Red Herrings' Summit

"You have ten days to save the Euro"

 

That was the headline before last week's euro-saver-summit. And now? The magic bullet is to be an old hat called Fiscal Union and one more silver bullet was left to make David Cameron come across this brilliant idea of walking away from Europe in order to save his respectively the banksters' City?!

Great!

Fiscal discipline, the focus on strengthening competitiveness and penalties for those who are too deep in debts will actually have to sort out the Greek economy and that of all the other PIIGS and friends; together with iron German austerity concepts and French red but too short herrings this is the latest Wunderwaffe to save the Euro - in just ten days. Merkozy should write two thick books about it and use those to stand on; at least that will make them taller.

I bet Italian bonds will be creeping back up above 7%, the ECB will buy more bond crap and not call it Eurobonds and soon it will be very irrelevant how few diplomacy lectures DavidC ever had for breakfast at Oxford; and his teammate needed a day or two to understand the implications and now tries the splits.

It just makes very clear if you did not know before that none of those in charge of the problem have any plan to sort things out. Red herrings in dark waters.

Carpe diem!

Euroland is PIIGS' land

I don't get it!

And why don't Merkel and/or Sarkozy want to get it?

the guardian: European Union leaders have five days to solve debt crisis

Europe has five days to find a solution to the sovereign debt crisis or else the EU itself will collapse, political leaders warned on Sunday at the start of a week of high-stakes summitry.
...
Peer Steinbrück, her [Merkel's] likely opponent at the general election in 2013 and her ex-finance minister, said she had to change course if she was to win broad support: "Either the ECB becomes a state treasurer or the rescue fund the EFSF wins a bank licence or Eurobonds arrive or there is some form of transitional solution among these proposals."

Eurobonds as the last resort, the ultimate solution for saving the ECB crashing! How naive is that? Another distraction from the real problem, another trick to delay death. Brain death Euro in its final weeks:

That's what the ECB pumped itself up with in the past few months: trash! In its function as the Worst Bank for the Bad Banks and its Banksters, similar to the BoJ, the BoE and the FED, the ECB has already sucked up more than 2 trillion of printed rubbish promises worth ... zero! Capitalised with roughly €5 billion a capital/lending ratio is not worth mentioning and this stupid argument "But they can print whatever sums they want!" is as much nonsense as it is destructive.

So, the party is over, but almost, only. We have yet to watch Eurobonds coming in which will finally and irreversibly make all debts of all Euro countries the debts of the EURO no matter what Euroland it originally was printed for; with other words Euroland will be one big PIIGS as it definitely can't be one big Germany.

And really it is not about rescuing the Euro, it is only about the banks, as the above article sums it up:

Market hopes are that – despite their differences – Merkel and Sarkozy agree on both a short-term solution and longer-term vision that will persuade the ECB not only to cut interest rates by 0.25% to 1% but extend loans of up to three years maturity to struggling banks. The ECB governing council meets hours before the EU summit on Thursday.

Once they decided to all be PIIGS - what kind of animal will the UK with its fabulous Pound be?

 


Carpe diem!

if it wasn't so sad

... I would recommend laughter!

EUROland is celebrating 10 years of - YES! - the Euro!



I am used to hearing b...s..., but that's setting a new record:

Europe builds bridges... and inspires hope... it also has a common currency, the Euro, our money!

The first twelve to introduce the Euro banknotes and coins in 2002 were Belgium, Germany, Ireland, Greece, Spain, France, Italy, Luxembourg, The Netherlands, Austria, Portugal and Finland...

... all of which are now tumbling in different levels of bankruptcy!

One advantage is that there is no need to exchange money when travelling within the Euro area.

True: having cut into education for many years would now make it virtually impossible to calculate a cost of a beer in Spanish Peseta for anybody used to the Pound; sorry, I meant to say: the Euro.

Mario Draghi:

Over the past decade the Single Currency has become a symbol of integration and co-operation and the Euro banknotes and coins have become part of our daily lives. Despite the challenges currently faced by Europe as well as the rest of the world the people of the Euro area can rest assured that the European Central Bank will remain faithful to its mandate of maintaining price stability.

This is a joke, is it it? The decade's best joke. Listen yourself, I guess we all paid for that brilliant marketing BS!!

It reminds me very much of this Gentleman and his reassurance to the World, whereas nobody would want to build a wall...:

_____

It is terribly unreal this world; but then this is reality:

That shows UK's oil production curve in a severe decrease. It suggests the UK is saving for later or it is peak UK oil... More on this you will find here (in German).

_____

And, as I have had no time to blog being heavily involved in PassivHaus(ing) here is something to laugh, even though it might be an old joke but more importantly be very sad:

WALKING EAGLE

On a recent trip to the United States, Tony Blair, Ex-Prime Minister of the UK, addressed a major gathering of Native American Indians. He spoke for almost an hour on his plans for a Carbon Trading Tax for the UK and Europe At the conclusion of his speech, the crowd presented him with a plaque inscribed with his new Indian name - Walking Eagle.

A very chuffed Tony then departed in his motorcade, waving to the crowds.

A news reporter later asked one of the Indians how they came to select the new name given to Tony Blair. They explained that Walking Eagle is the name given to a bird so full of shit...
...that it can no longer fly.

Tell me, please, who of those eagles working for us, our future and themselves still fly? And, is there an Eagle in the walking Euro?
 

Apropos Tony, the Blair, here ...

is more on him, and here on him and his best pal! Oh, if you think I don't like him; that's really giving the facts no justice.

Walking...tssss!

Carpe diem!