of the Republican National Committee’s platform as the party faces the upcoming presidential election, and GOP candidate Mitt Romney has repeatedly vowed to ensure America’s allies are guaranteed a safety that sanctions authorized by Obama has not yet allowed.

    On his part, President Obama says he refuses to allow Iran to procure a nuke, but Netanyahu suggests that current leadership in Washington may be attempting loosening their ties with Israel.

    read more!

Revelation 2:9 – …. and I know the blasphemy of those who say they are Jews and are not, but are a synagogue of Satan.

“Iran doesn’t frighten me and I don’t think it should frighten the American people. They don’t have a bomb. They haven’t made a decision to build one. They don’t have the means to deliver one. And the Israelis have 300 atomic bombs! I mean who presents the existential threat to whom?” – Pat Buchanan (7:58 onwards)


September 14, 2012 Posted by | GeoPolitics | , , , , , , , , , , , , , | Comments Off on Netanyahu Denied Meeting with Obama After Lashing Out at US!

FOMC: This Is The Beginning Of “The Big Print” – Unlimited QE !

  • FOMC:  This Is The Beginning Of “The Big Print” – Unlimited QE
    The fact that enough people still listen to Cramer is the perfect indicator of just how stupid part of our population is and it explains how we – the people – let our country lapse into systemic collapse.  At it’s base level, Government intervention in our lives prevents the Darwinian mechanism of natural selection from doing what it’s supposed to do.  That Cramer still sells his crap and that CNBC is still on the air is a perfect testament to that…Dave in Denver

    For the first time since QE first started, today’s FOMC announcement stunned me.  Not because I was expecting something other than what was announced, but because of what was actually announced and the timing of the announcement.  I have been expecting eventual global QE to infinity since like 2003.  Seriously.  I didn’t think we would get the first indication that it’s coming today, two and a half months ahead of a Presidential election, and I didn’t think it would come first in the form of a direct attempt to reflate the housing market with subprime mortgage paper.

    Let me explain.  Here’s the only important part of today’s announcement (the low-rate extension to mid-2015 was highly telegraphed and is about as useless as the new iPhone 5 on Mars):

    The New York Fed said it will start buying agency mortgage-backed  securities on Friday, at a rate that is expected to total $23 billion  over the remainder of September. It will then purchase securities at a  clip of $40 billion each month. The New York Fed said it will  concentrate its purchases in newly-issued agency MBS in the  to-be-announced market, although it may purchase other agency MBS if  market conditions warrant (LINK)

    Furthermore, the Fed said it will add to its purchases if the labor market doesn’t improve, it will keep its policy stimulative for a “considerable time,”  and it left the duration of the mortgage purchase program open-ended.  De facto QE to infinity.

    The question is why?  The Fed is specifically targeting the monetization of new mortgage issuance by the GSE’s.  But we’ve been told up and down Wall Street and from the industry promoters – Nat’l Association of Realtors and Nat’l Association of Home Builders – that the housing market is bottomed and moving higher. I have heard countless TV economists get on CNBC/Bloomberg/Fox Biz and tell us that now is a great time to buy a home (see the cover of last Friday’s “Barron’s”).

    So why target housing specifically?  We lose manufacturing jobs in this country every single month.  Why not target that?  The two biggest problems with housing are 1) the massive shadow inventory, as detailed on this blog; and 2) the rapid decline in the average weekly income of the middle class, which means there are less people who can afford to buy a home or stay in the one they own.   A mortgage purchase program will not address either issue. 

    What makes this specific QE program frightening is that to the extent that there is growth in housing mortgage finance, it’s coming from the FHA.  The FHA, as I’ve detailed on this blog recently, is a  subprime lender disguised as a GSE.  It requires only 3.5% down to purchase and someone who refinances can take down a mortgage that exceeds the value of their home and receives mortgage payment insurance at a rate that is heavily subsidized by the Taxpayer.

    read more!


September 14, 2012 Posted by | Economics | , , , , , , , , , | Comments Off on FOMC: This Is The Beginning Of “The Big Print” – Unlimited QE !

Europe Must Become ‘Federation of States’, Barroso Says!

Revelation 13:1 – Then I stood on the sand of the sea. And I saw a beast rising up out of the sea, having seven heads and ten horns,(b) and on his horns ten crowns, and on his heads a blasphemous name.

  • Europe must become ‘federation of states’, Barroso says! 
    The president of the European Commission called for the EU to be turned into a “federation of nation states” in a sweeping demand for countries to surrender more sovereignty and move towards full integration.

    In a speech to the European Parliament, the head of the bloc’s executive, President Jose Manuel Barroso, said he was not calling for a European “superstate”, but said the EU would always be less than the sum of its parts unless the union was deepened.

    “Let’s not be afraid of the words: We will need to move towards a federation of nation states. This is our political horizon. This is what must guide our work in the years to come,” he said in his annual “state of the union” address.

    “A democratic federation of nation states that can tackle our common problems, through the sharing of sovereignty in a way that each country and its citizens are better equipped to control their own destiny.”

    While there may be enthusiasm in some European capitals for such a move, it is a vision that is likely to rankle in countries such as Britain, where there is strong opposition to the idea of more powers being devolved to Brussels.

    With concerns already deep about a two-speed Europe between those countries with better growth prospects and those that are growing barely at all, and tensions between the 17 countries in the eurozone and the 10 others that do not use the single currency, a drive towards a federal Europe could lead to more complex divisions across the continent.

    read more!


September 14, 2012 Posted by | Economics, EndTimes, GeoPolitics | , , , , , , , , , , | Comments Off on Europe Must Become ‘Federation of States’, Barroso Says!

Nigel Farage Destroys Barroso’s (Fascist) State of The Union!

Revelation 17:3~6, .. And I saw a woman sitting on a scarlet beast which was full of names of blasphemy, having seven heads and ten horns. 4 The woman was arrayed in purple and scarlet, and adorned with gold and precious stones and pearls, having in her hand a golden cup full of abominations and the filthiness of her fornication.(a) 5 And on her forehead a name was written: MYSTERY, BABYLON THE GREAT, THE MOTHER OF HARLOTS AND OF THE ABOMINATIONS OF THE EARTH. 6 I saw the woman, drunk with the blood of the saints and with the blood of the martyrs of Jesus. Graphic source:

September 14, 2012 Posted by | Economics, EndTimes, GeoPolitics | , , , , , , , , , , , , | Comments Off on Nigel Farage Destroys Barroso’s (Fascist) State of The Union!

Power Grab: The Noose Tightens On National Sovereignty in Europe!

Daniel 7:7 – ” … behold, a fourth beast, dreadful and terrible, exceedingly strong. It had huge iron teeth; it was devouring, breaking in pieces, and trampling the residue with its feet. It was different from all the beasts that were before it, and it had ten horns.”

  • We are beginning to see the rise of the 10 Horn Beast, the endtimes Revived Roman Empire of Biblical prophecy. The Illuminist banksters are making the moves to destroy national sovereignties throughout Europe and also the world. IMO, the Mystery Babylon Whore sitting on top of the 10 Horn Beast is also appearing. It is America 2.0. America will be destroyed, re-engineered, enlarged, re-constituted …. and finally merged into the Luciferian New World Order, World Government.

    Power Grab: The Noose Tightens On National Sovereignty in Europe

    When French and Dutch voters were given an opportunity to vote for the European constitution in 2005, which would have transferred considerable sovereignty from their countries to the European government and its unelected bureaucrats, they “unexpectedly” killed it. They wanted to hang on to their sovereignty. An unforgettable lesson for European politicians: don’t let the riffraff decide. Such matters are best handled by the elite—politicians, bankers, and unelected bureaucrats. And on Wednesday, they were busy handling such matters.

    In the morning, Andreas Voßkuhle, President of the German Constitutional Court, announced that two of the main Eurozone survival strategies, the ESM bailout fund and the Fiscal Union treaty, would “most likely” not violate the constitution (press release, flash analysis). By rejecting the plaintiffs’ efforts to block the laws, the Court allowed Federal President Joachim Gauck to sign them; and they’d become binding international treaties.

    Thus, the Court nodded with a stern smile on the transfer of sovereignty from parliament to unelected bureaucrats within the European Union government. For the fifth time—after waving through the EFSF bailout fund in 2011, the Lisbon Treaty in 2009, the introduction of the euro in 1998, and the Maastricht treaty in 1993. Each time, it added conditions that gave plaintiffs a pretext to proclaim victory and try again next time. True to form, Peter Gauweiler (CSU), one of the most vocal plaintiffs, called the decision a “giant success“ and “legal sensation”; the conditions would make it more difficult to turn “the ESM into a bottomless barrel,” he said.

    Chancellor Angela Merkel slapped herself on the back, complemented the justices—”The Court goes the way that also guided me,” she said—thanked those who’d supported her, including the opposition SPD and Greens, and told the rest of the world that Germany was carrying its share of the load. Alas, in a poll last week, 54% of those who’d be carrying that load wanted the Court to stop the ESM and Fiscal Union treaty. Only 25% wanted the Court to wave them through.

    And then the noose tightened further on national sovereignty in Europe, and particularly in the Eurozone. Michel Barnier, European Commissioner for Internal Markets and Services, hammered home his plan to create a supranational banking supervisor with a bank bailout fund and a deposit insurance fund, under the ECB. It would not only cover the 25-30 systemically important Eurozone banks, the TBTF banks that could take down the world, or worse, presumably, but all 6,000 Eurozone banks, down to small savings banks. A centralized banking supervision would have to have the right to act “in any imaginable situation and in any bank,” he said, citing non-systemically important banks that had collapsed: Northern Rock, Bankia, and Dexia [read…. Belgians Get Cold Feet As Bailout Queen Dexia Drags Them Toward The Abyss].

    The power grab hit resistance in Germany. Finance Minister Wolfgang Schäuble only wants to put TBTF banks under centralized control. The Bundesbank, citing conflicts of interest, doesn’t think the ECB should become the regulator of banks it funds. And the Association of Savings Banks came out against allowing the ECB to supervise savings banks. It would use their contributions to prop up banks in debt-sinner countries and through that transfer make savings banks less secure. Also, tottering banks could go directly to the ECB to get their bailout funds, rather than the ESM, with all its irksome conditions and parliamentary votes. But resistance will be whittled down over time. And in the end, it won’t change the principle that bankers regulate bankers for the benefit of bankers.

    Unelected European Commission President José Manuel Barroso chimed in with his state of the union speech to the European Parliament—not only calling for a centralized banking supervisory and bailout mechanism, but for a “quantum leap” in every other aspect of centralizing governance in Europe to form a “federation of nation states.” His grandiose plans weren’t just for the 17-member Eurozone but for the 27-member European Union, which includes the UK, whose people have been, how shall we say, reluctant to hand over sovereignty to European bureaucrats.

    The European Commission would doctor up the plans, in coordination with European Council President Herman Van Rompuy, another unelected honcho, and would present it to the European Parliament, an emasculated institution that cannot do what other parliaments can do, namely initiate legislation; it can only vote on legislation initiated by the Commission or the Council.

    read more!


September 14, 2012 Posted by | Economics, EndTimes, GeoPolitics | , , , , , , , , , , , | Comments Off on Power Grab: The Noose Tightens On National Sovereignty in Europe!