Tag Archives: eu

Business/Economics, International, Opinion, U.S.

Government & Corporate incompetence: ECB to buy up European bonds but needs cash, EU to loan money…to the IMF, IMF will loan the money back to the ECB! The Elitist spiders are tangling their webs

“Oh what a tangled web we weave,
When first we practise to deceive!”-Walter Scott, Marmion, Canto vi. Stanza 17

I just read several reports.  One said the European Central Bank (ECB) wants to buy up the sovereign debts of European countries that are in financial trouble.  But the ECB says it needs about U.S.$150 billion to do it (notice they don’t have the cash on hand).

In another report the European Union said it will loan about $266 billion…to the U.S. based International Monetary Fund (not to their own ECB).  The purpose of the loan to the IMF is so the IMF can turn around and loan it back to European banks!

You must realize that the IMF is broke, just last week the President of the IMF came away from South America with a huge loan.  It was precedent setting, because for the first time in South America’s history they loaned money to the IMF, instead of the other way ’round.  So what did the IMF do with that money?

And why can’t the European Union loan the $266 billion directly to it’s member banks?  Is this just another accounting shell game?

The 1% elitist spiders have trapped themselves in their own web.  There’s no more flies to catch, the spiders are starving and they’re turning on each other!  It’s called World War 3!

 

International, U.S.

World War 3: Germany confirms Iran sorry for U.K. embassy attack

Despite what British officials, and U.S. and U.K. media have been saying, more and more governments are confirming that Iran did indeed officially apologize for Iranian university students attacking the British embassy in Iran.

Germany is the latest: Foreign Minister Guido Westerwelle says Iranian Foreign Minister Ali Akbar Salehi “…was deeply sorry for what has happened…” and vowed “…to do everything to prevent such an incident from happening again.”

This follows Spanish officials reporting the same thing.

Business/Economics, International, U.S.

Global Economic War: Get ready for stocks to crash! China continues ping pong games with European & U.S. bail outs, now says No Way!

“The argument that China should rescue Europe does not stand, as reserves are not managed that way…China’s purchases of European bonds, International Monetary Fund bonds and U.S. bonds are also based on those principles.”-Fu Yin, Vice Foreign Minister of China

Back on November 28, the Commerce Minister of China, Chen Deming, said they were more than willing to save struggling economies: “Some European countries are facing a debt crisis and hope to convert their assets to cash and would like foreign capital to acquire their enterprises. We will be closely watching and pushing forward the progress.”

Now, December 3, an official higher up than Chen says no way.  The Vice Minister of China, Fu Yin, says China’s $3.2 trillion in foreign reserves should be managed under the principles of “safety, liquidity and proper profitability”.

Apparently bailing out the United States, European countries, or even the IMF, does not meet those requirements.

Fu restated a requirement for future bailouts, that Chen indicated a week ago; any bail outs must play by China’s rules: “Successful investment should be reciprocal.”

 

 

Business/Economics, International

Global Economic War: China to make business deals with Austria, avoid tariffs

In an effort to avoid the outrageously high tariffs that many European Union members have put on Chinese products, Chinese President Hu Jintao is in Austria hoping to make new trade deals.

Xinhua News said “The two countries should also expand their mutually beneficial economic and trade relations and make concerted efforts to fight trade protectionism and encourage mutual investment.”

Many EU countries have enforced high tariffs on Chinese products, some have even boycotted Chinese products all together.  Austria is one of a few EU countries still open to Chinese imports.

In fact, Austria’s President Heinz Fischer, said Austria will play an active role in seeking the EU’s recognition of China’s full market economy status.

Over the past 40 years, the China-Austria relations have developed continuously, with China becoming Austria’s biggest trading partner, outside Europe, in 2010.

It’s interesting that many EU members are enforcing high tariffs and trade embargoes on Chinese products, yet are hoping China will bail them out of their economic mess.


 

Business/Economics, International, U.S.

Occupy the World: Elites being told to hoard more Money, as Greek government tries to please its citizens after key politician defects and joins the protestors, bailout loans part of plan to take over governments

“This may be the time not to expand production capacity. It might be better to just hoard the cash.”-John Lonski, Moody’s Capital Markets Group

This statement came after the Greek Prime Minister announced that he will let the Greek people decide if their country will accept the latest bailout offer.  It seems likely they will vote against the bailout.

That move came after a member of the ruling party resigned, effectivly joining the protestors.  This leaves the ruling party with a slim two seat majority in parliament.

The Greek Finance Minister also expressed doubts about what is going on: “I can no longer look at polls where the majority is against the agreement, the majority is against the program, but a majority is also in favor of staying in the euro.”-Evangelos Venizelos, Greek Finance Minister

The move to put the Greek bailout to a vote of the Greek people is causing stock markets to crash around the world.  This is proof that the banking/finance industry WANTS to force Greece (and other countries) to take on bigger debt in the name of being ‘bailed out’:  It actually makes governments more beholden to the private sector (Corporate America).

Now Germany and France have called a meeting between EU members and the IMF.  Reports say that what’s being discussed now is a way to kick Greece out of the European Union: “The situation is so tight that basically it would be a vote over their euro membership.”-Alexander Stubb, Minister for European Affairs and Foreign Trade of Finland

The banking/finance industry claims that if the Greek people refuse the latest bailout loan, then Greece will default, starting a domino affect across Europe and North America.  That might be true, but they might also escape the control of Corporate America.

 

 

Business/Economics, International, U.S.

Global Economic War: What’s really going on with the possible China rescue deal for Europe? China pushing to be A Number 1, got burned bailing out U.S. banks

That’s right, it wasn’t just U.S. taxpayers and the U.S. central bank (Federal Reserve) that bailed out Corporate America’s big financial institutions in 2007/08.  China Investment Corporation played a part and lost.

So when it comes to bailing out European governments, China’s financial sector is willing but cautious: “The $3 trillion in reserves are the fruits of the hard work of the Chinese people.  We’re willing to work with those European countries in distress for a better solution.  But…we have to be accountable to the people.”-Jin Liqun, China Investment Corp

Both the U.S. media and the Chinese media are reporting that China wants nit picking details concerning any European bailout.  The Chinese think the European governments haven’t done enough when it comes to austerity measures.  They want to see more cuts, and more taxes imposed on the European people.

But there’s another reason China is taking its time with agreeing to any European bailout; they want to use the situation to bring China closer to being the A Number 1 economic and financial authority throughout the World: “It will also help China gain a greater say in the global financial system.”-Zhong Wei,  Financial Research Center at Beijing Normal University

In fact, today, October 28, China called on the G20 to become more united (under China?): “The opinions of emerging markets and developing countries should be taken seriously no matter when we talk on the reform of the international currency system, the global economic governance, or the price of commodities.  These countries’ presence and say should be increased.”–Cui Tiankai, Vice Foreign Minister of China

The next Group of 20 meeting is November 3-4 in the southern French city of Cannes.

 

Business/Economics, International, Technology, U.S.

What Economic Recovery? Whirlpool announces big layoffs, will close factories around the world

“…recessionary demand levels in developed countries, a slowdown in emerging markets and high levels of inflation in material costs.”, that’s what Whirlpool Chief Executive Jeff Fettig says about the economy, basically it stinks!

As a result Whirlpool sales are down, and they have to layoff 5,000 employees, and shut down their Arkansas refrigerator factory!

Whirlpool joins the growing number of big businesses that say: “During the quarter, we experienced weaker than expected global industry demand and elevated material costs.”

No sh*t Sherlock, Corporate America keeps laying people off.  Ironically even Whirlpool CEO Fettig blames Corporate America’s job cuts!

Whirlpool will also close a dishwasher factory in Germany, moving production to Poland (Poland is a member of the European Union, but does not use the Euro, they use their own money).

The result is not only lost jobs, but if you need a new home appliance in the near future it’s gonna cost you more; Whirlpool is jacking up their prices (hello inflation).

 

 

 

 

Business/Economics, International, U.S.

What Economic Recovery? The truth is that Europe, not the U.S., is China’s biggest trading partner

As a matter of incompetence, or conspiracy, when the list of China’s top trading partners is presented, it shows the United States as the top dog.  But that’s misleading, because the European Union, as a whole, is not counted.

Instead, EU members are broken up into the individual member states.  If you look at the European Union as one trading unit, which it should be, then it’s Europe that is China’s number one trading partner.

Not only that, but the percent of trade between Europe and China has been going up.  This is more proof that China does not need the United States to be economically viable.

However, recently the Chinese General Administration of Customs announced a second straight month of decline in their trade surplus.  Lu Peijun, vice minister of the General Administration of Customs, said China’s trade conditions are deteriorating due to worldwide falls in demand, and rising domestic costs.

Business/Economics, International, U.S.

Passing the Buck: Obama blames Arab Uprisings and Europe for bad economy in the U.S.

“The changes that have taken place in the Middle East sent oil prices up, and that gave a shock to the world economy.”-Barack Obama, President of the United States

First off, President Obama, oil prices are no where what they were a couple of years ago. What’s been driving up the price of gas (which is just as high as when oil was more than $100.00 per barrel) is not the current price of oil, but refineries that’re purposely keeping production of gas below the demand for gas (which makes the price go up).

Secondly, it was your attack on Libya, President Obama, that caused oil prices to go up!

President Obama also blamed the Europeans: “Some of the challenges that we’ve had over the last several months actually have to do with the fact that in Europe we haven’t seen them deal with their banking system and their financial system as effectively as they needed to.”

First off, if the U.S. banking system wasn’t so involved with the European banking system the U.S. wouldn’t be as affected by their problems.

Secondly, many of the actions taken by European banks, that got them into trouble, were the same mistakes that got U.S. banks into trouble.  By the way, those banking troubles started here in the United States, and have yet to be resolved!

Stop passing the buck President Obama!

International

Proof that Israel intends to take over Palestine: More than One Thousand new illegal settlements announced

The European Union foreign policy chief Catherine Ashton, has denounced Israel’s announcement that they will build an additional 1,100 illegal homes in Palestinian territory.  That’s on top of the already thousands of new settlements started since the beginning of the year!

The EU said Israel’s Zionist settler agenda undermines any attempt at peace.  Chief Palestinian negotiator Saeb Erekat, described Israel’s latest settler plan as “1,100 No’s” to any resumption of Israel-Palestine talks.