The day the euro died, from the Independent

Could Europe’s currency fall? And if it did, what would happen? Sean O’Grady imagines a future in which the member nations turn back the clock

Monday, 29 November 2010

Berlin, 29 September 2013. Angela Merkel is re-elected Chancellor in an unprecedented landslide. “The girl who saved Germany” stars at a rally of supporters in the shadow of the Brandenburg Gate.

GLOBALISTS PANIC: EUROZONE ON VERGE OF COLLAPSE

Growing political resistance in Ireland and Germany to handing over money to  banks is forcing the ECB to buy up souvereign debt

Hyperinflation is logical result of the crumbling eurozone pyramid scheme

German economists suggest creating a eurozone with two currencies

Merkel admits that the euro collapse could spell the end of the Globalist’s European Union

There has been a massive sell off of bonds as Irish government’s chances of pushing through an IMF/EU austerity budget suffered a setback after Sinn Fein won a by-election in Donegal on Friday, shaking the faith of markets in the ability of governments to keep the euro pyramid scheme going.

In an election that could one day be seen as a turning-point in history when the Globalists and EU tide of power finally began to be turned back, Sinn Fein’s Pearse Doherty took 40 per cent of the votes, reducing the Fianna Fáil-Green party coalition’s majority to just two in the 166-seat Irish Dail or parliament and making the government reliant on two independents to pass a draconian IMF budget in a vote on December 7^th unless opposition deputies vote for the budget or abstain.

EU financial rescue system like pyramid scheme: Slovak PM

EU financial rescue system like pyramid scheme: Slovak PM

24 November 2010, 19:10 CET

— filed under: Slovakia, Finance, Ireland, economy

(BRATISLAVA) – The European financial stability rescue mechanism activated by Ireland this week resembles a pyramid scheme rather than a long-term solution, Slovak Prime Minister Iveta Radicova said Wednesday.

“We are close to a system similar to a pyramid scheme and the moment will come when the whole system will collapse like a house of cards,” Radicova told journalists.

On Sunday, Slovakia agreed to back a European Union and International Monetary Fund rescue plan for Ireland, under which the struggling eurozone member may receive loans worth about 85 billion euros (114 billion dollars).

Earlier this year, Slovakia was only EU holdout against a 110-billion-euro bailout for another fellow eurozone member, Greece.

Read more at: http://www.eubusiness.com/news-eu/finance-economy.76m

Spain and Portugal face pressure to hand over more money to the banks

Spain, Portugal face pressure for bailouts

By Anthony Faiola Washington Post Foreign Service

Saturday, November 27, 2010

LONDON – The debt crisis in Europe escalated sharply Friday as investors dumped Spanish and Portuguese bonds in panicked selling, substantially heightening the prospect that one or both countries may need to join troubled Ireland and Greece in soliciting international bailouts. The draining confidence in Western Europe’s weakest economies threatened to upend bond markets, destabilize the euro and drag out the global economic recovery if it is not quickly contained.

Will Donegal create the bounce for Ireland’s Green Tea Party?

Slugger O’Toole

http://sluggerotoole.com/2010/11/26/will-donegal-create-the-bounce-for-irelands-tea-party/

Mark  is entitled to be pleased. But Donegal is only the sparring match. The stakes have now raised to a critical high for the main bout.  If Sinn Fein can’t win big in the general election, they never will.  The Donegal sideshow was in some respects, a gift. 

More than 100,000 protest IMF austerity budget in Dublin

More than 100,000 people gather in Dublin to demonstrate against four-year austerity plan to reduce debts

• Henry McDonald Dublin
• guardian.co.uk, Saturday 27 November 2010 14.23 GMT

More than 100,000 Irish citizens took to the streets of Dublin today to protest against the international bailout and four years of austerity.

Despite overnight snow storms and freezing temperatures, huge crowds have gathered in O’Connell Street to demonstrate against the cuts aimed at driving down Ireland‘s colossal national debt.

So far the march has passed off peacefully although there is a huge Garda presence with up to 700 officers on duty working alongside 250 security guards for the Irish Congress of Trade Unions.

Read more at: http://www.guardian.co.uk/world/2010/nov/27/ireland-bailout-angry-demonstrators-dublin

Deutsche Bank CEO pushes for Russia to join eurozone

Do you live in a country run by a bank oligarchy? An authoritarian state with a show parliament? A place where journalists are regularly shot on the street? Is your currency being run like a gigantic pyramid scheme. Perfect! Then, you belong in the European Union!

Bilderberg and Deutsche Bank CEO  Josef Ackermann is now openly pushing for Russia to join the eurozone. According to Austrian media, Russian secret services already have a permanent office in the interior ministy to run their operations from so the EU and Russia mafia are well on the way towards a full merger.

Report puts Austrian Justice Minister under pressure

A report by banking expert Oliver Lindtner has put more pressure on Austrian Justice Minister Dr Claudia Bandion-Ortner and other state prosecutors involved in the Bawag trial.

The report concludes that Wolfgang Flöttl could highly likely not have lost millions of euros in financial deals in 2000 and that a computer crash could not have resulted in the loss of significant data because of back up  systems undermining the judgement of Bandion-Ortner and sparking fears that the Bawag trial was a hollow routine to assist Flottl and others in looting the Austrian taxpayers while giving the appearance that justice was done by scapegoating Social Democrat  Helmut Elsner.

The Bawag trial is just one of many scandals currently involving justice officials in Austria.

Read more in German at: http://kurier.at/wirtschaft/2052906.php

Donegal by-election today could bring down Irish government, stop IMF/EU budget

Will today’s by-election bring the Irish government down?

Posted by George Eaton – 25 November 2010 12:45, New Statesman

Victory for Sinn Fein could make it impossible for the government to pass its austerity budget.

The bailout may have granted Irish Prime Minister Brian Cowen a stay of execution but today’s by-election could seal his fate. If, as expected, Sinn Féin’s Pearse Doherty wins in Donegal South West, Cowen’s majority will be cut to just two, making it near-impossible for the government to pass its austerity budget on 7 December. A recent Red C/Paddy Power poll put Sinn Fein on 40 per cent, Fianna Fáil on 19 per cent, Fine Gael on 15 per cent and Labour on 14 per cent.

Read more at: http://www.newstatesman.com/blogs/the-staggers/2010/11/sinn-fein-government-budget

EU hopes to double bailout fund

[Editor's note: Germany's share of the existing €440 billion bailout alone would --together with interest payable on other bank debts --, eat up almost its entire annual tax revenues already. It is inconceivable that the people of Germany would accept this, let alone a doubling of their bailout burden. As a last resort, the ECB would have to buy government bonds, monetizing the debt in the same way the Federal Reserve in the USA is doing, so sparking high inflation]

EU hopes to double bailout fund

Wall Street Journal

European Commission is pushing to double the size of Europe’s €440 billion ($586.52 billion) bailout fund for indebted euro-zone countries, according to people familiar with the situation.