Schengen being dismantled is a big warning sign...
Agreed in principle.
Hard to imagine at this point that it will be "dismantled" per se, but the fact that the very image conscious EU Project leaders are even publicly discussing "temporary" controls to stem potential "illegal immigration", is, as you say, a "big warning sign".
As always, it is reasonable to expect that they are aware of things that have yet to be made public.
They can't do capital controls, so this is the next best thing.
Twatwaffle lop guest User ID: 91659 04-22-2012 12:24 AM
Bundesbank’s Weidmann Says What No EU Politician Wants to Hear
Jens Weidmann is no longer his master’s voice.
Almost a year into his new job as the head of Germany’s Bundesbank, Weidmann, 44, has matured from Chancellor Angela Merkel’s discreet right-hand man at global economic meetings into one of the few European policy makers warning that governments are failing to do what’s needed to rescue the euro.
Weidmann’s public criticism of measures such as the “fiscal compact” -- hailed by its architects as the first step to economic union -- has pitted him against Merkel and European Central Bank President Mario Draghi as they struggle to hold the 17-nation euro region together. With Europe in recession and rising Spanish bond yields threatening to reignite the debt crisis after a three-month lull, the Bundesbank’s youngest-ever president says greater fiscal and monetary rectitude is the only way to win back investors’ trust.
“When he was appointed, the press pounced on him and cried ‘Merkel’s man’ because he had worked for her for a few years,” said Manfred Neumann, the professor of international economics at Bonn University who supervised Weidmann’s 1997 doctoral thesis and says he still talks with his former student. “He has shown that he isn’t.”
Weidmann’s arrival on the 12th floor of the Bundesbank’s landmark building in Frankfurt on May 1, 2011, may have been more of a homecoming than a departure....
Nightmare week for Angela Merkel as austerity bloc crumbles
Europe's political centre is starting to crumble, replicating the pattern of the early 1930s as the crisis ground into its third year under a similar mix of fiscal and monetary contraction.
Twatwaffle lop guest User ID: 92326 04-24-2012 11:14 PM
EU Austerity Dictate: Dutch Government Collapses, Opposition In Czech Republic Grows
April 24, 2012 • 6:09AM
The Dutch government collapsed Sunday evening, with Mark Rutte, leader of the minority government handing in his resignation Monday. This has led to big laments, that Germany thus has lost one of its "most stable partners" for the fiscal pact. Some days ago, Fitch had threatened to downgrade the Netherlands from their current AAA status, for running the risk to fail to achieve the EU deficit goals, i.e. to bring the new state debt below the 3% limit in 2013 from its present 4.7 % deficit.
Geert Wilders of the PVV (Freedom Party) had refused after week-long negotiations to agree to the EU austerity package, which the government of Mark Rutte (Liberals and Christian Democrats) was set to implement. Only with the support of the PVV the minority government had been able to muster a ruling majority of 76 out of 150 seats. Wilders, a right-wing populist with a xenophobic attitude against Islam, says he is fighting "against the Brussels dictate and the assault on the senior citizens" and that this decision is "against Europe, against the 3%, against the euro."
Elections, according to the constitution have to be held within three months. Conditions for a caretaker government are being worked out now. In May or June, the Parliament so far was scheduled to vote on the ESM, and on the Fiscal Pact during the second half of the year.
The EU dictate, which the failed government was trying to push through, included: Cuts between EU14-16 billion, in addition to the EU18 billion in cuts already agreed to: The VAT tax will be increased from 19 to 21%; wages frozen for state employees; cuts in the health care budget, with patients paying EU9 for every prescription, plus cuts by EU600 million; and moving up to 2015 from 2020, implementing the rise in pension age to 66 years. Development aid should be cut by up to EU750 million. A calculation by the state statistics offices showed clearly, that the austerity measures would clearly hit the lower-income population and decrease the buying power in general...
Keiser Report: Beggars Without Borders (E279)
In this episode, Max Keiser and co-host, Stacy Herbert discuss debt piles and thin dimes. They also discuss Christine Lagarde begging for money outside Penn Station while insider trading bankers 'charitably' talk to beggars at Grand Central. In the second half of the show Max talks to economist Michael Hudson about the austerity, debt and fraudulent conveyance.
ITVNews: The UK returned to recession after a 0.2% fall in GDP in the first quarter of 2012
Just listening to the talking heads, talking technical and talking "official double dip" but all it does for me is to confirms what everyone I know is feeling, that we never got out of recession in the first place.. perhaps they'll finally do something to promote growth, or then again, knowing the establishment, perhaps not.
The Bank of Greece warned Tuesday that the country faces a worse-than-expected recession in 2012, with the economy set to shrink 5 percent, and urged politicians to make a swift return to cost-cutting measures after the May 6 general election.
Tough conditions demanded for rescue loan deals have pushed Greece into a fifth year of recession and brewed widespread popular discontent. Some economists fear that politicians may be tempted to relax their focus on reforms after the elections.
The European Union had recently predicted a 4.75 percent reduction in Greek economic output this year. As the economy contracts, it becomes more difficult for the government to reduce its deficit.
Europe (minus Germany) looks more like post-bubble Japan each month.
The long-feared credit crunch has mutated instead into a collapse in DEMAND for loans. Households and firms are comatose, or scared stiff, in a string of countries.
Demand for housing loans fell 70pc in Portugal, 44pc in Italy, and 42pc in the Netherlands in the first quarter of 2012. Enterprise loans fell 38pc in Italy. The survey took place in late March and early April, and therefore includes the second of Mario Draghi’s €1 trillion liquidity infusion (LTRO).
The ECB said net demand for loans had fallen "to a significantly lower level than had been expected in the fourth quarter of 2011, with the decline driven in particular by a further sharp drop in financing needs for fixed investment." Demand fell 43pc for household loans, and 30pc for non-bank firms.
This slump in loan demand is more or less what happened during Japan’s Lost Decade as Mr and Mrs Watanabe shunned debt. Zero interest rates did nothing.
It is true that banks have slowed the pace of credit tightening, but they are nevertheless still tightening. "A banking crisis remains very much in play for much of the region," said David Owen from Jefferies Fixed Income.
BBC: France seeks change to Schengen border agreement
Quote:France has called for an easier mechanism to temporarily suspend an agreement which allows freedom of movement across 25 European countries.
In an off-the-record but widely-reported briefing, a senior French official said: "The governance of Schengen is failing. It seems there is a need to reflect on a mechanism that will allow a temporary suspension of the agreement, in case of a systemic failure of an external (EU) border."
The official, at the presidential Elysee Palace, said that any such an intervention would be provisional, until any "weakness" in the system was corrected.
This website exists for fun and discussion only. The reader is responsible for discerning the validity, factuality
or implications of information posted here, be it fictional or based on real events.
The content of posts on this site, including but not limited to links to other web sites,
are the expressed opinion of the original poster and are in no way
representative of or endorsed by the owners or administration of this
website. The posts on this website are the opinion of the specific
author and are not statements of advice, opinion, or factual
information on behalf of the owner or administration of
LunaticOutPost.Com. The owners or administration of this website can't
be hold responsible for content hosted on sites that posters link to
in; including, but not limited to, posts, signatures, private messages and such.
This site may contain content not suitable for minors and if you feel
you might be offended by such content, you should log off immediately.
Fair Use Notice:
This site may contain copyrighted material the use
of which has not always been specifically authorized by the copyright
owner. Users may make such material available in an effort to advance
awareness and understanding of issues relating to civil rights,
economics, individual rights, international affairs, liberty, science
& technology, etc. We believe this constitutes a 'fair use' of any
such copyrighted material. The
material on this site is distributed without profit to those who have
expressed a prior interest in receiving the included information for
research and educational purposes.
In accordance with industry accepted best practices we ask that users
limit their copy / paste of copyrighted material to the relevant
portions of the article you wish to discuss (no more than 50% of the
source material) provide a link back to the original article and provide
your original comments / criticism in your post with the article. If you are a legal copyright holder or a designated agent for such and
you believe a post on this website falls outside the boundaries of "Fair
Use" and legitimately infringes on yours or your clients copyright please contact [email protected]
This website is owned by :
2516 XR The Hague
I will not rent, sell, share or otherwise disclose your personal information to any third party.
We might contact you from time to time
regarding your purchases or the services (like forums and announcement
lists) you have subscribed to.
to track peformance and/or to serve relevant ads.
If you wish to read more and/or opt out of such cookies, please visit: http://www.networkadvertising.org/choices/