EU MEP: "Why the whole banking system is a scam"

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All European Politicians are Puppets of the Banks

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UK banks abandon eurozone over Greek default fears

Dees Illustration

Harry Wilson
The Telegraph 

Senior sources have revealed that leading banks, including Barclays and Standard Chartered, have radically reduced the amount of unsecured lending they are prepared to make available to eurozone banks, raising the prospect of a new credit crunch for the European banking system.

Standard Chartered is understood to have withdrawn tens of billions of pounds from the eurozone inter-bank lending market in recent months and cut its overall exposure by two-thirds in the past few weeks as it has become increasingly worried about the finances of other European banks.

Barclays has also cut its exposure in recent months as senior managers have become increasingly concerned about developments among banks with large exposures to the troubled European countries Greece, Ireland, Spain, Italy and Portugal. 

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This Spanish Spring is the Real Thing

Giles Dexter
21st Century Wire

It was perhaps inevitable given its long associations with, and geographical proximity to the Maghreb, that Spain should be the first European country to be swept up by the wave known as the “Arab Spring”. Protests have been raging across the country since May 15th, and like previous rumblings in Greece, this Spanish Spring will likely send a new shockwave through the EU.

Indeed, a wave of discontent has arrived this month in Spain. People tend to forget that Spain had its own oppressive dictator, the 30′s Fascist survivor who steered clear of Hitler’s madness and instead ground down and impoverished his people with years of economic stagnation until the late 1970′s – El Caudillo himself, the Generalissimo Franco.

Spanish police fire at peaceful protesters in Barcelona

EN:  As many Americans (Peace activists are already feeling the effects of the American police state) sit back in the comfort of their ever increasing debt, unemployment, and rising prices, the people of Spain are experiencing the brutality of the police state.  It won't be long before the same scenes gain momentum on the streets of America.

Barcelona Police Brutality

Jérôme E. Roos
Roar Mag

Police just cleared the protest camp on the Plaça de Catalunya in Barcelona, firing rubber bullets at protesters and hitting indiscriminately (videos here!).

Information is still sketchy (if you’re in Barcelona, please give us an update!) but it appears that riot police have just cleared the peaceful protest camp at Plaça de Catalunya in Barcelona with force.

At least 43 are reported to have been treated for injuries, although actual numbers are likely to be higher.

Video footage shows police beating away indiscriminately at protesters sitting on the ground. Reports say police even fired rubber bullets to disperse a small group of protesters that peacefully resisted eviction.

The Barcelona camp has been the second biggest in Spain, after the Puerta del Sol in Madrid, and had been occupied ever since the national protests on May 15th. Just yesterday, we shared a short documentary that showed the good-natured spirits of the peaceful protest camp.

Watching Shocking Videos Here

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It's ever more obvious, Greece must leave the euro

I've hardly been alone, but that's no excuse. For more than a year now, I've been regularly predicting the euro crisis's final denouement, yet still it hasn't arrived.

Wikimedia Commons Image

Jeremy Warner
Telegraph

So I've been forced to reach a different conclusion; perhaps it never will. Instead, the eurozone has entered a seeming state of permanent crisis. In desperation, European policymakers have adopted a very British characteristic – the hope that they can somehow just muddle through.

But though no one can know the exact timing of the endgame – that's ultimately for the politicians to decide, so no time soon might be a reasonable bet – it's now fairly clear what that endgame must be.

What's presently being played out among the GIPS (Greece, Ireland, Portugal and Spain) is final proof that you cannot have a monetary union of such size among sovereign nations without compensating fiscal union. That simple underlying truth leaves the euro facing a choice between two equally unappetising outcomes.

Either the richer countries carry on bailing out the poorer ones more or less indefinitely, rather in the manner that Germany subsidises its formerly communist East, or membership of the euro has to be reconstituted on a smaller and more sustainable basis. There's really nothing in between. The longer European policymakers remain in denial about this choice, the worse the situation will become.

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Arab Spring + European Summer = World Winter of Discontent

Greek protests AFP image

Gerald Celente
Trends Journal

KINGSTON, NY, 25 May 2011 — The biggest news this past week was not the rape accusation scandal embroiling International Monetary Fund chief, Dominique Strauss-Kahn. It was not President Barack Obama’s much ballyhooed Middle East speech, nor was it the historic floods devastating the Mississippi flood plain.

But these were the stories that preoccupied the US press. Whereas all were certainly newsworthy – and a cut above the usual obsession with the purely titillating and violent – the most trend-significant story of all got scant, or no coverage from the mainstream media.

While the downfall of Strauss-Kahn shattered his hopes to run for the French Presidency, the repercussions would be mainly confined to France. His resignation from the IMF, however, would have limited consequences. A new chief will quickly be found to replace him, and regardless of the Strauss-Kahn rape verdict, the IMF will continue raping countries that are forced into accepting their “aid.”

The Spanish are Rising (Video)

Sovereign Independent

Thousands have taken to the streets this week in Spain to protest against corruption, precariousness, unemployment, and a political structure that favors a two-party system. “We’re not merchandise in the hands of bankers and politicians,” was the motto of tens of thousands who demonstrated all over the country on May 15, a few days before the upcoming regional elections.

It did not stop there. The demonstrations were followed by a peaceful sit-in on May 16, with hundreds camping at Madrid’s main square, la “Puerta del Sol.” The movement, mainly coordinated by the youth organization Democracia Real Ya [es], has been extremely active online.



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Dollar to Yo-Yo Back Up on Faux Euro Troubles

Eric Blair
Activist Post


Here we go again.  With the debt ceiling approaching, the dollar hitting a record low against the Swiss Franc, dollar-based commodities soaring to new highs; everyone has been predicting the death of the dollar, again.  Yet, as if by miracle, Euro-zone troubles emerge just in time to save the dollar from complete collapse.


Spiegel Online reported Saturday that Greece is considering leaving the Euro and printing its own currency, prompting a secret crisis meeting in Luxembourg.  Finance ministers and European Commission representatives scrambled to figure out how to threaten Greece back into the fold.

Greece Mulls Plans to Exit Eurozone, Start New Currency

Acropolis Wikimedia Image

Christian Reiermann
Spiegel Online

The debt crisis in Greece has taken on a dramatic new twist. Sources with information about the government's actions have informed SPIEGEL ONLINE that Athens is considering withdrawing from the euro zone. The common currency area's finance ministers and representatives of the European Commission are holding a secret crisis meeting in Luxembourg on Friday night.

Greece's economic problems are massive, with protests against the government being held almost daily. Now Prime Minister George Papandreou apparently feels he has no other option: SPIEGEL ONLINE has obtained information from German government sources knowledgeable of the situation in Athens indicating that Papandreou's government is considering abandoning the euro and reintroducing its own currency.

Alarmed by Athens' intentions, the European Commission has called a crisis meeting in Luxembourg on Friday night. The meeting is taking place at Château de Senningen, a site used by the Luxembourg government for official meetings. In addition to Greece's possible exit from the currency union, a speedy restructuring of the country's debt also features on the agenda. One year after the Greek crisis broke out, the development represents a potentially existential turning point for the European monetary union -- regardless which variant is ultimately decided upon for dealing with Greece's massive troubles.

Given the tense situation, the meeting in Luxembourg has been declared highly confidential, with only the euro-zone finance ministers and senior staff members permitted to attend. Finance Minister Wolfgang Schäuble of Chancellor Angela Merkel's conservative Christian Democratic Union (CDU) and Jörg Asmussen, an influential state secretary in the Finance Ministry, are attending on Germany's behalf.

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Europe Whispers “Crisis” While the Market Continues Screaming

Jason Kaspar, Contributing Writer
Activist Post

Last year the Europe Union (and the euro) teetered on the verge of collapse when the Greek financial crisis strained the viability of the EU construct. This year, as other EU countries domino in similar fashion, no one seems to care – certainly not the markets. Portugal’s government collapsed last Friday, and Standard and Poor has downgraded Portugal twice in the last week from A- to BBB-.  S&P then proceeded to cut Greece’s rating further from BB+ to BB-. Yet, defying all reason, the markets have gone up.

So, why is the market reacting positively to this news?

Well, in the perverse logic of a shortsighted market, debt spending is good.  Going into the European crises last year, there was no backstop for a European country in trouble.  The provisions for sovereign collapse were unclear and hotly debated.  Would Greece be kicked out of the Eurozone?  What would happen to the Euro?  Would bondholders suffer losses? How would this impact banks?

EU leaders reach deal on debt crisis

European leaders reached agreement in the early hours of this morning on how to tackle the debt crisis afflicting the nations using the single currency, with significant concessions from Germany.

Wiki Commons/Lars Aronsson

Philip Aldrick
Telegraph

"The fundamental path was hacked open," German Chancellor Angela Merkel said.

Along the way, Mrs Merkel made some serious concessions, which might cost her when she faces her electorate at home.

Together with her eurozone counterparts, Chancellor Merkel agreed to boost the region's bailout fund, the European Financial Stability Facility (EFSF), so it can lend the full €440bn (£380bn) that it initially promised.

Up to now, the EFSF was only able to lend about €250bn because of several buffers required to get a good credit rating - fanning fears that it would not be big enough to save a large country like Spain.

The fund will also be allowed to buy the bonds of governments in financial difficulties on the open market, but only if the respective country is locked into a national bailout program based on strict conditions.

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Nigel Farage: The Euro Game is Up!

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Communist China to "Bailout" Cartel Capitalism in West?

Howard Beale
Activist Post

Communist China, with all of its resources gained through slave labor and favorable trade agreements, has announced that it will bailout debt-weakened European nations with its vast foreign investment fund.

On the ground, China appears to have a very capitalistic system of production and consumerism.  However, at the political level, the essentially single-party state can move very quickly when seeking foreign investments. In other words, there is very little bureaucratic wrangling in decision making.

They seem to have a form of dictatorial anti-competition capitalism.  Based on its success in consolidating wealth and power globally, it appears to be the perfect fusion to the cartel-run capitalism in the West -- which it now seeks to prop up, or set up -- in Economic Hitman fashion.


In reality, it is all the same money, the same owners, and the same scheme.  The international cartels have gone into partnership with China for resource management, international trade, currency management and global banking. At the very least, their dependence upon each other has undoubtedly married their global interests.

The idea that China is a separate independent entity to be feared by Western governments seems to be manufactured to tap into the notion of patriotism when the time is appropriate to further artificially divide and conquer the sovereign populace.

The globalists deliberately shaped China's rise while maintaining that they are a not-so-friendly force to be reckoned with.  And China, well known as a massive military power, is currently free from military hegemonic entanglements in resource-rich nations like Iraq and Afghanistan.  Yet, they still find a way to acquire epic contracts for the resources in those countries and others where the West supposedly has military control.

When you strip out the labels of communism and capitalism, China looks an awful lot like a more obvious (or honest) American false two-party system that recently greased through thousands of pages of legislation in a so-called lame duck session.  In both, the multinational corporations can move very quickly to consolidate global business.

When you strip away the idea that they are different nations, the same corporations and international banks hold all the cards.  Finally, when you consider that nuclear- and space-based weapons have made the prospect of another World War almost farcical, any tension between the China and the West will likely be falsely created by these corporations for the final chapter of power consolidation that the media will trumpet.

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Bloomberg Files Lawsuit Against European Central Bank

UNC Biz Blog

Bloomberg LP, the parent of Bloomberg News, filed a lawsuit Wednesday that asks the European Union’s General Court in Luxembourg to overturn a decision by the European Central Bank not to disclose documents that show how Greece used derivatives to hide its fiscal deficit.

Bloomberg editor in chief Matthew Winkler appeared on Bloomberg Television on Wednesday to talk about the suit. Winkler said, “It’s very straight forward. We are seeking full disclosure of documents that show how Greece was able to finance itself into a predicament that became the European debt crisis as we know it. It’s entirely to the benefit of all the members of the EU, all of the citizens, all the taxpayers and for sure the financial markets. Transparency is something that has a way of enlightening perspective.”

Winkler also commented on the derivatives Bloomberg is seeking more information on:  “In this case, very complicated, intricate financing techniques were deployed to essentially enable Greece to put off consistently any kind of transparent reckoning of its indebtedness. That’s really at the heart of this case and that’s really why we are seeking these documents.”

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Disabled Protester Schools BBC Anchor Who Defends Abusive Police (VIDEO)

Dees Illustration

Editor's Note:  This MUST SEE clip is a microcosm of the whole struggle between the matrix of control and the fight for human liberty.  This chap at the BBC is so blatantly defending the establishment's abusive police state against a physically helpless chap -- albeit one with very dangerous ideas of a people's revolution over corrupt criminal governments, of which the BBC anchor is so obviously a shill.

Darryl Mason
Your New Reality

You don't need to know too much background to get the full horror of what this BBCNews host is doing to a young man with cerebral palsy, who is unable to operate his wheelchair independently, simply because he dared to turn up at a recent student protest in London :

The blood-chillingly unemphatic journalist actually asks a severely disabled man if he was hurling chunks of concrete at police, and asks him again even after Jody says he can't operate his wheelchair without the help of his brother.

Note the way interference or the host manage to cut off Jody every time he starts making valid, vital points about the police brutality inflicted on him and hundreds of other students in the streets of London, some students beaten by police, and charged with horses, were as young as 12 years old.

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Police must not be seen as arm of the state, warns top officer

Sir Hugh Orde warns that repeated clashes with demonstrators risks damaging reputation of police force

Vikram Dood
Guardian

Police fear becoming the focus of public anger at government cuts and that repeated clashes with demonstrators risk damaging their reputation, a top officer has told the Guardian.

Sir Hugh Orde, president of the Association of Chief Police Officers, said it was crucial that police do not appear to be "an arm of the state" who are being used to allow the government to "impose cuts".

His comments came as the Metropolitan police force faced questions over its handling of violent student protests.


Police expect a string of future demonstrations as government spending cuts begin to bite. While they have started with students, public sector workers are facing mass sackings.

Past protests have damaged the police's reputation with sections of the community, notably the 1980s miners' strike.

Asked if there was a danger to the police's reputation by repeated clashes at demonstrations, Orde told the Guardian: "Yes, if it is allowed to be played as the cops acting as an arm of the state, delivering the elected government's will, rather than protecting the rights of the citizen.

"We need to be clear we are doing it as operationally independent, and not subject to influence by anyone as to how we do it.

"As long as that is maintained we can rebut any allegations that we are doing what we are told by our political masters to advance a political agenda. The police are not against anybody."

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MUST SEE: 15-year Old UK Student Schools the Establishment

INCREDIBLE Raw Vid of UK Students Battle Police

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INCREDIBLE Raw Footage of UK Students Battling Police (VIDEO)

YouTube RTV
Mass demonstrations by thousands of students and trade unionists in central London against an increase in tuition fees, are growing more violent. It's the latest and the largest in a string of rallies against sweeping austerity measures and budget cuts across Europe. What started as a relatively peaceful march later turned into violent clashes with the police, which is largely outnumbered by the demonstrators.



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