Posts Tagged ‘bankrupt ruling elite’

Why the Euro is doomed – the German households net wealth is not EVEN HALF of that compared to Italians

9 mars, 2013

So the German people/taxpayers who so far have paid most of the bailouts of the bankrupt euro states (Greece, Spain. Portugal, Ireland etc), and were the bankrupt states insists on Germany paying EVEN more to “save the euro” (together with Sweden, Finland etc), don’t even have HALF THE NET WEALTH of the peoples they are bailing out!

No wonder that the German Bundesbank is keeping this report secret. Because I don’t think the people in Germany is going to be “very happy” when they discover the truth.

They have keep their economy in reasonably good shape and paid their taxes. Now they have to pay for the ones who didn’t.

And there is a new Germany Anti-Euro Party with some very prominent figures behind it. Its founders are a collection of some of the country’s top economists and academics, business people, journalist etc.

And by then way, this would never ever happen in Sweden. Because here, these same people, are the ones that have relentlessly driven (together with our “dear” politicians), the integration with EU and moving most of the power to Brussels. What a contrast.

See a few of my many previous EU posts here:

The economic mess and structural problems in EU and US – Part 1

Citizens! Forgive us for not arresting those truly responsible for this crisis: bankers and politicians

This is why the Euro is doomed

EU a stupid empire on purpose

EU – an unaccountable mess created by an undemocratic treaty – Now also a crony Bankocracy)

               (If you click on the graphs they become bigger)

20130301_EU2

Here are some of these articles about the growing poverty in Germany and the cover up of these facts. You have to brush up on your German to read most of these.

(My bold and underline)

Household Finance and Consumption Network (HFCN)

http://www.ecb.int/home/html/researcher_hfcn.en.html

Notenbanker zögern Bericht über Ungleichheit hinaus

http://www.faz.net/aktuell/wirtschaft/wirtschaftspolitik/armut-und-reichtum/verteilung-von-vermoegen-notenbanker-zoegern-bericht-ueber-ungleichheit-hinaus-12105481.html

A “Politically Explosive” Secret: Italians Are Over Twice As Wealthy As Germans

http://www.testosteronepit.com/home/2013/3/8/a-politically-explosive-secret-italians-are-over-twice-as-we.html

In December 2006, the ECB established the HFSC network of survey specialists, statisticians, and economists from its own ranks, national central banks of the Eurozone, and statistical institutes. The acronym stood for Household Finance and Consumption Survey. It would collect “micro-level structural information” on household wealth. A massive bureaucratic undertaking. Surveys went out in 2010. Results are now ready. No one in Europe had ever done a survey on that scale before. And no one might ever do it again. Because, in the era of bailouts and wealth-transfers, the results are so explosive that the Bundesbank is keeping its report secret—and word has leaked out why.

The surveys were conducted on a national basis, with each central bank publishing its own report. They would then be combined and summarized by the ECB into a cohesive picture of how wealthy—or how poor—people in various parts of the Eurozone were. A number of countries already published their reports, including Italy and Austria.

What the Austrian National Bank found was not pretty (20-page PDF). The considerable wealth in Austria was very unevenly distributed. The wealthiest 5% owned nearly half of the country’s wealth. Their median wealth was €1.7 million in diversified assets. The lower 50% owned only 4% of the country’s wealth. Of them, 83% rented their homes. Their median wealth was a measly €11,000 consisting usually of a car and a savings account. That’s half of the people! And 10% had a net wealth of less than €1,000.

This unequal distribution of wealth created a huge gap between median income (half the people earned more, the other half less) of €76,000 and average income of €265,000 (pushed up by a small number of extremely wealthy households). And that’s why some countries don’t even publish average income values. Too much truth would hurt.

Germany’s data is likely to be similar—but the Bundesbank is treating its report like a secret. Because the results are, let’s say, awkward for two reasons. The highly unequal distribution of wealth is one of them. The German government already went through wild gyrations late last year, and now again, over its Poverty Report that exposed some inconvenient facts that were then edited out—something that was leaked immediately, and it caused a ruckus [read…. Censored: Poverty Report in Germany].

Italy is the other issue. But it may be too hot for the Bundesbank to touch. Italy’s report (142-page PDF) finds that median household net wealth has increased 56% since 1991. And from 2008 to 2010, it increased by about 5% annually, despite the crisis!

But the wealth of German households stagnated during much of that time while they paid taxes out of their noses. And now they might learn that Italy’s median household wealth is €163,875—while Germany’s is closer to Austria’s, around €76,000. Less than half!

“Politically explosive,” sources at the Bundesbank whispered to the FAZ.

These reports show that in some countries, like Italy, where government finances have been in crisis, median household wealth is actually greater than in some financially healthy countries where governments have kept deficits and debts down.

Germany’s federal government only had a minuscule deficit in 2012. But high taxes and the citizens’ greater willingness to pay them—though cheating is a national sport—have over the years extracted a lot of wealth from the people and transferred it to the government. In Italy, people have been more adept at hanging on to their wealth. To the detriment of government finances. Other studies have shown similar trends, but never on such a scale with such detail, and in this “harmonized” and easily comparable manner.

It could stir up a firestorm in Germany. It’s not just jealousy. Strung-out German taxpayers would have to be bamboozled into bailing out the mountain of Italian government debt that the Italians, whose median wealth is twice that of Germans, refused to pay for. It won’t sit well. Not at all. It could become a political nightmare for Chancellor Angela Merkel, who faces an election in a few months and must keep any kind of tumult out of the scenery.

If the report ever sees the light of the day in unvarnished form—not a certainty given the debacle of the Poverty Report—Bundesbank statisticians will be trying to explain away the difference between countries like Italy and Germany. Household wealth is particularly high in countries with high homeownership rates, they will argue. In countries where renting is popular, like Germany, a considerable part of the housing stock is owned by the government and rented out in a subsidized manner. Thus the wealth is public, etc. etc. Because the bailout saga must go on. The messy reality that Germans can’t afford to bail out their richer neighbors must not be allowed to interfere with the grand and glorious saga of the euro.

Every country in the Eurozone has its own collection of big fat lies that politicians and eurocrats have served up in order to make the euro and the subsequent bailouts or austerity measures less unappetizing. Here are some from the German point of view….. Ten Big Fat Lies To Keep The Euro Dream Alive.”

The Italian report here (I BILANCI DELLE FAMIGLIE ITALIANE NELL’ANNO 2010):

http://www.bancaditalia.it/statistiche/indcamp/bilfait/boll_stat/suppl_06_12new.pdf

Part of the Austrian report here:

http://www.hfcs.at/de/img/fakten_zur_vermoegensverteilung_in_oesterreich_tcm14-251411.pdf

20130306_EU_0

The report “on Poverty and Wealth” (Lebenslagen in Deutschland) here:

http://www.bmas.de/SharedDocs/Downloads/DE/PDF-Publikationen-DinA4/a334-4-armuts-reichtumsbericht-2013.pdf?__blob=publicationFile

Immer mehr Münchner sind arm

http://www.sueddeutsche.de/muenchen/armutsbericht-immer-mehr-muenchner-sind-arm-1.1501067

Bundesregierung schönt Armutsbericht

http://www.sueddeutsche.de/politik/einkommensverteilung-in-deutschland-bundesregierung-schoent-armutsbericht-1.1535166

Censored: Poverty Report in Germany

http://www.testosteronepit.com/home/2012/11/28/censored-poverty-report-in-germany.html

“On September 17, the German Labor Ministry sent a draft report “on Poverty and Wealth” to the other ministries to be rubber-stamped. Only the final report, once sanctified by Chancellor Angela Merkel, would be made public. The draft was supposed to remain hidden. But it seeped to the surface almost immediately. And it was hot. Too hot.

The massive data (PDF, 535 pages) described the tough reality that many people faced in Germany—a reality that got tougher every year. For example, in 1998, the lower 50% of the population owned 4% of all private wealth, while the upper 10% owned 45%. By 2008, the lower 50% owned only 1%, but the upper 10% had increased its share to 53% (at the expense also of the in-between 40%). Other reports have painted similar pictures.

The poverty report by Germany’s statistical agency showed that the “poverty rate” in Germany has been creeping up: in 2008, it was 15.5%; in 2009 it was 15.6%, and in 2010 it was 15.8%. Particularly hard-hit were people under 65 who lived alone. Their poverty rate was 36.1%. For single-parent households, it was 37.1%. The city of Munich issued its own poverty report. By taking into account Munich’s high cost of living, it found that nearly a fifth of its residents lived in poverty.”

Germany‘s New Anti-Euro Party

http://www.spiegel.de/international/germany/new-party-in-germany-goes-after-euro-skeptic-voters-a-887744.html

“A new party is forming this spring, intent on abandoning European efforts to prop up the common currency. And its founders are a collection of some of the country’s top economists and academics.”

Named Alternative für Deutschland (Alternative for Germany), the group has a clear goal: ”the dissolution of the euro in favor of national currencies or smaller currency unions.” The party also demands an end to aid payments and the dismantling of the European Stability Mechanism bailout fund.

”Democracy is eroding,” reads a statement on its website (German only). ”The will of the people regarding (decisions relating to the euro) is never queried and is not represented in parliament. The government is depriving voters of a voice through disinformation, is pressuring constitutional organs, like parliament and the Constitutional Court, and is making far-reaching decisions in committees that have no democratic legitimacy.”

Prominent Supporters

Alternative for Germany appears to be different, though it has yet to produce a party manifesto. Its impressive list of prominent supporters includes a large number of conservative and economically liberal university professors. The most notable name on the list is Hans-Olaf Henkel, the former president of the Federation of German Industries, but it also includes such economists as Joachim Starbatty and Wilhelm Hankel, who were part of the group that challenged Greek bailout aid at Germany’s Constitutional Court.

Main initiator Bernd Lucke, a professor of macro-economics from Hamburg, was a member of Chancellor Angela Merkel’s Christian Democrats for 33 years before leaving the party in 2011 as a result of euro bailout efforts. ”The current, so-called rescue policies are exclusively focused on short-term interests, primarily those of the banks,” Lucke told the Frankfurter Allgemeine Zeitung this week.”

Here is a list of some the supporters:

http://www.alternativefuer.de/

“Die Alternative für Deutschland wird unterstützt von

Dr. Konrad Adam, Journalist (FAZ, Die Welt) und Publizist.

Walther Adler, Oberregierungsrat, Statistisches Bundesamt, Diez.

Prof. Dr. Hans–Günter Appel, Beiratsvorsitzender Nationale Anti–EEG–Bewegung.

Prof. Dr. Ronald Asch, Geschichtswissenschaften, Freiburg.

Dr. Bruno Bandulet, Journalist und Verleger, Bad Kissingen.

Prof. Dr. Charles Blankart, Volkswirtschaftslehre, Berlin.

Prof. Dr. Ulrich Blum, Präsident des Instituts für Wirtschaftsforschung Halle a. D.

Prof. Dr. Ursula Braun–Moser, Mitglied des Europäischen Parlaments (CDU) 1984–1994.

Peter Christ, vormals Leiter der Wirtschaftsredaktion ”Die Zeit” und Chefredakteur von Stuttgarter Zeitung, Manager Magazin, Sächsische Zeitung u. a., Luzern.

Prof. Dr. Ludwig Cromme, Mathematik, Cottbus.

Wolfgang von Eichborn, Richter, vormals Referent der SPD–Bundestagsfraktion, Ebersberg.

Dieter Farwick, Brigadegeneral a. D. und Publizist, Sigmaringen–Laiz.

Prof. Dr.–Ing. Thomas Albert Fechter, Maschinenbau, Wiesbaden.

Prof. Dr. Herbert Frohnhofen, Systematische Theologie, Mainz.

Dr. Alexander Gauland, Staatssekretär a. D., Potsdam.

Ass. Jur. Albrecht Glaser, Stadtkämmerer der Stadt Frankfurt/Main a. D., Bürgermeister a. D., Niedenstein.

Prof. Dr. Andrea Gubitz, Volkswirtschaftslehre, Frankfurt.

Prof. Dr. Gernot Gutmann, Volkswirtschaftslehre, Rektor Universität zu Köln a. D.

Prof. Dr. Wilhelm Hankel, Präsident der Hessischen Landesbank a. D., Königswinter.

Michael Heendorf, Kriminalbeamter a. D., Magdeburg.

Prof. Dr. Ing. E.h. Hans–Olaf Henkel, Praesident der IBM Europa, des Bundesverbandes der Deutschen Industrie (BDI) und der Leibniz–Gemeinschaft a.D.

Prof. Dr. Carsten Herrmann–Pillath, Volkswirtschaftslehre, Frankfurt.

Prof. Dr. Stefan Homburg, Volkswirtschaftslehre, Hannover.

Dr. Wolfgang Hönig, Generalbevollmächtigter a. D. der Commerzbank AG, Frankfurt.

Dr. Johannes Hüdepohl, Sprecher Bündnis Bürgerwille, Ahrweiler.

Markus Keller, Aktiva Consult GmbH, Frankfurt.

Gerhard Koning, Bankvorstand a. D., Kelkheim.

Wolfgang Kräher, Dipl.–Ing. Werkstofftechnik, Bad Dürkheim.

Caroline Kreusler, Klipp+Klar Unternehmenskommunikation, Hamburg.

Prof. Dr. Jörn Kruse, Volkswirtschaftslehre, Hamburg.

Dr. Klaus–Peter Last, freiberuflicher Softwarespezialist, 1991–1998 Landesschatzmeister von Bündnis90/Die Grünen Mecklenburg–Vorpommern.

Prof. Dr. Bernd Lucke, Hochschullehrer, Universität Hamburg.

Prof. Dr. Helga Luckenbach, Volkswirtschaftslehre, Gießen.

Dagmar Metzger, wordstatt GmbH, München.

Prof. Dr. Dirk Meyer, Volkswirtschaftslehre, Hamburg.

Stefan Milkereit, Steuerberater, Biebertal.

Klaus Müller, Horländer GmbH, Speyer.

Dr. Frauke Petry, Geschäftsführerin purinvent GmbH, Leipzig.

Prof. Manfred Philipp, Chemie, The CityUniversity of New York.

Prof. Dr. Hayo Reimers, Wirtschaftswissenschaften, Gießen.

Martin Renner, Cosmed Marketing und Kommunikation GmbH, Wuppertal.

Prof. Dr. Christian Rennert, Betriebswirtschaftslehre, Köln.

Prof. Dr. Gisbert Richard, Direktor der Universitäts–Augenklinik, Hamburg.

Dr. Thomas Rietzschel, Autor und Journalist, Roßbach.

Dr. Oliver Safarowsky, Chemiker und Betriebswirt, Köln.

Prof. Dr. Karl Albrecht Schachtschneider, Öffentliches Recht, Hamburg.

Bodo Schmidt, Kölnische Haus– und Grundstücksverwaltung, Köln.

Prof. Dr. Peter Schneider, Erziehungswissenschaft, Paderborn.

Hansjörg Schrade, ecofit, Stv. Vorsitzender Aktionsbündnis Direkte Demokratie, Reutlingen.

Prof. Dr. Wolfgang Schöhl, Wirtschaftsjournalismus, Darmstadt.

Wolf–Joachim Schünemann, ASS Versicherungsmakler GmbH.

Prof. Dr. Wolfgang Seeger, Neurochirurgie, Freiburg.

Dr. Bernhard Seitz, Aktionsbündnis Direkte Demokratie, Stuttgart.

Dr. Dieter Spethmann, Vorstandsvorsitzender Thyssen AG a. D.

Prof. Dr. Michael Stahl, Geschichtswissenschaften, Darmstadt/Berlin.

Prof. Dr. Joachim Starbatty, Volkswirtschaftslehre, Tübingen.

Dr. Norbert Stenzel, Geschäftsführer Wetterauer Lieferbeton, Bad Nauheim.

Prof. Dr. Roland Vaubel, Volkswirtschaftslehre, Mannheim.

Dr. Katharina Vocke–Schöhl, Geschäftsführerin und Dozentin, Darmstadt.

Prof. Dr. Heiner Willenberg, Didaktik der deutschen Sprache und Literatur, Hamburg”

Some points from the programme (again, you have to brush up on your German):

http://www.alternativefuer.de/programm.html

“Unser Standpunkt

In ernster Sorge vor politischen und wirtschaftlichen Fehlentwicklungen in Deutschland und in der Europäischen Union haben wir die Partei ”Alternative für Deutschland” gegründet. Die europäische Schulden- und Währungskrise hat viele Menschen davon überzeugt, dass die Altparteien zu einer nachhaltigen, transparenten, bürgernahen, rechtsstaatlichen und demokratischen Politik nicht imstande oder nicht willens sind. Wir formulieren Alternativen zu einer angeblich alternativlosen Politik. Dabei bejahen wir uneingeschränkt die freiheitlich-demokratische Grundordnung der Bundesrepublik Deutschland und die im Grundgesetz und in den Römischen Verträgen angelegte friedliche Einigung Europas.“

 Währungspolitik

 •Wir fordern eine geordnete Auflösung des Euro-Währungsgebietes. Deutschland braucht den Euro nicht. Anderen Ländern schadet der Euro.

•Wir fordern die Wiedereinführung nationaler Währungen oder die Schaffung kleinerer und stabilerer Währungsverbünde. Die Wiedereinführung der DM darf kein Tabu sein.

•Wir fordern eine Änderung der Europäischen Verträge, um jedem Staat ein Ausscheiden aus dem Euro zu ermöglichen. Jedes Volk muss demokratisch über seine Währung entscheiden dürfen.

•Wir fordern, dass Deutschland dieses Austrittsrecht aus dem Euro erzwingt, indem es weitere Hilfskredite des ESM mit seinem Veto blockiert.

•Wir fordern, dass die Kosten der sogenannten Rettungspolitik nicht vom Steuerzahler getragen werden. Banken, Hedge-Fonds und private Großanleger sind die Nutznießer dieser Politik. Sie müssen zuerst dafür geradestehen.

•Wir fordern, dass hoffnungslos überschuldete Staaten wie Griechenland durch einen Schuldenschnitt entschuldet werden. Banken müssen ihre Verluste selbst tragen oder zu Lasten ihrer privaten Großgläubiger stabilisiert werden.

•Wir fordern ein sofortiges Verbot des Ankaufs von Schrottpapieren durch die Europäische Zentralbank. Inflation darf nicht die Ersparnisse der Bürger aufzehren

Europapolitik

•Wir fordern ein Europa souveräner Staaten mit einem gemeinsamen Binnenmarkt. Wir wollen in Freundschaft und guter Nachbarschaft zusammenleben.

•Wir fordern, das Budgetrecht den nationalen Parlamenten zu belassen. Eine Transferunion oder gar einen zentralisierten Europastaat lehnen wir entschieden ab.

•Wir fordern, Gesetzgebungskompetenzen zurück zu den nationalen Parlamenten zu verlagern. Über Glühbirnen und Gurkenkrümmungen kann der Bundestag alleine entscheiden.

•Wir fordern eine Reform der EU, um die Brüsseler Bürokratie abzubauen und Transparenz und Bürgernähe zu fördern.

•Wir fordern, die Bezüge der Brüsseler Beamten auf Normalmaß zurückzuführen. Es ist schändlich, dass Tausende Brüsseler Beamte mehr verdienen als die Bundeskanzlerin.

•Das europäische Parlament hat bei der Kontrolle Brüssels versagt. Wir unterstützen nachdrücklich die Positionen David Camerons, die EU durch mehr Wettbewerb und Eigenverantwortung zu verschlanken.

Staatsfinanzen und Steuern

•Wir fordern, die Schuldenbremse zu achten und die Schuldenberge abzubauen. Auch Deutschland hat viel mehr Schulden als zulässig.

•Wir fordern, dass die Haftungsrisiken aus der Euro-Rettungspolitik endlich in der Finanzplanung berücksichtigt werden. Derzeit wird den Bürgern bewusst Sand in die Augen gestreut.

•Wir fordern eine drastische Vereinfachung des Steuerrechts. Der Bürger muss verstehen können, warum er in welcher Höhe besteuert wird. Die Cleveren sollen nicht besser behandelt werden als die Ehrlichen.

•Wir fordern ein Steuersystem, in dem Reiche absolut und prozentual stärker belastet werden als Arme. (Progressive Einkommensbesteuerung).

•Wir fordern, dass die Politik sich dem Einfluss von Lobby-Gruppen entzieht und einen bürgernahen Vorschlag – bspw. den Kirchhof’schen Steuerreformvorschlag – umsetzt

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The economic mess and structural problems in EU and US – Part 1

23 januari, 2013

EU, and the political elites behind it, is no longer a caricature or a joke. They have managed to become a joke of a caricature. An absurd Alice in Wonderland economic and political farce is playing out and the common people of Europe is, as usual, paying the price.

Here is just some updated data to some of my previous posts. It ain’t pretty to say the least!

(See my posts:

Citizens! Forgive us for not arresting those truly responsible for this crisis: bankers and politicians

This is why the Euro is doomed

EU a stupid empire on purpose

EU – an unaccountable mess created by an undemocratic treaty – Now also a crony Bankocracy)

The EU Crisis is anything but over regardless of what the political elites are trying to tell people in Europe. The ECB may have pushed the banking crisis temporarily back by promising unlimited bond buying. Yes, dear people, read that again – UNLIMITED!

That’s your tax money spent like a drunken sailor.

But soon there is NO MONEY LEFT.

So here we go again for the 7th, 8th or is it the 9th time so far – Europe’s banking system is breaking down again. No surprise to anybody expect or politicians and bankers.

Just start adding up the GIGANTIC NUMBERS and be utterly horrified!

This is the situation that politicians and the banks have put the common people of Europe in.

They are literally ruining us all. And WE, the common people, have to pay the price of their folly and speculations.

As a longtime observer of EU noticed:

Then again, on the insolvent continent, nothing really surprises us any more.”

And:

How can broke economies lend money to other broke economies who haven’t got any money because they can’t pay back the money the broke economy lent to the other broke economy and shouldn’t have lent them in the first place because the broke economy cant pay it back”.

Even a 5 year old can understand this. But not “our” politicians and bankers.

Remember that the Euro was always a political project. That’s why “they” haven’t done the”proper” economic policies. Because these policies would undermine the political purpose of the Euro. So they, the political elites of EU, are trapped. And that’s why the Euro was domed from the beginning.

And of course, none of this is covered in the mainstream/old media or by our “dear” politicians.

                                  Greece

Greek Bank Capital Needs at EU27.5 Billion, Bank of Greece Says

http://www.bloomberg.com/news/2012-12-27/greek-bank-capital-needs-at-eu27-5-billion-bank-of-greece-says.html

Greece’s four largest banks need to boost their capital by 27.5 billion euros ($36.3 billion) after taking losses from the country’s debt swap earlier this year, the largest sovereign restructuring in history.

National Bank of Greece SA, the country’s biggest lender, needs to raise 9.8 billion euros, according to an e-mailed report by the Athens-based Bank of Greece (TELL) today. Eurobank Ergasias SA (EUROB) needs 5.8 billion euros, Alpha Bank (ALPHA) needs 4.6 billion euros and Piraeus Bank SA (TPEIR) needs 7.3 billion euros, according to the report. Total recapitalization needs for the country’s banking sector amount to 40.5 billion euros, the report said.”

To put this in perspective: The entire capital base of the Greek banking system is only €22 billion.

By saying that Greek banks need €27.5 billion Greece is essentially admitting that is needs to recapitalize its entire banking system. Also, you should know that Greek banks are still sitting on €46.8 billion in bad loans.

So the Greek banks have a capital base of €22 billion and bad loans of €46.8 billion.

There is a name for this – Bankrupt!

And remember, this is AFTER ALL the “rescue plans”, bailouts etc. already implemented so far by the “Troika” (IMF, ECB and EC).

                                                  Cyprus      

Cyprus is the euro area’s third-smallest economy in GDP terms, accounting for less than 0.2% of the region’s output. Yet the country urgently needs external funding and applied for an Troika (EC/IMF/ECB) programme last summer. In the meantime, the amount in question has risen to EUR 17.5bn (100% of GDP).

Read that again – 100% of GDP!

By mid-2012, larger banks like Bank of Cyprus or Cyprus Popular Bank alone reported loans to Greek borrowers that exceeded Cyprus’ GDP.

The Cyprus central bank’s emergency liquidity assistance (ELA) to the banking system skyrocketed from EUR150m in March 2012 to EUR 9.9bn (55% of GDP) in September.

So the Cyprus central bank only in September but in 55% of the whole Cyprus GDP into its own banking sector.

20130119_cyprus2

                                                 Spain

Bankia worthless says new report

http://www.euronews.com/2012/12/27/bankia-worthless-says-new-report/

Bankia’s shareholders have received a nasty new year’s surprise. They may lose most of their investments or even all of them says the Spanish bank rescue fund in its latest report.

According to FROB, the Fund for Orderly Bank Restructuring, Bankia has a negative value of 4.2 billion euros, and its parent group BFA is 10.4 bn in the red.

Valuation is key in the recapitalisation of Spain’s banking system, weighed down by massive bad loans accumulated in a property bubble that burst in 2008. Bankia/BFA is set to receive 18 bn euros of European aid, and become the country’s biggest bailout recipient.”

A little known fact about the Spanish crisis is that when the Spanish Government merges troubled banks, it typically swaps out depositors’ savings for shares in the new bank.

So when the newly formed bank goes bust,  your savings are GONE. Not gone as in some Spanish version of the FDIC will eventually get you your money, but gone as in gone forever.

This is why Bankia’s collapse is so significant: in one move, former depositors at seven banks just lost virtually everything.

In addition, things are going from worse to worst, as bad loans in Spain continue to accelerate to massive new record highs.

20130118_SPAINLOAN_0

Index of Spanish Industrial Output

index of Spanish Industrial Output

                                                 Italy

In Jan 2012, Italy’s government believed Italy’s 2012 GDP would come in at – 0.4%. The actual in (Q3) – 2,4% (so far).  Only a miss by 600%.

20130118_ITALYGDP_0

And the forecast for Italy’s GDP in 2013 is being lowered every month. Each one as inaccurate as the previous one.

20130118_ITALYGDP1_0

And then there is Ireland, Portugal, France….

Part two tomorrow about USA.

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The example set by the political class/elite and the riots in Britain

11 augusti, 2011

There is much to be said about the riots in Britain. And as usual most of it is not said in the mainstream media. So I thought I give you three pieces that are to the point and that give you some perspective of the latest riots. The focus is on the example and behaviour set by the political class/elites. And why we should not be surprised that “things” like these happen.

And I finish with medias role in this.

                                The Bullingdon Club

“Things got out of hand & we’d had a few drinks. We smashed the place up and Boris set fire to the toilets.”

David Cameron (Prime Minister and leader of the conservative party) recalls his time at Oxford  speaking in 1986. And the Boris Johnson he is talking about is the present Mayor of London.

Nice gang wouldn’t you say?

(My bold and underline)

An Open Letter to David Cameron’s Parents

http://nathanieltapley.com/2011/08/10/an-open-letter-to-david-camerons-parents/

“An Open Letter to David Cameron’s Parents

August 10, 2011

Dear Mr & Mrs Cameron,

Why did you never take the time to teach your child basic morality?

As a young man, he was in a gang that regularly smashed up private property. We know that you were absent parents who left your child to be brought up by a school rather than taking responsibility for his behaviour yourselves. The fact that he became a delinquent with no sense of respect for the property of others can only reflect that fact that you are terrible, lazy human beings who failed even in teaching your children the difference between right and wrong. I can only assume that his contempt for the small business owners of Oxford is indicative of his wider values.

Even worse, your neglect led him to fall in with a bad crowd.

There’s Michael Gove, whose wet-lipped rage was palpable on Newsnight last night. This is the Michael Gove who confused one of his houses with another of his houses in order to avail himself of £7,000 of the taxpayers’ money to which he was not entitled (or £13,000, depending on which house you think was which).

Or Hazel Blears, who was interviewed in full bristling peahen mode for almost all of last night. She once forgot which house she lived in, and benefited to the tune of £18,000. At the time she said it would take her reputation years to recover. Unfortunately not.

But, of course, this is different. This is just understandable confusion over the rules of how many houses you are meant to have as an MP. This doesn’t show the naked greed of people stealing plasma tellies.

Unless you’re Gerald Kaufman, who broke parliamentary rules to get £8,000 worth of 40-inch, flat screen, Bang and Olufsen TV out of the taxpayer.

Or Ed Vaizey, who got £2,000 in antique furniture ‘delivered to the wrong address’. Which is fortunate, because had that been the address they were intended for, that would have been fraud.

Or Jeremy Hunt, who broke the rules to the tune of almost £20,000 on one property and £2,000 on another. But it’s all right, because he agreed to pay half of the money back. Not the full amount, it would be absurd to expect him to pay back the entire sum that he took and to which he was not entitled. No, we’ll settle for half. And, as in any other field, what might have been considered embezzlement of £22,000 is overlooked. We know, after all, that David Cameron likes to give people second chances.

Fortunately, we have the Met Police to look after us. We’ll ignore the fact that two of its senior officers have had to resign in the last six weeks amid suspicions of widespread corruption within the force.

We’ll ignore Andy Hayman, who went for champagne dinners with those he was meant to be investigating, and then joined the company on leaving the Met.

Of course, Mr and Mrs Cameron, your son is right. There are parts of society that are not just broken, they are sick. Riddled with disease from top to bottom.

Just let me be clear about this (It’s a good phrase, Mr and Mrs Cameron, and one I looted from every sentence your son utters, just as he looted it from Tony Blair), I am not justifying or minimising in any way what has been done by the looters over the last few nights. What I am doing, however, is expressing shock and dismay that your son and his friends feel themselves in any way to be guardians of morality in this country.

Can they really, as 650 people who have shown themselves to be venal pygmies, moral dwarves at every opportunity over the last 20 years, bleat at others about ‘criminality’. Those who decided that when they broke the rules (the rules they themselves set) they, on the whole wouldn’t face the consequences of their actions?

Are they really surprised that this country’s culture is swamped in greed, in the acquisition of material things, in a lust for consumer goods of the most base kind? Really?

Let’s have a think back: cash-for-questions; Bernie Ecclestone; cash-for-access; Mandelson’s mortgage; the Hinduja passports; Blunkett’s alleged insider trading (and, by the way, when someone has had to resign in disgrace twice can we stop having them on television as a commentator, please?); the meetings on the yachts of oligarchs; the drafting of the Digital Economy Act with Lucian Grange; Byers’, Hewitt’s & Hoon’s desperation to prostitute themselves and their positions; the fact that Andrew Lansley (in charge of NHS reforms) has a wife who gives lobbying advice to the very companies hoping to benefit from the NHS reforms. And that list didn’t even take me very long to think of.

Our politicians are for sale and they do not care who knows it.

Oh yes, and then there’s the expenses thing. Widescale abuse of the very systems they designed, almost all of them grasping what they could while they remained MPs, to build their nest egg for the future at the public’s expense. They even now whine on Twitter about having their expenses claims for getting back to Parliament while much of the country is on fire subject to any examination. True public servants.

The last few days have revealed some truths, and some heartening truths. The fact that the #riotcleanup crews had organised themselves before David Cameron even made time for a public statement is heartening. The fact that local communities came together to keep their neighbourhoods safe when the police failed is heartening. The fact that there were peace vigils being organised (even as the police tried to dissuade people) is heartening.

There is hope for this country. But we must stop looking upwards for it. The politicians are the ones leading the charge into the gutter.

David Cameron was entirely right when he said: “It is a complete lack of responsibility in parts of our society, people allowed to think that the world owes them something, that their rights outweigh their responsibilities, and that their actions do not have consequences.”

He was more right than he knew.

And I blame the parents.”

Cartoon by Peter Nicholson Source: The Australian

British rioters the spawn of a bankrupt ruling elite

http://www.theaustralian.com.au/news/opinion/british-rioters-the-spawn-of-a-bankrupt-ruling-elite/story-e6frg6zo-1226112640970

 “British rioters the spawn of a bankrupt ruling elite

Theodore Dalrymple,August 11, 201112:00AM

THE riots in London and elsewhere in Britain are a backhanded tribute to the long-term intellectual torpor, moral cowardice, incompetence and careerist opportunism of the British political and intellectual class.

They have somehow managed not to notice what has long been apparent to anyone who has taken a short walk with his eyes open down any frequentedBritish street: that a considerable proportion of the country’s young population (a proportion that is declining) is ugly, aggressive, vicious, badly educated, uncouth and criminally inclined.

Unfortunately, while it is totally lacking in self-respect, it is full of self-esteem: that is to say, it believes itself entitled to a high standard of living, and other things, without any effort on its own part.

Consider for a moment the following: although youth unemployment in Britainis very high, that is to say about 20 per cent of those aged under 25, the country has had to import young foreign labour for a long time, even for unskilled work in the service sector.

The reasons for this seeming paradox are obvious to anyone who knows young Britons as I do.

No sensible employer in a service industry would choose a young Briton if he could have a young Pole; the young Pole is not only likely to have a good work ethic and refined manners, he is likely to be able to add up and — most humiliating of all — to speak better English than the Briton, at least if by that we mean the standard variety of the language. He may not be more fluent but his English will be more correct and his accent easier to understand.

This is not an exaggeration. After compulsory education (or perhaps I should say intermittent attendance at school) up to the age of 16 costing $80,000 a head, about one-quarter of British children cannot read with facility or do simple arithmetic. It makes you proud to be a British taxpayer.

I think I can say with a fair degree of certainty, from my experience as a doctor in one of the areas in which a police station has just been burned down, that half of those rioting would reply to the question, ”Can you do arithmetic?” by answering, ”What is arithmetic?”

British youth leads the Western world in almost all aspects of social pathology, from teenage pregnancy to drug taking, from drunkenness to violent criminality. There is no form of bad behaviour that our version of the welfare state has not sought out and subsidised.

British children are much likelier to have a television in their bedroom than a father living at home. One-third of them never eat a meal at a table with another member of their household — family is not the word for the social arrangements of the people in the areas from which the rioters mainly come. They are therefore radically unsocialised and deeply egotistical, viewing relations with other human beings in the same way as Lenin: Who whom, who does what to whom. By the time they grow up, they are destined not only for unemployment but unemployability.

For young women in much ofBritain, dependence does not mean dependence on the government: that, for them, is independence. Dependence means any kind of reliance on the men who have impregnated them who, of course, regard their own subventions from the state as pocket money, to be supplemented by a little light trafficking. (According to his brother, Mark Duggan, the man whose death at the hands of the probably incompetent police allegedly sparked the riots, ”was involved in things”, which things being delicately left to the imagination of his interlocutor.)

Relatively poor as the rioting sector of society is, it nevertheless possesses all the electronic equipment necessary for the prosecution of the main business of life; that is to say, entertainment by popular culture. And what a culture British popular culture is!

Perhaps Amy Winehouse was its finest flower and its truest representative in her militant and ideological vulgarity, her stupid taste, her vile personal conduct and preposterous self-pity.

Her sordid life was a long bath in vomitus, literal and metaphorical, for which the exercise of her very minor talent was no excuse or explanation. Yet not a peep of dissent from our intelllectual class was heard after her near canonisation after her death, that class having long had the backbone of a mollusc.

Criminality is scarcely repressed any more in Britain. The last lord chief justice but two thought that burglary was a minor offence, not worthy of imprisonment, and the next chief justice agreed with him.

By the age of 12, an ordinary slum-dweller has learned he has nothing to fear from the law and the only people to fear are those who are stronger or more ruthless than he.

Punishments are derisory; the police are simultaneously bullying but ineffectual and incompetent, increasingly dressed in paraphernalia that makes them look more like the occupiers of Afghanistan than the force imagined by Robert Peel. The people who most fear our police are the innocent.

Of course, none of this reduces the personal responsibility of the rioters. But the riots are a manifestation of a society in full decomposition, of a people with neither leaders nor followers but composed only of egotists.”

Corrupt and decaying from top to bottom

http://eureferendum.blogspot.com/2011/08/corrupt-and-decaying-from-top-to-bottom.html

August 10, 2011

“Well, I think we can finally say that social welfarism has utterly failed as a project. The case made to me was that welfare, if nothing else, stopped the great unwashed rioting and looting on the streets. This week demonstrates fairly well that it doesn’t even do that.

We have a state school system producing kids who couldn’t and won’t get a job and a wider population who thinks the Easter Bunny will pay for their retirement, housing and day to day needs. Meanwhile, thanks to the cultural gas chambers we laughingly call schools, British business would rather not employ Brits if there is an alternative.

We have a justice system that serves only itself and its welfare clients, while occasionally slapping down the odd tax payer to ensure their obedience to the state. It is a system that works for the perpetrator, not the victim.

And who are these kids tearing down our cities? It is said they are the disenfranchised who have no stake in ”our society”. Kids who feel there is no reason to comply with the basic rules of civil society because it does not pay dividends. Their obedience is required, but for what?

There’s a kid I know who has not had a proper job in over ten year years. I say kid because, for all that he is a grown man, he has remained kid by way of remaining a client of the state. Cosseted with a head full of silly notions about where money comes from, and all that he is ”entitled” to. The reason I continue to help him is because he has not yet given up. He still wants a job and has not resorted to criminality.

He is one of the rare ones who, every week, goes walking round the industrial estates asking for work, applying for anything he can find. But he has no skills. He has nothing to offer them. He has no work experience of value, no qualifications of value and very little natural ability.

What makes him different from the rest of his generation is his willingness to find work. I think most by now would have quit looking and found a way onto the incapacity benefit system. And after ten years of ceaseless heartbreak, I wouldn’t blame him, and I would actually support such a move.

The continual humiliation of going round and round inside the welfare system, a mere statistic in a creaking bureaucracy, fighting for a pittance that makes the difference between starving or not, erodes the soul. To be routinely told you have nothing of value to offer, even if that’s true, cannot be good.

And what has government done in this regard. They have fed him on false hopes. He has been round the system, on this or that training course and placement scheme. His list of ”qualifications” is now longer than some graduates I know. But these ”qualifications” are a contrivance of government, neither useful to, nor demanded by business.

The kid has what is known as a European ”Computer Driving Licence” without possessing any marketable computer skills. The course is useless, the material is easy and all that is served by it is a fat cheque from the government to the public and private bodies who award such junk.

This all at a time when public spending was at an all time high. We have to face the simple fact that it doesn’t work. Throwing money at the problem simply perpetuates it.

Abandoned by his parents and abandoned by the school system to become just another human life on the scrapheap before it has even begun. I have done what I can to help with remedial education but you can’t deprogramme all that sense of entitlement. That lesson has to be taught first hand. But it will probably never happen for him.

You could certainly say he has no stake in society. He is certainly ”disenfranchised”. Thanks to the mechanisms of the state and his background (generational welfare), his fate was sealed early on. He has every right to be angry and frustrated, which indeed he is, but he is not out looting this week.

He has always, with the intervention of friends and distant family, known the difference between right and wrong. He has been known to shoplift the odd tin of beans on the odd occasion when a giro has not gone as far as feeding him. Anyone who has been on the dole long enough, with no family to speak of, would probably confess to likewise. Who of us would not?

What keeps him from rioting is the hope that eventually something will come up, that he will get a break in life. He is perhaps more optimistic than I would be. All evidence suggest that he will not. Especially not now we’re looking down the barrel of a global market meltdown.

But for every one of him who does know the difference between right and wrong, there is evidently a legion that does not. Or maybe does, but does not care. Obedience will bring them nothing but a miserable, unhealthy, unproductive life. One could even say my young friend is dumb, expecting that he will get somewhere pegging his hopes on the system he finds himself in.

We have just enjoyed ten years of unprecedented wealth and opportunity, but for most of these kids, those opportunities weren’t available to them, not speaking Polish being one of the many reasons. All we have done by maintaining a welfare underclass is subsidise a pressure cooker that is now blowing its top. Much like the banking crisis, we have thrown money at a problem to delay the inevitable, only to feel the consequences much harder later on.

After decades learning bit by bit that petty crime is tolerated and they can get away with it, that underclass is now probing the system to see what else they can get away with. The answer is: a lot. This is simply all our chickens coming home to roost. Welfarism, a useless police force, a court system whose moral compass is spinning round faster than ride at Alton Towers, and state school system which at its very best is unfit for purpose.

While that is obvious to most, the statists are fighting for their agenda. They cannot allow the liberation of the poor. The poor are their livelihoods, their clients, their power base. And so the Left must present it in terms of social division. There are vested interests who, once again are trying to make this about race.

We must not allow them to succeed. These are black and white and Asian kids. They are all victims of the state welfare system. If we allow this to become a race debate as we have the last few times, we will simply get more of the same: more red tape for the police, more equality surveys, more outreach workers and more ghettoisation.

The race riots of decades past are no different to these riots in some senses. They are also the result of state mechanisms not only allowing, but facilitating ghettoisation of society, if not by race and faith, then by class. I have always said that if you subsidise poverty, you will always have poverty. We need to stop it. Welfare at best needs to be a temporary lifeline, not a lifetime habit.

But in amongst the disorder, we also see mass larceny by people with full time jobs. Opportunistic theft by supposedly respectable people. Are we a society in moral decline? Were we ever of high moral fibre? We like to think we are more civilised than other countries because of the values we teach. But we’re not. Order is kept because most people live under the illusion that they will be caught if they do bad things. Now they’ve worked out they won’t be. This theft is brazen and is done with impunity.

We know from experience the police will not investigate, let alone catch thieves on a day to day basis. There is no reason to think this will be any different when the lid has blown off the pressure cooker. There was a time when the police would come to a crime scene and take fingerprints (this was my earliest memory of a police encounter), this in the days before super computers.

Now, for all the police resources they will simply turn up, give you a crime number and refer you to your insurance company. Consequently insurance premiums drive up costs for everyone.

The police have largely abdicated from routine police work. They have virtually given up on enforcing narcotics laws. Whatever your views on drugs, the law is the law. But now we have police making their own minds up about which laws to enforce. The law is so out of step with the people, and so unpopular, that if the police want to maintain a level of order, they have to decide which laws to uphold and which to ignore.

The law has made a mockery of itself. We have a law engine spewing out law after contradictory law. Not knowing which way to turn, enforcement becomes neglected in populist areas and so a quota or a crackdown to suit the political zeitgeist is launched resulting in knee-jerk unpopular policing. That is how we arrive here.

So again we draw the same conclusion: this is a crisis of politics. An establishment that does not know what it is for. But that is hardly surprising when that same establishment has abdicated government to other powers. The rot starts at the top. Our government is dysfunctional, without direction, without ambition, without guiding principles and is mired in the institutional larceny of the parasite class.

The immigration system is creaking, the roads are broken, our armed forces in complete disarray, the DVLA has lost the plot, Social Services are bandits, the welfare system is swamped and our energy grid is rapidly running toward rolling blackouts while parasitic corporates asset strip the country for everything it’s worth. And what do we see in government? Children with their infantile preoccupations following one media bandwagon to the next, fire-hosing more borrowed money at problems they created.

Now the streets are littered with broken glass, and the burnt out husks of buildings still smoulder, we again ask what can government do? The answer is nothing. It has demonstrated beyond any doubt that it is incapable of taking grown-up, difficult decisions. Again, that is reflected in the wider population.

We are flat broke and yet we march to stop cuts. We praise the bravery of the police when they stand idly by while the criminals wreck our cities. We are a nation of infants under the illusion that only government can, or should, come to our aid.

Until we reject this notion, put government back in its place and ask the question of what government is actually for, we will be back here again and again. Government is not a creator of jobs or wealth. And nor should it be. In recent years it has been the biggest obstacle to jobs and wealth.

The only way the bulk of our youth can have a stake in society is if we create opportunities for them. We will not give them opportunities by confiscating wealth and redirecting it to the many foreign corporates who build government-mandated projects. Wealth must be left in the hands of those who earn it, to spend as they see fit and to care for those they find deserving.

But while our masters get fat off the proceeds of big government, it is not in their interests to introduce any meaningful reform. They need to subsidize the poor to secure their power base. If we want significant change we must throw the scraps from their table back at them, boycott government involvement in our lives and starve the beast. We must rid ourselves of them and start doing things for ourselves.

They do this to us because we let them.

And this piece which in all its glaring clarity shows the absurdity of the mainstream media and their total PC view of the world. That is that certain facts, figures, etc. should never, ever be allowed to be mentioned or published, regardless of the circumstances.

And this has nothing to do if it’s black, white, yellow, pink, green or whatever “color”, race or sex, etc. it is. It is about the utter betrayal by journalists and the mainstream old media of their journalistic role, and of all that good and independent journalism was supposed to be.

Instead, the journalist and the media are pushing their political and social agenda.

We have seen this so many times, again and again. On this blog, I have written extensively about press and mass media and their role in this the greatest scientific and political scandal of modern times – the Global Warming Hysteria. And their willing participation in driving and promoting this hysteria.

AT THE SAME TIME, AS THESE MEDIA HAVE TAKEN AN ACTIVE PART in SUPPRESSING FACTS and IS CENSORING AND INTIMIDATING EVERYONE WHO HAS OPPOSED THIS HYSTERIA.

A truly “worthy” goal for the organizations and companies whose goal was supposed to protect and enhance freedom of speech and freedom of expression.

http://blogs.telegraph.co.uk/news/jamesdelingpole/100100339/what-will-happen-to-the-convicted-rioters/

“Funniest interview ever on Sky. Female Sky reporter interviewing a white guy who has had his shops burned. He said to her , the arsonists/looters were all black. She said to him , you can’t say that , there must have been white guys there as well. He thought about and then said , ok they were not all black , i was the only white guy there. Is that ok to say ?

This guy states this with a totally dead pan face without a hint of the pc faux pas.

She again corrects him and states nervously you just cant say they were all black , he responds , but they were i was there.

Unbelievable. The interview describes the state of our society in a nut shell.”

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