Tag Archives: Greece

March 6, 2016 · 20:47

Murder or simply killing it

Europe remains on our minds from several directions. The fact that the start of Brexit is 13 weeks away, so basically we have now entered the final quarter of a union that basically never was. A union that did little good for too many people and a setting that well over tripled the cost of infrastructure. All elements that are shifted around, as they aren’t clearly in budgets on reports and more important, a place of spending that is not being properly monitored or controlled.

We might all think that the EEC was so good for us, but was it really? When you are not in a high position in a large corporation, how did you really benefit? The last 15 years have been a mere exercise in exploitation by big business and short cut seekers. In all this after Brexit, the situation will remain. When goods are needed, people will buy them, which is why I oppose certain articles from the Guardian. One of them (at http://www.theguardian.com/politics/2016/feb/28/brexit-would-affect-lives-of-millions-official-uk-report-says) states: ‘Brexit would negatively affect lives of millions, official UK report says‘, yet is this altogether true? let’s take a look at some of the quotes “The 10 years cited in the report includes the time it would take for Britain to exit the EU, to set up a new trade and related agreements as well as negotiate fresh trade deals with the US and other countries“, I regard this to be untrue. You see, everyone wants to sell, if the UK wants to buy, than those nations will oblige. More important, HM Revenue and Customs (at https://www.uktradeinfo.com) shows that UK imports is a lot higher than exports, which means that the UK is spending between 10 and 20 billion a year more than it receives in exports. Do you believe for one second that those nations will not find an immediate solution here? The damage of the UK getting its goods from a secondary source is too scary for THEIR economies, so you can bet the house on a solution being found almost immediately after the changeover comes. The second quote which is important here is “It says the only legal way to withdraw from the EU is through article 50 of the treaty of the European Union. But it argues that there is no precedent for this and that Britain would be unlikely to achieve a successful negotiation in the two-year time period it sets out“, here I also disagree. The paper Withdrawal and expulsion from the EU and EMU (at https://lawlordtobe.com/wp-content/uploads/2015/07/ecblwp10.pdf) sheds light on this. On page 11 we see “One is that a right of unilateral withdrawal existed even in the absence of any explicit reference to it in the treaties, since sovereign States were, in any case, free to exercise their sovereign right¹⁸ to withdraw from their international commitments¹⁹”

The references there are:

18. ‘Sovereign power’ has been defined as ‘power not subject to limitation by higher or coordinate power held over some territory’ (MacCormick (1999), p. 127).

19. See Zeh, p. 209. This proposition is in line with the decision in Maastricht Urteil (BVerfGE 89, 155 of 12 October 1993) where the German Constitutional Court stated that the States are still ‘the Masters of the Treaties’ and can always decide to abandon the EU, revoking their acts of accession by a contrary unilateral denunciation; and more recently in its decision in Lisbon Urteil (BVerfG, 2 BvE 2/08 of 30 June 2009) the German Constitutional Court found that the EU, as designed by the Lisbon Treaty, is not a federal state and that constitutional safeguards of national identity clearly exist under EU law.

Which gives us actually two issues. The first is that from the descriptions we see, that the EEC could be seen as a tontine. Here we see the following concept “Each investor pays a sum into the tontine. Each investor then receives annual dividends on the capital invested. As each investor dies, his or her share is reallocated among the surviving investors. This process continues until only one investor survives. Each subscriber receives only dividends; the capital is never paid back“, how is that any different? In addition, the EEC does not give dividend, it costs more and more money, in addition, the nations involved aren’t adding capital, they are adding debt and the last surviving nation ends up with all the debt. From that version Brexit makes perfect sense and getting out first seems to be an imperative need (the second one is further down the article for a reason).

There is one element the Guardian did get right “It also warns that the rights of 2 million British expats to work and access pensions and healthcare in EU countries may no longer be guaranteed“, I am on the fence here. I personally believe that if expats want to live their pensions away in Spain or Greece, than this should remain a possibility. I agree that there might be initial issues, yet those people might be permanent residents as such it should not affect them other than the pensions being a problem and that should not be the case. In addition, if the government does do a 180 on this part, it will be directly responsible to get affordable housing for those 2 million people. There is no way that this would work and it should not be an issue. A pensioner gets their money, it is deposited in whatever account is specified and that is pretty much the end of it in my book. Do you think that Spain, in its current economy would walk away from hundreds of thousands of paying Britons? I think not!

These are some of the oppositional issues I have with the article of Anushka Asthana, Heather Stewart and Nicholas Watt. It is however not the only article, because there are a few sides to the EEC at present, a pressing issue of refugees is an element and it is partially driving Brexit too. The article of a debatable level here is ‘EU acting like ‘human trafficker’ of refugees, says Austrian minister‘, the core of this is “Sebastian Kurz said that “in Greece refugees are being waved through to the heart of Europe. That is simply unacceptable in the long run. The European Union cannot act like a human trafficker.” Restoring the Dublin and Schengen agreements, he said, had to be a priority at the meeting between the EU leaders and Turkey“, as I stated before, it is like listening to someone who lost touch with reality (to some extent). In the first, the EU are not trafficking in refugees. Greece is completely overwhelmed by those refugees arriving via Turkish smugglers. Greece has no infrastructure to deal with the issue and the bulk of all the refugees do not want to stay in Greece, they want to go to a German or English speaking nation, in a pinch a French speaking nation would suffice. That is a clear fact as we have seen it for a long time, in addition, the part “had to be a priority at the meeting between the EU leaders and Turkey” here he seems completely intent of not calling the kettle black, because Turkey is massively responsible for the mess at his borders, as well as the Greek borders. Allowing free passes to smugglers and looking the other way as thousands of refugees are making for Greece. It seems that this short-sightedness is also fuel for both Brexit and Frexit. Now, I will immediately accept that Austria and Germany are getting swamped too. There is an issue, no one denies that, but taking Greece out of the solution was a really bad idea, especially as Turkey is part of the mess, not part of any solution. As the borders in Germany are back up, as borders close, we see another quote. When we read “Yet there will be little sympathy for Berlin from Hungary, Italy or Greece, which are bearing the brunt of the mass arrivals of people from Syria, Iraq, Eritrea and Afghanistan“, which is fair enough. Yet, as stated earlier: “This proposition is in line with the decision in Maastricht Urteil (BVerfGE 89, 155 of 12 October 1993) where the German Constitutional Court stated that the States are still ‘the Masters of the Treaties’ and can always decide to abandon the EU, revoking their acts of accession by a contrary unilateral denunciation“, the intersections of the two situations is found in the works of Juli Zeh.

This now reflects also on the second issue, the first I described earlier, the second issue I skipped until now. This all comes from an article titled ‘Union Membership: Accession, Suspension of membership rights and unilateral withdrawal. Some reflections‘ by Jean-Victor Louis, an honorary Professor from the Free University of Brussels. In his reflections on Page 11, we see: “The future will say if the prevision of unilateral withdrawal will be a “source of pressures and blackmailing against the general interest” or prove to be a useful way out of undesirable changes in the working and orientation of the European Union. Juli Zeh concludes her in-depth analyses of the right of withdrawal by quoting an Estonian member who expressed “hope that this clause will never be used” and indeed she is right. We would like to suggest that the Union should conceive and put in practice an accession policy for the future in order to avoid unilateral withdrawals“.

The interesting part is that at no time any consideration is given to the accountability of national needs and national acts. Consider the overspending of the budget by 12 trillion euro’s (total EEC debt including UK), or the fact that the bulk of the European nations remain incapable of keeping a budget. One could argue that not unlike a contract, the presence of unfair terms are not binding on consumers and the trader may not rely on them. Is the European Union any difference?

The last one is not really that sellable, but the premise is, in addition, should certain parties be investigated for neglecting ‘their’ national need? That question arises from the initial PDF mentioned. Here we see: “As one author has written, there are three main reasons why the treaties were silent on withdrawal: first, it was in order to avoid putting question marks to the Member States’ commitment to the achievement of their shared objectives; second, it was because providing for the possibility of withdrawal might have increased its likelihood; and third, because to provide for this possibility would entail the daunting task of spelling out the procedure and consequences of withdrawal“, this now implies that the creating parties set up an unbalanced situation and in addition the elected politicians at the time did not do their homework and created a dangerous situation to their national need. Am I the only one asking the right question here?

So will Brexit turn out to be murder, or will the British be killing it? Where will the economy go? These are questions that many sources are answering in their view, emphasising their need to be in-EEC, or out-EEC. I have my own view, but I do not have any useful answers. You see, there are issues on both sides, yet as I see it, the scales that are in favour of the UK seem to lean towards out-EEC at present. This view will be interfered with, especially by the USA, as it will topple a massive economic minefield which will blow up in all our faces, especially the value of the Dollar. Yet, the status for the UK would remain strongest if they leave first, especially if the Commonwealth unites with the UK in a strong economic bond. If we find a way to keep import low by utilising the Commonwealth bonds that Commonwealth nations have, the UK coffers would grow better, faster and higher. In the end, Brexit or not, a solution for the refugees must still be found, closing the borders to them completely is as unacceptable as it was for Austria to keep Greece out of the debate. How these parties will be resolved is a question that remains without answer as the involved parties have a hard time agreeing on the resolution, which is fair enough, there are no easy answers, as there is an equal concern that a solution is not forthcoming any day soon. For that Greece would have been needed to create locations, an option Austria decided to take it out of consideration, something that will haunt us for a little longer than we are all comfortable with.

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Tagged as Anushka Asthana, Austria, Brexit, Commonwealth, EEC, Eu, European Union, Expat, France, Free University of Brussels, Frexit, Germany, Greece, Heather Stewart, HM Revenue and Customs, Jean-Victor Louis, Juli Zeh, Maastricht Urteil, Nicholas Watt, refugees, Spain, the Guardian, Turkey

March 1, 2016 · 07:49

Where we fail again

There is an issue, the issue is in Greece. This issue is not because of the Greeks, it is not because of anything they did. They are just unfortunate to be the second nation on the route of refugees. Here we see failings on multiple levels, none of them are Greek! You see, this is all due to a youngling named Sebastian Kurz (the Austrian Foreign minister). Extremely bluntly stated, as I see it, this man looks like a teenage boy hoping to get his first gob job! From the Deutche Welle (at http://www.dw.com/en/austria-not-waiting-for-a-european-solution/a-19071556), we get “if Greece refused to protect the EU’s external borders and continued to let refugees travel to Europe, and the EU still had no common solution for the problem, Austria had no choice but to deal with the situation on a national level“. In this regard, my still fuming mind goes: “Well Sebastian, once you stop thinking like a teenager and actually start focussing on the elements, you would see that is Turkey and not Greece that has been the problem. That nation, that had no issue shooting down a Jet after an alleged transgression over Turkish airspace for a mere 10 seconds, that nation seems to give clear passage to refugees any way they can, they even get their hands on boats so that they can make it across to Greece, at which point Greece can either let these people drown or let them ashore.” Did you consider that even once?

Where was Austria and a group of other nations to support Greece in dealing with these refugees? Did you consider that Bassie boy? No, as I can see it, you did not. You just held a one day conference with all the trimmings, so that you could show Albania, Bosnia-Herzegovina, Bulgaria, Kosovo, Macedonia, Montenegro, Serbia and Slovenia how important you pretend to be, so is that important or impohtent? Greece has a lot to deal with. One article (all from the Guardian) states ‘Up to 70,000 migrants ‘may soon be stranded in Greece’‘, which will trigger the Greek Army, but they are equally impaired to the task. The second one gives us ‘Double crisis deepens despair in Greece’s ‘warehouse of souls’‘ and the third one gives ‘We can’t allow refugee crisis to plunge Greece into chaos, says Merkel‘. All true, all factual and all incomplete!

Only now do we see in the SF Gate (at http://www.sfgate.com/world/article/Turkey-pledges-to-slow-enormous-tide-of-refugees-6859342.php) ‘Turkey pledges to slow enormous tide of refugees‘, where we see “Turkey all but turned a blind eye last year as more than 850,000 people, most of them Syrians, slipped into Greece from Turkey on smugglers’ boats. Now it’s promised the European Union that will change“, can anyone explain why we tolerate the political joke Turkey has become? The nation that had no issues with a Russian Jet is unable to stop Turkish smugglers. Perhaps the Turkish navy is still relying on equipment from WW1? I am just asking!

Yet, Sebastian Kurz has made no allowance for this at all. He is perhaps hoping on an anti-Greek sympathy vote? From all we see, is the fact that not Greek, but Turkey seems to be a massive problem in all this and now the smugglers got their gains, everyone points at Greece. It is unfair, incorrect and lacking justice on many levels. And in this age of humanitarian need, why do we read “In return for trying to stem the flux, Turkey is to receive a $3.3 billion fund to help it deal with the refugee crisis, a much-awaited easing of EU visa restrictions for Turkish citizens and sped-up EU membership talks“, so apart from not doing their jobs, we see that too many events fall on someone else’s job list at the premise that Turkey is getting something out of this for themselves. How is that anything else then a continuation of selfish needs against the backdrop of the EEC? First we could not deal with Greece (the part that was their responsibility), in all this we have the unacceptable acts by Turkey and now we add to that the immature acts by the Austrian Foreign Affairs Minister hiding it away as a mere conference. Now on the other side, there is no doubt that the pressure is on Austria, but blaming Greece for something that has been out of their control is, as I see it is a total sham.

Greece needs to do more, yet that is not possible and equally unacceptable with massive funds from the EEC and IMF. Turkey might have been strategically a better solution, but it has shown from 2001 onwards that it could not be trusted, and an ally that will only stand by others for a price is not an ally, it is a courtesan at best and a mere mercenary at the worst. There is another benefit, with this change, with these registration systems, it could lead to economic options for Greece. These registrations need to happen, which means jobs for the Greek people and data for the other EEC nations. An idea that came to me months ago, it seems such a simple solution that solves a few issues, yet politicians seem to be immune to solutions, they much rather have one day conferences and leave an ally out of it all, whilst ignoring the acts that could have helped the EEC as a whole. Minister of National Defence Panos Kammenos would have a central role in this. Together with Germany they could instigate a new identity card that holds biometric data, a card that could start the changing path of refugees into a slow path to a future, wherever it could be in Europe. The more confirmed identities there are, the better the options become and the pressure over other nations would start to diminish as solutions are created, one step at a time. A mere solution I saw last year, all we now see in the papers is how close to nothing has been achieved. This all escalated a mere moment ago when we got ‘Teargas fired as refugees try to breach Greek-Macedonian border‘ (at http://www.theguardian.com/world/2016/feb/29/teargas-fired-as-refugees-try-to-breach-greece-macedonia-border), the danger is that a mass of people pushed into a corner will do what it needs to survive, and this is close to getting out of hand. In all this Greece now needs to step up to the plate, which they might be willing to do, but if the EEC does not do anything in massive support, the actions will not be realistic. A situation that now develops was clear that it would become unmanageable almost a year ago. How interesting that those relying on ego and presentation will remain in denial until the first casualty comes, right Mr Kurz?

In all this, I do acknowledge that Austria has a problem, it has had one for a while, but the simple story is that those refugees never saw Greece as a Destination, they are aiming for Germany, France and the United Kingdom. That too has been known for a very long time. Which gets me to one part that does fall onto Greece, that is seen in the quote: “Volunteers described scenes of mayhem at passenger terminals in Piraeus and the arrival hall of the former Ellinikon airport in Athens, where up to 4,000 have been housed. “We should have resorted to using the armed forces long ago,” said one. “[But] being [a] left wing [administration], there was hesitation. There were humanitarian values we wanted to uphold.”“. You see, I agree, the army should have been deployed, yet everyone forgets that an army can be deployed for humanitarian purposes. You (in an oversimplified way) replace his rifle for a clipboard and you give him a pink or light green armband (or a white one with a red cross and a red crescent), so that the refugees can see the difference. So that they see that help is no longer a dream but an option.

I apologise for oversimplifying the matter for Austria and its small one day conference, where it remains debatable if anything useful evolved from that expensive event.

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Tagged as Albania, Athens, Austria, Bosnia-Herzegovina, Bulgaria, Deutche Welle, EEC, Ellinikon airport, France, Germany, Greece, IMF, Kosovo, Macedonia, Minister of National Defence, Montenegro, Panos Kammenos, Piraeus, Sebastian Kurz, Serbia, SF Chronicle, SF Gate, Slovenia, the Guardian, Turkey, UK, United Kingdom

February 25, 2016 · 20:26

Family of my enemy

There are all these expressions, like for example: ‘the enemy of my enemy is my friend‘. In this day and age, in the one place, the one moment when Marine Le Pen has a growing chance of becoming President of France, her father, for whatever reason is now trying to thwart her chances. This is the one clear evidence that ‘Family of my enemy is my friend‘. The quote “threatened his daughter and sent her an ultimatum, to ensure the “unity of her movement and of the national movement“, must make François Hollande and Nicolas Sarkozy howl with laughter. Euro Disney could not come up with this plot! In addition, the quote “We must not lose part of our political capital in the hope to conquer others. You have to be yourself”, which reads like: ‘be the ultimate extremist of yourself, as outspoken as possible‘. The reality is that some will listen to the very old man, giving rise to internal opposition towards Front National. I still believe that an actual Brexit will give a massive sway towards Marine Le Pen. There are two factors that will change it. The first one is either Hollande or Sarkozy to get on the Frexit horse, this would be the most powerful deflator for Front National and here is the kicker. If Hollande does this before the Brexit vote they will actually expedite that what neither wants. We have seen in the previous round that they will combine powers just to prevent Marine Le Pen from winning, which could be seen as betraying ones constituency on one side and in my book there is no other side. The entire approach reeks towards the fact that Sarkozy and Hollande will do anything to stay in the Euro and keep Front National out of Élysée Palace. Is that truly representing ones constituency? We can argue for either side. Yet it could all be moot if Mademoiselle’s Le Pen’s daddy goes extreme. Her victory could turn instantly from definite into possibly, maybe. This is not a solution for her side, which the other players definitely love. So the problem for her side is now starting to grow. Her chances are growing fast, but only if she can get a handle on daddy dearest. For her opposition this is great, should their dreams come true, if they escape defeat by Le Pen, the speculation would become whether the gilded tombstone will read ‘Jean-Marie Le Pen, deceased, as is Front National, I killed my own party and we never got to govern because I would not trust my children‘, which could end up becoming a tourist attraction, which is also good for France.

Yet, the issue does not stop in France, recently we have seen issues rise in both the Netherlands and Italy. First the Netherlands. For this I will use the Irish times as a source, so you won’t need to learn the complications of Google Translate. For example ‘schijt lijster’ does not mean ‘shit thrush’, but ‘coward’. So let’s take a look at a decent version of reporting, where (at http://www.dutchnews.nl/news/archives/2016/02/geert-wilders-is-a-threat-to-democracy-says-labour-chairman/), we saw earlier this month “Wilders told a gathering of far right parties in Milan 10 days ago: ‘If I am the biggest and the other politicians won’t work with me, then the people will not accept that. Then there will be a revolt. We won’t let that happen“, which is a fair enough statement to make. The statement “Wilders has ‘let the genie out of the bottle’ with his calls for ‘resistance’ to the establishment of refugee centres and warnings that his supporters will ‘revolt’ if the PVV is not part of the next government, Spekman said” is in that context not correct, what Geert Wilders has stated that if he becomes the biggest (which is statistical likelihood at present) the other parties would need to work with him. This is at the core of the Dutch issue. In the past, not entirely unjustified did parties turn their back and all support away from the PVV, which in light of Dutch liberalism, if THEY think it is too extreme, there should be an issue. What becomes partially the issue is “The threats being made against local politicians are an attack on democratic decision-forming, the Labour party chairman said. Wilders, Spekman said, should take back his words. ‘The genie has to be put back in the bottle and Wilders has a role in doing that.’“, this is not correct. You see, for a long time there has been a growing aversion against more refugees. The Netherlands, pretty much the smallest nation in Europe is 7^th on the GDP list, largely through transport and processing services. It has a comparable GDP with Turkey but is only 5% in size. It has a population size that is only 3 million less than Romania, yet 16% it’s size. So a population pressure that is 5 times higher. In addition, the local population have for a long time made the argument that the value of houses would decrease when a refugee centre would be added in near proximity. However, that last fact has never been proven with factual data, partially as the Dutch house market has had many fluctuations.

In light given another part is also ignored. When we see “threats being made against local politicians are an attack on democratic decision-forming“, there is a clear side that is ignored. The fact that the population is more and more agitated by these events is also a clear sign that political parties are about international visibility. The voter has been ignored too many times, this is exactly why the PVV had grown too much. Local politicians proclaiming to be international players all in the interest of ‘self’ is why this shift is happening. In addition, to some extent I still believe that a coalition government should be seen as the most corrupt form of democracy (not just a personal view). We see on how politicians will advocate ‘a little water added to the wine‘, this has been happening in the Netherlands since the 80’s, which means the politicians all get what they need, but the population gets a mix, no longer having the ability to differentiate water from wine. What they are left with won’t kill them, but it should be regarded as undrinkable. The people at large have had enough. The fact that the PVV is now regarded in the Netherlands as the largest party is a blemish on the political shield. The true political titans that the Netherlands had like Joop den Uyl, Hans Wiegel, Dries van Agt and Hans van Mierlo. These titans were true politicians, when den Uyl fought van Agt on the political battlefield it was a sight to behold, there was a true fight for their constituents. I believe that this fight is gone, as a majority is no longer an option it became about compromise and from the 90’s onwards there was too much compromise where parties gave in to big business and certain scandals (there will always be scandals in every nation) were almost a cornerstone of political office.

It is not really that much of a wonder that Geert Wilders grew to the extent he has. This now reflects back to France. As France is now making more and more compromises (Team Hollande/Sarkozy), we see a local population that has had enough. A united Europe has brought them too little, or nothing at all. In that regard many European nations are now more and more pushing the ‘nationalism’ button, after too much hardship the people are accepting that story, even though in the back of their mind they know it will not bring any ease to their hardship. After a harsh decade where large corporations gave millions to their top dozen, these people will now try ‘anything else’. It is the ‘else’ part that is bringing the problems known as Brexit and Frexit.

So in countering the statement by the Dutch Chairman of the Labour party, I would state “Mr Spekman, your party lost close to 50% of its power, because of self-serving bias. The pension plan is perhaps the most visible one. A long fight that had no option of getting won. Instead of fighting a useless battle, accepting the reality of a sliding age of retirement and presenting the demand for reinforcements and growth of the total pensions, giving way to a more secure future would have been the real solution. Your party never sold it correctly and did not terms of preparations which would have made all the difference. You lost the faith of your constituents!” which would have been my response to that disaster. In that light people are now listening to someone else, it is not up to me to decide whether he is the wrong person.

In light of that, as he stated in a Dutch Newspaper “Het optreden van Geert Wilders brengt democratie en rechtsstaat in gevaar“, “The acts of Geert pose a threat to democracy and the rule of law“, is that truly the case? If he is a threat to the rule of law, he would be breaking the law and he can be prosecuted, he cannot be a threat to democracy, in that light, you and your posse (your coalition partners) are that threat. The threat is there because the people have been ignored for too long and they (well over 25% have had enough), in that light, how often will a Dutch politician state ‘it is a complex situation‘ to avoid giving a clear answer? How many of the clear answers given turned out to be ‘half-truths’ or ‘incomplete answers’? In that light, who is the threat to democracy? In that light, Mr Spekman should realise (fast) that should the PVV win, he has no option, but to either find a way to work or to create a minority coalition. Should that happen, than perhaps Mr Spekman might want to try to remember what happened on August 20^th 1672 and especially WHY it happened.

Even as the mood in France is not that grim, the issues are now quickly evolving. The investigation into the Nicolas Sarkozy 2012 election charges, which according to the French population is not a good thing. According to the poll 77% regard Mr Sarkozy ‘a handicap’ to his party’s ambitions, within his party, it is Alain Juppe who has 55% of the votes within the party (at http://www.connexionfrance.com/france-politics-les-republicains-nicolas-sarkozy-president-francois-hollande-alain-juppe-survey-17738-view-article.html), in that light, as Sarkozy designed a coalition with Francois Hollande, who is dealing with disastrously low ratings. So as the two French parties are in turmoil, there is a clear path for Front National to get national gains beyond the two areas where they had an advantage. An option for Marine Le Pen that is now in danger as her daddy seems to have a failing level of logic and even less faith in his youthful young daughter.

Even in this light, there is still an issue with Greece, as their economy created the dangers of Brexit and Frexit in the first place. However, in this case it is NOT Greece that has the blame here. In this case, the refugee issues that are fuelling election, we see a Greece that is in the middle of a scenario they did NOT create. In that light we need to look at the issue of Austrian short-sightedness. Greece is the first port of call, not by choice, by mere geography. Austria seems to forget that Turkey (stupid is as stupid does) is doing what it can to get the people away from their turf into the next one (Greece). So the quote “Sebastian Kurz says that Greece has “clearly expressed no interest in reducing the (migrant) influx and in contrast wants to continue waving them through” ” is already a first issue, because the refugees DO NOT want to be in Greece, they want the juicy places like Germany and the UK. Which means that they will end up getting through Austria. In my view, how was Sebastian Kurz elected for office as he has such a failing view of geography and logic? Greece should have been the guest of honour at that event!

You see, people (read: refugees) need to be processed, they need to be identified and assessed on optional issues of security. That system would bring jobs and possible economic support to Greece, whilst the EEC gets the data it desperately needs. So as we see (at http://www.ekathimerini.com/206291/article/ekathimerini/news/austria-defends-excluding-greece-from-migrant-conference), so as we look at the quote “the conference is set up in a “regular format” that does not include Athens“, to which I reply: “such a conference requires intelligence and clear thinking, so Minister Kurz, will you therefor be equally absent?”

That for the mere reason that the intelligence required would be the data your neighbours desperately needs (which includes Germany and Italy). I wonder if that conference will lead to anything truly productive, or will it just be good food, hookers and a few days away from their offices? I’ll let you readers contemplate that part.

All these events are interconnected, and it is not even the complete story as Italy is missing in all this, but that is for another day.

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Tagged as Alain Juppe, Austria, Élysée Palace, Brexit, Dries van Agt, EEC, Ekathimerini, François Hollande, France, Frexit, Geert Wilders, Greece, Hans van Mierlo, Hans Wiegel, Hollande, jean marie le pen, Joop den Uyl, Marine Le Pen, Nicolas Sarkozy, PVDA, PVV, refugees, Romania, Sarkozy, Sebastian Kurz, Spekman, the Netherlands, Turkey

February 13, 2016 · 14:51

Looking for an Exit sign

You are on board the EEC. There are four emergency exits, Brexit on the left, Frexit on the right, each marked with a red EXIT sign overhead. All doors except the overwing doors at 3 left and 3 right are equipped with emergency funds. These funds will keep you debt dependant for decades. Yes, it sounds like the speech a flight attendant might give you as you travel from the gates of the fake economic upbeat information towards the airport of Conturbare Gentem.

There is the impulse to state ‘the real issue is’, but that is not the case here. As we see ‘Brexit ‘will be the first step of the definitive decline of the EU,’ says former Prime Minister of Italy’ (at http://www.independent.co.uk/news/world/europe/brexit-will-be-the-first-step-of-the-definitive-decline-of-the-eu-says-former-prime-minister-of-a6861326.html). You see, I have been trying to warn my readers for well over 2 years on this danger. In a few cases it was laughed off loudly, but those ‘economic wannabe’ agents are not laughing now. When I was feeling a little evil. I asked them (as they honed me in public), to explain last week’s events, how it will lead to new prosperity. They basically told me to ‘f*ck off’. They are no longer laughing. I proclaimed these events, whilst also clearly stating that I am not an economist (a fact I did not deny). This situation was for the most a simple exercise of math, basic high school math actually, interesting how an economist missed that part.

The subtitle here is also interesting ‘Enrico Letta warns London ‘would lose a lot of influence’ on world stage‘, actually, it will not. As the UK turns their economy into a stronger engine, as we see this impact, we see that both Germany and the UK will get ahead faster and faster. Italy because of their election timing could end up with the worst deal (which sucks for Italians). You see, all that rattling we hear is empty and hollow. The financial markets might threaten to leave, but they will not, should they do so, than they end up in an even worse situation. Yes, they have options, but when the system crashes, their only option for now is Germany. If they select Paris, their issues will fossilise into a brittle solution, one that impacts their markets for decades.

In Germany they will be too isolated. In all honesty, their only decent alternative is Amsterdam, yet that comes with other perils. The Dutch DNB has stronger rules in place, so in that regard Paris seems a better choice, but overall that move isolates them from a few places down the road. London will remain the better option. And it is not even close to any decision. When we see the AFP article (at https://au.news.yahoo.com/world/a/30812452/cameron-confident-of-reaching-eu-deal-to-avoid-brexit/), we also see second rate top people go all out with quotes like “pragmatism and courage… and their ability to compromise” or “my wish is that the United Kingdom is and remains an active member of a successful European Union“, which are unique examples of misdirected communication. The “a deal could be reached allowing Britain to remain in the European Union and avoid a so-called Brexit” sounds so nice, but in the end, there is still a referendum and because too many European players were sitting on their thumbs creating ‘ease and inaction’, maximising their gravy train. The people have caught on and they are not playing nice anymore. Just 9 days ago in my article ‘Intimidating the Euro‘ (at https://lawlordtobe.com/2016/02/04/intimidating-the-euro/), I mentioned the BBC article (at http://www.bbc.com/news/business-35122710), which was claiming that “Now the experts are predicting once again that the economy will return to growth in 2016, unless something else gets in the way“, so how ‘lame’ are these experts? Only a weak later we see in the Guardian (at http://www.theguardian.com/business/2016/feb/12/eurozone-recovery-falters-greece-recession), giving us “Greece fell back into recession“, oh really Captain Urban Funding? So cheap oil and the ECB stimulus was kind of pointless, was it not? So when we get these aggregated levels of bad news, explain to me how a united economic Europe is anything other than a really bad idea? One the UK should seriously consider getting out of and that will drive the immediate departure of France and Germany. The scenario I predicted all along. And for 2 years experts, the media and political players remained in denial.

Now we see added ‘news’ on how Brexit works for Putin, which clearly reads like an American, ‘communist fear’ as pressure for keeping the UK right where it is now. That does make sense, because the collapse would have an impact on US economy. The Dow Jones Index would be hit a lot harder than it was in 2004 or 2008. In my view, the EEC has no future because it will not correctly deal with the legislation to prevent the non-accountable acts of some, which was the direct reason of this mess in the first place. Greece was never held to account the way it should have. The news on ‘new’ Grexit fears as we see that there is no solution where we see that the Greek government and European creditors have come up with a credible plan to make the country’s debt sustainable. Yet the established situation that Greece cannot be evicted gives rise to additional worries, which fuels both Brexit and Frexit. The Financial Times (at http://blogs.ft.com/brusselsblog/2016/02/08/brussels-briefing-back-to-turkey/), gives more on Frexit. Yes, all parties agree that this will only happen after a referendum, yet what is not given directly is that this would be the first act by Marine Le Pen if she gets elected. Both the Hollande and Sarkozy fronts are scared there, because Marine might only get elected with a clear majority, when that happens, neither party will have any options to stop Frexit from becoming a reality. Which gets us back to that ‘Greek news’. I believe that the parties have all come to an arrangement with the fears that Brexit brought. Because the EEC exit cannot be made enforced under current EEC legislation (discussed in previous blog articles), the article, in my personal view implies that Greece will volunteer to opt out of the Euro on the concession of debt relief, with total debt forgiveness being a possibility (my speculation). What will remain unspoken is that those parties who would, if successful to keep the EEC alive, will only do so when the price is right. That implies taxation not relief on several fronts (for non-Greece nations), realistically it will be a tax that will last generations. Did the people of Europe sign up for that? A Europe that is even less accountable to a chosen few (who forgave debt)? That path basically spells out that these ‘providers’ will get their money’s worth in the form of grants and non-taxability, but at the expense of all the other European citizens. So how is Brexit anything else but a really good idea? In addition, the Financial Times reports, or better Christian Oliver alerts us to the fact that Greece took a fall for Schengen (at http://blogs.ft.com/brusselsblog/2016/02/12/greece-takes-a-fall-for-schengen/). The quote “Athens has received a list of 50 measures that it should undertake to improve its handling of the tide of refugees“, which sounds great, but it is extremely short sighted. The quote “The EU insists that Greece needs to take the 50 steps, citing “serious deficiencies” in the management of the country’s external borders” is even more hilarious. You see, that risk has forever been there, there used to be some level of control, but now we have a bankrupt nation, its requirement to cut staff by almost 66% and the need to build a collapsed infrastructure. There are mere matters of fact. Greece has thousands of miles of borders that are a nightmare to watch. With the inability to get the Syrian matters under control people are running like crazy, they either run through Turkey or the swim from island to island (either way they have a 50% chance to make it). So, how are these requirements anything but a joke, anything but a hollow requirement from the Greek government? The mere logic (and any cheap world map) shows us that those refugees had to get around Cyprus and get either via Turkey, or take the waterway directly, which is well over an 800 Km trip, taking them past Turkey most of the way. So when we consider speeds, on smaller loaded ships, it would be a 3-5 day trip past the Turkish navy, so why is the Schengen council not having this discussion with associate EEC member Turkey? You see, we can blame Greece for many things (actually, just their politicians), but the refugee wave is something Greece got overwhelmed with, even with a functioning economy it would have overwhelmed Greece. More important, how are the refugees getting to the Greek islands? This can only be done with Turkey either ignoring refugee transgressions on their territory (which is weird as they shot down a Russian jet after it allegedly invaded their airspace for 14 seconds), yet refugees that have travel past Turkish waters for days are casually ignored.

It seems to me that we are watching a new game, one that is burdening Greece on many sides, only to allow Greece to cast themselves out of the EEC/Euro for a price. A price the other taxpayers must pay for and they still hope that Brexit will be averted? Good luck with that notion!

So as the Brits and the French are looking at the exit signs to get off the plane, they are still confronted that the pilot of that plane has been massively irresponsible. Its maintenance crew has maintained the plane on the foundation of their ego and as such certain best practices, practices that a real engineer would have taken were ignored. This has led to today’s predicaments. The Brits are of mind that even in flight, getting off is more likely to lead to a survivable situation that silently staying on the plane will. When the Brits get off, the planes integrity will be permanently compromised, which leads to the events I predicted.

So now the media is giving us more and more articles on the crew giving us horror stories on what happens when someone opens that door. Yet, some of them are exaggerated. In the end the opening of the door could just force the plane down to the nearest airport where the passengers who no longer trusts the pilot could disembark. We do not deny the risks, but the current pilot is taking the plane to places the fuel reserves cannot reach.

Yet in addition to what I already claimed, the British City A.M. (at http://www.cityam.com/234438/ignore-eu-scaremongers-why-britain-would-thrive-post-brexit) gives us ‘Ignore EU scaremongers: Why Britain would thrive post-Brexit‘, which is partially the view I have. Ruth Lea, economic adviser to the Arbuthnot Banking Group gives us “a timely reminder that we are a crucial market for EU exporters – £89bn of the total £125bn goods deficit for 2015 was with the EU, £31.6bn with Germany alone. For every £3-worth of exports to the EU, Britain imported £5-worth from the EU. It is quite simply inconceivable that any German car exporter or French wine exporter would wish to see any impediments to their trade with Britain“, which I see to be a partial truth. You see, that is what it is and in the future it is what it was, but for a time, we will see European resentment and anger. Several European nations will take part of the £3-worth of exports and they will find another place in Europe to get between £1 and £2 of that export and find another source. That element is equally ignored. It will be up to that current UK government to make quick and lasting agreements that would diminish the losses, but it will again be in the hands of the UK, not squandered by EEC inaction. Should you think that my view is exaggerated, then consider recent news! How the economy grew 0.3% yet billions were pushed into it for the ‘reasoning’ of stimulus. Now consider that stimulus refers to attempts to use monetary or fiscal policy to stimulate the economy. Stimulus can also refer to monetary policies like lowering interest rates and quantitative easing. So, how was the economy stimulated? If we consider the Wall Street Journal (at http://www.wsj.com/articles/ecb-announces-stimulus-plan-1421931011), we see ‘European Central Bank to Purchase €60 Billion Each Month Starting in March‘ that amounts to over 400 billion for 2015 (6 months, Mar-Sep). The quote “the ECB will buy a total of €60 billion a month in assets including government bonds, debt securities issued by European institutions and private-sector bonds“, so how did this benefit the UK or people in general? Now to get back to stimulus, where we saw the inclusion of quantitative easing. Let’s take a look there too: “A central bank implements quantitative easing by buying financial assets from commercial banks and other financial institutions, thus raising the prices of those financial assets and lowering their yield, while simultaneously increasing the money supply“. with ‘references’ in play, in my view, the Stimulus by ECB President Mario Draghi is nothing more than a catch and refund net for bad investments, buying back a paper tiger that was not worth the paper it was printed on, allowing governments to spend again. How does that benefit the people?

These elements are all in play, because as people realise that this economy is so that the large corporations go on not being tax accountable, governments spend money on so many things that benefit everyone except the people in general. Consider how many actual problems 400 billion could solve, not some joke called ‘the EEC economy’ but broken things we could actually fix!

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Tagged as AFP, Arbuthnot Banking Group, Athens, BBC, Brexit, Christian Oliver, City A.M., DNB, ECB, EEC, Enrico Letta, France, Frexit, Germany, Greece, Hollande, Italy, Marine Le Pen, Mario Draghi, Netherlands, refugees, Russia, Ruth Lea, Sarkozy, Schengen, the Financial Times, the Guardian, Turkey, UK, Wall Street Journal

February 9, 2016 · 22:15

Prazosin for Bankers and Politicians

We all have views, we all have opinions and we all have insights. That is our right and I would never deny those rights to anyone. Yet, in any light, should we stop asking questions? Should we decide on one voice being more trustworthy than another one? Should a mere reference or the right PDF be value to that? That is a question every reader should have. You cannot just select one option and ignore the second one without evidence. Some we trust on their word, some sources we trust, and in other cases we trust our own gut feeling. Whatever choice you take here, you must always hold onto scrutiny that what you become aware of. Some you can decide on because of logic, some due to education and experience and some are based on the trust that others give it.

That is the first token, as I see it in any given situation.

When we get back to my previous blog (We do not Care Bears), I mentioned elements in the upcoming Brexit reference. In there a prominent Police Minister of State, namely Rafal Trzaskowski mentioned on the cost for Britain, with the additional mention that you can’t always get what you want. Now we see another specimen of the in this case partially Polish persuasion, namely Jacek Rostowski who gives us “The leave campaign must remember the advantages that Britain has negotiated over 40 years of EU membership that will be lost – as will the UK’s main route to global market access“, is that truly the case? Do you not think that many nations will find a backdoor in any arrangement if this means that they can export to a target audience of 65 million? In addition, the statement “It is hard to see how a market of 65 million could negotiate the terms achieved by that of 500 million“, which is a truth and a fact. What is not given is that the UK is 13% of that entire population. It is one of several nations that has had enough of irresponsible spending and non-accountability.

It is the title we see again in the very and “it is for the British people to decide, but the leave camp is selling a Pollyanna vision of Britain outside Europe that will never exist“, which sounds nice and clever, yet in all this, when a population of 65 million needs goods trade will occur. It did so before the Euro, it will exist after the Euro collapses. It is the rock star (the person I have written about and against) Yanis Varoufakis that gives us ‘The EU no longer serves the people – democracy demands a new beginning‘, which is not incorrect, but it was the Greek utter unacceptable acts (by some of the previous Greek administrations) that is bringing this about. Now we see that Greece is selling itself of to any industrial with enough cash like a cheap debutante. My issue there is that as premium opportunities are ‘given away’, Greece itself will end up having less and less options to grow a national economy. I feel certain that Yanis Varoufakis knows this. Yet, in the article (at http://www.theguardian.com/commentisfree/2016/feb/05/eu-no-longer-serves-people-europe-diem25), he brings the goods that do matter “Brexit campaigners are promising voters that they can have their sovereignty and access to Europe’s single market. But this is a false promise. A truly single market, a genuinely level playing field, requires a single legal framework, identical industry, labour and environmental protection standards, and courts that will enforce them with the same determination throughout the single jurisdiction“, Yanis is not wrong, but I believe him to be incorrect. You see, he is not lying or deceiving you, the issue here is the exact statement that matters. Part one is “Brexit campaigners are promising voters that they can have their sovereignty and access to Europe’s market“, you see, Europe is not a single market, it only seems to be that way.

Take a look at this: “§24 EEG: falscher Alarm oder K.O. für Windbranche?” (Translate: §24 EEG: false alarm or KO for wind industry?), you see, there are still fractured markets, they are managed through a never-ending stream of European legislation. Consider the part “suggests that from 2016 effective six-hour rule the Renewable Energies Act (EEG) will halve revenue of new wind farms within 25 years“. Can anyone explain the utter unfathomability of this quote? (I am not saying it is a false quote; at http://www.erneuerbareenergien.de/24-eeg-falscher-alarm-oder-ko-fuer-windbranche/150/434/88817/), in my simple world, this cannot be. Consider the second quote “an oversupply of production electricity prices on the power exchange EPEX to 6 hours or more negative in a time-contiguous block are. Defacto means of temporarily stopping the market premium payment proceeds failure. That the threat potential of §24 is generally real, shows a view in the short history of the current prices in 2014, the at least six hours continuous phases added with continuously negative market electricity prices on a time volume of 37 hours, which then affected by the six-hour rule would have been. In the first half 2015 already 43 hours fell under the criteria of §24“, this implies that there are moments of oversupply. Now, that might be the actual truth, yet, this seems to imply that the entire renewable energy is linked and only allowed as addition to the fuelling of profit, when that goes renewable energy is not to be used, or to be charged negatively. (I know that my view of that quote is not entirely correct).

I am trying to state that if we truly believe in renewable energy, the moment there is an oversupply, non-renewable sources should be toned down, lowering the price of energy to the people. The article (in German) implies to me that this is another market that is driven to exploitation and profit. And what about the ‘over’ production? What if all that power fuels streetlights, hospitals, places that could benefit by not being charged for energy. If that is 6 hours as implied, we see the linked implication that 25% in cost reduction could be achieved.

In short, the single market of Yanis never existed, EEC legislation is in my view creating a fractal of legislative clustering, all with their own rules for maximised exploitation. The second part is “courts that will enforce them with the same determination throughout the single jurisdiction“, which is nice, but when the law falters on the levels is had, like, you know, jailing those politicians that spend the money Greece never had, would Greece be in such a mess? Well yes, because those laws actually do not exist. We see an influx on humanitarian laws, or perhaps better stated, a code guide to emphasize a surrealistic version of political correctness, yet how much protection did journalist Kostas Vaxevanis get? Was anything done with the published lists? Seems weird doesn’t it, that concept of single jurisdiction, does it not? Even within most national borders the idea of single jurisdiction is a bit of a stretch. Especially when we see the intermixing of issues of commercial and criminal law. We see banks not getting convicted for their actions, yet under intentional torts they could get a hefty invoice. When we get to Quasi tort, we see the case Re Goldcorp Exchange Ltd [1994] UKPC 3, where we get that the bank argued that the gold stocks had never been isolated, making all the gold customers unsecured creditors and that its security interest took priority. It is an argument that can be made, yet in all this consider the parallel where the Greek government ‘sold’ its bonds to the Greek retirement funds. Perhaps some people remember the news that the Financial Times had in Feb 2013 (at http://www.ft.com/cms/s/0/91aae2a6-75f4-11e2-8eb6-00144feabdc0.html), which gets us: “Smaller Greek state pension funds, which are only able to invest in Greek government bonds that are held by the central bank as custodian, together had losses close to €10bn over the same period“, so does that not amount to hiding debts and giving worthless IOU notes to those retirement funds? Was this ever criminally investigated? Moreover, if it is not a crime, why wasn’t there a law enabled stopping this? Even a local Greek law might have helped a lot, but we have seen in many places that certain players will get away with murder, just look at Tesco and see which players are still not under public scrutiny to see that reality.

So, I have issues with this piece by Yanis Varoufakis, yet you should read it, because it is a good piece. Yet, in all that, he never mentions to hold the people and the laws to account as they fell short in the last decade, which I believe is crucial to any progress, any true progress of a shoddy economy. Because with corporate greed firmly in place, with a bubble where power seekers can fill their pockets, we will never get any solution. The realistic fact that over 1 in 3 Greeks are now in poverty should have been a large wakeup, but it seems not to be the case. As some players want their extra cream, fat and lollies, Greece gets to end with less than nothing, something that could have been prevented in 2014, but alas, the law was inadequate.

It would not have been easier, but at least Greece might have a few options, now they have none of those and even less possessions as the valuables have been sold off, a part I was never in favour of! So, let’s get back to the Jacek Rotowsky story (at http://www.theguardian.com/commentisfree/2016/feb/08/brexit-pollyanna-vision-europe-leave-campaign-eu-uk), where we see “This reminds me of the Brussels phrase: “If you’re not at the table you’re on the menu.””, well, as I see it Poland will be, the UK is deciding that this restaurant is no longer for the UK. In that same environment we get the following Gordon Ramsay memes (I have no idea if he ever stated them as I do not watch his show).

You burned the food so black, it stole my bike.

No Gordon! You placed the debt money next to the oven and its equity turned to ash.

This mushroom is so raw, it says the princess is in another castle.

No Gordon! You cannot refer to the economy as an unpleasant situation and state that the other person is at fault.

So as we see how Jacek Rotowsky is about who is at the table and who is on the table, we are in actuality seeing that the UK finds this restaurant to be massively overpriced, whilst serving stale food. And they are not the only guests in attendance, you see, there are 2 dozen more people there. With the first shift (Brexit), France will immediately moving to a Bistro (Frexit), which leaves Germany and Italy in a lurch. Considering that these 4 have 70% of all the debt. Yet they still believe that moving out and taking their invoice with them will pay off for them in the medium long run mainly, because the other nations are just as bad in keeping their budgets and Greece is showing how the others are paying for their choices and errors. The only one in a bad place is Germany, because when the UK goes, so does France, unless it can make an ironclad deal with Germany, giving Italy chances to catch up, but if France goes, so does Germany and then the mess will be complete. The UK is not the first one to truly get a better deal, that is Germany, but overall both will be much stronger within 5 years. France will muddle on and the power blow that the US gets when the Euro goes is the nightmare scenario for whomever ends up in the oval office, only because greed could not be contained.

So as bankers and politicians grab the most powerful Prazosin solution they can charge their health care fund for, we see that this only dims the feeling the nightmare has, not the reality what a collapsed economy holds. That reality will be with the people, they get to learn this lesson because too many players were happy to quote unreal expectations of an improved economy, after which they would hide behind waves of managed bad news and not seek out the dangers that might have been a long term bet could now bring us the approaching reality that we see today and that could pan out to be the new life in Europe from 2017 onwards.

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Tagged as Brexit, EPEX, Financial Times, Frexit, Gordon Ramsay, Greece, Jacek Rostowski, Pollyanna, Prazosin, Rafal Trzaskowski, Re Goldcorp Exchange Ltd, the Guardian, Yanis Varoufakis

February 4, 2016 · 23:21

Intimidating the Euro

There have been several issues in the past, some we seem to embrace as ‘dangerous’ towards the survival of the Euro, some less so. There has been a detectable increase (including from myself) into the events as they are occurring. Yet, any nation, has forever had moments of bad news, so why are we so eager to predict the downfall of a united coin?

You see, we all agree that there will be good times and times that are less so, yet in all this a level head should prevail. This means that there is balance. Nations tend to float their coin when things are poor and as decent times return, that floatation option dissipates. As nations were balanced, these waves still happen, but they were less extreme. Which meant that there were currency cycles, which is not a mystery!

So when the Euro came, a stronger more balanced currency became the global player, with a few ‘visionaries’ claiming that this is the haven of all currency. In that regard, let’s take a look at Rasul Shams (at http://ageconsearch.umn.edu/bitstream/26228/1/dp050321.pdf), a discussion paper from 2005. Here we see “One of the basic statement of a full developed theory of world money is that the world economy exhibits a specific structure, which is changing through time and that the world money adjusts to these specific characteristics of the world economy and underlies therefore itself large-scale changes in the long run. To understand the development of the world money and any long-range modification in its manifestation through time one has therefore first to study the dynamic stability of the world economy” (page 6). On Page 14 we get “Kenen (2002) and McKinnon (2002), both looking on the use of Euro in trading, bond issues, bank liabilities and official reserves, appreciate the strong role of Euro as an international currency but do not believe, it could be in a position to displace the central role of the Dollar. McKinnon refers to the reinforced Dollar standard by the ongoing price stability in the United States as the main reasons why the Dollar supremacy will continue“. In addition we see “Hartmann and Issing 2002; Huismann, Meesters and Oort 2000; Beckmann, Born and Kösters 2002), looking at the evolving international role of the Euro come to the conclusion that the Euro has indeed a great potential to expand further its international role but that this will be a long run process, not to be realised in the near future“. Now we get the first issue.

You see, certain players behind the screens must have made certain events happen to flow the Euro against the dollar as the 2004 crash became a reality. Now consider that the initial European Exchange Rate Mechanism (ERM) was introduced somewhere before 1980 to reduce exchange rate variability and achieve monetary stability in Europe. In that system the currencies were still floated to the minimalistic degree, depending on the local economy. So when the Euro became the coin, that game changed. Suddenly nations lost their personal flotilla device. Now for the larger economies like France, Germany and the United Kingdom it was not that much of an issue. There was a degree of control. The UK had even more options as they remained to keep a sterling position. The other players were however in a less favourable position. They now had other issues to deal with. As those nations all got an interesting credit card, we saw a growing problem. Greece and Ireland being the larger problems, but in no way the most deadly of them. That part must be reserved to Italy and France. The EEC has a total ‘national’ debt of well over 12.5 trillion. With 50% of that debt belonging to Germany, France and Italy. Germany was until recently safe, because their economy was decent and their unemployment rate was below 5%, this is now changing through several parts. The Germans have many sides to their economy, yet when we read that the Deutsche Bank posted a €6.8 billion loss in 2015, thanks to a €12 billion write-down linked to litigation charges and restructuring costs, and it set aside more to cover any potential litigation (at Read more: http://www.afr.com/markets/deutsche-banks-troubles-unmask-bigger-risks-20160203-gmken9), we see new dark clouds. Apart from the DB shares going down to 10% of what they were before the financial crises, we must wonder what other effects are in place. Here is part of the problem. We can state on one side that one hiccup like that should not be a worry, but the economy in Germany is having a slow start. In addition as other nations are showing a slowing need for Deutsche Grundlichkeit, they are looking for alternative providers, cheaper providers, which is a given. Now add the VW scandal, which pushes down Covestro. All parts of multi Billion Euro sided Bayer. Now for a history lesson (at http://www.press.bayer.com/baynews/baynews.nsf/id/Bayer-MaterialScience-to-be-called-Covestro), which gives us “Bayer intends to float Covestro on the stock market by mid-2016 at the latest. The plan for Bayer Material Science to become a separate company was announced in September 2014” on one side, the timing is great for the board of directors who get to write off the losses from taxation and still get that 8 figure bonus. For the German government that is bad news on top of bad news. So as Germany was not a problem for the Euro, it is now a worry that is growing, growing by the day.

In all this I must now add that the national debt of Germany which represents one third of 50% now becomes an issue.

In addition, the hardship from France as it remains in a state of emergency. In addition, as too many people focus on the fact that the French Economy is moving ahead at 1.1%, which is a good achievement. Yet the unemployment rate is slowly creeping to 11%, in addition, the youth unemployment rate in France increased to 25.90, which means that the French hardship is still escalating. So as we see an economy growth of 1.1%, it is countered by ‘French unemployment rises by highest rate since 2013’ (at http://www.france24.com/en/20151126-french-unemployment-rises-highest-rate-2013), which will impact the French budget. In that regard so far (3 months later) no clear solutions have been presented by the current French government. In addition, the extremist and refugee issues are pressing more and more on the French morale, less and less acceptance is seen there. The French political landscape is still under attack, as the issues deepen, more and more people are starting to listen to Marine Le Pen, who is now seeking alliances with Italy’s Lega Nord, which also includes Geert Wilders from the Dutch PVV and Heinz-Christian Strache from the Austrian Freedom Party. These factors are important, for the simple reason that until 2 years ago Lega Nord was not even a blip on the radar of anyone who mattered in politics. That is no longer the case, more important, the stronger and the more united these right wing parties become, the bigger the collapse of the Euro. I would never have considered these parties to be anything bust extreme in chance. The inability of France’s François Hollande to get the economy to any degree on track is central here. The 1.1% melts away to -3% when we see the cost for France rise and rise. The plan for 500,000 vocational training schemes might sound nice, but that is not any guarantee to growth of economy, just an absolute guaranty to cost well over a billion, with more costs down the track. Italy is in a place not much better, even as both nations have products people want, the bulk of people are not buying the amount both governments need to see bought.

Now we see these elements as the UK has given the Brexit referendum to take place on June 23rd, which means that we are about to get flooded by propaganda from all sides, including newspapers on staying in, or moving out. The Guardian was quickly on board on how the environment would suffer (at http://www.theguardian.com/environment/2016/feb/03/brexit-would-return-britain-to-being-dirty-man-of-europe), whilst happily ignoring that a homeless person due to no job and no home has a worry with drowning in the rain and freezing solid in a park in winter. All these dangers because no one was willing to muzzle Greece, or bankers for that matter. So as we now see how Goldman Sachs is stating that Brexit could cost pound a 20% drop in value, should we remember those at Goldman Sachs that they are one of the responsible parties that got this entire economic mess started?

Now we get back to the continuation of the Euro issue as I saw it in the beginning. As we see how political parties are influencing events, the political element not seen is how political players have been spending others people money, without fear of persecution, prosecution or accountability. The mere inability of the European nations to keep a proper budget and to keep debts in check is a massive reason why right winged parties are now growing beyond anything. No one seems to be properly measuring data. As national data is inflated (read: weighted) we see optimistic news all over the place, whilst 90% of data and results should have been adjusted from the very beginning. So, we have one currency and all nations are floating the currency by inflating ‘predictions’ of their part of the economy, by the time that falls over, we see waves of managed bad news, yet the currency was from that point onwards never in a proper state, it has not been in that place for a long long time.

Now, France will face the next hurdle. There are too many predictions on how the UK will not go Brexit, but in all this the people are seeing their lifestyle dwindle away and as we see more managed bad news, the British people might have had enough. A strong example here comes from the BBC in December 2015 “Economic growth in 2015 was originally predicted to be 2-2.5%. But in large part because of the decision of the Government to take those bailout talks to the wire that has turned into a 2-2.5% contraction – a deep and painful recession. Now the experts are predicting once again that the economy will return to growth in 2016, unless something else gets in the way“, so as we read this, we see that ‘the experts’ were off by 5%, which is massive, which follows ‘predicted growth’ in 2016. Yet we all know that Greece has had too many problems and when the retirements funds stop because they invested in Greece, where will retirees get their ‘support’ from? They are entitled to that support, but Greece has no more money, debts it cannot pay and it let those who got Greece in that bad a state off the hook. All EEC nations left those Greeks off the hook. So now, as we see that money is running out, which will in the near future could mean that the IMF has to bail out Greece again. If that happens before June 23^rd, how do you expect the British referendum voters to react?

One thing is certain, if Brexit happens, François Hollande will get the nightmare situation he dreads, because the Euro without the United Kingdom will not survive through Germany, Italy and France together. In that light it will push Frexit straight to the top, with at some point in 2017 President Marine Le Pen, signing a government act to secede from the Euro and not entirely unlikely secede from the EEC altogether. That last statement is massively speculative, but not impossible. It is nationalism that are driving the French to her and the Italians to Matteo Salvini, there is still the dangers that Nigel Farage will get on the ‘I told you so horse‘, which had a 1:1,000,000 chance to win. Now my £10 will turn into a nice retirement funds for a nice place on Guernsey (if someone honours that deal). A wave started by the mere political short-sightedness of not having a legal door to expel bad nations and their economic acts. An oversight that will result in additional trillions of write-offs and hardship for the European population at large.

A view I stated in 2013, there is now a decent chance that I will be proven right 3 years later, a mere data analyst without an economic degree.

Yet, can I be wrong? Of course I could be, but you should ask yourself: ‘Where is MY benefit?’ I am not asking you to state this in some rage of selfishness. I am asking you to look at your life, your family and all the parts you lost in the last 10 years. All the things you worked for and what you have been left with. Now, many people have not lost what they had, but their financial progress seems to have minimised, largely due to outside influences, some of them due to really bad internal governing. So how does a Brit feels when the hardship he faces comes from the bad acts not just from the UK, but in addition to the acts from Spain, Greece, Portugal and other nations? In addition, we see that those governments do not seem to be held accountable, neither are the decision makers held accountable by other governments. Now, the average Brit accepts that his government makes mistakes, just like the average Frenchman, or Italians for that matter. But neither wants to pay for the cock-ups of another government, especially as no one is held accountable, so that part leaves us with Brexit and the chance of it becoming a reality. Yet when we see the quote in the Independent “David Cameron has urged mainstream Conservative MPs not to be bullied by party activists into campaigning to leave the European Union as he took on his Tory critics with a fierce defence of his reform blueprint“, we have to consider that the risk is a lot larger than David Cameron is comfortable with, which works for Nigel Farage. The accusations that others are now accusing the UKIP MEPs, who allegedly have been intimidating other members of the European Parliament.

So, now, after a year, the UKIP members that were never seen as anything serious are now ‘intimidating’ others? So now we see the picture caption ‘Green MEP Molly Scott Cato admonished Farage and Ukip MEPs‘, yet in the Guardian (at http://www.theguardian.com/environment/2016/feb/03/brexit-would-return-britain-to-being-dirty-man-of-europe) we see “It will work with green groups to persuade people that leaving the EU could set back the UK’s nature protection and prevention of pollution many years“, so the battlelines of Brexit are being drawn and the question becomes, where is the truth and why are certain bad elements not being held accountable, that is the real reason why Brexit and Frexit are a reality. As no one addresses that because of the ‘friends’ these proclaimers of ‘other’ reasons have, they are driving constituents straight into the arms of Nigel Farage, Marine Le Pen and Matteo Salvini. Nigel enabled Marine (to a small extent), the fear of Brexit pushes Marine to a large extent and all those elements are now making Matteo Salvini a threat to the Italian way of life. The question whether that is for good or bad is too early to tell, but the impact will be massive in all three nations. So whatever comes next will be speculative to a larger extent which is, until June 25^th, as that date could be the start of a massive upheaval all over Europe, which could hit as far as Japan and the United States of America.

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December 6, 2015 · 23:18

Let it (or them) die!

Harsh words that are befitting a slightly harsher world than we bargained for. Yesterday I had one of those ridiculous epiphany. In my view I saw some news regarding ICE and how it is so addictive and how it is costing healthcare 500 million. There is news all over the place in both the UK and Australia regarding the abuse of both drugs and alcohol. We seem to go out of our way to reward and support stupid people. Now when it comes to simple things like consumer protection it is one thing. A person can be misinformed and a person can be misled, for this we have consumer protection to give them additional protection. I have no issue with that, when a consumer loses out on a misrepresented or misled purchase, there should be protection. For the most, many shops will exchange and usually even refund. Yet at some point in this day and age, we need to make changes, we need to adjust. It is not by choice, it is out of necessity. You see, choices were made and politicians will need to be held to account. We need to show to all around us that going soft on corporations and going too soft on the people at large can no longer be supported. You see, it is the price you pay for making a choice.

What if we change the law? As per January 1^st 2017 certain medical options fall away from adults. You see, from that date, what if we stop paying for treatment of drugs and alcohol abuse. A person can only get treatment if they pay fully and pay upfront. Without that, there will be no treatment and the drugs and drunk tanks are reintroduced. You see, as stated, we no longer have an option. How can we accept that our governments push us deeper and deeper into debt, unable to keep a proper balance whilst at the same time give more and more breaks for corporations to skim from the top and become more and more non tax accountable! Until we get the law properly to properly adjust certain parts in taxation, accountability and prosecution we no longer have an option. We stop to support certain acts of stupidity. If they die? Let them!

I see images of thousands of refugees, genuinely wanting a future for them and their family, not an extremist thought in sight, just to start a life and create a future for their children. How can we stop these people and keep on supporting junkies? At 7.35 billion mankind is not going extinct any day soon, so why bother with outrageous forms of support for someone so stupid to make such mistakes again and again. In my cruel view, let them die! Let the first 100 be a clear sign to people that drugs kill, there is no next, there is no after again and again. I truly believe that it will push the use of drugs down, when more and more people are confronted that someone they directly know, who had died from drug or alcohol abuse, these elements will soon diminish to a much lower amount. It will never go away, but it will go down to such an extent that people will seriously consider not taking drugs. You see, the drugs pusher will always come with the ‘once will not hurt‘, ‘once is fine, we all do it!‘ He/she lies to you! I and many of my friends never took drugs. And let’s look at the additional benefits this solution will bring. Hospital costs go down, healthcare support goes up, less pressure on support systems and as these people relishing freedom of choice die, their places open up to you me and the refugee. All those who want a real life, a new life or a better life.

This is about more than just booze and drugs. On January 23^rd 2015 I wrote ‘The danger topic‘ (at https://lawlordtobe.com/2015/01/23/the-danger-topic/), here we see the issue I raised almost a year ago. We see “At The Bruegal Institute in Brussels is not the only think-tank to believe the estimated €250bn cost of a Grexit, while covered by the bailout funds, would cripple the Eurozone and delay recovery for a decade we now see that the ECB is about to spend 1.1 trillion for bonds. When we see “The Frankfurt-based bank will use electronically created money to buy the bonds of Eurozone governments – quantitative easing – to try to boost confidence, push up inflation and drive down the value of the single currency, helping to increase exports and kick-start growth”“, yes the Italian Draghi had an idea to kick-start the economy. Now we see ‘ECB Day: markets tumble as Draghi disappoints investors‘ (at http://www.theguardian.com/business/live/2015/dec/03/ecb-stimulus-qe-negative-rates-mario-draghi-live#block-566070ebe4b073bf0735b3be). “But they may have a point. As Draghi pointed out – the Eurozone economy is growing, credit conditions are improving. QE is working, and they’ll keep doing it. Why bring out a bigger punchbowl?” and “The wave of selling rippled from Frankfurt and Paris to Madrid and Milan, as traders expressed disappointment that the ECB hadn’t expanded its QE programme, or hit the banks with tougher negative interest rates“. This is the problem for us. You see, investors expected more, they always expect more, which is why it would not work. In addition, their push could result in more spending and less and less control on that spending. I foresaw it almost a year ago, but as people ignored me and listened to these good weather forecasters on how the economy would grow, are now confronted with more and more bad news management. How the economy grew between 0.3% and 0.4%, so when we look at http://ec.europa.eu/economy_finance/eu/forecasts/2015_winter_forecast_en.htm, and we see a forecast that is written like “Growth this year is forecast to rise to 1.7% for the EU as a whole and to 1.3% for the euro area. In 2016, economic activity should grow by 2.1% and 1.9% respectively“, that 0.3% does not come close, and still these governments are living the gravy train, spending more and more and leaving the invoice for a next government who will borrow even more to deal with invoiced that cannot be dealt with. So how about taking away certain support. How about letting the people see in the street how the future is warped because the symbiotic relationship between nations and large corporations are no longer correctly honoured. Letting the system collapse is one option, letting the people die, so that those nurses can focus on nursing to true health, NHS systems on a global scale will have less and less costs and we can actually move forward.

We can no longer afford to be nice. If you doubt that, thank consider the title ‘Investors got ECB odds wrong but Draghi could pay hefty price‘ (at http://www.theguardian.com/business/nils-pratley-on-finance/2015/dec/03/investors-got-ecb-odds-wrong-but-draghi-could-pay-hefty-price), when we read “It’s hard to know who is most to blame: Mario Draghi, for leading investors up the garden path; or investors, for believing that the European Central Bank president’s talk of doing “what we must” equated to a firm promise of a bigger dose of quantitative easing“, in what way ‘bigger dose‘? We can’t even take care of the current dose and the investors want more and more and more. So, we need to think differently. When we get rid of a surplus population, more jobs, more rental places, less costs, which means lower debt options. The investors will go ‘Baahhhhh, humbug!‘, but only because greed is eternal and they require that extra cash.

When we start hitting governments a dollar for dollar (or pound for pound) option, the game will change and we will see additional false promises on how the economy will get sooo much better in 2017. I say, well, when those tax dollars come in, we can consider paying for certain treatments, only when those dollars (or pounds) are actually COLLECTED.

You know, I can already predict the answer, it will be some accounting stunt that allows for ‘spare change‘. If PriceWaterhouse Coopers comes with that option, you should ask how that worked out for Tesco, both them and the press will remains massively silent on either matter. So, we must change the game, as the players have changed the format of the game. We can’t change the players, but we can limit their actions, hence dropping services.

How inhumane is it? In equal measure I ask, how inhumane is it to leave a multi trillion debt to our children? Is Greece not a clear example, they will never escape the debt that previous governments left them, they will go through life blaming those not responsible, whilst not prosecuting those responsible, what kind of a future is that? At http://www.ibtimes.co.uk/greece-debt-crisis-athens-narrowly-passes-2016-austerity-budget-1532011 we see the title ‘Greece debt crisis: Athens narrowly passes 2016 austerity budget‘, you might think that this is good news, but so far all additional debts have been used to pay bills and pay for interest, Greece is not moving forward, which means that 5.7 billion in spending cuts is required, with one third of that as cuts towards the pensions, so the 10,000 not so poor Greeks are leaving, whilst leaving the rest to pay for an invoice no one in Greece can afford, it is not that far a thought that 2016/2017 will be the years when Greek youth, man and women will marry out of Greece so that they can have a future, reducing the future of Greece even further. Public debt will grow the coming year by another 8% towards 188% whilst unemployment will remain at 25%, so how is that any future? Statistica reported that the advantage of marrying a foreigner received 42% of the women and 33% of the men stating that ‘better education and social stability of the children‘ was received, only 2% for both gender relied on same religion, which could be a massive blow to Orthodox Greece. Whether this comes to pass is not possible to predict, but as options diminish, other solutions will be sought by those hardest hit, so is my leap of not caring for a collection of idiots that cannot accept responsibility such a massive leap? The Sydney Morning Herald reported in June (at http://www.smh.com.au/nsw/newtown-gets-busy-as-kings-cross-empties-20150619-ghseco.html): “According to NSW Bureau of Crime Statistics and Research numbers analysed by Fairfax Media, in the 10 months from April 2013 to Jan 2014 there were 86 instances of alcohol-related attacks in Newtown. From February 2014 to the end of November there were 102 attacks, an increase of 18 per cent. From January to March 2015 there were 34 assaults, compared to 27 in the same period the previous year“, so will the drunk tank be a solution? That remains to be seen, but I feel certain that the first hospital invoice to be paid upfront will definitely have an impact. As people get to pay $300 for alcohol treatment it will not go to bars, if they cannot pay, the drunk tank will be the route to take. How long until someone figures out that this lifestyle gets them killed? How about changing the lifestyle of binge drinking that has absolutely no positive impact other than a fake instilment of Ego?

We have tried all these soft labour solutions and none, I repeat none have worked. It is time that we employ different solutions.

I will be the first one to admit that it is as inhumane as it gets, but people are for the most massively stupid, especially when they are in groups, so as such less intelligent solutions must be considered. Perhaps it will work, perhaps not, but can we truly ignore the option? The cost for alcohol related abuse was $14.352b in 2010 (Australia, at http://www.aic.gov.au/publications/current%20series/tandi/441-460/tandi454.html), yet, can an alternative be found? Yes, there is one other solution, how about on June 30^th all Australian residents receive an additional tax invoice of $625. If over 80% pays it, we keep to the old system, if not we will try my option, dollar for dollar. If you are unwilling to pay one way, you get to pay another way. I reckon it will not take more than 3 months until 90% plus suddenly decides to pay that additional bill.

I prefer to let the debt die, not the people, but we are running out of options and those who should truly inform us are hiding behind experts who will treat us to carefully phrased denials, how is that leading to a solution? Yes, in this blog I phrased more questions than answers. I am pretty intelligent, yet a solution cannot be given until we make massive changes to the society we currently live in so that our children and our grandchildren will have any future. When you realise that we are getting to a point that it is proven, that making the life of a person negotiable is a lot less impossible than we ever thought, that will be the point that a push for massive legislative change is more likely than not to succeed, it is the one push big business cannot counter, some things can truly push a shadow over greed, we only have to be willing to push enough people into that shadow.

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November 1, 2015 · 22:13

Nubentes capitalismi

Here we see more of the Greek way, as per yesterday we see that the Greek banks need more money, billions more. So this is where I looked for the Latin word of deficit and it is ‘Repudii’ (Latin humour). The Greeks might say “Αποθήκευση έλλειμμα σε ένα θησαυροφυλάκιο της τράπεζας“, but the sad story is not the deficit or the shortage, the sad story is that many Governments, not just the Greeks relied on credit cards whilst they made sure that those spending the money would not have to pay for it, they got a large bonus for spending money they never had and the people have been suffering for far too long. This situation is not just seen in Greece, for the most nearly all EEC nations have spent way too much, a terminal amount of money I might add. If the budgets are a setting for a nation’s health than 30% of them should be pronounced dead and an additional 50% is on the edge of dying. That is the grim situation. In all this we see more and more news on how things are getting better. Better for who? The people around me have not had any rise in living for close to a decade. In addition the cost of living has exceeded the income rise for about that same time, so in all this, when have people been better off since 2004?

In all this Greece might have been hit visibly harder but life in the UK or in France or Italy is no picnic either. In all this the banks seem to go about their usual ways. In addition, as we saw the news regarding bank liquidity and other reserves. The things that are referred to as Basel III and now also Basel 4, why did they not shift the timeline? Why has ‘mandatory’ implementation been delayed until 2019? Why was Greece, as it faced the things it faced and as it needed funds all over the place, not pushed into a mandatory implementation of Basel III? Part of the deal should have been stress testing and demanding defences for banks directly. It seems that it had not been done!

This takes me to an article by Morris Goldstein from May 2012 (at http://www.voxeu.org/article/eu-s-implementation-basel-iii-deeply-flawed-compromise). In here three points come to order.

The first: “Whether member countries should be permitted to enact minimum capital ratios considerably tougher (higher) than those specified under Basel III without approval of the EU“, which is an interesting need, because this would have applied to Greece from the very beginning, and I am talking the issues as they emerged in 2013.

The second: “Whether the restrictions on what can be counted as high-quality capital under Basel III should be scrupulously adhered to in EU legislation“, the fact that EU legislation is not up to par here is even more of an issue, you set rules and standards and then not legislate it? How will banks EVER fall in line when it is not legislated? We have evidence going back to 2004 where bankers lost trillions and still got millions in bonuses. You mean that after a decade, the national legislation arms within the EEC are still no more than mere ‘pussies’ looking for that banking fellow named Dick?

The third: “Whether the Basel III deadlines for introducing an unweighted leverage requirement for bank capital and two new quantitative liquidity standards (the liquidity coverage ratio and the net stable funding ratio) should be mirrored in EU legislation“, which sounds all good and fine, but Basel 3 was already in the works in 2002, why has it taken such a massive amount of time to get close to nothing done? Why were the Greek banks not set to a higher setting because of them requiring so many billions in funds?

It seems that no one has any clear answers here.

Now we get to the good stuff. In the article Morris states the following: “The 15 May accord also permits EU banks to count as equity capital several financial instruments with dubious loss-absorbency, including the so-called “silent participations” of German banks and the minority stakes of French banks in insurance companies. Such a step weakens the Basel III guidelines on the quality of bank capital. In one of the few concessions to the Osborne View, the agreement adheres to the Basel III time schedules for the leverage ratio and the two liquidity standards“, which was to be discussed somewhere after May 2012.

So now we take another leap towards a Danish bank paper, a mere publication (at https://www.danskebank.com/da-dk/ir/Documents/2012/Q1/SpeechQ12012-Confcall.pdf), So in all this, we see the following text: “And you could not just use the what has been known as the Danish compromise, where you have 370% risk weighting for the capital, to kind of end up somewhere in between the two extremes?” to which the response by Henrik Ramlau-Hansen – Danske Bank – CFO was “That could also be a solution, yeah“. Let’s sit on this for a second, a form of weighting where we get to set the weight to ‘370% risk weighting’, so how is this a good idea? I have used weighting in the past, so it is not a big deal on one hand. However, when we look back towards 2004 and 2008, where setting abnormal risks, why give such a level of leeway to a branch that cannot be trusted?

The last part in this comes from shaky grounds, I will tell you this right now and I never hid the fact that I am not an economist. Consider the PDF from the Crédit Agricole Group from November 2013 (at http://mediacommun.ca-cib.com/sitegenic/medias/DOC/94509/2013-11-07-cp-casa-resultats-3eme-trimestre-en.pdf). So they report “Net income Group share in Q3-13: €1,433 million“, now take into account their solvency part:

The targets for fully loaded Basel 3 Common Equity Tier 1 ratios (CET1) are shown below:
	1^st JAN 2014	31^st DEC 2014	31^st DEC 2015
Crédit Agricole S.A.	7.8% to 8.0%	8.8% to 9.0%	>9.5%
Crédit Agricole Gp	11.0%	12.0%	13.0%
Disclaimer: The above ratios are based on a number of assumptions

Now consider the text “These figures take into account the weighting of the capital and reserves of Crédit Agricole Assurances according to the Danish compromise (at 370%) or 34 billion euros in risk weighted assets as well as the extension of the specific guarantees (Switch) between the Regional Banks and Crédit Agricole S.A. for 34 billion euros in risk weighted assets“, so a company with a little over a billion in revenue, ending up with around 830 million in net income group share. So that place is running a weighted risk of 34 billion, which implies that the risk of 34 billion is covered by an income that covers 2.44%, how is that even close to realistic? Why has a massive change in dealing with the weighted risk not been done? Why are people still under threat of exploitation by banks as they live of the fringe of a Danish Compromise?

I am just asking!

This now reflects back to the Greek banks, have they been playing that same game, where did all those billions go to? As an underwriting for more riskier and more profitable incomes? It seems to me that there are issues with the banks all over Europe and their own local governments are clueless as to what the banks are doing. If you consider me wrong than ask any politician right now an answer in regards to Basel III, Basel 4 and their own banks. They are very unlikely to give you a clear answer. This approach is not just for the UK, several other countries should be asking questions and holding the answers to account. So as these politicians have no answers, how come they are elected and how come they are unable to budget anything. Are they budgeting in the same way the Danish compromise is applied to banks? A government spending anywhere between 37%-370% in a weighted budget for the expected gains of taxation tomorrow?

That sounds as hollow as Mr Wimpy going into a food court stating: “I will happily pay tomorrow for a hamburger today!” I wonder how many places he will be able to get food from. Interesting that we do not hold our politicians to this account, which is exactly why the massive cuts from the Conservatives (UK) are so essential, they are in the fight of their lives not to become the mere puppets of the banks. You see, I think it is not that unrealistic that even within my lifetime our income slips will have a taxation part and a deficit settlement part. The day that happens, remember my words! Austerity was the only option, and only when we neuter both the banks and politicians. I think that the change of making an administration accountable for their spending will be essential for us to have any future. For a decade politicians have been writing checks no one could pay and that choice should no longer be an option from 2015 onwards.

Which gets us back to Greece. The two final quotes are: “In August, Eurozone finance ministers released €26bn of the €86bn in bailout funds that went to recapitalising Greece’s stricken banking sector and make a debt payment to the ECB” and “Depositors pulled billions out of the country fearing that Greece would be forced to leave the euro. Limits on withdrawals and transfers imposed in June to prevent Greek banks from collapsing remain in place, although they have been loosened” (at http://www.theguardian.com/world/2015/oct/31/greece-banks-14bn-survive-economic-downturn), so as that risk was known, how come limits on transfers were loosened? So we see the need for another €14bn for the reason that people took their cash outside of Greece, something that was a certainty. Why allow for the loosening of rules on transfers? In that the first paragraph is also an issue. The text: ‘Greece’s four main banks need to find another €14bn (£10bn) of reserves to ensure they could withstand an economic downturn‘, should basically read: ‘Greece’s four main banks need to find another €14bn (£10bn) of reserves to ensure they will withstand the next upcoming economic downturn‘. Because in case of Greece the next downturn is a given and it is not that far away.

This again links to another part. The Greek Reporter gives us: ‘Head of Greek Capital Market Regulator Resigns’ (at http://greece.greekreporter.com/2015/10/31/head-of-greek-capital-market-regulator-resigns/), so basically, after the completion of the bank recapitalization he shoves himself out of the back door. Can anyone explain that to me? Because if he did a good job he should not get fired, if he did poorly, or even if he has messed up he should end up in holiday retreat Korydallos. Of course, as far as I can tell, he never committed any crime, so Hotel Korydallos is not for him, but it does re-iterate on how the banks should have been cut to size in freedom before those billions were pushed into Greece and in light of loosened restrictions a few more questions and demands should be set. Now, ‘shoving himself’ out of the back door is of course completely incorrect as the man resigned, but why did he resign? Is he not committed to saving Greece, or has he figured out something I saw almost 2 years ago when I spoke about the idiocracy of enabling the Greek system to the extent the ECB had done?

So why as I finalise this blog, the valid question becomes ‘Why is the Blogger Lawlordtobe having a go at Konstantinos Botopoulos?’

This is one that requires an answer and an explanation. You see, on May 20^th 2015 (at http://www.waterstechnology.com/buy-side-technology/news/2409402/esma-board-member-capital-market-union-shouldnt-reinvent-the-wheel) we see the title “ESMA Board Member: Capital Market Union Shouldn’t ‘Reinvent the Wheel’“, which is fair enough, but the text: “The idea behind the CMU is not to reinvent the wheel by creating new rules but to achieve free flow of capital by using the existing tools and finding intelligent ways to tie everything together“, leaves me with the clear impression that the application of ‘to achieve free flow of capital’ could be seen as the loosening of restrictions which allowed for many billions (read: dozens) to be transferred out of Greece and as such the ECB (or the IMF) ends up pushing a few dozen billion more into Greece. In that same part ‘finding intelligent ways to tie everything together’, could be seen as diversifying the wealth of the Greek rich and famous towards the shores of Bermuda or Riyadh, places with not a taxman in sight. Is my interpretation correct? I am willing to consider that I am wrong and I am making no accusation, it is mere speculation on my side.

Yet in all this the timeline should be the cause of many questions, questions the press at large does not seem to be making. The rest of the article is on centralising reports and it seems to me that the article is missing a few steps. Even as the implied dangers of Brexit are voiced, Frexit is ignored. Now we must allow that people were not taking Frexit seriously, but the tide is still turning and the one danger in that part (Marine Le Pen) is gaining approval ratings on the right side of the Isle. Reuters stated: “Le Pen, who is set to win control of France’s northernmost area in December elections, saw her rating rise 5 percentage points to 52 percent among right-wing voters who were asked who they wanted to become more influential in political life“, which now puts her right behind former prime minister Alain Juppe, whilst both are leaving Former French President Nicolas Sarkozy far behind them in the dust. The battle is far from over, but again the reality of a Frexit is moving one more step forwards towards reality and in all that Greece was the starting spark to that upcoming dangerous escalation, only because hard choices were not made in late 2013, because the bankers and the greed driven required the Status Quo to remain as is, which is why we are seeing escalations that could impact the savings of millions to come soon enough.

Now, I will admit that there is no given that Marine Le Pen would win, yet as we have seen a massive amount of speculation and innuendo left right and centre, the mere danger of Frexit is ignored for the larger extent. Why? Is Frexit not an additional danger that is also propelling Brexit? And the Greek issue is what drove both to begin with, so there are direct links and in all that these intertwining events have been largely ignored for too long.

You should not take my word for any of this, it is my view on the matters, it is however important that you read up and that you ask the right people the right questions, the absent part in that is slightly too scary, especially when the Greek bank towers come tumbling down.

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Tagged as Alain Juppe, Basel 4, Basel III, Bermuda, Chancellor George Osborne, Conservatives, Crédit Agricole Group, Crédit Agricole S.A., Danish bank, Danske Bank, ECB, ESMA Board Member, France, George Osborne, Greece, Greek banks, Henrik Ramlau-Hansen, IMF, Konstantinos Botopoulos, Korydallos, Marine Le Pen, Morris Goldstein, Nicolas Sarkozy, reuters, Riyadh, the Guardian, UK

August 31, 2015 · 01:41

And so it begins!

Even though Marine Le Pen still has to deal with her daddy, the one person who seems intent to drown the part his daughter was able to make a reality. His extreme approach was never going to work, now that she has shown this, his intention of making that future a non-possibility. Of course her opponents are happy as can be that Jean-Marie seems to go on tantrums making National Front seem too extreme, but the National Front members know better and soon Europe will know this too. What I predicted well over a year ago is still on course, and now, finally the press seems to take a little bit of notice. The quote in the French RFI is “French far-right leader Marine Le Pen has called for an end to all immigration to France, legal and illegal. In a speech aimed at rallying her Front National (FN) ahead of regional elections, she failed to mention her father’s expulsion from the party but did lay into immigrants, Islamists and President François Hollande” and “They don’t tell you this but the immigration situation in France is totally out of control,” Le Pen said at a meeting to mark the start of France’s new political season. “My aim is clear: to stop immigration both legal and illegal. The FN’s programme officially calls for immigration to be limited to 10,000 people per year but Le Pen went further, declaring, “We need national borders for France”“. Of course there is an issue getting this to move as Hollande is still president, but the clarity is a fact. National Front is now on the move, the data as given shows that the anger after the 21 August failed attack on a high-speed train from Belgium to France, France itself is becoming more and more extremely unaccepting regarding Islam extremists and foreign Islamists. Marine Le Pen called for “all foreigners on file for links with radical Islamist movements to be deported“, adding that ““radical mosques” should be closed and their imams be thrown out of the country if they are foreigners“. The French are realising that they got lucky, according to CNN “The three men — a member of the Air Force, an inactive National Guard member and a civilian” stopped what could have been a massacre. The French have had enough and so they should. This view, partially due to what seems to be President Hollande’s inaction. Whatever actions he undertakes now will only fuel the Le Pen campaign.

Now we have a problem, one that hits many others. If France remains on this course, England have no other option but to invoke Brexit. It needs to do so before Frexit becomes a reality. My reasoning is that whomever goes first will have the best options, not the worst options, after that the curve goes down fast. It is for that reason that I oppose the view from François Heisbourg in the Financial Times (at http://www.ft.com/intl/cms/s/0/20eb52bc-4cb1-11e5-9b5d-89a026fda5c9.html) the quote “It has a xenophobic and illiberal force all too keen to take advantage of popular fears about the impact of migration in the shape of the National Front (FN), Europe’s largest extreme right wing party, with a base representing some 25 per cent of the electorate. But, until now, Paris has not indicated that it has any clue how to cope“. You see, some might call it ‘xenophobic‘, yet this is the second attack within France and this one was almost successful. We should regard the circumstances a miracle, most will downplay the events into ‘the public can protect us‘ but in all, the governments failed and an open Europe is a dangerous situation, not all nations have the benefit of a tunnel and 5 ferries. Many other places are leaky as a sieve. France has entry points from many overly liberal nations, Belgium, Germany, Switzerland, Luxembourg and Italy. Belgium also gives access for the Netherlands and the boats are pouring into Italy. France no longer feels secure and yes, it is clear that National Front is pressing that issue as the Financial Times states, but is that fear incorrect or inaccurate? In addition the quote “Europe’s leaders need to live up to our responsibilities as humans and as neighbours, assume part of the burden, and talk straight to the electorate. Continued European and French fecklessness will only improve the far-right’s prospects of success, and will deepen what is already an unprecedented crisis“. This sounds very logical and ‘civil’, but Mr Heisbourg forgets that as the Chairman of the IISS and of the Geneva Centre for Security Policy he lives a nice sheltered life in the areas of far higher income then most others have. I will immediately agree that the bulk (let’s say 99%) are true refugees hoping for a better life, it is the 1% that is a problem, moreover, if we should learn anything it is the fact that most European nations do not have any level of infrastructure to take care of these refugees. That is the part many are ignoring. It is a direct consequence of bad budgeting. France and Italy are direct examples of evidence here. The UK and Greece are also in a place where funds are lacking. Together we are looking at close to 7 trillion in debt, in all that those governments are seeing an influx of thousands of refugees trying to find a future whilst support is no longer a financial option. Interesting how so many players ignore that part in all this. Yet the people of the UK, France, Italy and Greece see the immigrants for what they perceive them to be: “a direct threat to liveable income” any refugee who is sincere in his travel is also sincere in finding a job, a way to support their family. One in 10 in Europe does not have a job, any job given to them will be another job not going to their own citizens. This is a warped number as these people are often not equipped to do most of the jobs but the low schooled ones, bring a wave of fear to those in lowly paid jobs, fuelling places like UKIP and FN, which is why the French issue is escalating. What is not clearly shown is the effect that 270,000 refugees in Greece and Italy alone have on the EEC. I understand that people like François Heisbourg have an idealistic view. For the most people like him truly believe in that vision, but as governments cannot maintain their budgets, as large corporations are paying less and less taxation and as they fuel their own board of directors, governments at large no longer have any proper means to support such an influx. Whatever these people tell you, whatever fairy-tale you get told, realise that 270,000 people will cost us between 270 and 500 million each month. So this takes up to 6 billion a year and that is just from the present group, now add the 2014 group and in addition the people that will come in until December. Now explain to me how these nations who are already missing out on billions a year will add that to their invoice?

In all this, the people all over Europe see their cost of living rise, their past income is not coming back and the financial troubles for Europe are only just beginning. The Chinese market is a mess and it will influence the American market too. To what extent? I cannot tell, I actually do not know, but what I do know is that any change in the EEC will have a massive influence on the American bubble and the American way of life. Most of these facts have been ignored by many players of the media, there was always a whiff of ‘prosperous foresight‘, followed soon thereafter by ‘managed bad news’. Now as more and more people feel the pinch of non-sustainable cost of living, their Samaritan tolerance went straight out of the window.

With the Chinese market in turmoil, Germany, France, the US and the UK are now feeling the dangers that a collapsed Chinese market brings. The 0.7% growth in the UK could soon become a negative number, fuelling fears for the people who are not even close to move out of the valley of debt. With that fear in the UK, the fear in France will grow even faster and Germany will soon fill the ranks. We are so willing to be Samaritan when our lives are decently secure, but that is no longer the case and François Heisbourg should know this. Yes, they are correct that some places like Calais are incidental, but overall 270,000 people are not incidental and that number is only a small part of the entire collection.

These ignored facts and half-truths all moved under some rug is part of all the events that allow for groups like National Front to grow the way it does. This all falls into nothingness when we realise the millions, yes millions of refugees in Jordan and Lebanon. If you think the price from Europe is high, then what is the price that falls in those two nations? Even if we do not completely ridicule the statement in the Sydney Morning Herald, where we see “Alarmists overstate risk of deluge in West from refugee ‘flood’“, we see a flood of ’emotional’ statements like “Australia could relieve some of the pressure on Europe by taking in several thousand genuine refugees to resettle here” and “Everyone has the right to seek asylum, the hysteria over the tiny minority around the world who do so by sea is bewildering when we consider people have been sailing around the world for centuries” (at http://www.smh.com.au/comment/smh-letters/alarmists-overstate-risk-of-deluge-in-west-from-refugee-flood-20150828-gj9urp.html), all nicely ignoring the fact that this planet is not at 5.7 billion as it was in 1995. No, 20 years later when it is 7.3 billion. Nearly all the nations are deep in debt and their infrastructures can for the most not even contain its own population. If the people truly, really truly wants to be humanitarian, then get a majority to agree to a 10% rise in taxation. No, that will not do either, that money will have to come from the rich. 4,000-10,000 will have to pay for billions they do not have. A social structure that failed from the get go, because those so into support of that, have been unable to cull business by properly taxing them. Labour giving billions in subsidies, draining the treasury coffers. They did this in Australia, the UK, the Labour way and now as there is no money they all cry foul. Is that not weird?

The initial issue of budget, no one seems to be able to do it and now, as there is no money left, they all wonder where our humanity remains. Well, that went to the car factories so that they got to make a car $1900 cheaper and now they moved to Asia. The UK has the Flagship £1bn youth unemployment scheme, as well as the issue that Prime Minister David Cameron has failed to curb welfare spending. That is not an attack or a bad thing. It is a mere consequence of the economy in the UK that only appears to be growing but it is nowhere near where it was and the people in the UK are for the most down in their finances and will remain to be so for at least a decade. As such, the infrastructure suffers as loads of money basically go down a drain. In all this we hear about the need for humanitarian aid, but none of the treasuries has the funds to allow for this. It is the most basic of failings, perpetrated by governments on both sides of the isle for the better part of 2 decades. It is not about blame, it is about the reality that the bulk of people are ignoring. In the end most lives depend on what a spreadsheet allows and none of them have allowed for any substantial space for ‘the budgeting of refugees’ a massive failing. I wonder if the power players hoping for an Arabian spring had any idea the massive backlash their actions would have. Now well over 200,000 killed and millions displaced, with no end in sight. When the millions of refugees start dying of starvation, or disease, where will the humanity of our soul be budgeted?

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Tagged as Australia, Belgium, Brexit, Chairman of the Geneva Centre for Security Policy, Chairman of the IISS, CNN, David Cameron, EEC, Europe, FN, François Heisbourg, François Hollande, France, Frexit, Germany, Greece, IISS, Italy, Jordan, Lebanon, Marine Le Pen, National Front, President Hollande, Prime Minister David Cameron, RFI, Switzerland, Sydney Morning Herald, the Financial Times, UK, youth unemployment scheme

July 28, 2015 · 09:52

Feeding hungry wolves

You might think that this is another attempt to quell the hunger of paparazzi, which is always a dilemma we people face (famous people more often). They want their pound of flesh and they will have it. So when I stumbles upon ‘Greece crisis: Yanis Varoufakis admits ‘contingency plan’ for euro exit‘ this morning, I knew that a roasting would be in order. The article (at http://www.theguardian.com/business/2015/jul/27/greece-crisis-yanis-varoufakis-admits-contingency-plan-for-euro-exit). So when I read “The plan was denounced by Greek opposition parties, which in recent weeks have called for Varoufakis to be put on trial for treason” I knew I was onto something, in addition there is “the scheme was “reminiscent of a bad thriller.” The main opposition New Democracy party demanded that the government “come up with convincing answers for the Greek people … so that light can be shed on this dark narrative.”“. Now you know me, I consider Yanis Varoufakis to be a bit of a rock star (not a good one) and he played the limelight wrong, but in this case I am on HIS side.

How stupid can the Greeks get?

It was the job of Yanis Varoufakis to protect the financial future of Greece, because of the mistakes by the Greeks themselves, they are in a boatload of hurt and they will be in that position for three generations, that is, as long as they keep austerity. This is not something that was started by Yanis Varoufakis or Alexis Tsipras for that matter, they mismanaged an inherited bad situation. So in light of those accusing him of treason, I call them ‘the worst bloody idiots in the history of Greece!’ They get to live with that title for both this version of Greece as well as dethroning the idiots of ancient Greece because these people have just truly outdone themselves!

And as for these people who are shouting treason, why do we not hear that in regard of the following names? Yiannos Papantoniou and Nikos Christodoulakis former ministers of Finance as well as Konstantinos Simitis and Kostas Karamanlis both former prime ministers. Did they all conveniently forget that the found mismanaged budgets which they hid from the people of Greece and Goldman Sachs was eager to help them for the money it brought them? Yes, you all forgot about them didn’t you?

Now in addition we need to mention Christoforos Sardelis, former head of Greece’s Public Debt Management Agency, when we learn from the Business Insider “the loan was so confusing that even the Greece government had trouble understanding it and thought it was much cheaper than it actually was” (at http://www.businessinsider.com.au/the-secret-goldman-sachs-greece-deal-thats-described-as-a-very-sexy-story-between-two-sinners-2012-3), so Greece, let’s call it Monkey Mountain for now, gave the keys of what they no longer owned to the ‘Top Banana’ in all this (Christoforos Sardelis), to do something none of them understood, how is that not trialed in a Greek court? So after shaking hands smiles and autographs, Greece was due payment of 600 million euros ($793 million) more than the 2.8 billion euros it borrowed.

That comes down to almost 20%! I’ve had a 50% better rate on my Credit Card!

So, when I see the accusation towards Yanis Varoufakis, which was in my view the wrong man, at least he did what he did for ideological reasons (as far as I can tell), his focus was Greece! I never stated anything to the contrary in any of my articles!

In this path, there are still a few issues that are an issue, yet, let’s not forget that this was a plan conceived in the 11^th hour as the dangers were very considerable that Greece could be cast out of the Euro (even though that was technically a legal impossibility). ““We were planning to create, surreptitiously, reserve accounts attached to every tax file number, without telling anyone, just to have this system in a function under wraps,” he says, adding that he had appointed a childhood friend to help him carry out the plan. “We were ready to get the green light from the PM when the banks closed”“, I understand the logic attached to this, but in that way, it also meant that the tax dodgers would have had an escape plan, in addition, the Greek 2047 Swiss Accounts (roughly) could walk away scot free, which is not entirely on the up an up here. Yet in the bulk of it all it was the millions of Greeks Yanis tried to protect (I hope), so explain to my how this was treason? The added fact that we see ‘We were ready to get the green light from the PM’ implies that it was based on government structure, so again, how is this treason?

So when we read the Tweet Yanis gave “So, I was going to ‘hijack’ Greek citizens’ tax numbers? Impressed by my defamers’ imagination”, I would tend to agree, because a step like that is impossible without both the tax system and every bank involved to open the doors to their system. It is not imagination, in my view it is basically a technical impossibility, because that many transfers would light the European financial system up like a Christmas tree, Yanis would literally have no place to run or too, or to hide for that matter.

There is one part I disagree with. The quote “Tsipras’s left-wing Syriza party is not only divided but bears little resemblance to the one he was catapulted into office with in January”. You see, Japan only had itself to blame, Tsipras is partially accountable, yet the debt, the massive result from a decade of mismanaged debt and a mismanaged tax system that spans decades, that part was inherited, they can look at previous national rulers, spokespersons and economic managers for that.

So, let’s remove the title ‘Monkey Mountain’ (now that the Top Banana has gone to sunny, luxurious Italy) and focus on Greece! You see Greece will be in a bad place for a very long time to come, it refuses to go after those who truly pushed Greece into generations of bad times. As the Greek population will have to settle for hunger and poverty, other players like Christoforos Sardelis, who is as far as I can tell at present, living in decent luxury in Italy where he works for Banca IMI, the investment banking unit of Italy’s Intesa Sanpaolo. The Greeks are looking in all the wrong places. Hiding the debt was not done by one person, it took several officials, the swap was really stupid but not illegal (Goldman Sachs does not do illegal things, it is very clever in making other people do stupid things). The issue is not yesterday, it is today and tomorrow. Greece needs to wake up and reform a system that cannot deal with the elements of today’s economy, the fact that Greece needs 86 billion just to make it to 2017 is clear evidence of that, the fact that it takes three generations to get the debt into focus is evidence of that and it will only work if debt relief is granted. Greece is no longer able to survive in the current climate, a fact that has been known for a long time and it had to be acted upon a long time before yesterday, but it was not. In all this the Greeks are now blaming the one person who (even though wrongly) tried to get a better deal for the Greeks, who tried any option to at least try to avoid that retirees would have ended up with 1 drachma to the Euro, because that would have been the result from ejection from the Euro (if the EEC could have pulled that off legally). So yes, I have hammered on Yanis Varoufakis (and Alexis Tsipras) in my previous blogs. In this case, there is an utter failure in my view to see where he acted wrongly.

There is one additional consideration to make. There is every chance that the plan started by Yanis Varoufakis needs to stay on hand, it might need almost immediate evolution and preparation should not seize. You see Greece is and remains the tinderbox for events that have been playing for a lot longer than anyone cares to ‘remember’. We might bash on certain Greeks (names I mentioned here), but Greece was not alone. Italy had done a similar thing. Now as both France and Italy represent 5 trillion in debt and the UK close to 1.8 trillion, the current status is that both France and the UK are still in a place where they could voluntarily leave the Euro. France is the initial ‘problem’ because what has been ignored for 2 years, what I feared would come is now almost a reality. At present Marine Le Pen is sitting on close to 40% of the prospective votes for the 2017 presidency, if she wins the Mayoral election of Calais (which is presently almost a certainty) and if she can achieve any decent improvement for Calais, the reality of her making a landslide victory in 2017 would become a mere matter of fact, in that light in 2017, the Socialist Party of François Hollande will face its biggest defeat in French history, they will be ten times worse off than the UK Labour Party currently is, so good luck with that. This is important, because Marine Le Pen could entice French National pride and walk out of the Euro, which would spark a similar thing in the UK at that point. Now we see the part that impacts Greece, when those two walk, Italy will have no option left the Euro will crumble and this plan, this approach by Yanis Varoufakis, this alternative plan would be the only option left for Greece and they would not have any time to implement it. So as ideas go, his alternative was not the worst for the people of Greece and there is a reasonable chance that when the Euro fails, this plan will safe that lives of millions of Greeks. So whomever shouted ‘treason’ against Yanis Varoufakis better be aware that this person himself could end up being roasted when my predictions come to pass.

The wolves are hungry, they want their pound of flesh and those in the game will sell out anyone that no longer seems to be a player in the international economy game.

I cannot and will not support that view!

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