Socio-Economics History Blog

Socio-Economics & History Commentary

What If Italy Leaves The EU and DEFAULTS On Its Debt? Get Ready For Capital Controls!

July 14, 2018 Posted by | Economics | , , , , , , , | Leave a comment

DUTCH FURY: Macron and Merkel’s Eurozone Reforms Brutally Shot Down with ONE Question

  • DUTCH FURY: Macron and Merkel’s Eurozone Reforms Brutally Shot Down with ONE Question
    by CARLY READ, https://www.express.co.uk/
    EMMANUEL Macron and Angela Merkel’s Franco-German campaign for a €25BILLLION Eurozone kitty to help finance crumbling member states has been brutally shot down by the Dutch Minister of Finance with one simple question.

    Wopke Hoestra laughed off France and Germany’s joint crusade for a multi-billion euro debt relief that would be paid for by the EU’s 28 member states by asking the rhetorical question “What do we need it for?”. He added: “For me this is a solution without a problem.”

    Mr Hoestra went on to say the EU had other issues it should devote itself to before adding “but that’s not part of it”, referring to Mr Macron’s budget proposal which after much pleading was given the nod by bosom buddy Ms Merkel.

    Poland joined the Netherlands in slamming the proposal, which has raised many questions about exactly how it would be funded, with Krzysztof Szczerski, who heads Poland’s President Andrzej Duda’s cabinet, issuing a chilling warning to the bloc.

    He said should the countries of the monetary union finance the budget themselves, it would not be an issue. “But if it is created at the expense of its contributions to the general budget, then this would be the end of the EU,” he added.

    Mr Macron is spearheading the campaign which he launched after a catalogue of crises with member states over the past few months that have put the Eurozone on the brink of collapse.

    First, there was Spain, which has been torn apart following Catalonia’s shock referendum that saw residents vote by a landslide to become their own independent state.

    Italy then plagued Brussels with a number of catastrophes when after months of political deadlock, Prime Minister Giuseppe Conte was finally sworn in after elections dating as far back as early March were deemed inconclusive.

    read more.

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June 23, 2018 Posted by | Economics, EndTimes, GeoPolitics | , , , , , , , | Leave a comment

12 European States Revolt Against Merkel, Macron Plan To Reform Europe

  • 12 European States Revolt Against Merkel, Macron Plan To Reform Europe
    by Tyler Durden, https://www.zerohedge.com/
    Two days ago, when we laid out the components of Merkel and Macron’s blueprint to reform the EU, we said that while “Macron suggested the proposal will be presented to other countries, with specifics to be worked out later this year and the plans to take effect from 2021, it was unclear how he plans to get “other countries” to vote for a proposal which has already led to the alienation of Central and Eastern Europe, Brexit and an openly populist government in Italy.”

    We did not have to wait long for confirmation, because just two days later, Europe’s two self-proclaimed leaders were facing an unexpected backlash from most other European governments against the German and French plans for a common eurozone budget, dealing a blow to the two countries’ ambitions for a big overhaul of the single currency area.

    read more.

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June 23, 2018 Posted by | Economics, EndTimes, GeoPolitics | , , , , , , | Leave a comment

Merkel, Macron Reach Deal on Euro Reforms to Challenge the Dollar

https://www.bloomberg.com/news/articles/2018-06-19/merkel-macron-reach-deal-on-euro-reforms-to-challenge-dollar

American hegemony over Europe is coming to an end. Ths US dollar is about to get a heart attack unless Trump backs it with gold soon. Click on image for article.

June 20, 2018 Posted by | Economics, EndTimes, GeoPolitics | , , , , , , , , , , | Leave a comment

Merkel and Macron Unveil ‘NEW CHAPTER’ for Eurozone in Major Budget Reforms

  • Implied in this move (along with EU Army and EU finance minister) is: United States of Europe. The final endtimes federation of 10 nations, 10 Horn Beast Revived Roman empire is coming into view.
  • Merkel and Macron Unveil ‘NEW CHAPTER’ for Eurozone in Major Budget Reforms
    by ALICE SCARSI, https://www.express.co.uk/
    GERMAN Chancellor Angela Merkel and French President Emmanuel Macron agreed to create a “real” budget for the eurozone – but left the details to be worked out by other members of the monetary union.

    Leaders of the Franco-German motor of the European Union met on Tuesday in Meseberg, outside Berlin, to lay out their plan to revive the financial situation of the bloc. The pair produced an eight-page declaration titled ‘Renewing Europe’s promises of security and prosperity’. Both leaders hailed their agreement a “new chapter” for the currency union, and spoke enthusiastically of the deal.

    Mr Macron, who has been pushing since the re-appointment of Mrs Merkel to lay out his vision of a new, “rebuilt” EU, said: “It will be a real budget, with annual revenues and spending. “This is a political commitment we make together which will require technical work at the ministerial level by the end of the year, and then indispensable treaty change the year after.”

    And Mrs Merkel said: “We are opening a new chapter. “We know that an economic and monetary union can only remain intact if economic policies converge.” The German Chancellor said this new budget would be used to strengthen economic convergence within the eurozone. 

    read more.
http://www.voxeurop.eu/en/content/news-brief/2211991-10-countries-united-states-europe

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http://www.b92.net/eng/news/world.php?yyyy=2012&mm=06&dd=20&nav_id=80854

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https://www.express.co.uk/news/world/907849/Angela-Merkel-Emmanuel-Macron-Germany-France-European-Union-United-States-Europe

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https://www.express.co.uk/news/world/968888/angela-merkel-emmanuel-macron-eu-united-states-of-europe

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https://sputniknews.com/analysis/201712091059858841-united-states-of-europe-disobedient-countries/

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https://www.rt.com/news/412392-schulz-united-states-of-europe/

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https://www.thesun.co.uk/news/5093010/german-eurocrat-demands-eu-members-sign-up-to-united-states-of-europe-or-quit-bloc/

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June 20, 2018 Posted by | Economics, EndTimes, GeoPolitics | , , , , , , , | Leave a comment

German, French Leaders Propose Eurozone Budget

  • German, French Leaders Propose Eurozone Budget
    by The Associated Press, via https://www.nytimes.com/
    BERLIN — The leaders of Germany and France agreed Tuesday to create a Eurozone budget they hope will boost investment and provide a safety mechanism for the 19 nations using the euro currency, and also to seek a European solution to migration issues.

    The announcement from German Chancellor Angela Merkel and French President Emmanuel Macron came after a meeting in Berlin to coordinate the two major powers’ positions on the future of the European Union ahead of next week’s EU summit.

    Though Merkel had been lukewarm on Macron’s idea of a European budget, in a declaration adopted by both leaders following the meeting they said they had agreed upon a proposal to establish one aimed at “competitiveness and convergence.” “It could finance new investments and come in substitution of national spending,” they said.

    Merkel said the two also agreed to enhance the effectiveness of the European Stability Mechanism, or ESM, which was established in 2012 to provide eurozone nations access to financial assistance in the event of crisis.

    read more.

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June 20, 2018 Posted by | Economics, GeoPolitics | , , , | Leave a comment

END OF MERKEL Would Trigger ‘Uncontrollable’ EU-Wide Break-Up: Europe Fears ‘Nightmare’

  • END OF MERKEL Would Trigger ‘Uncontrollable’ EU-Wide Break-Up: Europe Fears ‘Nightmare’
    by OLI SMITH, https://www.express.co.uk/
    THE biggest threat to the EU is the imminent collapse of Angela Merkel’s fragile coalition, which would lead to a Europe-wide breakup “in an uncontrollable way” according to a leading left-wing and pro-EU commentator.

    The political instability that has rocked the German government could set in motion the breakup of the European Union, according to Paul Mason, a left-wing commentator.

    Angela Merkel faces a make-or-break week as German Chancellor, after leading figures in her sister party, the Christian Social Union, gave her a stark ultimatum.  In an unprecedented challenge to Mrs Merkel’s authority, the CSU will give Chancellor Angela Merkel a two-week deadline to meet its demands for overhauling asylum policy, according to German paper Bild.

    Speaking on the BBC’s Politics Europe, Mason said Angela Merkel’s instability, sparked following a migration debate, could become a “nightmare scenario” for Europe.

    read more.

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June 19, 2018 Posted by | GeoPolitics | , , , , | Leave a comment

France and Germany ‘Near Deal’ on Eurozone Reform

  • France and Germany ‘Near Deal’ on Eurozone Reform
    by AFP, https://www.thelocal.de/
    Paris and Berlin are very close to an agreement on eurozone reform after months of divisions, French Finance Minister Bruno Le Maire has said. “An agreement is close at hand,” Le Maire said on Twitter late Saturday after final negotiations on the subject with this German counterpart in the northern German city of Hamburg.

    The minister added that he hoped an agreement could be finalised on Tuesday, when German Chancellor Angela Merkel and French President Emmanuel Macron are scheduled to meet near Berlin. Paris and Berlin are racing to bridge the gap between Macron’s vision of grand European Union reforms and Chancellor Angela Merkel’s more prudent approach by a crunch eurozone summit on June 29.

    “There are two or three remaining issues” to sort out, a European source close to the negotiations told AFP. “But these are clearly defined and limited.” The source added that “real progress had been made on the sensitive issues that remained to be decided, especially regarding the eurozone budget.”

    Germany and other northern European states have baulked at Macron’s calls to give the eurozone its own big budget, fearing the more fiscally prudent north will have to pick up the tab for overspending by the more profligate 
    south.

    Earlier this month, Merkel made some concessions, agreeing to support Macron’s call for an investment fund to help poorer European countries catch up in the areas of science, technology and innovation.

    read more.
http://www.express.co.uk/news/world/845411/Emmanuel-Macron-replicate-Angela-Merkel-rule-European-Union

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http://www.breitbart.com/london/2017/05/16/macron-sets-course-european-superstate-first-day-french-president/

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http://www.telegraph.co.uk/news/2017/05/15/emmanuel-macron-call-eu-reform-heads-germany-first-foreign-trip/

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June 18, 2018 Posted by | Economics, EndTimes, GeoPolitics | , , , , , , | Leave a comment

EU’s Race Against Time: Huge Pressure on Merkel and Macron to Agree Eurozone Reforms

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.”

  • EU’s Race Against Time: Huge Pressure on Merkel and Macron to Agree Eurozone Reforms
    by JOE BARNES, BRUSSELS CORRESPONDENT, https://www.express.co.uk/
    FRANCE and Germany have failed to agree planned Eurozone reforms which Paris and Berlin are planning to unveil at the June European Union summit, sparking huge concerns.

    Finance ministers from both countries said progress is still being made after a weekend meeting. Emmanuel Macron and his German counterpart Angela Merkel have promised to present a joint reform proposal to their fellow EU leaders at the June 28-29 summit but differences in thinking threaten to derail the process.

    The French President has been desperately trying to recruit the German Chancellor as he seeks support for his proposed reforms – a separate Eurozone budget, a Europe-wide finance minister and a new bailout fund – as he hopes to replicate the International Monetary Fund and create a European Monetary Fund.

    read more.
http://www.voxeurop.eu/en/content/news-brief/2211991-10-countries-united-states-europe

Click on image for article.

http://www.b92.net/eng/news/world.php?yyyy=2012&mm=06&dd=20&nav_id=80854

Click on image for article.

https://sputniknews.com/analysis/201712091059858841-united-states-of-europe-disobedient-countries/

Click on image for article.

https://www.rt.com/news/412392-schulz-united-states-of-europe/

Click on image for article.

https://www.thesun.co.uk/news/5093010/german-eurocrat-demands-eu-members-sign-up-to-united-states-of-europe-or-quit-bloc/

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http://www.express.co.uk/news/world/872671/Europe-European-Union-army-chancellor-Euro-Brexit-Britain

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http://www.telegraph.co.uk/news/2017/09/17/jean-claude-junckers-grand-plan-eu-first-laid-84-years-ago/

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https://twitter.com/ConMEPs/status/907957748427624448

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June 15, 2018 Posted by | Economics, EndTimes, GeoPolitics | , , , , , , , , | Leave a comment

The Eurozone’s Coming Debt Crisis

  • The Eurozone’s Coming Debt Crisis
    by Daniel Lacalle, https://www.dlacalle.com/en/
    The European Central bank has signaled the end of its asset purchase program and a possible rate hike before 2019. After more than 2 trillion euro of purchases and zero interest rate policy, it is overdue.

    The massive quantitative easing program has generated very significant imbalances and the risks outweigh the questionable benefits. The balance sheet of the ECB is now more than 40% of the Eurozone GDP. The governments of the Eurozone, however, have not prepared themselves at all for the end of stimuli.

    Rather the contrary.
    The Eurozone states often claim that deficits have been reduced and risks contained. However, closer scrutiny shows that the bulk of deficit reductions came from lower cost of debt. Eurozone government spending has barely fallen, despite lower unemployment and rising tax revenues. Structural deficits remain stubborn, and in some cases, unchanged from 2013 levels.

    The 19 eurozone countries have collectively saved 1.15 trillion euros in interest payments since 2008 due to ECB rate cuts and monetary policy interventions, according to Handelsblatt. A reduction in costs against the losses of pensioners and savers.

    However, that illusion of savings and budget stability can rapidly disappear as most Eurozone countries face massive maturities in the 2018-2020 period and wasted precious years of quantitative easing without implementing strong structural reforms. Tax wedge rose for families and SMEs, while current spending by governments barely fell, competitiveness remained poor and a massive one trillion euro in non-performing loans raised doubts about the health of the European financial system.

    read more.

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June 15, 2018 Posted by | Economics, GeoPolitics | , , , , , | Leave a comment

The Best Thing Germany Could Do for Europe is Quit the Single Currency – But It Won’t

  • The Best Thing Germany Could Do for Europe is Quit the Single Currency – But It Won’t
    by , https://www.theguardian.com/international
    EU leaders are saddled with a mechanism that doesn’t work. There are ways to fix that, but not the will.

    Even when it was clearly in decline, the Soviet Union commanded loyal devotion. Its admirers could never quite grasp that the nation instrumental in winning the second world war had a broken economy.

    The same cognitive dissonance applies to the European Union today. There is the EU as it exists in the minds of its most avid supporters: fast-growing, a defender of progressive values, fighting the good fight against Thatcherism, and marching steadfastly towards greater integration.

    Then there is the EU as it really is: struggling economically; wedded to an aggressive form of neoliberal economics; insistent that there is no alternative to a top-down, ever-closer union; and spawning anti-elite parties across the continent.

    Like the USSR under Gorbachev, Europe needs radical reform before it is too late because, as George Soros noted last week, everything that could go wrong has gone wrong. The EU is saddled with a single currency that doesn’t work but unable to admit it. It has forced its weaker members to suffer the consequences of the euro’s design weaknesses with austerity policies; it has told those who complain about low growth and high unemployment to sort out their own problems through structural reforms (wage cuts and privatisation); and it has failed to comprehend the anger felt at mass immigration, which has increased the pool of readily available cheap labour.

    read more.

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June 10, 2018 Posted by | Economics, GeoPolitics | , , , , , , | Leave a comment

Eurozone SHOWDOWN: Macron to Push Merkel to Agree ‘Ambitious’ Reform

  • Eurozone SHOWDOWN: Macron to Push Merkel to Agree ‘Ambitious’ Reform
    by ROMINA MCGUINNESS, https://www.express.co.uk/
    FRENCH President Emmanuel Macron wants a more “ambitious” reform of the eurozone than the one outlined by Angela Merkel, and will urge the German Chancellor to make more concessions on a eurozone budget and banking union in the coming weeks, a French presidential source said.

    While the German leader backs the French centrist’s overarching EU vision, her response to his eurozone and banking union reform plans has been more tentative. Speaking on condition of anonymity, the source said that while the Chancellor was “aligning herself with French ideas,” including the idea of a new European sovereignty, “France and Germany have to work together in the coming weeks to reach a more ambitious accord on the banking union and a fiscal capacity for the eurozone”.

    The Elysée Palace source said: “There is a rapprochement on eurozone reform, notably on the idea of an investment budget. The chancellor made clear that the current eurozone instruments are insufficient.”

    read more.

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.”

https://www.express.co.uk/news/world/968888/angela-merkel-emmanuel-macron-eu-united-states-of-europe

Click on image for article.

https://www.express.co.uk/news/world/907849/Angela-Merkel-Emmanuel-Macron-Germany-France-European-Union-United-States-Europe

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http://www.breitbart.com/london/2017/12/18/merkelmacron-agree-eurozone-budget-finance-ministry-plans/

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http://www.independent.co.uk/news/world/politics/merkel-macron-eurozone-eu-budget-finance-minister-economy-a7918521.html

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http://www.breitbart.com/london/2017/05/16/macron-sets-course-european-superstate-first-day-french-president/

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June 9, 2018 Posted by | Economics, GeoPolitics | , , , , , | Leave a comment

Italy’s Proposed Parallel Currency Is The Biggest Threat To The Eurozone. The Global Economy is Nearing “The Great Reset”

  • Italy’s Proposed Parallel Currency Is The Biggest Threat To The Eurozone
    by , https://www.forbes.com/
    I think the global economy is nearing what I call “The Great Reset.”

    My thesis is that over the next decade we will endure increasingly damaging debt crises that culminate in a coordinated global default. There are limits to how much leverage the world can handle, and I think we are already beyond them. And that is before we have a global recession. The only question now is how we will manage the collapse.

    I previously quoted former BIS Chief Economist William White on how this will all unfold. Here’s his key point again.

    … the trigger for a crisis could be anything if the system as a whole is unstable. Moreover, the size of the trigger event need not bear any relation to the systemic outcome. The lesson is that policymakers should be focused less on identifying potential triggers than on identifying signs of potential instability.

    Bill says the financial system is so fragile that practically anything could trigger a crisis. Better to watch for signs of potential instability. And one of the hot spots today is Italy.

    Parallel Currency
    Italy’s new government, an unexpected coalition between two populist parties, could blow up the fragile trust that keeps Europe together. And the leading parties may even be planning for it.


    read more.

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June 9, 2018 Posted by | Economics | , , , , , , , | Leave a comment

Tehran Ready for All Scenarios on JCPOA

  • PressTV Published on Jun 5, 2018
    Iran’s nuclear chief says the country has upgraded the power installations at its Natanz facility to realize its long-term goals. Ali Akbar Salehi told reporters that the infrastructure, which has been developed domestically, has the capability to produce several hundred-thousand Separative Work Units of enriched uranium. Salehi said Iran is also speeding up other work on infrastructure, so that it can immediately return to a higher level of capability than before the nuclear agreement, if it collapses. He said this includes work on a facility for production of advanced centrifuges. The nuclear chief noted that Iran has stayed committed to the accord, but is ready for all scenarios if it fails. Salehi’s comments came a day after the Leader of Iran’s Islamic Revolution called on the Atomic Energy Organization to make preparations to upgrade uranium enrichment without delay.

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June 6, 2018 Posted by | GeoPolitics | , , , , | Leave a comment

‘Somebody STOLE Our Money!’ Italians Open to DITCH Euro to Stop ‘BOWING’ Heads to Germany

  • ‘Somebody STOLE Our Money!’ Italians Open to DITCH Euro to Stop ‘BOWING’ Heads to Germany
    by CHARLOTTE DAVIS, https://www.express.co.uk/
    ITALIANS have spoken out against remaining in the euro and fear there must be reform of the single currency or the country remains at risk of “bowing” its head to Germany.

    Italy has faced a mounting debt problem over the past 30 years with debt totalling more than 130 percent of its economic output, second in the eurozone after Greece.

    Pensioner Alberto Mazzelli told Al Jazeera that ditching the lira bought nothing but problems for Italians. He said: “It was supposed to be 2000 lira to the euro but what used to cost 1000 lira suddenly became one euro. “So, somebody stole half of our money.” The Italian lira was the official currency in  until January 1, 1999, when it was replaced by the euro.

    Another Italian said Italy should remain in the euro but warned: “No, I don’t think we should leave but we should renegotiate so we are not bowing our heads to Germany.” One Italian said: “I’d be ok with trying to leave the euro. But, of course, things could get even worse.”

    Following months of uncertainty, Italian voters saw a eurosceptic coalition Government led by academic Giuseppe Conte become prime minister. Talks about a potential coalition between Italy’s Five Star Movement (M5S) and Lega collapsed on Sunday when Italy’s president Sergio Mattarella vetoed the appointment of eurosceptic Paolo Savona as finance minister.

    read more.

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June 5, 2018 Posted by | Economics, GeoPolitics | , , , , , , , | Leave a comment