Tag Archives: Eurozone

Obama Lobbies Eurozone To Keep Greece In Until After Election

Here’s a hot one. In the “It’s all about me” department, President Barack Hussein “kill list” Obama has asked the Eurozone to keep Greece in it until after the US election in November. Why, you ask? Obama thinks that his reelection chances will be harmed because of what will happen to US and world stock markets if Greece is expelled from the Eurozone.

Greek Prime Minister Antonis Samaras traveled to Berlin on August 24 to meet German Chancellor Angela Merkel. He is scheduled to meet with French President Françoise Hollande on August 25. In both meetings he is expected to ask that Greece be given four years instead of the agreed upon two years to get their financial house in order. Wolfgang Schäuble, German Finance Minister, said it has been only months since creditors drew up a second bailout package and agreed on a massive debt write-down for Greece.

International Monetary Fund (IMF), the European Central Bank (ECB), and the European Commission (EC) representatives are due to arrive in Athens in September to assess Greece’s finance reform efforts. They are expected to report to Eurozone finance ministers on October 8. The finance ministers will decide on whether to disburse Greece’s next €31 billion financial aid package. Obama is worried because if the finance ministers decide Greece has not done enough to meet its deficit reduction target and withholds the money, it would mean Greece’s exit from the Eurozone only weeks before the Presidential election.

European leaders are thought to be sympathetic to Obama’s lobbying, fearing that, under pressure from Republicans, Mitt Romney would be a more isolationist president than Obama.

So Obama wants the Eurozone to take, or at least delay, a financial hit to better his reelection chances. Is that chutzpah, or what?

But that’s just my opinion.

Please visit RWNO, my personal web site.

EU Unemployment: Ouch!

europe 2008 rebecca 245

European unemployment for May reached 11.1% making it the highest ever for a single currency area. Nearly, one in four adults in Spain is now unemployed but for the under 25 age group a critical 52% in Spain and Greece are unable to find work.  In total, 17.6 million people were out of work in the Eurozone in May, up 88,000 from April and 1.8 million more than 2011.

The Eurozone banks are expected to make interest rate cuts this week in an effort to improve a hemorrhaging economy.  However, confidence in the European economy continues to drop as all countries experience higher unemployment levels, except for Germany (5.6% and the under 25’s at 7.9%). Recently even German markets have experienced an economic slowdown.

One has to wonder how long the Germans will work to pay for and bail out the rest of the European Union.

 

 

Fundraise and Fore! obama’s Answer to World Events

Israel issued warnings over security problems with Egypt. Militants from the Sinai Peninsula crossed over into southern Israel Monday and fired on a border security fence, killing one Israeli. The IDF moved tanks and other armed forces to the Israel-Egypt border in response to the attack. Egypt is on the offensive against Israel.

Egypt’s presidential election results lean towards victory for Mohammed Morsi, the radical Islamist Muslim Brotherhood candidate. Thanks at least in part to vocal White House support for the “Arab Spring”, which ushered the Muslim Brotherhood to Egypt’s presidency, Egypt is now likely to be more inclined towards acting offensively towards Israel.

Russia’s General Staff announced Russian Black Sea fleet warships may head for Syria, saying: “The Mediterranean Sea is a zone of the Black Sea Fleet responsibility. Hence, warships may go there in the case it is necessary to protect the Russian logistics base in Tartous, Syria”. Several warships, including large landing ships are ready for deployment. Russia supports Syria, an active agent for radical Ismanists in Iran, who also just happen to support the Muslim Brotherhood in Egypt. Russia exerts new influence in the Middle East while Russia’s President Vladimir Putin plays the White House like a fiddle.

The Euro survived over the weekend after a close call in Greek elections. Early market euphoria on Monday diminished when persistent uncertainty over the situation in Spain, Italy and other eurozone countries resurfaced. Despite Greece’s election result easing fears that the single currency will disintegrate, indications that Greece will run out of money in mid-July stalled initial market optimism. Multiple countries in Europe are now in economic decline after decades of following Socialist policies.

In France, Socialist President Francois Hollande was given a mandate to follow through with his tax-and-spend agenda when France’s Socialists won control of parliament on Sunday. Hollande now has the majority he needs to combat France’s debt crisis by following the very formula that created a debt crisis in France, Greece, Spain, Italy and the rest of the eurozone.

Meanwhile, in an address to the UN sustainability conference in Rio, Great Britain’s Prince Charles issued warnings about climate change. In a pre-recorded speech the Prince declared: “Catastrophic consequences of carrying on with ‘business-as-usual’ are bearing down on us faster than we think, already dragging many millions more people into poverty and dangerously weakening global food, water and energy security for the future”. The Prince then went on to say: “We do not have nearly enough knowledge on which to base the decisions that will be the best for the long term.” So, which is it? Either “we do not have nearly enough knowledge on which to base the decisions that will be the best for the long term” or we know enough to say “many millions more people” have to worry about poverty, food, water and energy security. You can’t have it both ways, “your majesty”.

In America, Al Gore cashed in on the hysteria he and his fellow climate change propagandists created when New York city Comptroller John Liu OK’d a $16.56 million contract with Generation Investment Management, the former vice president’s environmentally friendly investment firm. Generation Investment Management will help manage New York City pension funds to the tune of hundreds of millions of dollars. Given the track record of green energy capital investments, New York City pension funds are going to be another candidate for a taxpayer funded federal bailout. As with any investment management company, Generation Investment Management will earn their fees no matter what happens to the funds they invest. Apparently it pays to be a global warming alarmist. Perhaps Prince Charles fears the British Monarchy faces pending austerity measures and is just trying to get on the global warming gravy train.

Over the past three and a half years while current world events were taking shape, the White House has been spending money it does not have ala Socialist Europe. All the while enacting another big government socialist “entitlement” program to “nudge” Americans towards European style government dependency.

They championed bureaucratic violations of the free exercise of religion, using the presidential bully pulpit and complicit media lapdogs to convince uninformed voters that it was really a Republican attack on women’s healthcare.

Drones and unmanned airplanes began spying on private property in America’s heartland to ensure American Citizens are complicit with stifling new draconian EPA regulations. An EPA that is now attempting to redefine ditches as bodies of water in order to grant itself additional regulatory power.

Exceeding the Oval Office’s Constitutional and statutory authority to give work visas to a hand picked group of illegal aliens was deemed more important than creating a business friendly, jobs creating economic environment for American Citizens and legal immigrants.

This coming from an administration that pledged in 2008 that it would cut the federal deficit in half by the end of its first term. Instead, the size of the federal government, federal spending and the deficit are all at record high levels. The U.S. national debt has increased by over $5 trillion in less than four years, and after surviving WWI, the Great Depression, WWII, the economic disaster that was Jimmy Carter’s presidency and the global financial crash of 2008, the United States of America’s credit rating has been downgraded.

Insinuating his name into the online biographies of former Presidents and releasing a photo-montage of himself in his “private moments” became priorities, as did attending a record number of fund raising events and playing 100 rounds (and counting) of golf. Never mind that David Axelrod, his 2012 re-election campaign chief, called former President George W. Bush “out of touch” for playing golf while the country struggled with a bad economy.

That’s what his deep-pocketed out of touch with reality millionaire and billionaire Hollywood elite friends expect from their “cool” friend in the White House. To be truly “cool”, one must be seen as being above it all.

America and the world will be better off once the current Chief Executive of the United States begins spending his days playing golf full time as a former government employee.

God Save the Queen.

http://mjfellright.wordpress.com/2012/06/18/fundraise-and-fore-obamas-answer-to-world-events/

Europe Won’t Work in America

Spain’s economy is under such duress that the country is prepared to request a 40 billion Euro cash injection from the Euro zone this weekend. The request comes after Fitch Ratings reduced Spain’s credit by three notches on Thursday. This move will make Spain the fourth country to need a bailout since the European debt crisis began. The Spanish banking sector’s weakness and contagion from Greece’s debt crisis have put Spain’s economy in such a precarious position that the International Monetary Fund reported a need for 90 billion Euros to entirely cleanse Spain’s banking sector.

Much has been said about the problems of Greece and how those problems will impact the Eurozone. However, the size of Spain’s economy is over four times that of Greece’s. Spain’s 11.5% share of the Euro zone’s GDP has a far greater impact on European finances than does Greece’s 2.5%.

What the world is witnessing is the collapse of the European socialist economic model; the failure of government dependency. As more people become dependent on government, fewer people are left to pay the cost.

But it goes beyond simply spending other people’s money. The socialist entitlement mentality makes people less productive. As more and more people become less and less productive, an ever-smaller minority of productive people become responsible for shouldering the burdens of a completely lopsided, unfair system. When a tiny number of productive people are required to deprive themselves of the fruits of their own labor in order to finance the lives of the remaining population, where is the incentive for them to produce?

If that is not enough, reliance on a big government nanny state makes people less responsible for themselves, less self-reliant. That is the antithesis of the American way of life.

When European settlers colonized the New World, they left the security of Europe behind in favor of North America’s unknown wilderness. They left homes, family, friends and country behind in exchange for an opportunity to build better lives for themselves. They were freed from the constraints of Europe’s restrictive class system. They openly rejected the European way by leaving.

When the British Monarchy deemed to re-impose that system on Britain’s thirteen North American Colonies, that attempt was adamantly and thoroughly rejected. Hence the Declaration of Independence, the American Revolution and the founding of the United States of America.

When America’s pioneers ventured west to traverse the Great Plains and cross the Rocky Mountains they were completely self reliant. They took care of themselves. They didn’t have, want, or need a big nanny state government to take care of them from cradle to grave.

This is the stuff of which America is made.

Because it gives them control over “the masses”, “progressives” have long sought to fashion America after the European socialist model, to make Americans more government dependent. There was FDR with the New Deal and Social Security. LBJ gave America the Great Society, Welfare Programs and Medicare. Now obama forces upon an unwilling America the crown jewel of European style socialism; government controlled medicine.

Every time obama holds a press conference he sounds exactly the way he has always sounded: he inherited the worst economic crisis since the Great Depression. his policies are working, but need more time. Congress needs to quit stalling and enact more of his policies. The private sector is doing fine but to grow the economy government needs to spend more money to create more government jobs at the state and local level.

Coming as it does on the heels of the Wisconsin recall election, where such policies were rejected, this shows precisely how out of touch obama is with the private sector, how the economy works, American history and the nature of America’s people…and with reality.

Europe won’t work in America. Neither will an out of touch narcissist who insists on imposing a long rejected European system upon America.

obama, you are fired.

http://mjfellright.wordpress.com/2012/06/08/europe-wont-work-in-america/

A Year of Historic Elections

The year 2012 is rapidly becoming a year of historic elections.

Greece held one recently where no single Party won enough of the vote to form a government. In ensuing weeks, no progress was made by the nation’s Parties while negotiating to form a coalition. This potentially could lead to a chaotic situation – not just for Greece. The eventual outcome might lead to that country’s exit from the Eurozone. Fragmentation or an unraveling of the Eurozone would have enormous impact on Europe as well as a sagging global economy.

France elected a Socialist president who plans to reopen the spigot of government largess. What’s noteworthy about the French election is that Hollande’s victory was due in large part to a boost from Islamist voters. Having a presidential election within one of the European Union’s largest economic powers decided by voters whose cultural background includes centuries of antagonism and hostility towards Europe should be quite alarming to all of western civilization.

Now Egypt’s presidential election is apparently headed for a runoff between Mohammed Mursi, the Muslim Brotherhood’s candidate and former Prime Minister Ahmed Shafiq. The Egyptian election, declared by world leaders as an historic first, could well be a harbinger for the Middle East, Europe and the world

Egypt was the first Arab country to officially recognize Israel and sign a peace agreement in 1979. The Muslim Brotherhood has since called for an end to the Egypt-Israeli peace treaty. The strongly conservative Islamic movement wants Egypt to move away from secularism and be ruled by the Quran. That does not bode well for western civilization. If an Egyptian government dominated by the Muslim Brotherhood ends the Egypt-Israeli peace treaty, the front line of western civilization will be in enormous peril. Not only is Israel the only true democracy in the Middle East, it’s the sole nation in the region where religious tolerance is practiced.

In America, November’s election will also hold historical significance. Will voters in the United States re-elect an incumbent who sat silently by while a tyrannical, Quran ruled theocracy in Iran slaughtered it’s own citizens in cold blood for disputing election results? Will voters re-elect the candidate who openly supported the Arab Spring revolts that led directly to the ascension of the Muslim Brotherhood in Egypt? Will voters choose to retain someone who so lusts to bask in glory for “getting” Osama bin Laden that his administration granted access to highly restricted national security information to Hollywood producers to make a movie glorifying “his” achievement? A movie scheduled for release right before the election? Will the United States choose to keep those in power that leaked to Pakistan the name of the doctor who helped find bin Laden, resulting in his being sentenced to decades in prison by what’s at best a fair weather ally? Will voters elect to continue an administration that insists on calling the war on terror “an overseas contingency operation”? That continues calling terrorist attacks “man caused disasters”? That’s own Secretary of State officially refers to Osama bin Laden as a murder, instead of a terrorist?

The current White House occupant violated the Constitution by accepting the position of Chaimanship of the UN Security Council. He reduced NATO security by canceling missile defense shield installations in Europe, supported a pro-Chavez candidate in Honduras and violated the Law by engaging the United States military in overseas hostilities without the consent of Congress. He’s abandoned enforcing the security of American borders while transferred billions of taxpayer dollars to enemies of the United States through Foreign Aid. He’s snubbed Britain, one of America’s traditional allies repeatedly, and treated the duly elected Prime Minister of Israel the way a member of the KKK would treat a Negro.

Over the past century, especially post WWII, America has been leader of the free world. Having originated from and being comprised primarily of former European colonies, America is naturally the leader of the western world. By extension, that makes the President of the United States the leader of western civilization. Will U.S. voters re-elect someone whose own actions indicate open hostility towards western civilization, or elect someone who will defend the west?

History shows Americans will vote to defend the west. What “progressives” will choose is largely foretold by the actions already taken by their choice in 2008 for the Office of the Presidency.

The November 2012 U.S. elections will indeed be historic. Not just for Americans.

http://mjfellright.wordpress.com/2012/05/25/a-year-of-historic-elections/

EU Unemployment Stats Troubling

With the Euro-zone embattled in a financial crisis that has seen the heads of the governments of Greece and Italy ousted, it certainly appears that there will be more leaders of financially insolvent countries to also be ousted from office in the very near future. One of the most recognizable signs of an economy in trouble is generally considered to be found in the host country’s unemployment numbers. With the creation of the Euro-zone and the one-region monetary currency of the Euro, the huge disparities between Euro-zone economies was supposed to be equalized, to hear the globalists that forced the Euro onto the countries of Europe tell it. Once again, it appears that the creation of the euro-zone has resulted in more of what it was promised to prevent: Countries such as Greece, Spain, Italy and Portugal have now suffered immensley, compared to the economies of, say Germany. The following chart showing Unemployment numbers across the Euro-Zone, with U.S. and Japan included as a reference) compiled from Eurostat, shows just how Germany has thrived while other countries are suffering today. Germany has seen it’s unemployment remain stable around 5% right through the major EU financial crisis, while Spain’s has shot up to over 23% today.

In an article from Reuters and posted on MSNBC.com we see that Germany’s Angela Merkel and France’s Nicholas Sarkozy are calling for a new European treaty that would mean “stricter controls on each nation’s budget.. and harsh punishments for those who don’t stick to them.”

President Nicolas Sarkozy and Chancellor Angela Merkel said their proposal included automatic penalties for governments that fail to keep their deficits under control, and an early launch of a permanent bailout fund for euro states in distress.
They said they wanted treaty change to be agreed in March and ratified after France wraps up presidential and legislative elections in June. “We need to go fast,” Sarkozy said. (emphasis mine)

The question still remains unanswered as to just where the funding for this “permanent bailout fund” will come from. In looking at the unemployment numbers above, and the Merkel/Sarkozy refusal to the issuing of bonds in theory guaranteed jointly by all euro zone countries, but in practice by the bloc’s strongest member, Germany. “We reject the idea of euro bonds,” she said.
Sarkozy rallied behind her, saying it would be absurd for France and Germany to cover the debts of countries on whose debt issuance they-Zonehad no control. The two biggest economies that have inserted themselves as power-brokers over all of the Euro-zone now refuse to put up any of their funds to bail out the smaller countries. Again from the above-linked MSNBC article, we see the following tidbit from the UK government:

Several governments, notably Britain, Ireland and the Netherlands, oppose treaty change because it might not win public backing in a referendum.
The British government said the changes proposed by Sarkozy and Merkel did not mean a significant transfer of power to Brussels and would therefore not require a referendum in Britain, which does not use the single currency.

Merkel and Sarkozy’s “treaty change” will not require a referendum in Britain, who was smart enough to see this train-wreck of a powerplay for the disaster it was a long time ago. Meanwhile Germany and France enrich themselves while demanding stiff penalties for the smaller countries that have suffered directly from the EU Globalists massive power-grab. This situation is far from over, regardless of what Merkel and Sarkozy tell the world.

Greece's Departure From the Euro Seems Inevitable

NEW YORK, Sept. 14, 2011 /PRNewswire/ — Removing Greece from the eurozone might be the best solution to ending the uncertainty and volatility in the European markets and would remove one of the biggest hurdles impeding an economic recovery in Europe, according to a white paper from Newton*, theLondon-based global asset manager that is part of BNY Mellon Asset Management.

“We have believed for some time that Greece’s withdrawal from the eurozone is inevitable and all plans introduced until now have simply been about building enough time for the European financial system to prepare for this eventuality,” said Paul Brain, investment leader for fixed income at Newton.  “With the possibility of a Greek default becoming more likely every day, time has run out.”

The Newton report suggests that the default resulting from Greece’s departure from the eurozone would have a 40 percent recovery rate and would reduce the Greek deficit to more sustainable levels. Brain believes that a new drachma currency would have to be introduced and support from the International Monetary Fund would be required as Greece transitions to its new currency.

“The hit to the Greek economy would be huge, but would it be any worse than the present situation of depression and growing deficits?” Brain added.  “Current Greek bond prices almost reflect this scenario, so it should not come as a surprise.”

According to Newton, one potential outcome of a breakup due to a Greek default would be a stronger euro.