Wrong genius, it’s because of the EU that we have these problems in the first place.

stubb 2

The creepy thing is, he really does believe his own crapola

eu commission lap dog stubb

collapsing EU


If it means the end of the UK’s E.U. membership (and the crack it’ll create within the EU) then i’m all for it.

collapsing EU

Under Corbyn, there will be a debate about TTIP, about the way Greece has been treated, and about the role of national parliaments and democracy.

I have no idea which side of the fence Mr. Corbyn himself will come down on, but I feel the Left is finally waking up to what a corporatist, big business club the EU really is.

I have to say I hope he wins. The best news of all? A Corbyn win will be the death of the Green Party. Hooray.


For fifteen years now I have believed that the folly of the Euro currency would break up the European Union. It was perfectly obvious to me that economic and monetary union between Greece and Germany could never work and that political union was an impossibility.

But now I see a mistake even greater than the Euro folly: the EU’s Common Asylum Policy.

The divisions between North and South are growing wider by the day. As I’ve said before, European Commission President Jean Claude Juncker’s policy is that anyone that comes across the Mediterranean can register for asylum.

And that indeed is what is now happening, as the numbers that arrive dwarf all estimates and begin to head towards a potential exodus of biblical proportions.

Just look at the scenes in Kos this week. Migrant arrivals in Greece this year are at over 124,000, an increase year on year of 750 per cent for the same period. And there is no sign that these numbers will begin to slow.

The scenes of near riots we have witnessed this week are of people desperate to register. But what then?

Mr. Juncker thinks that under burden-sharing, the countries of the North of Europe will be happy to share the load. He seems astonished that the Northern countries now don’t want to play ball. But frankly that doesn’t matter in the EU; because of the Schengen Agreement there is nothing to stop people heading towards the richer North.

Indeed given Greece’s current financial plight, who can blame them for wanting to see these people leave their already impoverished country?

And so the Northern inwards migration continues, with the scenes at Calais no more than a symptom of a wider problem.

Thank goodness the United Kingdom did not join Schengen and is opted-out of the Common EU Asylum Policy. Despite those moves, businesses and people in Kent and elsewhere in the UK are already paying a heavy price for Juncker’s error.

More here.


The EU is the sick man of Europe.

collapsing EU

An era of obnoxiously arrogant, stubborn and truly boneheaded statist political leadership.

Is Italy the next Greece?

As the world watches Greece’s besieged leadership limp forward in a effort to push through reform and pay back some of the staggering debt, eyes flicker nervously in Italy’s direction. Megan Williams reports from Rome.

Just a few years ago, Italy’s own mammoth debt, stagnating economy and inability to cut the fat in its bloated public sector looked like they might tilt the country into depression and take the whole of Europe with it.

While the chorus of voices announcing doom – and investors betting against a turnaround – have largely dimmed, today, the eurozone’s third-biggest economy is still hunkered down, unsure of its future.

Recently, I bumped into a former neighbor in Rome who, with her sisters, runs an historic pasticceria or patisserie in the north of the city. She told me she was off to Greece for a short vacation, then back in Rome to work for the rest of the summer. A few years ago, she explained, the family ended the decades-long, sacrosanct Roman tradition of closing shop for the month of August.

“People just don’t go away in the summer anymore,” Cinzia said, “and with the economic crisis we can’t afford to lose customers by closing even for a week.”

Gone are the days when the pasticceria thrived thanks to a set of loyal customers spending freely on pastries and cakes for every special occasion. “With the recession, we’ve had to work hard to expand our customer base because everyone is very, very careful about how much they spend, selecting a few special items and making the rest at home.”

More here. H/T: Fjordman


I met him once, told him that the EU is democratic despotism, we need out of it, he replied that he was against joining the EU from the very beginning, he was and I wish him success in this latest move in getting Finland out of the Euro. (and hopefully out of the EU entirely).

NOTE: If you do not control your borders and currency (monetary policy), you’re not a sovereign nation. Here’s the initiative link left out of the YLE article.

MEP’s Eurozone citizens’ initiative gaining ground

Member of the European Parliament and long-time politician Paavo Väyrynen says he wants a citizens’ initiative to determine whether Finland wants to remain part of the Eurozone.

Paavo Väyrynen

Veteran politician Paavo Väyrynen, whose petition is gathering support and fast. Image: Mikko Stig / Lehtikuva

Finnish veteran politician Paavo Väyrynen of the Centre Party has established a citizens’ initiative petition calling for a referendum in Finland on the country remaining in the Eurozone, following the touch-and-go Grexit situation.

In a single day the petition has gathered more than 15,000 signatories who are all in favour of voting on whether Finland should retain the euro as its currency.

If Väyrynen’s appeal for a referendum gains at least 50,000 signatures, the motion would have to be addressed in Parliament under Finnish law. So far the only successful citizens’ initiative in Finland has been the same sex marriage act, which President Niinistö passed in February.

Väyrynen says that, based on his 15 years of political experience, Finland joining the euro was a mistake that must be corrected.

Sources Yle


Letting Greece join the Euro was an act of ideology trumping reality and reason. Continuing to bail it out was just more of the same.

greece euro exit


Another substantial strategic mistake was the initially almost uncontrolled flow of millions of immigrants into the EU. Many of these emigrated from anti-Semitic and non-democratic Muslim countries. Although many immigrants integrated successfully, the presence of millions of who remain unintegrated will continue to cause European countries problems for decades to come. The rise in Jihadism in the Middle East has already aggravated them further.


Manfred Gerstenfeld

Dr.Manfred GerstenfeldThe current Greek financial and social crisis is not only the result of poor management of many successive Greek governments. A huge contribution to this calamity has also been made by various decisions of the European Union. Like many major political upheavals around the world, this one as well has important lessons for Israel. The importance of the Greek crisis does not lie in whether or not it has an immediate impact on the Israeli reality, but rather what Israel can learn from it.

In Europe, most of the attention on the Greek crisis is placed on its financial aspects. Questions frequently heard are, “Will Greece have to leave the Euro?”, “What will be the financial impacts on the Euro”, and “How will it affect possible other aspects of the European Union?” The most recent agreement doesn’t change much of Greece’s structural problems.

This strong focus on financial issues is one-sided and short sighted. There are political aspects to this crisis which, in the long run, may become far more important. One only has to remember that at the Yalta conference of 1945, Stalin and Churchill discussed their spheres of interest in post-war Europe. Stalin agreed to British demands that while the Balkan countries would be in the Soviet Union’s control, Greece would almost entirely be in that of Great Britain.1

Chaos in Greece may have a tremendous political fallout. Increased Russian influence within the country could have a substantial nuisance value for the West. Chinese influence, admittedly less probable, might be even worse. For NATO, Greece is very important, and for many reasons. There is a major NATO naval base in Crete at Souda Bay, for example.2 Greece has not always been a friendly partner. In the 1980s then Prime Minister Andreas Papandreou stated that his foreign policy goal was his refusal to be a “client state of the West.”3

A foreign observer recently asked me whether it was conceivable that Greek terrorists would carry out attacks against the EU, whether in Brussels or elsewhere. I was initially taken aback by the question, but after giving it some thought, I answered that although highly unlikely, it was not totally inconceivable. The particularly dangerous Marxist-Leninist November 17 terrorist group for instance made 23 victims including Greeks as well as American, British, and Turkish diplomats during its activities from 1975-2002.4

I recalled the years when I worked in Greece at the end of the 1990s. I was then a strategic advisor to the president of one of the country’s largest corporations which were not under state control. As he frequently had time constraints, I accompanied him from time to time to the airport. We could thus have a quiet conversation in the car, a prestigious model of one of the luxury Italian car makers. I doubted whether there was any similar car in Athens. An armed bodyguard on a motorcycle rode ahead of us.

After we reached the airport, I would return to the company’s office in the same car. The bodyguard had no intention of accompanying me back to the office–he had been hired to guard the president and nobody else. During those rides, I would often muse that potential terrorists could not know that the person in the highly visible vehicle was not the company’s president but just me. It was an uncomfortable feeling, but part of my Greek reality at the time.

There are more practical considerations regarding the current Greek crisis. Israeli exports to the EU will be affected by a further decline in the Euro. There would be significant consequences, as the EU is Israel’s largest market abroad. There are also other far reaching considerations which have less to do with Greece’s internal problems and more with how the EU deals with such issues. From my frequent visits to Greece, fifteen or more years ago, it was clear to me that there were huge economic problems, including an overgrown and often incompetent bureaucracy. Its ranks were filled with supporters of the two parties which alternated in having political power: the socialist Pasok and the liberal New Democrats. As a foreigner I could not understand the details of the substantial corruption, but I could sense its impact.

Greece joined the EU in 1981.5 Over the years, the Brussels Eurocrats must have understood the country’s problems in far greater detail than an outsider like myself. They should have known that Greece was not a suitable candidate to join the Eurozone under any circumstances, and yet it happened in 2001.6 Had Greece kept the drachme as its currency, its structural problems would have gradually come to the surface over the years, but they would not have led to such a major calamity as is currently the case.

Letting Greece join was a sign of EU incompetence and of its irresponsibility. When the Greek crisis broke out, the EU focused mainly on the financial side of the problem, as if it was not accompanied by a social one. If the EU would have correctly analyzed the situation, they would have gradually eased Greece out of the Euro. The Eurozone members who lent money to keep Greece afloat were aware that the chances of being fully paid back were close to nothing. They knowingly fooled their own citizens, however, by claiming that there would be a return on their investment.

The Greek problem will not disappear easily. It is but one of a variety of huge strategic mistakes the EU has made. The creation of the Euro in a non-uniform economic system took away the major safety valve of devaluation from the weaker countries. Such a setup was only fine for countries such as Germany and the Netherlands, who had maintained a de facto fixed exchange rate between their pre-Euro currencies.

Continue Reading →


But will that stop the ruling political elite from enforcing its ideological agenda on the rest of us? No.

Yougov: Finnish public opinion hostile to Greek debt relief

According to an opinion poll by Yougov, Finns are more critical of Greece than people from five other European countries. The poll found that Finns were even more hostile than Germans to the idea of debt relief for Greece.

Mielenosoitus parlamenttitalon edustalla Ateenassa 10. heinäkuuta.
A demonstration outside the Greek parliament on 10 July. Image: Aris Messinis / AFP / Lehtikuva

As Europe decides on the fate of Greece over the weekend, a new poll from Yougov shows that the Finnish government has perhaps the trickiest balancing act in reconciling public opinion with any possible deal to provide debt relief for Greece.

Yougov interviewed 6,818 people, of whom 1,012 were Finnish, between 6 and 10 July. The survey therefore took place after the massive ‘no’ vote in last week’s referendum on the creditors’ now-withdrawn proposal.

Some 73 percent of Finnish respondents blamed the Greek government and its predecessors for Greece’s problems. That was more than in Denmark (where 70 percent primarily blamed Greek governments), Sweden (65 percent), Germany (59 percent), Britain (38 percent) and France (33 percent).

Hard line

Meanwhile 74 percent of Finns said that creditors should insist on the terms of the bailout as they were initially agreed, with just 14 percent advocating a reduction and renegotiation of Greece’s debt. That’s a higher percentage advocating intransigence than in Denmark (64 percent), Germany (61 percent), Sweden (53 percent), France (41 percent) or Britain (38 percent).

The poll comes as the Finnish government wrestles with the issue ahead of a crucial Eurogroup meeting in Brussels that will decide on whether to grant Athens an additional 50 billion euros in financing on condition of a total of 13 billion euros in austerity measures.

The package was approved by the Greek parliament on Friday night and will now go to be considered by the European governments to whom Greece owes money. Finland’s Grand Committee will discuss the matter and decide Finland’s line ahead of Saturday’s Eurogroup meeting, with Finance Minister Alexander Stubb present by teleconference as he will be en route to Brussels.

Rebellious Eurosceptics

Both the leftist-led government and the International Monetary Fund (IMF) are demanding that reference is made to debt relief for the new programme to be approved, as otherwise the country’s debt would, in their opinion, be unsustainable. That line differs from the EU Commission, the European Central Bank and the creditor EU governments, who have staunchly opposed debt relief for Greece.

The Finnish government is in a particularly tight spot, as all parties in the Finnish parliament except the Left Alliance have consistently opposed an increase in Finnish exposure to Greece or a debt write-off. Foreign Minister and leader of the Eurosceptic Finns Party Timo Soini reiterated that position this week ahead of the Greek proposals, saying that the bailout is a ‘ponzi scheme’ and promotes ‘moral hazard’.

He is facing a leadership challenge this August from an insurgent candidate who has promised he would advocate leaving the single currency and the EU. The Finns Party is the second largest in parliament, and at the last election secured 38 of the 200 seats in parliament on 17.7 percent of the vote.

The YouGov poll results can be read in full here.


So what will happen to those responsible for continuingly lying to the people? Nothing.

Finland’s lying (former) PM Jyrki Katainen:


Oopsy daisy!

eu super commish

“The realistic proposal from Greece will have to be matched by an equally realistic proposal on debt sustainability from the creditors,” said Donald Tusk, the European Council president.

This is the first time Europe’s institutions have acknowledged clearly that Greece’s public debt – 180pc of GDP – can never be repaid and that no lasting solution can be found until the boil is lanced.

More here.


Let it.

collapsing EU


“The European Project is begging to die” and a “new Berlin Wall…called the euro” is dividing the continent Nigel Farage told the European Parliament this morning. He was speaking directly after Greek Prime Minister Alexis Tsipras, whom he praised as “very brave” for calling a referendum – said “there were threats and bullying but the Greeks stood firm.”

Flanked by colleagues displaying Greek ‘No’ placards, Farage reiterated his long held belief: “If you try to force together different people and different economies without first seeking the consent of those people it is unlikely to work.”

He said Greece should never have joined the single currency and bemoaned “the big banks, big business and big politics [who] forced you in,” adding “they were all very happy when the bailouts began. They weren’t for the Greek people, those bailouts were for French, German and Italian banks.”

More here.


A self made Greek tragedy.

“This is a moral hazard and a pyramid scheme that will continue as long as the milkmaid has a cash cow to milk,” said the Foreign Minister.

FM Soini: Greek bailout policy a moral hazard and a pyramid scheme

Finland’s Foreign Minister Timo Soini told Yle late Monday that Greece is insolvent, but won’t admit it.

Timo Soini
Foreign Minister Timo Soini. Image: Vesa Moilanen / Lehtikuva

In an Yle TV interview late Monday, Foreign Minister Timo Soini said that in practice, Greece is now insolvent.

“My bet is that actually Greece is insolvent, but won’t admit it and say it out loud. Greece can even go bankrupt and still stay in the eurozone,” he told Yle.

Soini went on to express the view that Greek bailout policy poses a moral hazard.

“This is a moral hazard and a pyramid scheme that will continue as long as the milkmaid has a cash cow to milk,” said the Foreign Minister.

He did not, however, rule out the possibility of continuing negotiations with Greece.

Parody, comedy, tragedy

According to Soini, the Greek economic crisis is simultaneously a parody, a comedy and a tragedy where anything is possible.

“Usually someone in debt does not set conditions, but rather pays his debt, so this arrangement is a bit upside-down,” said Soini, adding that it cannot be allowed to happen that European taxpayers foot the bill for what he called “the Syriza party’s unrealistic election promises”.

The Finnish Foreign Minister described the situation for Greece as “very difficult”.

“Greece is running out of money. Not even the European Central Bank can finance this kind of thing to the ends of the earth, because money does not appear out of thin air.”

Soini said that the some 7 billion euros that Greece turned down last week could still be paid out since it is part of a loan package that was already approved, and not new financing.

In contrast, the Finnish Foreign Minister is not warming towards the idea of a third package of supports for Greece.

“It is quite clear under the government programme that Finland’s responsibility cannot be allowed to grow and what would that be other than increased responsibility? This is Finland’s position, fixed in the government’s programme and I would be truly amazed is the government does not hold to its own programme,” stated Foreign Minister Soini.


Wish we could have voted in a referendum to say no to bailing them out.

But in crony EU land, were decsion making is behind steel doors and law is arbitrary, the tax payer is but a cash cow in a barn stall anchored by a myriad of chains that the self deemed elite have forged for us.

(Here’s something that they knew just four years ago):

Greece Was Lying About Its Budget Numbers…….(to get in the UE)

”I don’t think this is any great surprise to anyone any more, that Greece was lying about its budget numbers for years. First to get into the euro, then to cover up the damage it was having and more recently to avoid the difficult questions of what should be done about it. However, Tim Harford has an interesting piece on how we can show this to be true, using Benford’s Law:

Now four researchers have published a paper using Benford’s Law to examine Greek macroeconomic data….(…)..
Which brings us back to the data Greece submitted to the European statistics agency. According to Rauch and his colleagues, Greek data are further from the Benford distribution than that of any other European Union member state. Romania, Latvia and Belgium also have abnormally distributed data, while Portugal, Italy and Spain have a clean bill of health.

greece euro exit


ATHENS, Greece (AP) — Greeks awoke Monday to the stark reality of the country’s accelerating crisis – shuttered banks and ATMs with little cash – hours after they voted resoundingly to reject more austerity measures in exchange for another bailout.

The results – 61 percent voted “no,” compared with 39 percent for “yes” – left the bankrupt country’s future in the European Union and its euro currency uncertain.

The margin of victory for “no” was far wider than expected. But as celebrations died down early Monday, Greece entered a second week of severe restrictions on financial transactions and faced the prospect of even limited amounts of cash drying out, with no prospect of an immediate infusion. Greece imposed the restrictions to stem a bank run after the vote was called and its bailout program expired.

Besieged by a prolonged recession, high unemployment and banks dangerously low on capital, Greece defaulted on an International Monetary Fund loan repayment last week, becoming the first developed nation to do so. Now some analysts wonder if Greece is so starved of cash that it could be forced to start issuing its own currency and become the first country to leave the 19-member eurozone, established in 1999.

More here

NOTE: And the political jackasses who lied to get at our money to bail out the Greeks, well, they’ve moved on to lucrative positions elsewhere while we have to handle their mess.

Former Finnish PM Jyrki Katainen….


Former Finnish EU Commissioner for Economic and Monetary Affairs and the Euro, Olli Rehn…..



Let the entire system emplode and return back to national currencies and sovereignty.

Mr.Know-it-all, former Finnish PM, Jyrki Katainen not available for comment.

eu super commish

greece euro exit

Greece: A week with no banks

Greece is on the edge of the economic abyss. As capital controls are rolled out the country’s banks will remain closed for at least a week. DW’s Jannis Papadimitriou reports from Athens.

Queue in front of a Greek bank

Although the finer details remain unknown, money transfers are currently restricted to European countries, and even domestically, companies are only allowed to withdraw larger amounts of cash with prior approval. According to a number of concurring Greek media reports, however, Greek ATMs will reopen from Tuesday, but with withdrawals capped to a daily limit of 60 euros ($66). On the same day, Greece’s current bailout package is due to expire, with fresh billions for a rescue nowhere in sight.

Last month alone, Greeks withdrew more than 3.5 million euros from their bank accounts. Throughout June, the trend has relentlessly continued.

“In the end, capital restrictions were unavoidable,” said Michael Glezakos, professor of fiscal policy at the University of Piraeus, in an interview with the Greek television channel Skai.



I hope the whole Euro enterprise collapses.

collapsing EU

EU Prepares for Worst as Greece Drives Finances to Brink

Prime Minister Alexis Tsipras is sending a delegation to Brussels with a new set of proposals for Greece’s creditors following a barrage of demands to get serious about making concessions or assume responsibility for a default.

With markets closed, the negotiators arrive Saturday to meet with officials from the trio of lenders withholding money unless their demands are met. The aim is to narrow differences on pension, tax and a primary surplus target ahead of a meeting of finance ministers on Thursday in Luxembourg, according to a Greek official speaking on condition of anonymity.

European leaders from German Chancellor Angela Merkel to European Union President Donald Tusk have voiced growing exasperation with Greece’s brinkmanship that has pushed Europe’s most-indebted country on the edge of insolvency.

Flitting between intransigence and conciliatory overtures, Tsipras has spent four months locked in an impasse with institutions that have the power to save his country from ruin – – the International Monetary Fund, the European Central Bank and the European Commission. The latest Greek counter-proposal is the second in June. The first was roundly dismissed.

More here.


Not to worry, the hack bureaucrats in the EU will think of yet another way to screw the taxpayer and call it by another name.

greece euro exit

Greece ‘cannot afford IMF repayment’ in June – minister

  • 24 May 2015
  • From the section

Greece cannot make a repayment to the International Monetary Fund (IMF) due on 5 June as it does not have the money, the interior minister says.

“The four instalments for the IMF in June are €1.6bn, this money will not be given and is not there to be given,” Nikos Voutsis told Greek TV.

Greece has to come to a deal with the IMF and EU to secure the final tranche of its bailout from the institutions.

The finance minister meanwhile told the BBC that progress was being made.

‘Do their bit’

Yanis Varoufakis said Greece had worked hard to meet its end of the deal with its lenders, and that now it was up to the international institutions to reciprocate.

“Greece has made enormous strides at reaching a deal,” he told the Andrew Marr Show.

“It is now up to institutions to do their bit. We have met them three-quarters of the way, they need to meet us one-quarter of the way.”

More here.


Making an offer Europe can’t refuse.

epic fail Europe

But wait, they’re pretty much doing that already! Europe is flooded with illegals and asylum seekers who first reached the shores of Greece, but this definitely ups the ante. ”Continue funding our bloated public sector or pay an even higher consequence.”

Greece’s defence minister threatens to send migrants including jihadists to Western Europe

Panos Kammenos, Greece’s defence minister, threatens to open country’s borders to refugees – including potential members of Islamic State of Iraq and the Levant (Isil) – unless Athens receives debt crisis support.

Panos Kamenos, leader of the Independent Greeks party and defense minister of the coalition government

Panos Kamenos, leader of the Independent Greeks party and defense minister of the coalition government Photo: Louisa Gouliamaki/AFP/Getty Images

Greece will unleash a “wave of millions of economic migrants” and jihadists on Europe unless the eurozone backs down on austerity demands, the country’s defence and foreign ministers have threatened.

The threat comes as Greece struggles to convince the eurozone and International Monetery Fund to continue payments on a £172billion bailout of Greek finances.

Without the funding, Greece will go bust later this month forcing the recession-ravaged and highly indebted country out of the EU’s single currency.

Greece’s border with Turkey is the EU’s frontline against illegal immigration and European measures to stop extremists travelling to and from Islamic State of Iraq and the Levant (Isil) bases in Syria and Iraq.

Panos Kammenos, the Greek defence minister, warned that if the eurozone allowed Greece to go bust it would give EU travel papers to illegal immigrants crossing its borders or to the 10,000 currently held in detention centres.

“If they deal a blow to Greece, then they should know the the migrants will get papers to go to Berlin,” he said.

“If Europe leaves us in the crisis, we will flood it with migrants, and it will be even worse for Berlin if in that wave of millions of economic migrants there will be some jihadists of the Islamic State too.”

Mr Kammenos, who is the leader of the Right-wing Independent Greeks party which is in coalition with Greece’s ruling far-Left Syriza government, said that the EU’s passport free “Schengen” travel zone left the eurozone vulnerable.

“If they strike us, we will strike them. We will give to migrants from everywhere the documents they need to travel in the Schengen area, so that the human wave could go straight to Berlin,” he said.

More here.


The EU itself was a bad idea from the start.

collapsing EU

Europe, that only just recently (in terms of European history) ended its swooning for Nazi/Commie statism, designed the EU, which became a magnate and a refuge for leftist despots, miscreants and malcontent, providing them with the opportunity to inflict even more control upon the people of Europe, than the Nazis and Communists themselves ever dreamed possible. And all in the name of the ambiguous and disingenuous label of ”democracy”.

[A leading German economist has urged Athens to scrap its bailout deal and stop using the euro as lawmakers in Berlin gear up for a vote later this week aimed at keeping Greece in the common currency bloc.]

The Euro Was a Bad Idea From the Start

The Euro Was a Bad Idea From the Start

After frantic eleventh-hour negotiations and continent-wide hand-wringing, eurozone authorities and Greece’s new left-wing government have reached a deal. If you’re surprised, you shouldn’t be. A deal was in the cards from the beginning for one simple reason: Ultimately, neither the Greek government nor Germany and other euro member states could risk triggering a financial crisis by cutting off Greek banks.

Financial stability in the 19-country currency area has been preserved — at least for now. But patching up the situation has not removed the key question of where to go from here. There is a lot of “austerity fatigue” in Europe right now. That’s understandable, but it shouldn’t be allowed to distort the debate and allow Europe to dodge the much-needed thorough assessment of the entire euro project: Does it still make sense, given its constraints and limits? What should be the way forward? And was it even a good idea to begin with?

Europe’s monetary union has been based on bad economics from the start. As German economist Rudiger Dornbusch wrote in Foreign Affairs in 1996, “If there was ever a bad idea, EMU is it.” The eurozone does not have the features of what economists call an “optimal currency area.” According to the standard definition, an optimal currency area is characterized by perfect labor mobility, perfect wage flexibility, and a risk-sharing system, such as fiscal transfers when a region — or a member country — is affected by an economic or financial shock.

More here. H/T: Fjordman


Ideology over reality.

This is how Europe’s leaders show their contempt for the average citizen.

collapsing EU

In other words, regardless of the fact that the Lisbon Treaty/EU constitution says that no member state is responsible for the debts of another, and that Greece refuses to accept the EU’s cockamamie deal (that will never work), Greece is to stay within the euro though it will come at the taxpayers’ extra expense (who are already bearing an incredible burden).

Greece has to stay in the eurozone: Hollande

Greece has to stay in the eurozone: Hollande

François Hollande and Greece’s Alexis Tsipras cosy up in Paris. But will Merkel come between them. Photo: AFP

Published: 20 Feb 2015 15:48 GMT+01:00

French President Francois Hollande stressed on Friday that crisis-hit Greece should stay in the 19-nation eurozone, ahead of a crunch meeting in Brussels on the issue.

“Greece is in the eurozone. Greece has to stay in the eurozone,” said Hollande following talks with German Chancellor Angela Merkel.

Merkel said the German position “since the beginning of the Greek programme” had been that Greece remain in the bloc and added that Berlin “would do everything to continue along this path.”

“Today’s Eurogroup (meeting of eurozone finance ministers) is the beginning of a phase of intensive work,” said Merkel.

“There are still a lot of technical questions to solve, a lot of decision to be taken. I don’t want to get into the details, it will be the finance ministers who will deal with the detail today,” added the chancellor.

She called for an “improvement” in the Greek proposals, pointing out that the Bundestag lower house of parliament would next week vote on the Greece programme.

Hollande for his part said he knew of “no scenario today” that would lead to Greece being catapulted out of the bloc.

“We have the responsability to make sure that the commitments are respected and, at the same time, that the vote of the Greeks is heard,” added Hollande.

More here.


The Greeks say kiss off to EU strings attached.

And all that taxpayer money illegally given to the Greek government by the EU elite in supposed loans designed with a Rube Goldberg scheme to pay it all back if the planets line up and no one hiccups? Well you can kiss all of that goodbye.

NOTE: In a normal functioning representative democracy, cranks and hacks like Finland’s Olli Rehn would be serving hard time in prison for bilking public funds.

Greek election upset ripples reach Vienna

Greek election upset ripples reach Vienna

Greek elections in 2014. File photo: Ververidis Vasilis / Shutterstock

Published: 26 Jan 2015 01:29 GMT+01:00

The weekend’s result in Athens was an historical win for Syriza, Greece’s anti-austerity, leftist party on Sunday night which means all bets are off. Alexis Tsipras, the leader of what has been described as representing the radical left in mid-crisis Greece has been hailed as the unquestionable winner of the weekend’s election, despite an ongoing question about whether or not full autonomy has been won.  The current status gives the party 36.5 percent of the overall vote with 149 to 151 seats in the Greek Parliament.

The fear remains that, despite being the undisputed winner of this election, Syriza may fall short of the 150 seats that are needed for autonomy. It is estimated to be a thriller until Monday morning. If they fall short, then the only way they can govern is to form a coalition with one of the smaller parties.

Nevertheless, Syriza’s victory is very clear cut, and if Tsipras is able to build a workable coalition, it will make him at 40 one of the youngest Greek prime ministers of the past 50 years.

“The verdict of the Greek people ends, beyond any doubt, the vicious circle of austerity in our country,” Tsipras said. “The verdict of the Greek people, your verdict, annuls today in an indisputable fashion the bailout agreements of austerity and disaster. The verdict of the Greek people renders the troika a thing of the past for our common European framework” said Tsipras, addressing the crowd after his victory.

More here.


Lets hope it ends soon enough. collapsing EU

What the Finnish political elite (consensus driven) and its lap-dog media refuse to publish, let alone investigate. They simply refuse to be EU (and UN) critical. Having ”their guy”, Olli Rehn, (prime candidate for an orange jumpsuit) at the helm of one commission after the other, is a sense of pride, even if the doofus has been responsible for one economic disaster after the other.

Finns: He (Olli Rehn) may be a disaster, but he’s our home boy!


I am occasionally asked for news of my former sparring partner, Amadeu Altafaj Tardio, the European Commission official who is perhaps better known to some viewers of Newsnight as “the idiot in Brussels”.

BBC viewers will be happy to hear that Mr Altafaj Tardio has prospered in the two years since I repeatedly insulted him on the airwaves, leading to him dramatically stripping off his microphone and marching out of the studio (a Newsnight producer frog-marched me out very shortly afterwards).

Mr Altafaj Tardio is no longer a mere Brussels media spokesman. Today he wields real power as deputy chef de cabinet for Olli Rehn, a vice-president of the European Commission and European Commissioner for Economic and Monetary Affairs.

I am told that Mr Altafaj Tardio is well regarded and that further promotions may beckon. He is paid a salary of an estimated €140,000 a year, doubtless along with generous allowances. And there is no danger at all that next month’s European elections will cause him to be thrown out of his job. In short, Mr Altafaj Tardio is one of the many people in Brussels who hold power, but are in no meaningful way accountable for the appalling social and economic degradation that has been inflicted across much of southern Europe over the past few years.

In addition, I am occasionally asked a second question about Mr Altafaj Tardio: do I regret calling him an idiot live on air? In retrospect, I think I probably do. To call somebody an idiot is to imply that they are in some way mentally incapable, and therefore not morally responsible for their actions. I have received several assurances from interested parties that Mr Altafaj Tardio is an intelligent and well-educated man. It is therefore reasonable to assume that he understands precisely what he is doing – and the terrible damage he is causing – yet carries on regardless.

More here H/T: Gaia



The big crash is coming.

US ‘stimulus’ spending wasted billions of taxpayer money that could have otherwise gone into wealth creation in the private sector. So I am a bit at odds with some of the points raised in this article. That said, Europe has only compounded its mistakes, something that the Democrats are racing to imitate.


Margaret Thatcher famously commented on the European welfare state spending, “The problem with socialism is that eventually you run out of other people’s money” to spend.

European elites are panicking over a report in the Financial Times of London titled “Data Deepen Eurozone Deflation Fears.” With government spending at 50% of the gross domestic product, the 28 countries of the European Union have pursued economic policies that generate inflation to spike tax collections by pushing their citizens into higher progressive tax brackets. Having stifled economic growth and used inflation to tax away prosperity, European elites should panic.

Both Europe and America cranked up government spending and intrusion into their private sector economies to supposedly cushion the Great Recession’s misery and stimulate growth. Both modestly increased unemployment and welfare payments to individuals. However, whereas most of the European stimulus cash simply expanded government ministries, in the U.S. the money was contracted out to the private sector.

More here.



The evil one speaks.


The point of interest for me is that Soros predicts a rebound for Greece, ”I can testify from personal experience that investors would flock to Greece once the debt overhang is removed.” But remember folks, taxpayers all around Europe stand to be the big losers, not Soros.

NOTE: It’s galling to know that our politicians who engineered the bailouts will never be held accountable once the money is officially lost for good.

soros- greece can never pay back its debt 8.10.2013

Should Greece have a large part of its debt waived? Absolutely, says George Soros, otherwise the country will never recover. The billionaire investor also warns about the rise of extremist parties if Germany does not change its policies towards Europe.

Legendary US investor George Soros has called for comprehensive debt relief for Greece. “Everyone knows that it can never pay back its debt,” he said in an interview with SPIEGEL ONLINE. Greece is close to a primary budget surplus after a lot of pain and suffering, says Soros, whose speculation against the pound forced the UK to withdraw from the Exchange Rate Mechanism in 1992.

“If the official sector could forgo repayment as long asGreece meets the conditions imposed by the troika [of the International Monetary Fund (IMF), European Central Bank (ECB) and European Commission],” Soros added, “private capital would return and Greece could rapidly recover. I can testify from personal experience that investors would flock to Greece once the debt overhang is removed.”

More here.


collapsing EU