in its second rescue.The use of collateral, a concession to win Finland'sbacking for 109 billion euros of loans pledged by euro leaders in July, would
ridicule all other lenders!256 billion euros for PIGS failed to restore order.Europe also faces hurdles in
trying to widen the powers of its rescue fund, with German MPs demanding a veto
over its operations.The European project has lost significance among Germany's
policy elite as the central driver of foreign economic policy.
No clear grand strategy has replaced this Einbindungspolitik, German foreign
policy tenet of engagement.Given the heavily-fragmented nature of checks and
balances in German politics, the political elite seems to be buffeted by a
cycling of priorities from regional elections to Chancellory infighting.The end
result has been a series of policy reversals and costly delay.2011 in a case against interventions such as the bailout packages to PIGS. A
ruling in the case is expected on September 7.A group of German euroskeptic
eggheads led by Joachim Starbatty filed the case last year.The group argues
that creating rescue funds violates the European Union's no-bailout clause,
which says neither the EU nor member states should take on governments'
liabilities.
Finance Minister Wolfgang Schaeuble says you can go ahead, if you do it on a
voluntary basis.That may be true as long as he uses his own money.It's not
Schaeuble's money to give!Schaeuble is using taxpayers' money, so he has to
ask them whether he can be so generous with their money.
That is something Schaeuble should consider - after all, first and foremost, his
main obligation is to the German taxpayer.Karlsruhe will probably set clear
conditions for any new package.The bailout packages for the peripheral
countries, such as Greece, contradict the spirit of the Maastricht treaty.
October-18 Mafia a*serts Karlsruhe won't decide on anything that would stop the
bailout mechanism, because the court would not risk bringing down the European
monetary union.There is no way any prudent investor will throw a euro in the
Cradle of Kleptocracy, which is infested with marilizardism, the October-18
Mafia, charge stacking, and the cancer of socialism.
If Karlsruhe were to say that everything that is being done now is
unconstitutional, Greece would have to leave the currency union, and there would
be a debt rescheduling.There's no escaping that.What Germans are doing now
isn't solving any problems.Continuing to give Greece money so it can pay its
creditors, only means pushing Greece further into the debt trap.It's a bailout
for the banks, but without saving the European currency system.
Eurozone's troubles are going to get worse until October-18 Mafia goes belly up.
We're in this vicious circle which will have systemic effects in the eurozone.
The bailout for the Cradle of Kleptocracy is taxpayers' hard-earned money blown
out with the wind, because the October-18 Mafia continues corruption, squander,
marilizardism, incivility, stupidity, charge stacking, and junketing.economic contraction and a suspension of the Troika mission.Two-year Greek
yields rose today to 48%.There is only one solution to the dilemma faced by the
Greek government over its inability to borrow more money.Shut it down!
Debt ceiling or no debt ceiling, deficit or no deficit, all of stupid
ministries, agencies, boards, commissions, authorities, bureaus, divisions,
services, administrations, and programs should be shut down.This is not
complicated!
Collateral was one element of the second Greek package set up on July 21.Also
at that summit, euro leaders agreed to give the main rescue fund, the 440
billion-euro European Financial Stability Facility (EFSF), the power to offer
precautionary credit lines, recapitalize banks and buy bonds in the secondary
market.
Europe's relations with the IMF, contributor of a third of the bailout money so
far, have worsened as the crisis drags on.Trans-Atlantic miscommunication
complicated October-18 Mafia's payout in July, and officials from emerging
economies such as Brazil have questioned the fund's exposure to Europe.
Prudent Finland is at center stage with its pursuit of collateral, the product
of a June coalition accord by new Prime Minister Jyrki Katainen after an
election marked by an antibailout backlash.The best thing that could ever
happen to Greeks would be the majority of the functions of the Greek government
were shut down permanently.
Jefferson said the two enemies of the people are criminals and government, so
let us tie the second down with the chains of the Constitution so the second
will not become the legalized version of the first.#1 enemy of the Greek people!Unfortunately, Jefferson's advice has come too
late to the Cradle of Kleptocracy.That's why Greece now needs a real
revolution to overthrow the corrupt status quo.
If the army is not willing to do it, Greeks themselves have to start acquiring
guns for the great moment of liberty, climaxed by the public hanging of all
Graecokleptocrats in front of the Grand Brothel on Syntagma Square.
Finland shrugs off pressure to back away, with Finance Minister Jutta Urpilainen
obtaining support for the collateral bid from a parliamentary oversight
committee.Austria, the Netherlands, Slovakia and Slovenia plan to piggyback on
any arrangement negotiated by Finland.Nobody trusts October-18 Mafia.
In the IMF's view, stringent conditions such as spending cuts and elimination of
political corruption and marilizardism are a better way than collateral of
keeping Greece in line.Collateral would also run afoul of so-called negative
pledge clauses in Greek bonds that bar the Greek government from issuing more
senior claims.
Banks cannot participate voluntarily in illegal acts, such as fiduciary
imprudency.Bank directors are committed to bank's welfare, and not the public
interest.If bankers waive outstanding debts at the expense of the bank, this is
a breach of trust and punishable by law.All those bankers, that IIF claims plan
to participate in rollovers, might go to jail for violating the fiduciary duty
of prudency!October-18 Mafia pressures the banks to participate, but it really
opens Pandora's box.
K and the days of summer
