Tag Archive | "EU"

EU plans savings confiscation, redistribution to help banksters

corrupt

In a perfect example of the merger of governments and corrupt banks against the rest of us, the EU executive wants to grab personal pension savings to provide ‘long-term financing’ to, you guessed it, those very same corrupt and mostly insolvent banks. This is savings confiscation to aid the wealthy organized by governments.

“The Commission will ask the bloc’s insurance watchdog in the second half of this year for advice on a possible draft law “to mobilize more personal pension savings for long-term financing”, the document said.” Mobilize, once again, is a more palatable word than, say, confiscate.

The banks are going boo-hoo, harsh new rules prevent us from lending. No, actually those rules force banks to have adequate reserves. This is a good thing for everyone except the corrupt few at the top. So, obligingly, the EU plans to change those tedious rules. Instead of following GAAP, banks can go back to their previous MSU method of accounting, Making Shit Up. It’s important to realize this redistribution of money will not go from the rich to the poor but rather from everyone else to the already rich. It’s socialism for the wealthy. The Fed has been doing this for years in the US, shoveling trillions to the banksters, ostensibly to jump-start the economy.. The banksters keep the money, don’t loan it out, use it for speculation, all the while whining about government interference.

Posted in Banksters

Belgium, home of European Union, has no functioning government

Journalist Andy Carling in Belgium, on the dire situation there, where for 18 months now a caretaker government has been handling only routine business.

Now, Belgium, a nation that appears intent on geographical suicide is about to go under. A combination of EU dithering, narrow minded politicians and financial pressure has left the home of the EU without a government and none in sight. This means that there’s nobody to take any responsibility for the €11.2 billion of cuts needed for next year alone. This means that the markets are walking away and a Greece/Italy style collapse is imminent.

Posted in News

EU plans to convert unused biomass to energy

The project involves 19 countries looking for ways to convert non-food biomass to energy on a massive scale. One particular target is municipal waste. Imagine the savings if what once was dumped in landfills or burned became energy instead.

Posted in News

Greek debt crisis “absolute nightmare”

Interview with Financial Times chief economics correspondent, Martin Wolf.

From Wolf’s point of view, the choice is an easy one: Restructure now and force the private sector to at least share in the pain (for a change).

But the banksters never want to take a writedown on their dicey bond ‘investments’ and instead try to force the public to pay for it.

The solution to the EU debt crisis is for countries to default on their debt, allow insolvent banks fail, and arrest the criminals responsible. Then their economies will function rather than being strangled by banksters. That’s what Iceland did. And their economy is recovering.

Posted in Banksters, News

Multiculturalism has failed, say European leaders

“My answer is clearly yes, it is a failure,” [French President Nicolas Sarkozy] said in a television interview when asked about the policy which advocates that host societies welcome and foster distinct cultural and religious immigrant groups.

“Of course we must all respect differences, but we do not want… a society where communities coexist side by side.

“If you come to France, you accept to melt into a single community, which is the national community, and if you do not want to accept that, you cannot be welcome in France,” the right-wing president said.

“The French national community cannot accept a change in its lifestyle, equality between men and women… freedom for little girls to go to school,” he said.

He has a point. An Islamist school might ban girls and also try to impose that view on the culture at large. This clearly comes in conflict with the more egalitarian views of the society at large.

British Prime Minister David Cameron, German Chancellor Angela Merkel, Australia’s ex-prime minister John Howard and Spanish ex-premier Jose Maria Aznar have also recently said multicultural policies have not successfully integrated immigrants.

Cameron specifically said that allowing Islamists ito live in isolated clusters can foster religious extremism which could lead to terrorism.

Merkel in October said efforts towards multiculturalism in Germany had “failed, totally.”

Yes, these leaders tilt to the right. But this isn’t merely zenophobia or racism. Something has broken in the EU when it comes to multiculturalism.

Posted in News

EU countries to build offshore renewable energy grid, US snoozes

The grid, which would become fully operational in 2020, would allow the EU countries to share renewable electricity throughout the continent and the British Isles.

Meanwhile, here in the supposedly United States, we’ve been squabbling for years about whether or not to have offshore wind power at all. We still don’t have one single, solitary offshore wind turbine. That’s right, not one. God forbid a Kennedy should have to look out a window and see a turbine fifteen miles out in the ocean. Oh the horror. And if it’s not environmentalist NIMBYs (a contradiction in terms if there ever was one) then it’s lunatic right wingers who would prefer we choke on coal fumes or squabbling states afraid someone other state might get one up on them so better kill the whole thing instead or bury it in endless bureaucratic hogtwaddle.

Europe has large amounts of renewable energy with more coming every day. Countries there are joining together to build more. But here in the good ole US of A we are so polarized we seemingly can’t even accomplish simple tasks. I mean, WTF is wrong with this country? Seriously.

Posted in Renewable energy

Ireland should default, and force the banksters to take losses

The problem is not debt incurred by the government but rather that the banksters, who knowingly bought garbage bonds and made flaky loans, are demanding to be paid back at 100% on the dollar by the government and that the Irish taxpayers foot the bill for banker’s plunder, greed, and recklessness. This is criminal. Ireland should default. And it it doesn’t do so immediately then I expect the new government will probably disavow any agreement and default. Or Spain, Portugal, or Belgium will. It will happen.

The criminal banking class must be stopped. A public bailout of private greed is precisely what Bernanke, Geithner, Summers, Rubin, and Paulson forced upon the American public too. We’ve had enough of this Too Big Too Fail rubbish. These entities are Too Corrupt To Live. We need massive defaults, figurative baseball bats against the heads of the bondholders, and an end to taxpayers being forced to subsidize the sins of the wealthy against the interests of the rest of us.

Ireland must take a flamethrower to the bondholders

The only people who benefit from our not burning the senior bondholders are the states, banks and big investors who are owed money by our banks. The Irish people however, have no interest in paying to rescue these bondholders for decades to come.

Will Ireland default?

The most obvious answer is: Ireland’s European partners do not want this to happen, because it would expose the really bad decisions made by pan-European banks and their regulators over the last decade and create potential fiscal risks in other euro-zone countries.

To default or not to default: that is the burning question

Default and devaluation: The only path for Ireland now

Thinking about the future state of Ireland’s finances now, we can easily start to envision something even more shameful than default. The shameful image begins with the Irish population devoting almost every cent of its tax revenues for the next six years towards propping up parasitic lenders such as Anglo Irish, Bank of Ireland and Allied Irish Banks.

Haircuts for all as vexed Germany takes a firm grip on the clippers.

Posted in Banksters, News

It’s hard to watch the rape of Ireland

31 billion euros for Irish bank capital capital aid … Out of 31.5 billion euros total tax revenue for the year! Leaving 0.5 billion euros for the rest of the government. And please note that 31 billion is a *voluntary* contribution to the banks by the government. … Mortgaging the people of Ireland for at least a generation, to bail out a criminal banking system so that they don’t have to face the consequences of their actions.

Posted in Banksters, News

Cap and trade works in Europe. That because it’s mandatory

Cap and trade is mandatory in the EU for large corporations. They must participate. And guess what, it is successful. Unlike in the US where a a timid little voluntary cap and trade system was tried and predictably failed, the EU system has demonstrably lowered emissions and increased the use of clean, renewable energy.

More wind power capacity was installed [there] last year than any other electricity-generating technology. What’s more, new wind capacity replaced fossil energy.

In 2009 Europe actually decommissioned more coal, nuclear and gas plants than it built.

A whopping 61% of all new power generating capacity added in 2009 was renewable energy

This shows what can happen when governments genuinely support clean energy.

Posted in Renewable energy, Wind turbines

Today we are all Irish. Stop the banksters

Ireland should default on their debt and force the banker thugs to take a haircut on their investments. And that’s precisely what might happen after their craven and corrupt government falls. The new government will be much more militant and should simply repudiate the debt.

Krugman

These debts were incurred, not to pay for public programs, but by private wheeler-dealers seeking nothing but their own profit. Yet ordinary Irish citizens are now bearing the burden of those debts.

And you have to wonder what it will take for serious people to realize that punishing the populace for the bankers’ sins is worse than a crime; it’s a mistake.

Mike Whitney

Ireland is being asked to cut to social services, slash wages, renegotiate contracts, and dismantle the welfare state so that undercapitalized banks in France and Germany can get their pound of flesh. But, why? They’re the ones who bought the bonds. No one put a gun to their head. They knew they could lose money if Irish banks went south. That’s the risk they took. “You pays your money, and you takes your chances.”

Mish

Why the average Irish citizen should have to bail out foreign bondholders is beyond me, but I do note that the same happened in the US with taxpayers footing an enormous bill for Fannie Mae, Freddie Mac, and AIG.

At least in Europe they are fighting back, with major protests in Britain, Ireland, Spain, and Portugal. That’s what the Tea Party is about here. Our current international banking system is rotten and corrupt at the core. It needs to be dismembered and replaced with something more equitable. The first step is for European countries to default on the debt made by private bankers and institutions.

Posted in News

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