Germany sliding into ‘dangerous’ anti-Europe hysteria warns top economist


Isobel Schnable – worried about anti EU mood in Germany

As Germany’s economy continues to stutter one of the country’s top economists has warned the country is desending into “anti-Europe hysteria” amid growing criticism in the country of the European Central Bank (ECB) and surging support for the Eurosceptic, anti – immigration AfD Party.

Marcel Fratzscher said the entire European Union would be damaged by the backlash against the ECB’s austerity policies and the cost to Germany of propping up the single currency. Mr Fratscher is chief of the German Institute for Economic Research in Berlin and has also been an executive of the Eurozone’s central bank. He told UK financial newspaper The Financial Times: “Germany is sliding into a dangerous anti-Europe, anti-ECB mood, which threatens to damage the ECB’s credibility, the Euro an ultimately all of Europe.”

The warning comes less than two weeks after Chancellor Merkel’s ruling coalition suuffered heavy defeats intwo regional elections and Germany’s newly appointed ECB board member Isabel Schnabel called on her fellow economists to tone down their scathing analysis of the ECB’s performance. Ms Schnabel, an economics professor at the University of Bonn, predicted a crisis for the Euro if Germans did not take a step back to reflect on their country’s direction. Unfortunately for EU fans in Germany, voters have had years to reflect on the direction in which Merkel is leading the country and have decided they do not like it.

In an attempt to appeal to other German economists Schnable tweeted: “Dear fellow German economists, if you are wondering what you can do for Europe: Please help to dispel the harmful & wrong narratives about the ECB’s monetary policy, floating around in political and media circles. These threaten the euro more than many other things.”

This is rather spurious as nobody takes any notice of economists because they are always wrong. And the voters are in no mood to listen.

Unfortunately, the majority of Germans are opposed to further political and economic integration of EU member states, the country is politically polarised and with left and right more opposed to the idea of working with each other to bring down the government than they are to allowing Merkel’s centrist coalition to blunder on with the country politically paralyzed, it seems things can only get worse. In another blow to The Chancellor, her main coalition partner, the Social Democrats (SDP) this week lurched to the left by electing a far left candidate as its leader.

Europe

Europe Unglues
Germany

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.
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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)

Did The Bank Of England Just Admit Financial Markets Aren’t "Real"?

On a day that has seen global financial markets take a roller coaster ride, which is not the fault of greedy bankers but is the latest move in the currency war being fought between the USA led developed world and the eastern bloc and emerging powers led by Russia and China, we spotted a story that reveals the truth about ‘markets which is that they are all rigged and the eastern bloc are better tat playiong the system than the west..

The Bank of England has announced an “Open Forum” to be held on November 11, with the title: Building Real Markets for the Good of the People. No, I’m not making this up. Here’s a screenshot from the BOE website:

This might be good news for people with pensions and savings, but don’t depend on it – the corruption in the financial system is very deep. At best we can hope to see curbs on the algorithm driven high frequency trading that has served investment bankers and financial traders so well and the public so poorly.

RELATED POSTS:

Latest Posts

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

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

by Phil T Looker

Forgive us a little self indulgent gloating, after all it was back in 2005, way ahead of the other contenders, we told you that moves were under way in the east to dump the US dollar as global reserve currency. That was when China, Russia and Iran abandoned the Petrodollar and started to trade in the currency of the vendor nation.

Our mate Ian had spotted the vulnerability of the US dollar and wrote about a move made by the old Iraqi tyrant Saddam Hussein in the 1990s, that showed the way.

How Saddam Hussein May Posthumously Win His War With The USA

Since then, here and on Little Nicky Machiavelli as well as at The Daily Stirrer we have reported the gradual erosion of the US grip on world trade as American international bullying and worries about their debt saw support for the Petrodollar steadily eroded.

And now from The Australian Financial Review via Zero Hedge, we have this:

US Officially Loses Battle Over China-Led Investment Bank

Add the IMF to the (now long) list of those who apparently share the UK’s view that joining the China-led Asian Infrastructure Investment Bank is an “unrivaled opportunity,” as Christine Largarde says her institution not only sees a “massive” opportunity for cooperation with the AIIB but is also “delighted” to explore the possibilities.

International Monetary Fund chief Christine Lagarde has said the IMF would be “delighted” to co-operate with the China-led Asian Infrastructure Investment Bank…

Mrs Lagarde said there was “massive” room for IMF co-operation with the AIIB on infrastructure financing.

Mrs Lagarde, speaking at the opening of the China Development Forum in Beijing, also said she believed that the World Bank would co-operate with the AIIB.

Meanwhile, Switzerland is now on board and India, Indonesia, and New Zealand are reportedly set to follow. As a reminder, the deadline for applications is the end of this month and it appears that the UK’s move to become a founding member has suddenly made the AIIB the coolest club on the block. Australia is expected to tender a “qualified yes” tomorrow.

We have reported the who saga of how Obama tried to bully the world on this, and how one by one, the nations of the world gave him the finger. It’s all in our Currency Wars paged and its related links.

Gotta have a grin at the ineptitude of politicians, haven’t you?

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China – UK dump the US dollar for bilateral trade
Putin Flushes The Dollar Down The Toilet – We Told You So
Petrodollar Alert: Putin Prepares To Announce ‘Holy Grail’ Gas Deal With China

ELSEWHERE:
De-Dollarization Du Jour: Russia’s Largest Bank Issues Yuan-Denominated Guarantees
Leading the charge to multipolarity and de-dollarization are Russia, resugent despite economic sanctions and the rising superpower in waiting, China. The downgrading of the dollar is clearly demonstrated in the launch of the BRICS bank and the establishment of the AIIB.

EU and US talk of war with Russia
The European People’s Party (EPP) is the largest political group in the European Parliament, and they are unerringly supportive of America’s efforts to start a war with Russia. “The time of talk and persuasion with Russia is over,” MEP and Vice-President of the EPP told a meeting on Tuesday, 21 April, “Now it’s time for a tough policy, and concentration on defence and security …”
This Is Why The US Just Lost Its Superpower Status According To Larry Summers
As more and more countries flock to join the Chinese led Asian Infrastructure Investment Bank after Britain, France Australia, India and other traditional US allies defied Washington to associate themselves with China’s initiative, conservative economic pundit Larry Summers once a contender for the chairmanship of the Federal Reserve delivered a sharp rebuke …

Riots Break Out In Germany – Activists Attack European Central Bank

Funny how this story, which is bigger than George Osbornes budget bollocks, because if this anti – EU, anti – New World Order movement keeps gathering momentum, nothing Osborne or Ed Balls – up can do will make any difference to anything. The people have woken up to the fact that ‘the elite’ are anything but elite, they’re a bunch of arrogant, stupid, money grubbing, freeloading, kiddie fiddling bastards.

But for this to happen in Germany of all places.

Shocking scenes outside the ECB headquarters in Frankfurt (Source: Russia Today)
Riots Erupt in Germany as Activist Attempt to Shut Down European Central Bank

Anti-establishment protesters from a group that calls itself‘Blockupy’ have shocked nornally orderly German society just as the ECB’s (European Central Bank) was scheduled to begin operating from its new HQ in Frankurt.

Images of burned police cars and bloody protesters more usually associated with Ukraine or Syria have flooded German social media. On the surface, protesters are obviously upset over the ECB building’s $1.4 billion price tag — at a time when the Eurozone suffers through a recession which has hit the working class exceptionally hard.

Other grievances include austerity measures, which are promoted by the banking class, but in reality are just a privatization of assets and resources which were initially funded with public money. Essentially what this has become is a theft from the general public to collateralize finances that were thrown into uncertainty by politics and bad monetary policy in the EU. Rather than the bureaucrats and bankers paying the price for their mismanagement, the European public is footing the bill for the bailouts, and that has rightfully upset many across the Continent.

It’s estimated that roughly 10,000 protesters flooded Frankfurt streets, many coming from across Europe including from the banker victimized country of Greece.

(Source)

RELATED POSTS:
Cameron Plays Deal Or No Deal In Europe
David Cameron, who was apparently up all night trying to make other European leaders understand why his country needs a better deal in order to poersuade the prople it is a good idea stay in the EU. Unless Cameron gets what will enable him to sell the idea of surrendering national sovereignty to a Federal European Superstate ruled by a committee of unelected bureaucrats in to the British public he will not campaign for the UK to remain in the bloc.
German Ubermacht Gives Greek Upstats The Finger In European Union Confrontation.
The confrontation between Germany, which some say sees itself as the increasingly dominant nation in the EU as ‘ever closer integration’ progresses, and Greece, the Euro zone economic basket case but a proud and independent nation all the same, had to come. Germany was more austerity from Greece to protect the value of the Greek debt it hold. Greece want money from Germany to settle old grievances.

Cameron’s EU Deal Worthless. It Can Be Vetoed In European Parliament?
The current situation in the EU polling as David Cameron desperately tries today to win concessions that will make staying in the EU acceptable to supporters of the Conservative Party he leads is that Britain has long received a “poor man’s offering” from what she views as a German and French-dominated bloc.

Elsewhere: [Boggart Blog]…[Little Nicky Machiavelli]… [ Ian’s Authorsden Pages ]… [Scribd]…[Wikinut] … [ Boggart Abroad] … [ Grenteeth Bites ] … Ian Thorpe at Flickr ] … [ Tumblr ] … [Ian at Minds ] … [ The Original Boggart Blog] … [ Authorsden blog ]

When The BIS Is Worried At The State Of Financial Markets We’re In Deep Shit

Contributed by Phil T. Looker

Few outside the financial community will have heard of the bank Of International Settlements perhaps, it is the organisation in which governments and international banking organisations settle their obligations to each other. as such, the BIS is a major player in fixing rates, making sure markets are rigged and generally managing the financial jiggery pokery involved in making sure the status quo is preserved.

So when the BIS, the exclusive club of bankers and billionaires that fixes the markets starts to worry about the markets being broken you know we are in big trouble.

This article fom Zero Hedge explains just how big and how far in we are:

"We Are Not At War With ISIS Or Russia, We Are At War With The ECB": says Grillo

People sometimes ask me why we gave up making this blog funny or satirical most of the time. The answer is simple: While the world situation is highly dangerous at the moment our western leaders are such inept clowns it is hard to make fun of them as they do increasingly accurate impressions of The Three Stooges.

Beppe Gillo, leader of Italy’s Five Star movement (the Italian UKIP) is a comedian and he agrees that there is no point slapping a pie in the faces of Obama, cameron and Hollande (the FUKUS axis leaders) when left to their own devices they will do a Norman Wisdom style stumble and fall face first into a cowpat whenever a situation that requires a modicum of intelligence is required.

Beppe Grillo (Source)

Grillo also feels, as this blog does, that wile our leaders beat the drum for war in Ukraine, war in Syria, war everywhere, the real war we are involved in right now is with our own elites.

Italy’s Grillo Rages “We Are Not At War With ISIS Or Russia, We Are At War With The ECB”

Next week, Italy’s Beppe Grillo – the leader of the Italian Five Star Movement – will start collecting signatures with the aim of getting a referendum in Italy on leaving the euro “as soon as possible,” just as was done in 1989. As Grillo tells The BBC in this brief but stunning clip, “we will leave the Euro and bring down this system of bankers, of scum.” With two-thirds of Parliament apparently behind the plan, Grillo exclaims “we are dying, we need a Plan B to this Europe that has become a nightmare – and we are implementing it,” raging that “we are not at war with ISIS or Russia! We are at war with the European Central Bank,” that has stripped us of our sovereignty. (from Zero Hedge)

Beppe Grillo said yesterday:

It is high time for me and for the Italian people, to do something that should have been done a long time ago: to put an end to your sitting in this place, you who have dishonoured and substituted the governments and the democracies without any right. Ye are a factious crew, and enemies to all good government; ye are a pack of mercenary wretches, and would like Esau sell your country for a mess of pottage, and like Judas betray your God for a few pieces of money. Is there a single virtue now remaining amongst you? A crumb of humanity? Is there one vice you do not possess? Gold and the “spread” are your gods. GDP is you golden calf.

We’ll send you packing at the same time as Italy leaves the Euro. It can be done! You well know that the M5S will collect the signatures for the popular initiative law – and then – thanks to our presence in parliament, we will set up an advisory referendum as happened for the entry into the Euro in 1989. It can be done! I know that you are terrified about this. You will collapse like a house of cards. You will smash into tiny fragments like a crystal vase. Without Italy in the Euro, there’ll be an end to this expropriation of national sovereignty all over Europe. Sovereignty belongs to the people not to the ECB and nor does it belong to the Troika or the Bundesbank. National budgets and currencies have to be returned to State control. They should not be controlled by commercial banks. We will not allow our economy to be strangled and Italian workers to become slaves to pay exorbitant interest rates to European banks.

The Euro is destroying the Italian economy. Since 1997, when Italy adjusted the value of the lira to connect it to the ECU (a condition imposed on us so that we could come into the euro), Italian industrial production has gone down by 25%. Hundreds of Italian companies have been sold abroad. These are the companies that have made our history and the image of “Made in Italy”.

An Avalanche Of Upshitcreekness

argentina default

We are kind to our readers here at Boggart Blog, we give you lots of new and very amusing words like upshitcreekness to play with when you are trying to describe the state of the world. Upshitcreekness describes no only how far up shit creek we really are, the depth of the shit beneath our canoe, the conspicuous lack of a paddle and the stinkyness of our surroundings.

The reason we invented upshitcreekness today is to adequately describe the situation in high finance following the debt default by Argentina and the collapse of Portugal’s Banco Espirito Santo this week. “But do those affect us, Ian?” You might well ask.

Not directly or immediately, but they demonstrate that in spite of all the blether from mainstream media, the debt crisis and the fragility of banks’ balance sheets has not gone away. There is no recovery.

“But haven’t Whitehall and Washington been pumping out data that shows a strong economic recovery is underway, everybody now has fourteen jobs, wages are rising and prices are falling and everything is hunky dory because that nice Mr. Rothschild lent us the money to sort it all out.

Well the numbers that they crank out to make everybody feel good are almost as phony as the numbers that the Argentine government has been cranking out for the past few years. Cristina Fernández the government finance chief says well, we only have 10% inflation. But everybody knows that a broad snapshot shows for necessary purchases it’s 30 to 40%. And here they say we have 2% inflation. I would say that based on a household budget (which excludes luxury goods that are being heavily discounted because nobody is buying) inflation is realistically in the 8-10% range here, and in the USA it’s going much higher because the US$ has been dropped by many trading and oil producing nations as the currency of bilateral trade. This has been going on for a while but contracts are made eighteen months to two years in advance so the effect does not kick in at once.

If we observe the actual economy rather than the fiat money and quantitative easing economy it has been obvious for a while that the upshitcreekness was being masked by printing money and statistical prestadigitation.

The growth is all a fantasy. It’s all a result of the assumption that there is no inflation, when there really is because what we have is inflation masquerading as economic growth. But the bottom line is the economy is really contracting, although jobless figures are massaged by simply not counting the long term unemployed and counting those in part time jobs as having a whole job and not a fraction of a job, the labour force is actually shrinking. GDP may be growing but that’s only because the government keeps printing money and handing it out in benefits, there is actually less economic activity. That’s why we’re using less energy, that’s why the people’s standard of living is going down, and real incomes are falling and job opportunities are disappearing. It’s because we’re in a recession, a depression even, and no one wants to admit it.

And as in 1939 the leading economic powers see war as a way out, which is why the USA and its allies are madly angling for war in Ukraine.

And if there’s a war we’re fucked, I’m fucked, you’re fucked, we’re all fucking fucked. That’s what is meant by Upshitcreekness.

Well that’s the external threats dealt with, noe we need to deal with the enemy within (the EU)

If The Government Does Not Keep Junkhead Junckers Hands Off The City, we can say gooodbye to nationhood.

Yes, thanks to economic mismanagement by Conservative and Labour governments since the 1960s we are far too dependent on our financial services business. And the money hungry bureaucrats of the EU have coveted the revenue that brings in for many years.

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America’s Dumbest Move Yet: Hijacking A Foreign Bank

Has Quentin Tarentino been given a role in the US Government. Ten dark suited men strolled into the headquarters of FBME bank in Cyprus last Friday (18 July) afternoon and took it hostage. It must have looked like a scene from a Tarentino movie. And given the surrealism of how the east / west or to be precise USA / Russia conflict is escalating, maybe it was.

The Reservoir Dogs lookalikes were from the Central Bank of Cyprus (CBC). And they took control of FBME because an obscure agency within the US government recently issued a report accusing the bank of laundering money. On what grounds? You might well ask. It just so happens that FBME, and Cyprus in general, is where a lot of wealthy Russians hold their vast fortunes.

Bear in mind, there has been no proof that any crime was committed by FBME nor have reasonable grounds for suspicion been demonstrated. There was no court hearing. It wasn’t even the government of Cyprus who accused them of anything. No charges were read, no evidence produced ( although the men in suits might have said, “The American government says you’re guilty and we have to believe them because they’re not Russian,” as they did in connection with another of last week’s big news stories.

There was just a generic report penned by some bureaucrat 10,000 miles away.

Funny thing—when HSBC got caught red-handed laundering funds for a Mexican drug cartel last year, the US government gave them a slap on the wrist. HSBC got off with a fine.

Yet when the US government merely hints that FBME could be laundering money, the bank gets taken over at gunpoint.

Welcome to warfare in the 21st century. It’s not about battleships and ground troops anymore but bank accounts and bond yields.

How big an error is this compared with all Obama’s other recent fuckups such as Syria, Ukraine, Iraq, Afghanistan, Yemen and the rest. Massive. By terrorizing Russian interests, the Obama administration is begging the rest of the world to reconsider their misplaced trust in the United States.

All these foreign countries really have to do if they want to retaliate is start dumping their US Treasuries (which they are doing). Or simply stop letting the debt roll over when the notes mature. That will cause catastrophic consequences in the United States. Interest rates will soar, inflation will kick in, and the government will be even closer to default than it already is.

Inexplicably, Emperor Obama is practically begging the world to do this by reiterating his attitude filled pledge, “I was elected, I can do what I like.” It’s gobsmackingly arrogant. The US Republican’s response is tremendously stupid, they seem to think letting Obama screw up will make them popular. They will learn they world has not forgotten the Bush administration.

What Obama is doing is like the economic warfare equivalent of Napoleon and Hitler pompously throwing their already overstretched forces into a third front in Russia.

And neither Napoleon nor Obama gave the slightest consideration to the big picture consequences.

Here’s a funny thing about this story. My link to Yahoo News (above) is reliable enough but the original news report published in Cyprus News of Nicosia has been taken off line.

Shite To You Barclays

Tabloid and many online news sites today carry a report of a man who walked into Barclays Bank, Andover, made several non monetary deposits and calmly walked out.

Staff were as mystified as they were disgusted by the middle aged mans antics, we we must assume had been on laxatives as he managed to lay Richards in several places around the branch. Described by staff as “looking well to do” although he was wearing shorts and sandals, said nothing by way of explanation for his protest nor did he carry any placards, he just sidled in, shat and shimmied out wearing a smug grid.

Staff said the bank stank so badly they had to close so that the mess could be cleaned up.

A police spokesman, appealing for witnesses said the force suspect the phantom plopper is involved in the brown economy.

Russia today