Jean-Claude Juncker. Failed Luxembourg Prime Minister and
ex-president of the Euro Group of Finance Ministers. Confessed liar. European Commission
President. Scotch connoisseur.
This
weekend, the true state of the bureaucrat’s paradise, the workers, violent
migrant infected, wealth and jobs destroying, EUSSR. How much longer will this
insane folly last? How long before another “1848” sweeps over Europe, probably
more successfully? And if/when the EUSSR
collapses, what happens to the euro and all that euro debt?
But
first this from Jackson Hole. Did Chairman Yellen just deliberately seal her
own fate.
Yellen’s speech in Jackson Hole may doom her chances for second term at Fed
Published: Aug 25, 2017 7:30 p.m. ET
Her robust defense of regulation contrasts starkly with Trump’s stated view
Was Fed
Chairwoman Janet Yellen’s Friday speech in Jackson Hole her swan song?
Some Fed
watchers think that might turn out to be the case.
Yellen
used her high-profile podium to give a robust defense of the regulations put in
place under the Obama administration in the aftermath of the financial crisis.
She disagreed with the position of President Donald Trump and Congressional
Republicans that the regulatory burden is strangling lending and has hamstrung
the economy.
“Yellen’s
decision to defend core regulations will strengthen the hands of those within
the administration who do not favor her reappointment and likely reduces her
chances of gaining a second term as chair,” said Krishna Guha, a former senior
Fed staffer and now vice-chairman of Evercore ISI.
The Fed
chairwoman’s remarks at the annual Wyoming-set central bank conference may not
deter the deregulatory zeal of the Trump administration, but does highlight the
challenges of “moving deregulation through regulatory agencies staffed with
people who have strong memories of the financial crisis,” Guha added.
A
spokesman for the Fed declined to comment on the speculation.
More
Now,
back to the failed Bilderberger Project, that’s long past its Stalingrad and
Kursk.
“Those who don't know history are destined to repeat it.”
Edmund Burke.
'It's already failed' German economist predicts EU WILL collapse as nations follow UK out
THE “protectionist” European Union is doomed to collapse because it has lost sight of its commitment to free trade and the beleaguered euro currency has “already failed”, a leading German economist said today.
By Nick
Gutteridge, Brussels Correspondent
UPDATED: 08:49, Fri, Aug 25, 2017
Professor
Thorsten Polleit said the EU project had once been a “very wise concept” for
fostering peace and cooperation but became far too politicised and is now
heading in the “wrong direction” of pursuing ever greater centralisation.
In an
interview with express.co.uk the eminent German academic and financier urged
European leaders to “start decentralising” if they want to save the bloc from
oblivion and warned their efforts to prop up the single currency are doomed to
fail.
Professor
Polleit also predicted that Britain will emerge from Brexit in better shape
than the EU, because it will be able to liberalise its economy to attract
greater investment and pursue genuinely free trade across the globe.
In
contrast, he painted the EU’s single market as an unnecessarily burdensome beast,
saying it was stifling European innovation with red tape and driving up prices
by putting up protectionist barriers to the rest of the world.
He said:
“The first signs are that the euro currency has failed and it’s only in place
because the ECB has dropped interest rates to zero. Under normal conditions it
would’ve collapsed already. It can’t compete - it’s a dead end policy.
“The
bottom line is basically free trade is great for all parties involved, it
brings greater material prosperity of everyone involved. At the same time for
having free trade you don’t need this Single Market and all the bureaucracy
that comes with it.
“People
in Great Britain have realised that this [the EU] isn’t a concept that will
bring prosperity for the current and future generations, so they got out and I
think others will follow. It will take some time but the EU in its current form
will fall.”
Professor
Polleit warned that any attempt by European leaders to punish Britain for
leaving the bloc will fail and is only likely to further demonstrate to
ordinary voters how much the project has lost its way.
He said:
“It’s the wrong direction they are moving ahead along, there’s not even a kind
of plan discernible at the moment. The right thing would be to start
decentralising the process and giving back more sovereignty to the member
states, but the opposite is happening and that’s a big concern.
“Originally
the idea of forming the EU, they were trying to set up a community that would
secure peace in Europe. It was a liberal or even a libertarian idea to have
free trade, a free flow of capital and people across borders and that was a
very wise concept.
“But over
time the EU was no longer pursuing the route of a free trade area but it became
increasingly politicised, and the idea was to set up a centralised power
structure in Brussels to transfer national sovereignty rights on to the
supranational decision making structure.
“Over
time the EU has become a very different animal. Now the EU policy is about
interventionism, they try to interfere in all sorts of economic and social
fields to push through all kinds of political concepts and that’s a very
dangerous idea.”
More
August 25, 2017 / 11:15 PM
Germany's Gabriel warns of 'Cold War 2.0' threat from rearmament
BERLIN
(Reuters) - Germany stands on the front line of a new Cold War, Foreign
Minister Sigmar Gabriel said, and Chancellor Angela Merkel was making a grave
error by following U.S. President Donald Trump down the rearmament path.
Gabriel
told newspaper Bild that, in dealing with Trump and Russian President Vladimir
Putin, Germany faced neighbours to East and West who believed “not in the
strength of right, but the right of the strong.”
With a
national election just a month away, Gabriel’s Social Democrats (SPD) are
struggling to differentiate themselves after four years of coalition with
Merkel’s Christian Democrats (CDU) after a campaign attacking social inequality
failed to rouse voters.
Gabriel’s
comments lent support to remarks by Martin Schulz, his party’s candidate for
chancellor, who this week criticised Merkel’s plans for expanded military
spending and said he would have the United States remove its nuclear weapons
from German soil.
More
"I am sure the euro will oblige us to
introduce a new set of economic policy instruments. It is politically
impossible to propose that now. But some day there will be a crisis and new
instruments will be created."
Romano Prodi, EU Commission President. Financial
Times, 4 December 2001
Macron's Europe ULTIMATUM: French president ORDERS EU to support his reforms… or CRUMBLE
EMMANUEL Macron has risked falling out with his European allies after sensationally claiming the EU risks collapse unless the bloc’s cheap labour rule is overhauled.
By Will Kirby UPDATED: 00:10, Fri, Aug 25, 2017
Under current legislation, firms are able to send temporary workers from
low-wage countries to richer nations without having to pay their local social
charges.However, the French president is demanding that changes are made and is using fears about the possible collapse of the Brussels bloc to scare EU members into backing his proposals.
Speaking in Bucharest, President Macron said: "Some political or business circles seek to use the EU's funds while at the same time developing a system of social and fiscal dumping.”
He warned a lack of support for his reforms “will lead to the dismantling of the European Union”.
He added:
”Public opinion in more developed countries with higher salaries will not
accept the system in its current format.”
The
current legislation - which allows firms do not have to make contributions to
the host country’s health and welfare systems - has been dubbed “social
dumping”, and Mr Macron believes he has a plan to reduce its effect on the host
nations’ economies.
His
proposal, which is backed by Germany and Austria, would limit the job duration
of the detached employees to 12 months – half of the period proposed by the
EU's executive Commission.
The row
is driving a wedge between the richer EU nations and their
poorer neighbours, where most of the cheap labour comes from.
More
"The most puzzling development in politics during the last decade is the apparent determination of Western European leaders to re-create the Soviet Union in Western Europe."
Mikhail Gorbachev
French economy CAN'T compete: Poland mocks Macron over France's 4-day working week
POLAND has hit out at Emmanuel Macron, claiming the French economy “can’t compete” with their own, as he vowed to block controversial reforms.
By Joey Millar
UPDATED: 08:33, Fri, Aug 25, 2017
Warsaw’s foreign minister Witold Waszczykowski launched a blistering attack
on the European Union’s one-time golden boy, who is now
slumping in the polls.Amid a background of growing frustration with Emmanuel Macron from both within and outside of France, Mr Waszczykowski accused the French leader of presiding over a crumbling economy.
He said the focus was unbalanced towards the worker, rather than the country, to the detriment of the nation as a whole.
Mr Waszczykowski said: “The French economy is not at the moment able to compete with the vibrant economies of many European countries, including Poland.
“This is
because French workers have enormous social benefits. The working week for many
French workers is four, five working days."
Mr Macron
has infuriated other EU states by attempting to give his ailing economy a shot
in the arm by overhauling the bloc’s cheap labour rule.
Under
current legislation, firms are able to send temporary workers from low-wage
countries to richer nations without having to pay their local social charges.
---- Mr Waszczykowski said: “Consequently, instead of compelling the French economy to compete with other countries' economies, President Macron has devised a way to limit our ability to operate in the common European market.
“It is
against the common market, contrary to the Treaty freedoms of the European
Treaties.
More
“Europe exemplifies a situation unfavourable to a
common currency. It is composed of separate nations, speaking different
languages, with different customs, and having citizens feeling far greater
loyalty and attachment to their own country than to a common market or to the
idea of Europe".
Professor Milton Friedman, The Times
19 November 1997.
Catalonia and Spain split widens: Barcelona terror attack sparks fresh independence row
THE Barcelona terror attack has increased the divisions between the Spanish and Catalonian administrations with either side blaming the other for failings in the run-up to the killings.
By Jon Rogers
UPDATED: 09:09, Fri, Aug 25, 2017
Both
administrations have pointed the finger of blame at the other with Madrid
saying the Catalan police missed a warning over the alleged terror cell leader
and imam Abdelbaki Es Satty from the Belgium authorities.
Barcelona
fired back its security forces have been frozen out in the sharing of
information from Europol.
In
Catalonia, both the AUGC (Unified Association of Civil Guards) and the SUP
(Unified Union of Policeman) issued a joint press statement saying that they
denounced what they considered to be “the exclusion and the isolation suffered”
by both organisations “during the investigation into and management of the
attacks”.
The
statement said: "Once more the weakness of the institutions and political
leaders of our country has meant that the experience and the nationwide
structure of the Police and the Civil Guard in the area of the anti-terrorist
fight have been wilfully left out of the investigation.”
The statement added that public safety could be put at risk due to this.
In particular, Catalonia highlighted the issue that the TEDAX (Technical Specialists in the Deactivation of Explosive Artefacts) team of the Civil Guard had been blocked from gaining access to the house in the town of Alcazar after the explosion.
Officials claim they were “deliberately sidelined” in the investigation due to political motivations in an attempt to give the impression that an independent Catalonia state would not be able to cope with such an incident.
The statement added this amounted to “the flagrant breach of the co-operation agreements as well as the deficient operation of the communication mechanisms between the Security Forces and Corps of our country".
With Spain not recognising Catalonia’s claim to independence it had blocked the region’s security forces from having access to information held by Europol which could have helped prevent the attacks that killed 15 people in Barcelona and Cambrills.
More
"[European Monetary Union is] a German racket
designed to take over the whole of Europe ... [if you are prepared to give up
Sovereignty to the EU] you might just as well give it to Adolf Hitler,
frankly."
Nicholas Ridley (1929 - 1993)
Secretary of State for Trade and Industry.
Spectator magazine, July 1990.
Deutsche Bank relies on LONDON: Germany’s biggest bank reveals the true VALUE of staying
DEUTSCHE Bank is targeting Britain's wealthiest people amid Brexit, as part of its plans to recover its flagging business.
By Monika
Pallenberg UPDATED: 09:55, Fri, Aug 25, 2017
Germany's
biggest lender wants to increase the number of its rich UK customers by
expanding its asset management business in London.
The
financial giant is adding a number of customer advisors in the hope of also
attracting people from China and Middle East based in Britain's capital.
Deustche
Bank believes many of these potential clients will still be in London after
Brexit and doesn't want to miss out on lucrative deals.
Manager,
Peter Hinder said: "There are many advantages that will not disappear with
Brexit.
"Great
Britain or the London region are attracting assets like a magnet."
More
"Any nation which gives up its freedom in
pursuit of economic advantage deserves to lose both."
Thomas Jefferson, US President
1801-1809.
EU split Croatia on membership as nation struggles under Brussels bloc’s demands
THE EU’s bullying stance towards smaller nations is causing anger and frustration in the bloc’s newest member, a Croatian politician has claimed.
By Vincent Wood
UPDATED: 02:16, Fri, Aug 25, 2017
Croatia
was coaxed into the bloc in 2013 with promises there would have an equal hand
in the 27-nation superstate’s decisions.
But now
Ivan Pernar, founder of the populist Human Shield party, has claimed Croatia
has been shut out of the process during their four-year membership of the EU.
He said:
”We had been assured that we would make decisions on equal terms at the
European table.
“However
when we joined the EU, we only found out that nothing depends on us.
“The EU
makes all the decisions which we are obliged to put into practice in strict
compliance with orders from Brussels.”
The
Eurosceptic politician believes free movement has caused major damage to his
nation, hurting both Croatian’s population and employment levels.
And the
imposing of EU taxes on the country were causing further issues for the nation.
He said:
"Our agriculture has virtually died since we joined the EU and our customs
duties were removed.
“The
population of the country has shrunk and unemployment has risen.”
Mr Pernar
added: ”If you ask ordinary Croatians what the advantage is of joining the EU,
they would answer that the only benefit is for those leaving the country.”
More
Finally,
what does the ECB know and fear that we don’t? Is the Deutsche Bank crisis
about to turn ugly again?
August 25, 2017 / 3:17 PM
ECB needs fresh powers to intervene in bank failures, supervisor says
FRANKFURT
(Reuters) - The European Central Bank needs fresh powers to freeze payments
temporarily at banks heading towards failure, halting a potentially fatal
outflow of liquidity, Daniele Nouy, the ECB’s top supervisor said on Friday.
The ECB,
which supervises the euro zone’s biggest banks, was tested in recent months
when several top lenders failed in quick succession, including Spain’s Banco
Popular, which collapsed when liquidity dried up in a matter of days.
“In my
view... the introduction of adequate moratorium power for authorities is needed
in order to react with the needed flexibility, if the situation of a bank
deteriorates rapidly,” Nouy told a member of the European Parliament in a
letter.
“Given
the potentially swift evolution of liquidity crises, a moratorium tool could be
necessary to ensure there is adequate time for ensuring a credible solution,”
Nouy said, adding that the ECB will soon publish an opinion on this issue.
More
Milton Friedman once put
it, if you’re spending your own money on yourself, you care about price and
quality. If you’re spending someone else’s money on yourself, you only care about
quality. If you’re spending your own money on someone else, you care only about
price. And if you’re spending someone else’s money on someone else, you don’t
care about either.
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