If they fail to agree on some form of debt pooling and shared fiscal destiny at Thursday’s emergency summit, they risk a full-fledged run on South Europe’s bond markets and a disorderly collapse of monetary union.
“We are heading towards fiscal union or break-up,” said David Bloom, currency chief at HSBC. “Talk is no longer enough as the fire threatens to leap over the firebreak into Spain and Italy.
“What the market is worried about is Germany’s long-term commitment to the euro project. If we see unreserved and absolute backing from the political establishment of Germany, that will be a soothing balm.”
Chancellor Angela Merkel seemed in little hurry on Tuesday to convey such a message. There will be no “spectacular step” at the Justus Lipsius building on Thursday; just a “controlled process of gradual steps and measures”, she said with unflappable calm. Given the simmering wrath from top to bottom of German society, it may be impossible for her to do much more.
Jens Weidmann, the Bundesbank’s president, has made her task that much harder by telling the eurosceptic Bild Zeitung that “nothing would destroy the incentives for a solid budget policy more quickly and more permanently than joint liability for national debts. European and especially German taxpayers would have to answer for the entire state debt of Greece. That would be a step toward a transfer union.”
Days earlier he shot down proposals for issuance of eurobonds or use of Europe’s rescue fund to buy Spanish and Italian bonds on the open market, crucial steps to prevent Italy and Spain being drawn into the maelstrom. “It has a high cost, limited use, and dangerous secondary effects,” he said, departing radically from the script of the European Central Bank. – The Telegraph
The International Monetary Fund warned that markets doubted the eurozone’s ability to find a solution to the debt crisis as it urged European leader to act quickly to prevent contagion that could damage the global economy.
“It would be very costly not just for the eurozone but for the global economy to delay tackling the sovereign crisis,” said Luc Everaert, head of Euro Area Policies in the IMF’s European Department.
The IMF said that despite “support from euro area member states and the ECB, market participants remain unconvinced that a sustainable solution is at hand”.
It said in a staff report that the results of any policy decisions would be “unpredictable” and that the eurozone needed more private money to support the “most fragile” of its “still-frail banks”. – Telegraph.co.uk
Reported by our Ministry January 2011: Satan will lose this throne and gain another in the his installment to that of the European Union whom will issue the World currency that will soon come into existence. You are each watching the pieces of the jigsaw puzzle fall into place.
A new DAWN will arise with Satan taking the lead where his human counterparts failed. Satan will promise change with a better society under his direct ruler-ship. His vehicle will be that of the European Union.
But know this, for Satan will not succeed, and Yahweh cannot be turned back in Her anger.
Ezekiel 7:8 “I will pour out My wrath on you very soon; I will exhaust My anger against you and judge you according to your ways. I will punish you for all your abominations.”
Isaiah 14:27 “The LORD of Hosts Himself has planned it; therefore, who can stand in its way? It is His hand that is outstretched, so who can turn it back?”
Mexico bought 93.3 metric tons since January, adding to holdings of about 6.9 tons, according to International Monetary Fund data. Russia increased its reserves by 18.8 tons to 811.1 tons in March and Thailand expanded assets by 9.3 tons to 108.9 tons in the same month, the data show.
Central banks are expanding their gold reserves for the first time in a generation as purchases by billionaire investors including John Paulson contributed to bullion extending its longest winning streak since at least 1920. Countries were also boosting their holdings in 1980 when gold rose to a then-record $850 an ounce, only to fall for most of the next 20 years.
“Central banks have good reason to buy gold,” said Peter Morici, a professor of business at the University of Maryland in College Park and a former economic adviser to the U.S. government. “The dollar is no longer a safe asset for backing currencies. Treasuries are not a sound investment” and budget and debt issues mean central banks should buy gold, he said.
Ezekiel 7:19 They will throw their silver into the streets, and their gold will seem like something filthy. Their silver and gold will be unable to save them in the day of the LORD’s wrath. They will not satisfy their appetites or fill their stomachs, for these were the stumbling blocks that brought about their iniquity.
#1 – Tornadoes, hurricanes, earthquakes and tsunamis – At first it seemed like a fluke; but now it’s a pattern. The weather is becoming increasingly extreme. Over 120 tornadoes recently struck the U.S. Midwest. Texas is on fire and suffering through an extreme drought. And where there aren’t fires and droughts, there are floods. This is only the beginning… watch for more freak weather over the next 18 months.
#2 – The silence of the bees – Colony Collapse Disorder continues to accelerate across North America. We already know it’s being caused in part by chemical pesticides (and possibly worsened by GMOs), but the chemical industry is engaged in a full-on cover-up to deny this truth while the pollinators of our world suffer a devastating population collapse. (http://www.naturalnews.com/028218_p…)
#3 – The failure of nuclear science – The Fukushima catastrophe proves one thing: Scientists are dangerously arrogant in their planning of large-scale projects, and they fail to account for the awesome power of Mother Nature. Nuclear science promised us clean, green energy — but now it has delivered a silent, invisible poison that’s infecting our planet.
#4 – The vicious pursuit of Wikileaks – In an age of such rampant deceit, there is no room for the truth. So those who tell the truth (Wikileaks) are viciously pursued as if they were criminals.
#5 – The rise of the medical police state – The armed SWAT raids on Maryanne Godboldo in Detroit are only the beginning (http://www.naturalnews.com/032091_M…). The truth is that the medical system uses guns to force its vaccines and chemotherapy onto children and teens across America. The medical system has become so utterly useless, corrupt and dangerous that it must actually invoke guns in peoples’ faces just to “convince” people to take its medicine. This is a gunpoint-enforced medical monopoly that exists as a threat to our health and our freedoms.
#6 – The increasing frequency of food shortages and crop failures – Notice the spike in food prices? That’s just the beginning: Food prices will continue to skyrocket in the years ahead due to extreme weather, the loss of pollinators and the global contamination of crops by GMOs. Real food is becoming increasingly scarce in our world. You might want to think about starting a home garden…
#7 – The runaway destruction of the world by energy companies – The radioactive fallout from Fukushima isn’t the only way in which energy companies are destroying our world: Don’t forget about the Deepwater Horizon and the massive oil spill in the Gulf of Mexico — a spill that isn’t over, by the way. They’re still spraying Corexit in the Gulf one year later!
#8 – The continued GMO contamination of our planet – This may be the worst chapter in the coming collapse: The widespread genetic pollution of our planet through GMOs. This is a crime against nature and against humanity. It is a “gene spill” that may never be contained as it spreads its deadly DNA across the world’s food crops, leading to crop failures and starvation (http://www.naturalnews.com/032167_g…). The use of GMOs is the closest thing to “Satanic” that you’ll find in modern agriculture. The agenda behind this is pure evil.
#9 – The tyranny and criminal crackdowns targeting real food (raw milk) – When you can’t even sell honest farm food to your neighbors without being targeted and arrested by the cops, something is terribly wrong with the world. But this is happening today, all across America. Now the feds are even targeting the Amish! (http://www.naturalnews.com/029322_r…)
#10 – The escalation of the counterfeiting of the money supply – In a failed economic system approaching collapse, the moronic leaders can only think of “solutions” that actually accelerate their own downfall. The runaway counterfeiting of money by the Federal Reserve (with its “quantitative easing” and other counterfeit methods) is a classic sign that the end of our current system is fast approaching. The economic insanities are obvious to anyone who can still do math.
#11 – The plummeting intelligence of the masses – One of the most disturbing signs that we’re already in the collapse is the great dumbing-down of the masses. The drooling, CNN-watching television zombies who dominate our landscape offer absolutely nothing of value to the world. They are the “mindless consumers” who get vaccinated, watch television and eat processed, pasteurized junk food. They’re on psychiatric meds and believe everything the government tells them. Most of these people, of course, won’t make it through the collapse.
#12 – The complete and utter fabrication of the mainstream news – Much of the mainstream news is now utterly and completely fabricated these days: The reporting on Obama’s long-form birth certificate; the news about the war in Libya; the coverage of the economy and the U.S. debt… it’s all so utterly false and unbelievable that an intelligent person watching the news can’t help but explode with laughter. It is a sign of this collapse that the information sources relied upon by the masses are unable to report the truth anymore and must resort to weaving politically expedient fictions on everything from health care and medicine to the fate of the U.S. dollar itself.
#13 – The ongoing pharmaceutical pollution of our world – Beyond the GMO contamination and the radiation contamination of our world, we are also experiencing the mass pharmaceutical contamination of our planet. It’s not just the pharma factories that dump their products into the rivers (http://www.naturalnews.com/025415_w…); it’s also the fact that well over half the population is now taking drugs almost daily, and those drugs pass right through their bodies and end up in the water supply where they contaminate the fish (http://www.naturalnews.com/025933.html). Even beyond that, the drugs end up in the human sewage sludge that’s packaged and sold as “organic soil!” (http://www.naturalnews.com/029504_o…)
#14 – The radioactive contamination of the global food supply – Here’s one that’s really insidious: The global food supply is now contaminated with the radioactive fallout from Fukushima. We’re told the levels are “low,” but we’re not told the truth of how radioactive cesium isotopes persist in the food supply for centuries. How is the human race going to survive its exposure to CT scans, radioactive food, chest X-rays, TSA body scanners and even the secret DHS mobile X-ray vans that can penetrate your body with X-rays as you’re walking into a football stadium? The total radiation burden on the human race is now reaching a point of mass infertility. That may be the whole idea, actually.
It’s accelerating, too