How the ECB Helped Spain “Recover” Faster than Italy from the Crisis | Wolf Street
— Read on wolfstreet.com/2018/06/20/how-the-ecb-helped-spain-recover-faster-than-italy-from-the-crisis/
The German public broadcast agency ARD is proposing structural changes. Due to the low-interest rates, the ECB has placed the agency in hard times with its pensions. Karola Wille, the director, has called for structural reform to reduce costs. The proposal centers on technological change to increase efficiency in the performance of its mandate. They are also looking at developing cross-media applications to modernize the agency. The ARD is non-profit so the German government has to fund it. As the low-interest rates have undermined pensions throughout Europe, the governments will have to step up and bail them out. This is going to put tremendous pressure on the entire EU budget and austerity policy embedded within the single currency. We are looking at the same story being painted throughout Europe. The low-interest rate policy for nearly 10 years has not merely destroyed the bond market in Europe, it has undermined the pension system both privately and publicly. Indeed, adding to this crisis is the mandate that all pension funds hold some or the majority of their investments into government debt. The combination of these policies clashes with the ECB and the nightmare on the horizon and why Draghi can’t leave fast enough to avoid personal blame. This crisis all stems from the structural design of the EU. They tried to be half pregnant with only a single currency and dictatorial control over member state budgets. The refusal to consolidate the debt emphasized the problem of the great disparities in cultures and the prevailing prejudices that exist through Europe between member states as well as within member states such as Bavaria v northern Germany or Spain v Catalonia, Scotland v Britain, Italy v Sicily, etc.. This prevailing prejudice is also why the bail-in policy was adopted. If Italian banks failed, then a centralized source of funds would amount to transfer payments between one member state to another. This was the very reason the EU rejected debt consolidation, to begin with. True, Greece was offered “loans” but its feet were held to the fire to pay it back. That was again rejecting any idea of a single Europe implied by transfer payments v loans. Furthermore, as this pension crisis matures, we will have the same problem of transfer payments. This is how and why the EU will break apart because there is no actual resolution to consolidate the debts. The talk of Eurobonds is merely a way for the EU to borrow, but it will still not result in debt consolidation. What they are proposing is the same structure as the mortgage-backed CDO crisis of 2007. Bundling member state debt into a single Eurobond but each member still is responsible for its own debt. The structural failure of the EU has been all about how they could have their cake and eat it too. This is also why none of the leaders in Brussels ever stand for election. They are embedded in a deliberate denial of any democratic process.
— Read on www.armstrongeconomics.com/international-news/europes-current-economy/the-pension-crisis-will-breakup-the-eu/
Dominos
The Truth About Italy
— Read on www.bitchute.com/video/WypsVFfrOPg/
Common sense happens in Italy 🇮🇹
COMMENT: You were here in Brussels a few weeks ago. Suddenly, the ECB is talking about the need to merge the debts to prevent a crisis. So your lobbying here seems to work. RGV, Brussels REPLY: I do not lobby. It is rather common knowledge I have made those proposals since the EU commission attended our World Economic Conference held back in 1998 in London. I focused on the reason the Euro would fail if the debts were not consolidated. So it is not a fair statement to say I meet in Brussels to lobby for anything. I meet with people who call me in because of a crisis brewing. So everyone else understands what this is about, the ECB President Mario Draghi has come out and proposed interlocking the euro countries to create a “stronger” and “new vehicle” as a “crisis instrument” to save Europe. He is arguing that this should prevent countries from drifting apart in the event of severe economic shocks. Draghi has said it provides “an extra layer of stabilization” which is a code phrase for the coming bond crash. He has conceded that the legal structure is difficult because what he is really talking about is the consolidation of national debts into a single Eurobond market. There is no bond market that is viable in Europe after the end of Quantitative Easing. There will be NO BID. There is no viable bond market left in Europe. The worst debt is below US rates only because the ECB is the buyer. Stop the buying and the ceiling comes crashing down. This is why what he is saying is just using a different label. He is not calling it debt consolidation, just an extra layer of stabilization to bind the members closer together. It will be a hard sell and it may take the crisis before anyone looks at this. You have “bail-in” policies because of the same problem. If the banks in Italy need a bailout from Brussels, then other members will look at it as a subsidization for Italy which is unfair. There is no real EU unity behind the curtain which is when the debt was NEVER consolidated from day one. They wanted a single currency, but not a single responsibility for the debt.
— Read on www.armstrongeconomics.com/international-news/europes-current-economy/draghi-calls-for-consolidation-of-debts/
The kill shot for responsible governance
Airbnb Turns to Brussels for Help as Anti-Tourist Backlash Intensifies in Europe | Wolf Street
— Read on wolfstreet.com/2018/05/09/airbnb-turns-to-brussels-for-help-as-anti-tourist-backlash-intensifies-in-europe/
For years there has been a struggle in the Eurozone between those that want to transform it into a transfer union and those that who want a Europe of independent and cooperating countries.
— Read on mises.org/wire/eus-backdoor-path-unified-superstate
Europe’s General Data Protection Regulation (GDPR) has been billed as the biggest shake-up of data privacy laws since the birth of the web.
— Read on www.reuters.com/article/us-europe-privacy-analysis/european-regulators-were-not-ready-for-new-privacy-law-idUSKBN1I915X
The entire EU Crisis began precisely on schedule on the Political Pi Turning point from the major high in 2007. Precisely on the day of the ECM turning point, April 16, 2010 (2010.29) Greece notified the IMF it was on the verge of bankruptcy. By April 22nd, the Euro fell to near year-low levels amid concerns about Greece’s debt crisis. The IMF activated the loan facility and Greece received its first €45 billion on April 23rd, 2010. Then on May 9th, the IMF approved a bailout package for Greece with the largest loan and exceptional, fast-track access. Of course, that turning point of April 16th, 2010 was also the first time the SEC charged Goldman Sachs with outright FRAUD is selling its Mortgage Backed Securities. In dealing with Greece, the German head of state Chancellor Angela Merkel, had promised the German taxpayers that any loan to Greece they will be held to the fire and forced to repay. The polls were turning hard against Merkel as she was being bashed in the world press for Greece had forgiven Germany’s debt after World War II, but Merkel refused to provide any relief for Greece because of her campaign promise. The divert the press from here hardline policy on Greece, Merkel then summarily announced that she would take the refugees from Syria with open arms. That then began the European Refugee Crisis and Merkel then force the rest of Europe to share the burden she created unilaterally. The entire European Refugee Crisis was created by Merkel, and this has been at the center of the crisis which is tearing Europe apart at the seams. That came as the next ECM wave turned from its peak 2015.75. Now as we approach the next political Pi Turning Point due on November 21st, 2018, which will be 8.6 years from when the Greek debt crisis began, the EU Commission has demanded from the Eurozone states that debt relief should be provided to Greece. “We need to find a mechanism that will ease the debt burden that is on the Greek people today,” EU Economic Affairs Commissioner Pierre Moscovici said Friday at a meeting of Eurozone finance ministers in Sofia. The creditors would have to show “solidarity with Greece” in order to secure the recovery of the long-term crisis country. The Greek government creditors addressed by Moscovici are the taxpayers from those Eurozone states that had granted loans to the country in recent years – especially German taxpayers. With these loans, the Greek government paid the debts that it had with major international banks. All the loans in Christendom to Greece will not solve the debt crisis. The design of the Euro was seriously flawed. They implemented only a single currency and left all member states with their national debts instead of consolidating them. Then the Euro rose from 80 cents to $1.60 and suddenly Southern Europe saw their national debts double in real value. It was no different from borrowing to buy a home in Swiss franc to save interest and watching the Swiss double in value and now you owed twice as much on your home. Debt relief of 50% is needed on the entire national debt – not just the loans since 2010.
— Read on www.armstrongeconomics.com/world-news/sovereign-debt-crisis/greece-the-debt-crisis/
We no longer replace our numbers; instead we rely on immigration to compensate for the shortfall in births. This immigration is for the most part Muslim; the effect of our demographic decline is, therefore, the Islamization of Europe. The response of
— Read on www.gatestoneinstitute.org/11808/europe-shrinking
The head of the EU, Jean-Claude Juncker celebrates the 200th anniversary of Karl Marx in Germany. What is really stunning, is that Karl Marx is not merely the champion of Communism which he adopted from the French Commune experiment during the French Revolution, but he has ignored the little fact that no other person in history is responsible for killing tens of millions of people, more than all the wars combined, who gave their lives for his ideology. To celebrate Karl Marx which advocates suppressing the people and taking all wealth from them and handing it to the state politicians is in itself a demonstration of exactly how the EU looks at its role today. We live in a very dangerous era for this is the collapse of Marxism and they will fight back with every ruthless means possible to save their theory of living off of other people’s money.
— Read on www.armstrongeconomics.com/armstrongeconomics101/economics/juncker-celebrates-200th-birthday-of-karl-marx/
John Barleycorn 
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