EU’s arrogant plan to break defiance in Italy is a dangerous game

After Eurosceptic parties Lega and Five Star Movement thwarted the atempt of pro – EU president Matarella to overturn the democratic vote and prevent the Eurosceptic coalition from forming a government, the EU, showing its usual comtempt for democracy and the welfare of the people has decided to punish the nation and its people, in similar ways to those used to punish Greece, Portugal and Ireland when the diktat of Brussels was defied. The result is Italy no longer has a lender of last resort ready to buy up its sovereign debt, and therefore has no last line of defence for its always dodgy commercial banking system.

As long as Italians remain defiant and refuse to accept a government of EU approved bureaucratic appointees, The European Central Bank will progressively removing its shield as quantitative easing is wound down and purchases of Italian bonds fall to zero. There will be no protection by the end of the year. The Draghi pledge to do “whatever it takes” to prop up Italy’s membership of the single currency system no longer holds.

No ECB rescue will be possible unless the Italian parliament formally authorises the government to invoke the EU /IMF bail-out mechanisms (OMT-ESM) and accepts austerity imposed by Brussels. This would amount to a “Troika” regime similar to the one that wreaked havoc on society in Greece in order to protect the interests of European .

The bail out funds would then have to be approved by a vote in the German Bundestag and the Dutch Tweede Kamer. The terms they would impose on Italy would effectively put that nation under German occupation. An Italian government would not be able to act without permission from Berlin. It is inconceivable that either Lega nationalists and Five Star Eurosceptics would accept such an arrangement. Some of them would see it as a tactical opportunity to free their country from the “German cage” of monetary union.

President Sergio Mattarella may be a man of Virtù but he is also an unelected placeman of the old “casta”. Should he try to deliver Italy to EU budget commissars through a technical government, in defiance of his own parliament, he risks a dangerous breakdown of civil order.

What the EU are overlooking is that Italy, with a population of almost sisty million and the eighth largest economy in the world, might not accept being bullied as Ireland, Portugal and Greece with their small populations and weak economies had to. They are making the same mistake with Britain, and despite the best efforts of Theresa (the appeaser) May to yield to all their demands are making a civilised process leading to Btitain’s exit from the Union impossible.

Europe has gone back to the ridiculous circumstances of the 2011 crisis when Brussels prioritised saving the failinjg single currency over the economic interests of membr states and a Eurozone member state could lose access to the capital markets and slide into bankruptcy, like any private company, or the City of Detroit, or Orange County (1994).

Italy however, despite its perpetual political and financial chaos chaos, is not a poor nation. The country does not have a debt problem as such. While public liabilities (sovereign debt etc.) are high at 132pc of GDP, private liabilities are low. The Bank of International Settlements estimates that total (core) debt is 263pc of GDP, compared to 290pc in the Netherlands, 303pc in France, 321pc in Portugal, and 338pc in Belgium.

Italians have greater financial wealth per capita than the Germans. They have €1 trillion in bank accounts and $3 trillion in liquid assets. The country has a current account surplus of 2.6pc of GDP. It has a primary budget surplus of 1.7pc of GDP, and a better fiscal record lately than France or Spain.

It is rich but it has become trapped in a “bad equilibrium” with an overvalued intra-EMU exchange rate, as a direct result of being forced to accept the Euro single currency twenty years ago, when although it did not meet the qualifying standards set by the EU itself, it was admitted thanks to creative accounting because the project was never about economic stability, but was seen a major step towards political union and a European Superstate.

<!– Source: Restricting QE to break rebel defiance in Italy is a dangerous game –>

RELATED POSTS:

Italy’s EU Appointed Government Hits First Obstacle As Lega & 5Star Force New Elections
Having plunged Italy and the EU into crisis by blocking the formation of a Eurosceptic coalition government, President Sergio Mattarella met 64-year-old former-IMF official Carlo Cottarelli to discuss the list of technocrats Cottarelli wanted to form the cabinet of his uelectected, pro EU government. It was expected just 12 bureaucrats, without party affiliations, would make up the new government for the nation of 60 million people.

Italian Political Chaos Resurfaces After Five Star Calls For Fresh Elections
Earlier today Italian newspaper La Republica reported that nearly two months after a the near wipe – out of pro – EU establishment parties in the March 4 elections the Euroskeptic Five Star and League parties which between them won a majority of the vote, but not quite enough seats in the national assembly to …

Italy To Become The Hub Of The EU’s Change Or Die Dilemma
The Eurosceptic, populist coalition that won the right to form a new government in Italy, Five Star Movement and Lega have agreed their government. The legislative program is very independent and nationalistics And the bureaucrats in Brussels hate it. At the moment Brussels is trying to scare the outsiders now in charge in Italy,

Italian Populists Launch Coalition To ‘Pierce Brussels Through The Heart’
The two Eurosceptic parties that made the biggest gains in March’s Italian election, populist Five-Star Movement (M5S) and the anti-mass migration League (Lega) have reached a compromise over their main policy differences and are ready to propose a prime minister and a programme of government to the Italian president according to Italian news reports

Italian Elections: It is the EU, Not Russia, Who is the Meddler
The harder the EU tries to impose its globalist agenda on people in some of its member states, the less willing they will be to toe Brussels’ line, Italian journalist Marco Fontana commented on Sunday’s election. “There is a great deal of outside meddling in Italian politics, but it is coming from EU leaders, like Jean-Claude Juncker, rather than the imaginary “troll factory” in St. Petersburg,” Fontana remarked.

The EU can go and F*** itself!’ Politician’s Outburst Rallies Support In Italy
The leader of the Lega party, formerly known as Lega Nord, Matteo Salvini claimed the European Union should stop interfering with Italian politics as the measures taken by the bloc have crippled the Italian economy for the past 15 years.
Mr Salvini is the frontrunner in the upcoming Italian general election as Italy’s next Prime Minister.

Quitaly Begins: Italy referendum: ‘People don’t trust establishment, want big changes’
The defeat of Italian Prime Minister Renzi’s in Sunday’s referendum on constitutional reform, though not a surprise in the way that Brexit and Donald Trump’s win in the US Presidential election, show that people are not happy with their government’s performance, don’t trust the elite and want more radical reforms, says Italian journalist …

Italeave or Quitaly – Italy News To Exit EU?
Since the shock of Britain voting for ‘Brexit’ in 2016 this blog has been speculating on which EU nation would next quit the former free trade association that is being driven towards becoming a single political enity, a Federal superstate, Our money has always been on Italy although we hedged our bet with a wager on Hungary. And it’s starting to look as if we were correct.

Advertisements

China’s Oil Futures Market Gains Momentum

“WTF has China’s new oil futures market to do with us Minds punters?” you might well ask.

It is in fact going to affect us all not just commodities traders, oil speculators and hedge fund managers. The thing is the Chinese (and their BFFs The Russians and Iranians did not just set up this venture because they fancied dabbling in the oil trade.

The launch of the gold backed Petroyouan on the Shanghai financial markets is the culmination of several years manoeuvreing by China and its allies to create a rival trading system to the Petrodollar which has dominated international trade for over forty years. I reported on the news HERE and in several other posts.

Few people are aware of how reliant the US economy has become on the position of the US$ as the global reserve currency. This is because mainstream media never reports on it and TV pundits dare not mention it for fear of losing their lucrative gigs as talking heads on TV. I have talked about it since the very beginning, when Saddam Hussein decided he didn’t need the Petrodollar, modern technology could trade his oil for any currency he fancied. And we all know what happened to him.

Nothing will change overnight, or next month or for several months, but gradually we will see a further shift of economic power from west to east. And that will affect prices, jobs, our standards of living and much more

RELATED POSTS:

Currency Wars

De – dollarization Moves Ahead – Once Again We Told You So

G77 Nations vow to destroy petrodollar and America’s New World Order

Petrodollar Alert: Putin Prepares To Announce ‘Holy Grail’ Gas Deal With China

Petro-yuan: China To Launch Renminbi As Reserve Currency & Take Down Petro-dollar

China’s launch of a Yuan-backed oil futures market could shatter the US dollar dominance of the crude oil market, a goal China and Russia, with support from, Iran, have been working towards for at least five years. The US dollar will not give up the top spot easily however so we can expect interesting times ahead for business and trade.

The long awaited yuan-backed crude oil futures market was launched at the end of last month in Shanghai. China is the world’s biggest oil consumer, with eyes on rival benchmarks Brent and WTI as well as the US currency. Beijing sees the US dollar dominated oil market as standing in the way of it’s becoming the world’s largest economy.

Trading of the new oil futures contracts for September settlement started on the Shanghai International Energy Exchange at 440.20 yuan ($69.70) per barrel, reports Chinese daily the South China Morning Post. Some 18,540 lots have reportedly been sold and purchased so far.

“The question number one is whether China will be able to make the oil market its demand market, and not the oil supply market traded in dollars, which it is now,” Vladimir Rozhankovsky, Global FX Investment analyst comented, according to geopolitics.co. China has recently overtaken the US as the world’s number one oil buyer.

If the world trade enters into a death spiral of reciprocal economic sanctions, keeping oil trade in dollars will be a matter of strategic importance, or a matter of survival for the US,” the analyst added, referring to the recent spate of tit for tat export tariffs imposed by China and the USA.

As a result of these, Washington can deliberately undermine the image of the petro-yuan by attacking Chinese stock, which could result in the devaluation of the yuan, making Chinese oil futures less attractive, Rozhankovsky said. However, the US has some major disadvantages on which the petro-yuan can capitalize. First, the US dollar is still overvalued in currency markets, making domestic oil production very expensive. Second, while Russia and Iran have overland pipelines, the United States does not have transatlantic pipelines to its major markeys in Europe, and tankers are costly and highly risky, the analyst added.

“The trade war between the US and China has already begun. China has plans to promote the renminbi as a reserve currency and there is no better move than to purchase raw materials in its national currency. It can save money on the currency conversion and become less dependent on the US dollar,” Stanislav Werner, head of the analytical department of Dominion, commented in whatreallyhappened.com

Werner notes that the oil market is worth $14 trillion at the moment, and is bigger than the Chinese economy. “The first trading sessions were volatile, but this is a typical story for new financial instruments. The US has a serious reason to get nervous, because in many ways the hegemony of the US dollar came from oil trading in dollars,” he said.

Mainstream Media Reports Truth: West No Match For Russian Military Hardware
Merkel Declares War On “Fake News” EU Brands Russia Today, Sputnik “Dangerous Propaganda”
China launches global yuan payment system
China’s Central Bank has started a global payment system which provides cross-border transactions in yuan. The China International Payment System (CIPS) intends to internationalize the yuan and challenge the US dollar’s dominance.

Washington is pushing Kiev to military solution of Donbass conflict
The US is inciting Kiev to end the crisis in eastern Ukraine by force, said the Russian foreign minister citing US support of the recent Ukrainian law on the special self-governing status of Donbass, which Moscow says undermines the Minsk-2 deal.

The Imperatives Behind The New cold War
The ‘new Cold War,’ against Russia, is something of a misnomer, because it differs from the original version, against the U.S.S.R., in that it’s already a hot war, which started in Ukraine as being the key proxy-state for the American Government’s chief foreign-policy aim, of defeating Russia.

The world is dumping the American dollar
Fears for the future of the US dollar
Iran, oil and the US dollar
Obama and Kerry warmongering is about saving the dollar
Collapse of the petrodollar imminent
Obama goes head to head with Russia over the Petrodollar
India and Turkey latest sign – ups to dump the dollar club
Russia, Ukraine and the Petrodollar
American dollar dumped?
America’s global hegemony broken?
America’s true debt disaster
Is the USA leading the collapse of the global economy
How the Wall Street Bankers have rigged markets
A conspiracy of Bankers
Debt: The Quadrillion Dollar conspiracy
The dollar ponzi scheme keeps US economy afloat
Why printing money has failed the western economies
Imminent collapse of the petrodollar
Russia and China make war on petrodollar while Obama vacillates
Russia and China sign up Turkey and India to moves against dollar

Sweden’s Rebels Against Cashless Society Push: “We Have No Weapon Fight Back…If Putin Invades”

cashless

This omnibus page is about documenting the global elite’s “War On Cash” (yes that is a bit over dramatic and click – baity, but we have to compete for attention,) which is not about making life better for the masses as we are told it is, but about enabling government agencies to increase their ability to extend surveillance of all our activities. One of the topic we have previously looked at several times is the rapid rise of Sweden’s cashless society, where a natuarally conformist mindset among the people has made them all too ready to accept  that cashless was the progressive, liberal way forward and cooperate with the authoritarian left wing  government’s demands for ever greater control over  people’s money and private lives. The myth that digital is safer. combined with the ‘ease-of-use’ narrative has left many stores no longer accepting cash at all  and even sparked anxiety among Swedish authorities  that:

“If this development with cash disappearing happens too fast, it can be difficult to maintain the infrastructure” for handling cash.

Last year, the amount of cash in circulation in Sweden dropped to the lowest level since 1990 and is more than 40 percent below its 2007 peak. The declines in 2016 and 2017 were the biggest on record.

But the pace at which cash is vanishing has authorities worried.

“One may get into a negative spiral which can threaten the cash infrastructure,” Mats Dillen, the head of the parliamentary review, said.

“It’s those types of issues we are looking more closely at.”

Riksbank Governor Stefan Ingves has said Sweden should consider forcing banks to provide cash to customers. It seems that a few people at least are waking up to how easy it is for tech – savvy crooks to steal or scam money form inexpert users of online systems. Surprisingly it is the left that are showing most convern, The Guardian reports, a small but growing number of Swedes anxious about their country’s rush to embrace a cash-free society.

While many large western nations have that nagging doubt in the back of their mind that government may not be all-virtuous, naive, gullible, brainwashed  Swedes – until now – have not…

The Swedish government is a rather nice one, we have been lucky enough to have mostly nice ones for the past 100 years,” says Christian Engström, a former MEP for the Pirate Party and an early opponent of the cashless economy.

In other countries there is much more awareness that you cannot trust the government all the time. In Sweden it is hard to get people mobilised.

…but there are signs this might be changing. Following discussions by the country’s central bank, concerns about a cash-free society have emerged into the mainstream, says Björn Eriksson, 72, a former national police commissioner and the leader of a group called the Cash Rebellion, or Kontantupproret.

The Guardian report continues, “until now, Kontantupproret has been dismissed as the voice of the elderly and the technologically backward, Eriksson says.”

“When you have a fully digital system you have no weapon to defend yourself if someone turns it off,” he says.

“If Putin invades Gotland [Sweden’s largest island] it will be enough for him to turn off the payments system. No other country would even think about taking these sorts of risks, they would demand some sort of analogue system.”

In this sense, Sweden is far from its famous concept of lagom – “just the right amount” – but instead is “100% extreme”, Eriksson says, by investing so much faith in the banks.

“This is a political question. We are leaving these decisions to four major banks who form a monopoly in Sweden.”

The best case scenario is that we are not as secure as we think, Mattias Skarec, 29, a digital security consultant, says – the worst is that IT infrastructure is systemically vulnerable.

“We are lucky that the people who know how to hack into them are on the good side, for now,” he says. “But we don’t know how things will progress. It’s not that easy to attack devices today, but maybe it will become easier to do so in the future.”

The Pirate Party – which made its name in Sweden for its opposition to state and private sector surveillance – welcomes a higher political profile for these issues, according to The Guardian. Look at Ireland, Christian Engström says, where abortion is illegal. It is much easier for authorities to identify Irish women who have had an abortion if the state can track all digital financial transactions, he says. And while Sweden’s government might be relatively benign, a quick look at Europe suggests there is no guarantee how things might develop in the future.

“If you have control of the servers belonging to Visa or MasterCard, you have control of Sweden,” Engström says.

“In the meantime, we will have to keep giving our money to the banks, and hope they don’t go bankrupt – or bananas.”

Bananas indeed. And there you have our reasons for having always opposed the idea that cashless is the way forward. Like most ‘progressive’ ideas the policy is politically motivated and has the aim of curtailing individual freedom and extending government control. Consider this: a few years ago, with Quantitative Easing (QE) having failed to lift the western economies out of the doldrums following the 2008 crisis, bankers, politicians and economists seriously discussed the idea of levying a charge on savings and deposits held by banks for individuals.

The result, in those nations most at risk, was a rush to withdraw savings. It was after that exercise the push to go cashless intensified. Why? Simples: if the banks hold all your wealth in digital form, you can’t withdraw it and stash it under the floorboards, in the mattress or buy jewellery and valuables to protect your wealth.

Trump catches attention of CFR, Bilderberg, Trilateral

Donald Trump is portrayed as a clown by mainstream media and his combover is the silliest I have ever seen. Still, he’s a billionaie so I don’t suppose he gives a flying fuck what The Daily Stirrer thinks of him. Not that we think he is all bad, anyone who attacks Obama’s global naziism trade deals, TTIP and TPP mush have some good points.

Greece draws up drachma plans, prepares to miss IMF payment
Greece is preparing plans to nationalise the country’s banking system and introduce a parallel coupon currency so that citizens can carry on their day to day activities in the event of the Eurozone taking steps to defuse the simmering debt crisis. Sources in the governing Syriza party said the government may be forced to take the unprecedented and high risk step of missing a payment to the International Monetary Fund (IMF) as early as next week.

New Global Crisis Imminent, New Geneva Report Warns
The Geneva Report refers to a “poisonous combination of high and rising global debt and slowing nominal GDP [gross domestic product], driven by both slowing real growth and falling inflation”. The total burden of world debt, private and public, has risen from 160 per cent of national income in 2001 to almost 200 per cent after the crisis struck in 2009 and 215 per cent in 2013. “Contrary to widely held beliefs, the world has not yet begun to delever and the global debt to GDP ratio is still growing, breaking new highs,” the report said.

Cashless Society – The Resistance Begins Here
A seaside market town in Norfolk may be less than 100 miles from the world’s financial capital, London, , it may be the commercial centre of West Norfolk’ as the town website boasts, it may be home to 45,000 people — but there, unlike in London, cash is king.

Establishment Pushing ‘Cashless Society’ to Control Humanity
The global establishment is increasingly pushing the notion of what it calls a “cashless society” — a world in which all payments and transactions would be conducted electronically, creating a permanent record for governments to inspect and track at will.Multiple governments from Africa and Asia to Europe and …

Being Evil? Just Another Day At The Office For Google Boss
Amazon’s Human Robots: More and more people are finding themselves dehumanised in the modern workplace

Baltic Dry Index Hits All Time Low – Don’t Panic
Is a Global Wide Cash Ban Coming?
The War On Cash Intensifies In Response To Trump and Brexit
Game On: Bloomberg Editorial Calls For An End To Cash
Banning Cash Will Stop Terrorism (and end war, poverty, disease and bad smells) says Bill Gates

Washington Signals Fears Over Dollar
Globalist Bankers Make Plans To Rob Your Bank Account
Slaves To The Machine
Holy City (slam poem)
Living Within The Conspiracy
New World Order
Internet Technology
Science and Technology
London transport bans cash
Latest Posts

Elsewhere: [Boggart Blog]…[Little Nicky Machiavelli]…[Scribd]…[Wikinut] … [ Boggart Abroad] … [ Grenteeth Bites ] … Ian Thorpe at Flickr ] … [ Tumblr ]

 

China’ s Low Key Launch Of Its Challenge To Petrodollar Supremacy

petrodollar
Goodbye petrodollar, hello petroyuan? 

We have been blogging and commenting for several years on moves by Russia, China and Iran to replace the US dollar as the global reserve currency, or at least to create a serious rival to the dollar hegemony. There can be no greater threat to the established order (or to the global banking cartel’s dreamed of New World Order,) than the emergence of a serious rival to the dollar. As economic game-changers go there is none bigger or more disruptive than a yuan-denominated settlement system for crude oil contracts, especially when set it is set up up by the largest importer of crude on the planet and the second largest exporter of hydrocarbons.

Given the level of U.S. provocations of Russia and China over the past few years and the recent return to cold war conditions with a new arms race on the cards, perhaps we ought to be happy that the Russians and Chinese seem to prefer currency wars to shooting wars as both have demonstrated they have formidable arsenals of advanced weapons and it is far from certain the U.S.A. and NATO could take on either, let alone both simultaneously.

And yet Beijing’s strategy seems to be a softly softly approach. Oil trades are already being conducted in petro-yuan at the Shanghai International Energy Exchange is on hold. This may be related to US sabre rattling and concern that the US deep state, having no economic response to the move may react rashly if presented with a fait accompli. Thus the fact that China and its partners chose to play down the official launch of the new settlement system is understandable. There was room for some euphoria following the launch, Brent Crude soared to $71 a barrel for the first time since 2015. West Texas Intermediate (WTI) reached the highest level in three years at $66.55 a barrel; then retreated to $65.53.

The launch also signalled a series of “firsts” for China’s trade links with the west, including the first opportunity for overseas investors to access a Chinese commodity market. Significantly, US dollars will be accepted as deposit and for settlement. In the near future, a basket of currencies will also be accepted as deposit. This is entirely in line with the Sino – Russian policy of moving their economic partners towards conducting trades in the currency of the vendor nation.

Will the launch of the petro-yuan be a deathblow to the petrodollar and U.S. economic dominance and the birth of a new era in trade relations? It will but the change is likely to take years rather than weeks. Many variables have to be considered, the most important being China’s capacity to manipulate and eventually dominate the global oil market.

RELATED POSTS:

The Business of War: Defense Sales Keep Economies Of Manufacturing Nations Afloat
Tens of thousands have been killed and millions displaced due to ‘humanitarian’ interventions by the developed nations (led by the USA, France and the UKm the FUKUS axis) in the domestic politics of third world nation. Usually the interventions support rebel groups who if they came to power would be far more oppressive and brutal regime than the one they replaced.

Naked Bankers Go For Gold

… That gold sale in 2013 was a naked short. The seller had no gold to sell. COMEX reported having gold only equal to about half of the short sale in its vaults, and not all of that was available for delivery (quite a lot of it belonged to the german government) In effect the naked shorting of gold could only work because really the right hand was selling to the left hand.

“West’s War In Syria Is Part Of A Global war Waged By The USA And Its Dupes Allies Against Russia”

Arthur Foxake brings us a brilliant analysis of the geopolitical picture from the black Sea and Middle East, but ahead of the embed window we get a few of Arthur’s own thoughts on the situation

Russia Just Sent out a Message NATO Should Better Listen To

The key paragraph from the latest official Russian naval doctrine is that Putin and his military advisers have sent a clear message that NATO encroachment is unacceptable. To be honest, there is nothing earth shattering in this, The Daily Stirrer and many other alternative media news and analysis sites have been warning for about two years that Obama’s foreign policy was making conflict inevitable.

De – dollarization Moves Ahead – Once Again We Told You So,

What Putin Wants

China Warns U.S. to Stop Its Ukrainian Proxy War Against Russia

The World Rejects USA Attempt To Manipulate Venezuela

India’s Ruling BJP Party Crushed In Regional Poll

Another Conspiracy Theory Becomes Fact: Oil Collapse Is All About Obama’s Proxy War With Russia.

G77 Nations vow to destroy petrodollar and America’s New World Order

American Dollar Dumped

Iran’s Oil and the US Dollar

Money From Rock Better Than Money From Air

Strange things are happening in the finance markets, very strange. As the FT and Dow Jones main indexes go up and down faster than a whores knickers, commodity prices are behaving weirdly too.

Currency Wars

Back to Contents table

If You Look At How Fast Global Trade Is Unravelling, You’ll Get Dizzy

Governments constantly make positive noises about the health of their economies although most people who are in work have felt no improvement on the position they were in after the crash of 2008. Wagest are stangnant, employment has reduced somewhat (see below) and while the banks are printing money and the super rich are widening the gap between themselves and ordinary people faster than ever, the real situation is frightening.

Norway’s Biggest Bank Joins Push To Abolish Cash

The move by governments to eliminate cash as a means of trading goods and services is moving faster than we imagined. With another global financial crisis looming according to financial journalists and investment experts this is as understandable as it is undesirable for us ordinary punters.

Refugee Crisis Or Existential Battle With USA for Europe

It has been clear for some years now that the USA, backed by its main NATO and EU military allies the UK and France (the FUKUS axis has been trying to provoke Russian into firing the shot that will be heard around the world and recognised as the startiung signal for World War Three.
Nothing is ever as it seems to be however, and views from middle east and far eastern journals suggest the USA is also working at destabilizing EU nations in order to force their support in its wars.

Fear of Energy: Polish Prime Minister Calls Nord Stream 2 ‘Highly Dangerous’

Poland, one of the countries opposed to the creation of the international project known as Nord Stream 2 pipeline, to deliver gas and oil from Russia’s energy fields to Europe has proposed an alternative project which would create its own pipeline, dubbed Baltic Pipe. Polish Prime Minister Mateusz Morawiecki has criticized the Nord Stream 2 project, Polish Radio reported on Friday (9 March).

“Poland achieved independence from Russia’s Gazprom long ago; we’ve created a terminal in the city of Swinoujscie and are now planning to increase its processing capabilities, Moreover, we are now in talks with Denmark and Norway,” Morawiecki said during a press conference after talks with his Lithuanian opposite number.

The official noted that Poland and other Baltic states considers Nord Stream 2 “highly dangerous for this part of Europe.” This is understandable as in the past Russia has tended to treat Poland as a semi – autonomour province. The Poles also have little reason to trust their southern neighbour Germany, which also has a track record for using Poland as a training ground for its combat troops.

The head of the German energy company Uniper took a different line, saying that the completion of Nord Stream 2 was necessary to provide security for gas deliveries to Europe.

Last month it was reported that Poland intended to launch its own gas pipeline project, Baltic Pipe, which, in contrast to Nord Stream 2, would lead from Denmark instead of Russia. It is hard to see any logic in this as North Sea gas fields are becoming depleted and rumours of massive, unexplored oil and gas fields off The Shetland Islands are unconfirmed as yet. Poland has already tried to block the construction of Nord Stream 2, with Polish Prime Minister Mateusz Morawiecki asking US Secretary of State Rex Tillerson to make sure that US sanctions cover Nord Stream 2 and those European companies that involved in the project be fined.

A press release by Nord Stream 2 suggests the first pipes for the Nord Stream 2 project are being fabricated at a plant of OMK, which is one of the three pipe suppliers selected by Nord Stream 2 AG, in Vyksa, Russia, in this undated photo provided to Reuters on March 23, 2017. Poland claimed that Nord Stream 2 would increase Europe’s dependence on imported Russian gas.

Nord Stream 2 is a joint venture of Russia’s Gazprom with France’s Engie, Austria’s OMV AG, UK-Dutch Royal Dutch Shell, and Germany’s Uniper and Wintershall. It aims to deliver 55 billion cubic meters of Russian natural gas a year to the European Union across the Baltic Sea to Germany.

The pipeline project has been welcomed by some countries in Europe and opposed by some others, including Ukraine and Poland, while the United States has also expressed its opposition.

Germany Furious About Washington’s Latest Sanctions On Russia
Image source: Millennium report Anybody who has an above zero IQ and follows alt_news must be aware by now that the US Congress’ latest sanctions against Russia are futile and will end up hurting US allies – and this time possibly the USA itself. Since Russia hasn’t done any of the things Washington and the …

Now Things Are Starting To Make Sense
It is now known that the uprising in Ukraine early this year that saw the elected government, which was cooperating far too well with Russia for the liking of the western powers overthrown and replaced by a US and EU sponsored gaggle of gangsters, thugs and neo – fascists whose task was to serve western …

Petrodollar Alert: Putin Prepares To Announce ‘Holy Grail’ Gas Deal With China
If the West has been trying to force Russia and China to recreate a twenty first century version of the old communist bloc, the alliance of a natural resource superpower and the other a fixed capital, low labour cost high output economic powerhouse and to give these two every possible incentive to create a new …

Vlad The Impaler Shafts The West Again
Italy’s Silvio Berlusconi might have described her as an ‘unfuckable lardarse’ but Vlad seems quite keen on Hausfrau Merkel – or is it just political expediency? (image source) Here’s today’s scoop (well not quite a scoop as we found the story on a whistleblower site we subscribe to): As the swaggering, vacuous windbag Obama and …

EU and America Split
Failure Of American Leadership
American exceptionalism rejected
Obama’s big brother regime
Obama tries to bully Russia
Obama thinks he can unite Europe
Russia fingers America for war crimes
West’s lies try to demonise Russia
Fracking disaster: shale not as rich in oil and gas as scientists predicted.

Russia throws down the gauntlet: energy supply to Europe cut off; petrodollar abandoned as currency war escalates
As Russia, China and Iran line up behind Assad, has the USA (and its proxies) lost the middle east war?
Shale Gas Salvation? Frack Off ….
Russia Revealed Evidence Of ISIS-Turkey Oil Trade
Climate Conference Agreement My Arse: Germany To Build Forty New Coal And Gas Power stations
Why is Washington Worried As Georgia’s Turns To Russia?
Support For EU / US Sanctions On Russia Declining In Central Europe
Russia Outmanoeuvres the west again
Having Destroyed Ukraine Economy, USA Accuses Russia Of Trying To Destroy The Ukrainian Economy
Is USA Preparing For War Against Russia In The Baltic Region?

De-Dollarization Accelerates: Russia Launches SWIFT-Alternative Linking 91 Entities
Imminent collapse of the petrodollar
India and Turkey joint move against the petrodollar
Iran and the petrodollar
How Saddam Hussein May Yet Beat The USA
Ukraine caught in proxy war for the petrodollar

Could Italy’s Banking Crisis Drag Down Mario Draghi?

The latest banking crisis in Italy risks focusing scrutiny on the leadership of both the Bank of Italy and Italy’s financial markets regulator Consob. The decision to give the central bank’s current Chairman Ignazio Visco a fresh six-year mandate despite his having presided over one of the worst banking crises in living memory (and as Italy usually has a banking crisis every two days, that’s an achievement, has started a tug-of-war between political parties and the president, who makes the ultimate decision on who to appoint as central bank chief.

The first to point the finger was Italy’s former premier Matteo Renzi, who, in an effort to distract from his own party’s part in the collapse of Monte dei Paschi di Siena (MPS) perhaps, called into question the supervisory role of both the Bank of Italy and Consob during Italy’s banking crisis.

Silvio Berlusconi, a key player in the center-right coalition whose party came out on top in recent elections in Sicily, was next to join the fray. “The Bank of Italy did not exercise the control that was expected of it,” he told reporters in Brussels in response to a pointed question about Visco.

As the controversy grows, it risks drawing the role of Visco’s predecessor, current ECB President Mario Draghi, into the spotlight. Many of the key events that helped pave the way to Italy’s current crisis took place during his mandate as governor of Italy’s central bank. And now the skeletons are beginning to crawl out of the closet.

It was recently revealed in a Milan court case that in 2010 Italy’s central bank, run by Draghi, knew that MPS’ management had papered over a loss of almost $500 million in 2010 and failed to report it. It’s not the magnitude of the loss that matters, but how it was done and who knew what and when. Bloomberg:

A 2010 report from the Bank of Italy … shows inspectors were aware that a 2008 trade struck with Deutsche Bank AG was the mirror image of an earlier deal Monte dei Paschi had with the German lender. The Italian bank was losing about €370 million ($431 million) on the earlier transaction, dubbed Santorini, as of December 2008. The new trade posted a gain of roughly the same amount and allowed losses to be spread out over a longer period, the document shows.

One of the main reasons was to hide the losses racked up from MPS’s purchase in late 2007 of Banca Antonveneta, a mid-sized Padova-based bank. This still-opaque deal is arguably the most important banking scandal in Italy of the last ten years, and it directly paved the way to the collapse of MPS.

In its quest for growth at any price, MPS paid €10 billion for Antonveneta, over 50% more than the €6.6 billion Spanish lender Banco Santander had paid just months prior as part of its joint acquisition (with Royal Bank Scotland and Belgian bank Fortis) of Dutch giant ABN Amro. Santander was happy to hold on to the Brazilian side of ABN Amro’s business while hastily disposing of the Italian “assets.”

For Monte dei Paschi it was an ill-timed disaster, just as the purchase of ABM Amro’s disparate other parts had been for Royal Bank of Scotland and Fortis, both of which would end up receiving taxpayer-funded bailouts to stay alive once the post-Lehman hangover hit Europe.

RELATED POSTS:

Soros immigration scam

While Germany pursues its policy of replacing expensive German labour with cheap third woeld labour at act as fodder for its profit hungry factories, and the French government obediently follow their German masters while Britain stands aside, it is the poorer E U nations, led by Hungary, that have at last acted to stop the flood of unskilled, often illiterate refugees from third world nations flooding into EU nations

Sharia courts creating dual justice system in UK?

As if we did not have enough immigration problems to deal with as the inflow of illegal immigrants (or refugees and asylum seekers as our ruling elites insist on calling them) shows no sign of slowing.
from RT.uk:
Thousands Flood The Streets In Germany As Fury Over Refugee Sex Assaults Reaches Boiling Point

What mostly news reports in English speaking countries initially believed was isolated riot by newly arrived migrants in Cologne’s city center now appears not to have been confined to the German city but was a bloc-wide phenomenon as women in Austria, Switzerland, Finland, Sweden, Denmark, The Netherlands, Norway, France and other places have come forward to report being molested

Boat Migrants Landing in Italy ‘at a Pace Exceeding Anything We’ve Seen Before’

Canada Passes ‘Blasphemy’ Bill To Silence Critics Of Islam The International Organization for Migration (IOM) estimates 20,484 migrants have arrived in Europe by sea since the beginning of 2017, with numbers now averaging around 3000 per day and increasing as spring brings better weather. These numbers put Italian arrivals well ahead of the total for …

Italy’s Prime Minister Says Merkel Unilateral Initiative On Migrant Crisis Is Unacceptable
We have been reporting on the breakup of the EU for several years now. The immigrant crisis, the problems with the European Single currency system and its detrimental effect on the weaker economies among its twenty seven members, and the increasing encroachment of the Brussels bureaucracy on matters of national sovereignty are symptoms of a …

As Migrants Pour Into Italy ISIS Say: Overrun Europe with Immigrants and “Turn it into Hell’

Thousands of Africans every month are crowding onto flimsy boats like this one to make the three hundred mile journey from Libya to Sicily and the refuge of European territory*. (Image source – Malta Star) It is well reported that western intervention in Libya, for the purpose of overthrowing Gaddafi resulted in the North African …

Hungarian Government Minister Slams Down German Call To Show ‘Humanity’ To Illegals
A senior member of the Hungarian government accused a German Foreign Affairs minister of having lost his grip on reality after the German insisted that in order to stop further atrocities like the one in Paris, more open borders and less restrictions on movement were needed.German Federal Foreign Office minister of state Michael Roth yesterday insisted the Paris attacks showed Europe should move to integrate more fully …

Muslim Only No Go Areas For Police And Emergency Services In Our Cities? – It Already Happened In Sweden.
Sweden continues to lead the way in surrendering its nation, culture and self respect to exremist Muslim dickheads, reasoning that the violent rapists and murderers of the relion of peace will thank them rather than kill them all. but the people all over Europe are waking to the betrayal of their elites.
Hungary speeds up fence building as criticisms of its ‘no more migrants’ policy mount

With the criticisms from Austrian and German leaders still echoing through the strets of Prague, likening their treatment of undocumented travellers who are trying to enter the country illegally to Nazi holocaust deportations, the Hungarians have been rushing to finish their razor-wire fence along …
Mediterranean Immigrant Composite

The flow of undocumented migrants from Africa trying to cross the Mediterranean from the coast of Libya to Italian, Greek and Maltese territory seems unstoppable. Two factors in the problem however have been western (particlarly American meddling in the internal affairs of African states, and wester aid leading to a population explosion national infrastructures are unable to cope with. And of course European leaders haven’t a clue how to deal with the problem.
p>

The West Is Always To Blame For Africa’s TroublesIt seems to us that according to the the political left of European and north American nation, we in the west are responsible for all of Africa’s racial, economic and it was even the ‘evil white man’ who instigated tribal wars and genocides that took place before and parts of the continent was colonised. But excusing Africa’s endemic problems is a path to self destruction.

Europe’s Immigration Burden

Immigration Omnibus – posts on Immigration problems

How immigration his European hospitals and schools
Immigration boat people

Populist Authoritarianism

Broken Societies

Equal Rights Campaigners Not Christians Are Imposing Their Belief On Others

Europe Unglues – is the union coming apart

Champagne Socialists

Corruption is the root of the EU problems
European Union stealing members’ sovereignty

EU “Sounds Alarm” Over New US Sanctions On Russia; Germany Threatens Retaliation

Late on Friday (21/07/17), Congressional negotiators agreed to advance a cross – party bill that would punish Russia for its (alleged) interference in the 2016 election according to the Wall Street Journal. And while it seems improbable that President Trump would sign the bill if it reaches his desk, the loudest complaint about the bill to date has emerged not from the Oval Office, but from US allies in NATO and the European Union …

Fears Over Threat To Sovereignty Could Wreck EU European Army Plan

No they’re not Star Wars Imperial Stormtroopers, they are German soldiers assigned to an international peacekeeping force, showing how like Imperial Stormtroopers a pan European army might look (Image source)

Germany Threatens Sanctions Against Poland Over ‘Lack of Western Values’ (for Western read German)

Last year, Poland’s conservative nationalist Law and Justice party (PiS), led by former Prime Minister Jaroslaw Kaczynski, captured both the presidency and parliament at elections in May and November. Since taking office, the party’s lawmakers have used their parliamentary majority to initiate a series of controversial legal reforms, causing concerns both at home and abroad, specifically in Brussels and in Berlin.

Italeave or Quitaly? The EU Is Falling Apart

Italy: Too beautiful to be part of EU bureaucratic dictatorship (picture source) Since the shock of Britain voting for ‘Brexit’ just over a year ago this blog has been speculating on which EU nation to quit the former free trade association that is being driven by Germany and the globalist elites closer and closer to …


Europe’s Bank Crisis Arrives In Germany: €29 Billion Bremen Landesbank On The Verge Of Failure

… yesterday we observed a surprising development involving Deutsche Bank, namely the bank’s decision to quietly liquidate some of its shipping loans. Reuters reported, “Deutsche Bank is looking to sell at least $1 billion of shipping loans [a market sector] whose lenders face closer scrutiny from the European Central Bank.

BREXIT vs. GREXIT – The Truth About The European Union And How It Treats Members

The only thing that will halt the European Union in its tracks, stop the push beyond Europe’s geographical borders and prevent EU expansion to incorporate Asian, middle eastern and north African nations is war. Unless the testicularly deficient politicians stand up to the bean counters of Brussels. That’s what they are, bean counters; not one among them is a risk taker or a person who has advanced because of their willingness to put their arse on the line.

Quitaly Begins: Italy referendum: ‘People don’t trust establishment, want big changes’
The defeat of Italian Prime Minister Renzi’s in Sunday’s referendum on constitutional reform, though not a surprise in the way that Brexit and Donald Trump’s win in the US Presidential election, show that people are not happy with their government’s performance, don’t trust the elite and want more radical reforms, says Italian journalist, Marcello Foa. …

The Hypocrisy and Snobbery Of The Remain Campaign And The Antidote
When I had to defriend a Facebook contact because she was arguing in favour of the EU, it was not simply because I support Brexit that I had become pissed of with her, it was the snobbish and condescending way she dismissed supporters of LEAVE and their case. People are entitled to their opinion on the European Union, but they should check the ‘facts’ they post in support of their arguments.

Adolf Hitler, His Part In Our Downfall

.pdf dowload

A thirty five thousand word book on the authoroitarian, undemocratic, bureaucratic dictatorship that is the European Union. Following the outburst of left wing hate politics following Boris Johnson’s reminder that the EU has its roots in Hitler’s Naziism, which as any intelligent person is aware is both true and very well documented. My blog colleagues and I decided to assemble this collection of our articles (with some long extracts quoted from public domain and creative commons sources) to help people misled by the REMAIN campaign into thinking the arguments are solely economic.

EU Vows To Use Powers To Block All Elected ‘Far Right’ Politicians From Power

… populist social conservatives are regularly topping the polls across the Europe, but have been victims of EU orchestrated stitch ups to keep them out of power and ddeny the democratic will, in France, Sweden, Holland, and now Austria – and anti-migrant populists are already in power in Hungary, Poland, and the Czech Republic. Mr. Junker’s definition of “far right” is somewhat broad, noted by him previously describing Hungary’s conservative president, Viktor Orbán, as a “fascist”.

EU Vows To Use Powers To Block All Elected ‘Far Right’ Politicians From Power

… populist social conservatives are regularly topping the polls across the Europe, but have been victims of EU orchestrated stitch ups to keep them out of power and ddeny the democratic will, in France, Sweden, Holland, and now Austria – and anti-migrant populists are already in power in Hungary, Poland, and the Czech Republic. Mr. Junker’s definition of “far right” is somewhat broad, noted by him previously describing Hungary’s conservative president, Viktor Orbán, as a “fascist”.

Italy’s Northern League To Launch EU Referendum Campaign Next</b>

Shortly after the final Brexit referendum result was announced, first the Freedom Party in The Netherlands and then Front National in France quickly declared they would proceed with demanding referenda on E U membership in their own nations. These were quickly followed by the head of Italy’s Northern League who saidaid “Now it’s our turn.’ …

The Labour Case For Brexit by Kate Hoey M.P.

After my short intro is a savage indictment by Brexit supporting Labour MP Kate Hoey of the way the Labour Party has abandoned the working class and is now trying to betray the party’s proud heritage and its roots in the industrial areas by taking Britain into an undemocratic, corporate controlled, capitalist friendly, elite dominated globalist control freak project.

EU’s Bureaucratic Dictatorship Is Losing The Support Of The Most Loyal Nations

When the unelected bureaucrats of the European Union Commission decided, without consulting member states, to comply with the wishes of the warmongering rent – boy in The White House and impose sanctions on Russia, after Vladimir Putin ordered the annexation of Crimea (to prevent the US backed neo – fascist government in Kiev carrying out a genocide of ethnic Russians in Crimea,) the idiotic goons were as usual duped into doing Washington’s dirty work.

Cameron’s Hopes For EU Membership Reforms For UK Torpedoed By Tusk

David Cameron’s hopes of winning serious concessions on sovereignty, border controls, contributions, trade agreements, human rights and labour laws so he could claim to have won a better deal for Britain by the time the in / out referendum starts next year European Union suffered an early blow when European Council President Donald Tusk warned that reaching a deal would be “very tough” …

EU tiring of confrontation with Putin.

Huge reversal: the EU seeks a normal relationship with Russia. It seems that the EU is being greatly affected by the actions of Vladimir Putin in Syria: suddenly the EU President Jean-Claude Junker is saying that the EU must not let the US dictate their relationship with Russia.

Disillusionment With EU Grows as Swedish Support Slumps By 30%

A new opinion poll carried out on support for the European Union in Sweden has produced some shock findings as a massive turnround among Swedish voters probably due to mass immigration and migrant related crime waves in cities. From being one of the most solidly pro-EU member states, Sweden now has a substantial majority against membership of the EU.

Fears Over Threat To Sovereignty Could Wreck EU European Army Plan

No they’re not Star Wars Imperial Stormtroopers, they are German soldiers assigned to an international peacekeeping force, showing how like Imperial Stormtroopers a pan European army might look (Image source)