The Beginning Of The End
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The Mystery Of The Shemitah

The Countdown To The Break Up Of The Euro Has Officially Begun

The results of the elections in France and Greece have made it abundantly clear that there is a tremendous backlash against the austerity approach that Germany has been pushing.  All over Europe, prominent politicians and incumbent political parties are being voted out.  In fact, Nicolas Sarkozy has become the 11th leader of a European nation to be defeated in an election since 2008.  We have seen governments fall in the Netherlands, the UK, Spain, Ireland, Italy, Portugal and Greece.  Whenever they get a chance, the citizens of Europe are using the ballot box to send a message that they do not like what is going on.  It turns out that austerity is extremely unpopular.  But if newly elected politicians all over Europe begin rejecting austerity, this puts Germany in a very difficult position.  Should Germany be expected to indefinitely bail out all of the members of the eurozone that choose to live way beyond their means?  If Germany pulled out of the euro tomorrow, the euro would absolutely collapse, bond yields for the rest of the eurozone would skyrocket to unprecedented heights, and without German bailout money troubled nations such as Greece would be headed directly for default.  The rest of the eurozone is absolutely and completely dependent on Germany at this point.  But as we have seen, much of the rest of the eurozone is sick and tired of taking orders from Germany and is rejecting austerity.  A lot of politicians in Europe apparently believe that they should be able to run up gigantic amounts of debt indefinitely and that the Germans should be expected to always be there to bail them out whenever they need it.  Will the Germans be willing to tolerate such a situation, or will they simply pick up their ball and go home at some point?

Over the past several years, German Chancellor Angela Merkel and French President Nicolas Sarkozy have made a formidable team.  They worked together to push the eurozone on to the path of austerity, but now Sarkozy is out.

Francois Hollande, the new French president, has declared that the financial world is his "greatest enemy".

He may regret making that statement.

One of the primary reasons why Hollande was elected was because he clearly rejected the austerity approach favored by the Germans.  Shortly after winning the election in France, he made the following statement....

"Europe is watching us, austerity can no longer be the only option"

Hollande says that he wants to "renegotiate" the fiscal pact that European leaders agreed to under the leadership of Merkel and Sarkozy.

But Merkel says that is not going to happen.  The following Merkel quotes are from a recent CNBC article....

"We in Germany are of the opinion, and so am I personally, that the fiscal pact is not negotiable. It has been negotiated and has been signed by 25 countries," Merkel told a news conference.

"We are in the middle of a debate to which France, of course, under its new president will bring its own emphasis. But we are talking about two sides of the same coin — progress is only achievable via solid finances plus growth," she added.

So instead of being on the same page, Germany and France are now headed in opposite directions.

But if the French do not get their debt under control, they could be facing a huge crisis of their own very quickly.  The following is from a recent article by Ambrose Evans-Pritchard....

“They absolutely must cut public spending and control the debt,” said Marc Touati from Global Equities in Paris. “It will soon be clear that we are in deep recession. If they don’t act fast, interest rates will shoot up and we will have a catastrophe by September,” he said.

Without German help, France is not going to be able to handle its own financial problems - much less bail out the rest of Europe.

Germany is holding all of the cards, but much of the rest of the eurozone does not seem afraid to defy Germany at this point.

In Greece, anti-bailout parties scored huge gains in the recent election.

None of the political parties in Greece were able to reach 20 percent of the vote, and there is a tremendous amount of doubt about what comes next.

New Democracy (the "conservatives") won about 19 percent of the vote, but they have already announced that they have failed to form a new government.

So now it will be up to the second place finishers, the Syriza party (the radical left coalition), to try to form a new government.

Alexis Tsipras, the leader of the Syriza party, is very anti-austerity.  He made the following statement the other night....

"The people of Europe can no longer be reconciled with the bailouts of barbarism."

But at this point, it seems very doubtful that Syriza will be able to form a new government either.

PASOK, the socialists that have been pushing through all of the recent austerity measures, only ended up with about 13 percent of the vote.  In the 2009 election, PASOK got 44 percent of the vote.  Obviously their support of the austerity measures cost them dearly.

So what happens if none of the parties are able to form a new government?

It means that new elections will be held.

Meanwhile, Greece must somehow approve more than 11 billion euros in additional budget cuts by the end of June in order to receive the next round of bailout money.

Greece is currently in its 6th year of economic contraction, and there is very little appetite for more austerity in Greece at this point.

Citibank analysts are saying that there is now a 50 to 75 percent chance that Greece is going to be forced to leave the euro....

Overall, the outcome of the Greek election shows that it will be very difficult to form a viable coalition and to implement the measures required in the MoU. Particularly, the identification of the 7% GDP of budget savings for 2013 and 2014 by the end of June looks very unlikely to us. As a consequence, in a first step, the Troika is likely to delay the disbursement of the next tranche of the programme. Note that for 2Q 2012, disbursements of €31.3bn from the bailout programme are scheduled. If Greece does not make progress, in a second step, the Troika is likely to stop the programme. If that happens, the Greek sovereign and its banking sector would run out of funding. As a consequence, we expect that Greece would be forced to leave the euro area. With the outcome of the election, to us the probability of a Greek exit is now larger than our previous estimate of 50%, and rises to between 50-75%. However, even after the elections in Greece, France and Germany, we regard the probability of a broad-based break up of the monetary union as very low. We continue to expect that in reaction to Greece leaving the euro area, more far-reaching measures from governments and the ECB would be put in place.

But if Greece rejects austerity that does not mean that it has to leave the eurozone.

There is no provision that allows for the other nations to kick them out.

Greece could say no to austerity and dare Germany and the rest of the eurozone to keep the bailout money from them.

If Greece defaulted, it would severely damage the euro and bond yields all over the eurozone would likely skyrocket - especially for troubled countries like Spain and Italy.

If Greece wanted to play hardball, they could simply choose to play a game of "chicken" with Germany and see what happens.

Would Germany and the rest of the eurozone be willing to risk a financial disaster just to teach Greece a lesson?

But Greece is not the only one that is in trouble.

As I wrote about recently, the Spanish economy is rapidly heading into an economic depression.

Now it has come out that the Spanish government is going to bail out a major Spanish bank.  The following is from a recent Bloomberg article....

Rodrigo Rato stepped down as head of the Bankia group as a government bailout loomed after Spanish Prime Minister Mariano Rajoy retreated from a pledge to avoid using public money to save lenders.

Rato, a former International Monetary Fund managing director, proposed Jose Ignacio Goirigolzarri, ex-president and chief operating officer of Banco Bilbao Vizcaya Argentaria SA (BBVA), as Bankia executive chairman, he said in a statement today in Madrid. The government plans to inject funds into the lender by buying contingent-capital securities, said an Economy Ministry official who declined to be named as the plan isn’t public.

But this is just the beginning.

Major banks all over Europe are going to need to be bailed out, and countries such as Portugal, Italy and Spain are going to need huge amounts of financial assistance.

So does Germany want to keep rescuing the rest of the eurozone over and over again during the coming years?  The cost of doing this would likely be astronomical.  The following is from a recent New York Times article....

Bernard Connolly, a persistent critic of Europe, estimates it would cost Germany, as the main surplus-generating country in the euro area, about 7 percent of its annual gross domestic product over several years to transfer sufficient funds to bail out Europe’s debt-burdened countries, including France.

That amount, he has argued, would far surpass the huge reparations bill foisted upon Germany by the victorious powers after World War I, the final payment of which Germany made in 2010.

At some point, Germany may decide that enough is enough.

In fact, there have been persistent rumors that Germany has been very quietly preparing to leave the euro.

A while back, German Chancellor Angela Merkel’s Christian Democratic Union party approved a resolution that would allow a nation to leave the euro without leaving the European Union.

Many believed that this resolution was aimed at countries like Greece or Portugal, but the truth is that the resolution may have been setting the stage for an eventual German exit from the euro.

The following is an excerpt from that resolution....

"Should a member [of the euro zone] be unable or unwilling to permanently obey the rules connected to the common currency he will be able to voluntarily–according to the rules of the Lisbon Treaty for leaving the European Union–leave the euro zone without leaving the European Union. He would receive the same status as those member states that do not have the euro."

Most analysts will tell you that they think that it is inconceivable that Germany could leave the euro.

But stranger things have happened.

And Germany has made some very curious moves recently.

For example, Germany recently reinstated its Special Financial Market Stabilization Funds.  Those funds could be utilized to bail out German banks in the event of a break up of the euro.  The following is from a recent article by Graham Summers....

In short, Germany has given the SoFFIN:

  1. €400 billion to be used as guarantees for German banks.
  2. €80 billion to be used for the recapitalization of German banks
  3. Legislation that would permit German banks to dump their euro-zone government bonds if needed.

That is correct. Any German bank, if it so chooses, will have the option to dump its EU sovereign bonds into the SoFFIN during a Crisis.

In simple terms, Germany has put a €480 billion firewall around its banks. It can literally pull out of the Euro any time it wants to.

So has Germany been quietly preparing a plan "B" just in case the rest of the eurozone rejected the path of austerity?

Most people have assumed that it will be a nation such as Greece or Portugal that will leave the euro first, but in the end it just might be Germany.

And the "smart money" is definitely betting on something big happening.

Right now some of the largest hedge funds in the world are betting against the eurozone as a recent Daily Finance article described....

Some of the world's most prominent hedge fund managers are betting against the eurozone -- and not just the peripheral countries everyone knows are in trouble. They're taking positions against the core countries, economies that -- until now -- everyone has assumed were rock-solid.

Yes, the countdown to the break up of the euro has officially begun.

A great financial crisis is going to erupt in Europe, and it is going to shake the world to the core.

If you were frightened by what happened back in 2008, then you are going to be absolutely horrified by what is coming next.

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  • http://EconomicCollapse Already Gone

    It is time to raise the curtain and let the show begin.

    • Mustard Seeds

      Ditto.

      I hope the U.S. can hold out until September. By then, I’ll be as ready as I’m ever going to be.

      All the bailouts have given everybody here in the U.S. a few extra months to prep.

      Hope everyone made good use of the available time.

      2008 was the pebble hitting the pond.

      Brace yourself everybody, because we are about to get hit by one heck of a resulting wave.

      God Bless.

    • Al

      Europe is simply the first act, US debt makes European look like small potatoes. We are the largest debtor nation that has existed since recorded history began. The Globalists must destroy the old order before the new order can begin, they will bring us to our knees, so we can beg them please, save us…and then the technocracy will begin, and they will control everything, both great and small, rich and poor; those who refuse, will be left without the necessities to live.

      • Willyt

        Only if we let them. Have some faith man, we the people on this earth have a voice and we certainy outnumber them. Are you planning on laying down for them and just taking what they give to us are you a fool or are you willing to stand up and do what you have to. No one is allowed to take away your freedom!!!! DO YOU HEAR ME!!!

      • http://urbansurvivalguidesecrets.com Urban Survival Guide

        I agree Al, they are using this time to suck every Dollar our of the middle class, to enslave us forever, so that they can take over our land and homes.

        Thomas Jefferson warned “If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them, will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.”

        Get out of the major cities if you can. If not, live on the outskirts of town, and in the event of a crisis, get out before cities are secured with checkpoints by Homeland Security. Otherwise you will be competing with everyone for food and water, and will have to sell your soul to the devil to get support from the globalists.

  • ken nohe

    It is indeed amazing to see this descent into hell of Europe. The best picture that comes to mind is the swirl around a black hole. The speed goes up slowly at first and there is absolutely nothing you can do about it. But the real question is: How large is the swirl and who will be absorbed?

  • Rodster

    Socialism never works. All it ever does is to spread misery evenly. LOL and the Neo-Nazi party is now making inroads in Greece.

    None of this will have a happy ending. Maybe we should all just eat cake. :)

    • Jordi

      But which are the alternatives? Capitalism? Look how US is breaking apart, and you are not a “socialist” country aren’t you? I think the main problem is that politics does no longer mean anything. Whether “capitalists” or “socialists” or how you would like to call them, those people are not the ones making the real decisions. The ones who orchestrate all the facts wee see now are not politicians, but managers of big corporations. And against those you are helpless, because they’ve got the money which even the governments are missing. So I believe now it’s a tyranny of the world’s richest oligarchs. And that’s a very negative thing which seems impossible to change.

      • Ian

        We need a new ‘ism’. Stop thinking there are only 1 or 2 alternatives.

      • M2245th

        Well if these *************** in DC would follow the Constitution we wouldn’t be in the *************.

      • Nobody Special

        The US is NOT a capitalist economy. In a true capitalist economy, the government stays out of it. Instead, you have Cronyism – where the government makes rules that favor certain preferred entities.

      • http://campconservatism.net mark

        The commies fifth column destroyed the capitalist system long ago. What is amazing is how well it did given the size of the attack…….

        Capitalism is a good thing, when pure….when corrupted, it is a descent into hell. Which is what the world is about to experience.

    • ivan

      Your post would make a lot more sense if there were any socialist countries in Europe.

      • Ducrider900

        well than how would you characterize them? They appear pretty “socialist” to me…as in major generalized redistribution of wealth to the end of creating and maintaining the “nanny state”, to the detriment of capitalist-driven economic prosperity.

      • Mal R.

        You mean all the broke ass, getting bailed out by the US, known for nothing but mooching off the US socialist euro countries?

        Those successful countries? The ones were it took some 19 socialist Euro countries to form a currency that just starts to beat ours? OOOOHHHHH!

    • Victor

      I’m assuming you’re American when you make blanket statements like “Socialism never works.”

      I’d invite you to share that opinion with the Chinese (your socialist owners), or perhaps with the Canadians (your more socially minded norther neighbours whose economy is currently doing just fine).

      Images of the US areas affected by Katrina shocked the world. They looked like they were filmed in a 3rd world country.

  • r.bitting

    No i’m not, My trust is in Jesus Christ, who died for the sins of the world.

    • Bryan

      seems r.bitting the Lords return is not far off at all truely we don’t know the day or hour but with the mess happening is only setting the stage for the anitchrist!!

  • Indioguane

    All around the world is taking place for a new world currency, a new world order, a new world government. 97% of all transactions are done electronicly, if the real power elite wants, they can put in motion the new world money in ONE hour. All pieces of the puzzle are in the way, READ THE BIBLE!!, give yourself a chance.

  • Paranoid

    Actually Scarlet; I just don’t give a damn. Get it on

  • 005

    I say this almost every time, yet I still find it amazing the world system has managed to drag along like it has year after year.
    I do wonder just how much longer it can continue this path of ever decreasing, yet it does. That said, with all the printing, and bailouts and political strife, whenever “That Moment” finally hits, it will hit huge. The system just keeps building up more and more steam for one big blast.
    This waiting for “doomsday” stuff can drive you nuts after a while, and that’s not the right attitude to take.
    Thanks for your time

    • knightowl77

      Concur….I have been thinken since 2009 that this circus can’t keep going…and yet it does…some way some how….

      It can be mind numbing…..C’est La Vie

      • xander cross

        And yet, Knighowl, you support Mitt Romney and Ron Paul. Typcial hyprocrite.

    • Tim

      I’m with you. It’s not that I want the system to collapse; it’s inevitable. But TPTB manage to keep it going. It’s astonishing.

    • Rodster

      The only reason it has dragged on for so long is because the Politicians around the World whats coming so they keep kicking the can down the road buying more time. It’s that simple.

      Remember you can defeat political policies like what happened in France but “YOU CANNOT DEFEAT MATHEMATICS”. Their math does not add up and eventually it comes crashing down.

    • Rodster

      “I do wonder just how much longer it can continue this path of ever decreasing, yet it does. That said, with all the printing, and bailouts and political strife, whenever “That Moment” finally hits, it will hit huge. The system just keeps building up more and more steam for one big blast.
      This waiting for “doomsday” stuff can drive you nuts after a while, and that’s not the right attitude to take.”

      Here’s a very good snapshot of events fron the following article:
      http://www.shtfplan.com/headline-news/economic-alert-if-youre-not-worried-yetyou-should-be_05082012

      “I do wonder just how much longer it can continue this path of ever decreasing, yet it does. That said, with all the printing, and bailouts and political strife, whenever “That Moment” finally hits, it will hit huge. The system just keeps building up more and more steam for one big blast.
      This waiting for “doomsday” stuff can drive you nuts after a while, and that’s not the right attitude to take.”

      • Rodster

        This is what I meant to quote:

        “All indicators suggest that this year will be unlike any other before. In 2008, we saw the first trigger events for the collapse. In 2008/2009, we saw the creation of the bailout culture, setting the stage for inflation and dollar disintegration. In 2010, we saw the first bilateral trade deal cutting out the dollar between China and Russia, which is now the template for trade deals all over the globe. In 2011, we saw the first downgrade of the U.S. credit rating and the crisis in the EU become epidemic. In 2012, I see not just another difficulty to add to the mountain, but a culmination of all these detriments to produce something entirely new; a vast and subversive realignment forcing many of us to take a more aggressive stance in the fight for an economically and socially free America.”

    • 007

      A rubber band can stretch an amazing length before it snaps. It may be possible for the world economy to continue in it’s death spiral a couple more years before it has a systemic collapse. if that is the case we should all be thankful for the extra time. When the economy snaps, our way of life we are used to will be over.

      So there is no benefit or satisfaction in this economic prediction being proven correct. No one will congratulate you on seeing it coming. All the politicians will do is seek to blame the other for the disaster. Even worse, they will likely convince the public to accept even more disastrous governmental policies to solve the crisis.

      You need to enjoy the relative prosperity we have today. You need to prepare to live without any government help in a desperate world. Don’t doubt your own eyes and common sense. Having this knowledge will allow you to position yourself to be able to survive in this brave new world. For some brave individuals who stay positive, they may even be able to take advantage and prosper from new opportunities which become available.

  • Das Ist Gut

    Great article, as usual. I like your analysis too. If history is any guide, Germany WILL get its way ..come hell or high tide. Get ready for ‘Deutschland über alles’ …Volume FOUR!

    • http://yahoo.com richard swank

      I THINK WE ARE THE GERMANY OF THE 1930. SAME STORY JUST DIFFERENT COUNTRY.

      • 007

        I thin we are Rome just before the fall. By the way it took the Roman Empire 200 years to fully collapse. It will not happen overnight. However, it will usher in a new dark ages.

  • matt

    And whom shall be chosen first. To be ground to dust beneath the wheels of perdition. The mold has been set, the die has been cast. The future is about to be born the present, the now. No Mans hand shall choose.

  • Sandy CPA

    I don’t pretend to understand the problems that face the European nation’s problems, but I do know that once a country’s debt gets too high, investors stop buying their bonds. It looks like that is where they are headed. At $16 trillion in debt, that looks like where America is also headed.

    • Mal R.

      Investors already have stopped buying the bonds.

      That’s why the Fed is buying between 60-70% of US treasury bonds, that’s why the fed made somewhere between 8-18 trillion in bond bailouts for Europe and that’s why all of the Euro countries are bailing each other out.

  • markthetruth

    REASON FOR THE COLLAPSE

    “WEALTH IS NOT CREATED” MONEY IS TRANSFERRED FROM SOMEONE TO SOMEONE ELSE.

    BEFORE “NAFTA” IT STAYED IN THE US. 300 MILLION WEALTH IS NOW DIVIDED OR
    TRANSFERRED BETWEEN 7 BILLION.

    SO WHAT GOES ON THEN

    1. PONZI SCHEMES >
    2. ACCOUNTING FRAUD >>
    3. COUNTERFEITING >>>
    4. THEFT OF ALL KINDS >>>>
    5. LIES AND DECEPTION >>>>> >>>>>ALL SOUNDS FAMILIAR
    6. GREED AND JEALOUSY >>>>
    7. SUICIDES AND KILLINGS >>>
    8. REVOLUTIONS >>
    9. DESPERATION >

    10. THE “REAL WORLD WAR 1″ >>>>LIKE ANIMALS WE HAVE TO KILL TO EAT…
    IT WILL BE SURVIVAL OF THE FITTEST …

    • GaryToo

      add 2 more jokers in the pack:

      credit crunch biting harder and harder on business big and small, banks not lending, the credit being the oil or lifeblood drying up, happening slowly but surely.

      Netanyahu nukes Iran next year. This MUST be prevented. Russia and china might not buy the BS that The chosen people used conventional missiles and all the radiation is from the nuclear weapons they were targetting, way too many variables there. I just dont buy that it will be all over and business as usual in 3 weeks, if not;

      Oil price skyrockets, economy would collapse, bankers have already pillaged till u puke. state of emergency, martial law declared. Write the rest john of the apocalypse.

    • Stan522

      …..and many of the “fittest” will be hunted down and locked up in FEMA internment camps.

      • 007

        Probably all of us, that read and posted on this site will be the first citizens relegated to the FEMA camps courtesy of our own Department of Homeland Security.

    • Mal R.

      “WEALTH IS NOT CREATED” MONEY IS TRANSFERRED FROM SOMEONE TO SOMEONE ELSE.

      Uhhhh not so much. False leftist premise.

      BEFORE “NAFTA” IT STAYED IN THE US. 300 MILLION WEALTH IS NOW DIVIDED OR TRANSFERRED BETWEEN 7 BILLION.

      You mean there are 7 billion people in the US? You mean there’s only 300 millions dollars in existence?

      Huh. WHO KNEW!

      • Victor

        I’m quite sure he means that the wealth of 300 million Americans is now shared between 7 billion people (Earth’s population).

        He’s still wrong though.

  • mark

    Are you prepared for what is comming to ou shores in the future? The Europeans or Americans will not do the enough cuts to shrink government much at all. At thr same time taxes would need to be cut to get the economey going again. One will not do the trick without the other.

  • Old Man

    At the Berlin airport on his first visit to Germany as new French president:

    Francois: Hello hello my dear friend Angela. I am so very happy to see you!

    Angela: My happiest welcome to the new president. I am so honored that you chose to visit Germany first!

    Francois: Later in our business meeting, of course we must discuss the fiscal package to add stimulus measures, and make sure we can proceed as a unified force.

    Angela: Oh but we will have a most sumptuous dinner. I have prepared the best of German cuisine and we will dine until 11pm with much wine and desert.

    Francois: But what about the business meeting?

    Angela: Oh there is little to discuss so I cancelled it. I already had my agreement with all EU states so there is no need to reopen discussions.

    Francois: But, but I was just elected to ….

    Angela: My dear friend, don’t you trust me, don’t you trust Germany? Look how we have managed things so well. It is not nice to push Germany without considering history.

    Francois: Oh yes of course. Let’s enjoy our dinner. I don’t think the voters will blame me since everybody is blaming the Greeks.

    Angela: My dear Francois, we should discuss tomorrow what to do with the American dollar since those Yanks are trying so hard to crack the Euro so that they can print a trillion more without depreciation. We must teach them a lesson don’t you think?

    • Michael

      excellent scenario ….. very funny and could be realistic !!!! (from a french citizen)

  • K

    (If you were frightened by what happened back in 2008, then you are going to be absolutely horrified by what is coming next.) Some of you will look back, a short time from now. Only then, will you understand this statement. Another article, that I am sorry to say, I agree with. After you read this, can you still say the Nov. elections will make a difference? Really?

  • Cinderella Man

    Hollande is just another Bilderberg puppet. None of these politicans really care about the suffering of their people just the agenda of the NWO elite. Countdown to the collapse has begun. The world economy is a game of hot potato and everyone is trying to pass the pain along. This is the first stage we will see a huge correction in the stock market now and this summer is going to be one of turmoil. The US is suffering too… The employment hiring so called boom from the warm winter is beginning to fade out and reality is going to be setting in. Austerity is coming our way too just wait untill the tax cuts expire and this whole shithouse is going up in flames. Also add in that gas and food prices may never go down again and our wages arent keeping up with inflation, I see a perfect economic storm event happening soon…expect a repeat of last yeat when the markets started tanking in the spring and continuing all summer… only this time a Santa Claus rally isnt going to save our ass and the FED is out of ammo….QE3 all you want the Titaniac is below the water line.

    • http://usconcealedcarrytraining.com Concealed Carry Training

      I agree, we are in the calm before the economic storm, which should hit in the next few months.

      The Fed may be out of financial ammo, but the Department of Homeland Security wont be out of ammo anytime soon.

      They ordered 450 MILLION rounds of .40 hollow-point ammo, because they’re expected financial collapse in the U.S., rioting and looting, and civil war.

      When they proclaim a state of emergency, they will clamp down and confiscate your guns and ammo, your silver and gold, and your food storage. Prepare now while you can! :-o

  • Trix

    I’ve heard about germany leaving euro and going back to deutschmark since last year. A friend of mine told me when he heard it from someone in the deutsche bank. I always thought that euro is keeping germany safe and make the rest of europe miserable. But from what you telling me, it is in fact the opposite. So has germany done what it has done out of kindness and caring for other european countries? I would bet not. Europe is germany’s export market. So I have to disagree with you mike. When the “krautz” left euro, they too will collapse albeit a little later from the rest of europe.

  • McKinley Morganfield

    http://en.citizendium.org/wiki/Bank_failures_and_rescues

    The above is a fairly concise view of what was the start of global bank failures in 1929. Its worth a read. If you choose to read this article please note that leverage in the late 1920s was on the order of 20:1. Today, TBTF banks are leveraged 30:1 up to 40:1. Its all toxic. TARP wasn’t about saving the financial system, it was about papering over the highly leveraged balance sheets of TBTF. Under mark to market and honest accounting standards TBTF are zombies. Same goes with the sovereign debt crisis. Zombies. There is no way out other than a hard boot, press start, and begin the long, slow process of creating a vibrant economy based upon hard work, frugality, and honest capital formation. Prepare for a lost decade or 2.

    • http://urbansurvivalguidesecrets.com Urban Survival Guide

      The elite constricted the money supply, which caused bank runs, and resulted in the Wall St. crash and the Great Depression.

      Then they snapped up the stock market at rock-bottom prices, which is why so many millionaires were created out of depression.

      Since they control the Federal Reserve and all of the banks and financial institutions, they can constrict the money supply at any time, to crash our fragile economy.

      But they want to suck out every available Dollar from the middle class of America first.

      They want a reboot alright… their One-World Financial System. :-(

      • McKinley Morganfield

        “But they want to suck out every available Dollar from the middle class of America first.”

        True.

        “They want a reboot alright… their One-World Financial System.”

        True again, but the current circumstances (hundreds of trillions of toxicity) may well be beyond their ability to put Humpty back together again.

    • Mal R.

      “Prepare for a lost decade or 2.”

      You forgot mass death brought on my leftists, which usually accompanies….

  • davidmpark

    HA-HA! Won’t work at all!

    Here’s the thing: all those regimes; commies, fascists… bad governments, were always provided by – us! We paid them through the DoD, State Dep., etc ’cause they ruined their countries and nations. We always paid for their upkeep in private while they shouted against us to their people in public. Occasionally they did terror attacks because they needed to prove their loyalty to their people, but for the most part it was a show.

    Without a strong US, they get no handouts under the table – the regime will fail, their people will starve, and no government will save them.

    These guys live in revolutionary happy-land! Reality is already established; man cannot alter the natural laws.

  • mondobeyondo

    Sad to see Nicholas Sarkozy leave office. I’m going to miss looking at photos of his hot wife, Carla Bruni.

    But anyway, the voters in France have definitely let their feelings be known. Nobody in Europe wants austerity. It will be a necessity, though. Austerity will be coming to the U.S. as well. It is unavoidable.

  • Kev

    It will be messy.What the Germans have failed to do militarily twice,they have attempted fiscally.The backlash from this failed attempt will make the past look mild.

    • Mal R.

      “they have attempted fiscally.”

      Care to lay out exactly how they did that?

    • J.M.

      Another loser that doesn`t accept personal responsability, Germany is not responsible for someone else’s lack of ingenuity or entrepreneurship.

      • Victor

        Well said.

  • Ducky

    Some comment that socialism has caused europe’s problems. The EU nations have had social programs since the end of WWII. What changed? They changed Bankers. When they could print their own money, they didn’t run up huge debts. After joining the EU and accepting the Euro, the ECB along with the IMF call the shots. And its these same two organizations that are demanding austerity measures which are extracting the wealth from these failing economies. Greece is being economically and financially strip mined. The social programs are not being bailed out; the european banks are the one’s being bailed out.

    After they finish with europe, where do you think their going to go next? They are like locust and they will be in the usa in no time flat. Get ready, because here it comes…

  • Save the Republic

    From what I can tell, it looks to me like Germany would have to be idiots not to leave the euro. If they stay, the other countries will milk them dry of their earned prosperity. Like they say, get while the gettin’s good. The smart thing to do would be to start using their euros to buy gold as fast as they can, both on a personal and governmental level. They should be working on a replacement currency now.

    It all comes down to the law of supply and demand. If the euro is still in demand now, get rid of it before everyone else is trying to at the same time, which will drive the value down because of the oversupply of something that people will have very little demand for.

  • chiller

    As always, the M E D I A = Making Everyone’s Daily Information Ambiguous, is fear mongering for the banks. As Iceland and now Greece has shown, there is life after telling the banks to shove it. They’re just trying to get the public, who is taking the brunt of their dirty deeds, to join their pitiful battle cry as they watch their gigantic fiefdom come crashing down.

  • GaryToo

    The euro is germanys 4th reich by any other name, however the bailouts to the other countries are deeply unpopular in germany. So it is Germany’s own election that counts. Until then it is as michael says a game of chicken, and Merkel will blink first, she will renegotiate, the reason mainly being the lie being sold to the rest of the world that we all need to lend them money for a “firewall” (the USA stayed out THIS TIME, for once). What nonesense, If the economic collapse of USSR, argentina, iceland, all wewre temporary, did not affect the rest of the world and all led to them being stronger a decade later or less, how will cheaper olive oil, fetta cheese, and mediteranean holidays traded for drachma bring down the world economy??? The bankers will all be bailed out again and again in the biggest bogus bogeyman since the war on terror.

  • Wilson

    “So does Germany want to keep rescuing the rest of the eurozone over and over again during the coming years? The cost of doing this would likely be astronomical.”
    No Germany doesn’t want to continue doing this. It will be Bernake and the US taxpayer who once again does a backdoor bailout of European banks, and then down we go.

    • GaryToo

      the “firewall” funds have been gathered from all the other developed (sic) economies, largest contributor japan (what a joke) the US actually stayed out of the bailout funds this time. We are told it is a loan and a good investment to be paid back with high interest.

  • Rick

    I love this word “austerity” that’s bantered about so much these days. The term is now the buzzword of the anti-German leftists who want nothing less than to continue to spend money they don’t have. Germany isn’t “pushing” anything. They have simply taken a stand for fiscal common sense.

    It doesn’t really matter what kind of socialist insanity Europeans vote into office, because there is simply no alternative to reducing government spending.

    • Victor

      Nicely put. What we are seeing on a global scale is no different than the results of a family with 18 credit cards and no financial knowledge.

  • Evie

    Remember when bush wanted to combine us with mexico,latin america and canada? Canada was too smart to go for this. It is too funny how all of the countries want to combine for 1 currency obviously so the elite have more control over everyones spending. All seems to fall apart when people understand the only plan for growth was debtslavism to benefit the elite. Maybe they can make robots to take on more debt. Your grandkids? It is already here.

  • I am Tyler Durden’s contempt for the system

    Ron Paul on cnbc right now trying to abolish the Federal Reserve. He’s got my vote…

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  • http://ouray.org wildbad

    love your analysis and not JUST because it is exactly how i feel and think about things. my one small criticism is that greece has already defaulted and the word games used to avoid officially declaring that obvious fact are not close to convincing. the sky is indeed falling.

    • Michael

      Thank you for the kind words.

      And you are right – Greece has partially defaulted already.

      But if they don’t get more bailout money there will be more defaults that will be a lot worse.

      Michael

      • McKinley Morganfield

        When you can’t pay your bills you have defaulted. If you are given money, that must eventually be repaid but which you can never repay, to pay your current IOUs, you remain in default. Greece is bankrupt. Western civilization is bankrupt. Sure, it keeps shuffling along using fiat currency instead of blood in its veins, but it is nonetheless zombie world.

  • Syrin

    Thanks for the article, because I made this point at at least 4 web sites shortly after those election results.

    France and Greece just voted for people who promised to keep spending money THEY DON’T HAVE. There is NO OTHER SOLUTION !! When a drunken sailor runs out of money, he HAS to stop spending. Not so with gov’ts. Now, they will only make their INEVITABLE collapse that much WORSE when they have to declare sovereign bankruptcy. They think these “austerity” measures were bad? Wait until bankruptcy occurs.

    Here’s what the election means:

    1) The EU is done as France, Spain, Italy, Greece etc will break away so they can print worthless currency (HELLO ZIMBABWE!)
    2) The Euro could strengthen as the weaker members leave the EU assuming the EU doesn’t completely dissolve
    3) The total economic collapse of the US will come sooner than later as France and Greece voted to hit the accelator rather than the brake once they spotted the edge of the financial cliff.

    • GaryToo

      “voted to hit the accelerator rather than the brake once they spotted the edge of the financial cliff” thats gave me a good laugh syrin hahaha.

      In reality Greece had already defaulted a couple of months ago, a default by any other name. The booted out parties were not cooperating fully with the troika, eg they wewre meant to cut their public service but implemented that by waiting for employees to retire.

  • Eddy

    Ross Perot tried to tell us about NAFTA, but Bush wanted to Bushwhack him, because he was trying to stop the plans of the NWO, so he went away, and no one else cared to fight. welcome to the NWO people. get ready for SHTF!

    “All that is necessary for the triumph of evil is that good men do nothing.” (Edmund Burke)

  • Paul M
  • http://thetruthfulone.com/ The Truthful One

    The article points out that “the rest of the eurozone is absolutely and completely dependent on Germany at this point.”

    But if fails to point out that the finances of Germany are controlled by the Rothchilds(who also controls the U.S. Federal Reserve)

    Their European Central Bank is set up in Frankfurt, Germany, the city from which the Rothschilds originate.

    Since Rothchild also owns the economy of France,(which he captured by manipulating the bond market after the French Revolution) he and Sarkozy have worked together to push austerity measures in the E.U.

    Their goal is to lend as much money as possible to the E.U. countries, to enslave them into austerity measures, and to ultimately own those countries.

    Their goal is a one-world financial system, which they control.

  • Washington

    Could the U.S. give up Mount Rushmore? Iconic site is on list of ‘sacred lands’ UN says must be returned to Native Americans By SNEJANA FARBEROV PUBLISHED: 18:04 EST, 5 May 2012
    http://www.dailymail.co.uk/news/article-2140134/Mount-Rushmore-list-sacred-land-UN-says-returned-Native-Americans.html?ito=feeds-newsxml

  • LadyLiberty

    I hope people pay attention to that Daily Finance article you linked to because we’re the Feds collateral for bailing them out and with obama/holder wall st is too big to jail!

    Obama’s DOJ And Wall Street: Too Big For Jail

    http://www.forbes.com/sites/realspin/2012/05/07/obamas-doj-and-wall-street-too-big-for-jail/

  • Washington
  • sharonsj

    There is a movement in Spain to do what Iceland did: tell the banks to go to hell and not give them any taxpayer money. The Spanish people have figured out that the money needed to save their largest bank is equal to the money needed to run their schools and hospitals.

    Now how long will it take for Americans to figure out the same thing? I think a few more Republican governors giving tax breaks to the rich while firing teachers might do it.

    • Gary2

      great post and Iceland is doing pretty good since they told the bankers where to go.

  • retired

    The article above seems to support the idea that there is a good way out of this crisis.there is no way out,it’s a trap regardless of what the elites do!Deflation or inflation will both end the same way,in default & ruin

  • Washington

    George Soros Is Giving $2 Million To Democratic SuperPACs Simone Foxman | May 8, 2012
    http://www.businessinsider.com/george-soros-2-million-democratic-superpacs-2012-5

  • Oberon

    The entire economic model is flawed. I can’t even find out who owns the bank of England. Sovereign countries don’t need to borrow money.

    The entire euro fraud has an alternative enterpretation. If the euro is grinding Greece into the dust, what is happening at the other end of the see-saw? It is holding the German euro down, fuelling their ability to export. If the PIIGS were released from the straight jacket they are in their currency would fall and their tourist industries would recover and earnings would roll in.

    So Europe man up, let them go and stop holding them to ransome.

    Oberon

  • jsmith

    The Truthful One has spoken and he’s right on the money. Get it? Yeah, that was the reason the Jeuro was set up. To enslave Europe and the rest of the world with it.

  • http://www.youtube.com/watch?v=Lyl_ztqOgDs Sapo

    On 05/25/2012, Ron Paul Supporters across America should gather together to discuss the idea of Dr. Paul running on an independent platform and brainstorm a clever strategy on how to launch a parallel campaign in the event he is denied the opportunity of becoming the Republican presidential candidate. The end goal is witnessing Congressman Ron Paul announcing his presidential bid as an independent the same day America celebrates Constitution day: September 17th, 2012.

    http://www.youtube.com/watch?v=Lyl_ztqOgDs

    A very interesting video clip indeed.

  • El Pollo de Oro

    “If you want to get into a good entrepreneurial business, guillotines may be in fashion.”—Gerald Celente

    “They’re not in a recession in Spain. They’re in a depression. You have over 50% unemployment along the youth.”—Gerald Celente

    “The New World Order doesn’t come to steal and rob. It steals and robs to impoverish you, to make you weak so it can enslave you, use you up and ultimately, get away with killing you. This whole global spectrum, world government tentacle system is chains to chain down humanity. An iron curtain of night and totally tyranny is descending upon every nation on Earth right now. The New World Order goes into countries and wrecks the infrastructure and never rebuilds it and brings poverty and mass death. And if you think The New World Order doesn’t plan to do that here, you have another thing coming.”—Alex Jones

    “What are these so-called austerity measures? What do they really bring? Oh, they bring a lot more poverty. Oh, they bring a worse GDP. Oh, they bring more unemployment.” —Gerald Celente

    “It’s anti-capitalist to bail out banks. It’s anti-capitalist to bail out too-big-to-fails.”—Gerald Celente

    “If people don’t stand up, speak out and find courage within them, it’s the next train to Auschwitz.”—Gerald Celente

    • Jordi

      Great entry, thank you very much. I fully agree with those statements.

  • El Pollo de Oro

    “There’s a depression in Spain, a depression in Greece, a depression in Italy, a depression in Ireland, a depression in Romania, a depression in Hungary. There’s a depression in the world. American’s in a depression. There are no jobs being created that can give you a living wage. What comes next? Currency wars.”—Gerald Celente

    • McKinley Morganfield

      The Libyan fiasco was a skirmish in the currency wars. Daffy Duck was trying to form a united front in Africa to demand gold for natural resources. Thus, he had to been eliminated.

  • http://TheEconomicCollapse Dave of OK

    While not being old enough to remember, from my readings of what went on before WorldWar2, it sounds like what is happening in Europe is a mirror image of Central Europe in the 1930′s. Out of the chaos came a monster government that once again threw Europe into a fascist dictatorship. In the 1930′s governments around the world were in complete disarray and lacked the political will to do anything constructive. Then in Munich came the beer hall rebellion that changed the world. Does history repeat itself? We will see.

    • GaryToo

      part of the bailout deal to greece was that they had to use a lot of the money to buy weapons. talk about priorities. So while germany and japan are very limited since ww2 in their defence constraints, keeping the euro together as a whole and calling the shots, arming the periphery countries does effectively amount to a 4th reich. Surely the headache would be more than its worth, easier fighting the allies.

  • Craig

    I think I’ll just go to Redneck Heaven, have a couple drinks and make believe the world is just passing me by. I’d much rather do that than have to face reality. The reality I don’t want to face is that this once glorious country is being destroyed. We have lost most of our freedoms, and now we are losing our finances. This has always been the case when a group of people set apart to God have turned their back on Him. Does anybody want to go to Redneck Heaven with me and just forget about it all for a few hours?

    http://www.pbase.com/craig_c/redneck_heaven

  • patriot alice

    Misfit, you must leave the Euro Zone, you have an inferior money concept, you are out voted, go your own way, you make unreasonable demands, the rest of us agree on our financial responsibilities, we are united, in our values,you Germany are the unfit…You must leave before we flush you down the toilet with us…Save yourself Germany..

  • http://worldendsat5newsat11.blogspot.com Roberta Lamb

    We have been kicking the can down the road so long it’s all we know how to do, borrow and promise, borrow and promise. But now that the bill is so – so high 15 trillion plus what we owe to Medicade, Medicare, drug prescription, retirement, social security and all we are obligated to pay, comes to about 200 trillion plus – put that in your pipe and choke on it…
    It’s all just a big ponzi scheme and it’s all going to crash down around us.
    See how to survive the coming Economic Apocalypse at:
    http://surviving12-21-2012.blogspot.com

  • Count de Money

    Anybody notice that today is V-E day?

    • comnenus

      Who cares? The Soviets won WOrld War II after the stupid Ike let Zhukov walk into Berlin when the US 9th Army could have secured it 1 week before the Soviets.

  • comnenus

    It was a huge mistake by Woodrow Wilson to cheat the German Empire’s gains out of its hands on 1918.

    It is time to right the wrong. Honor the Brest-Litovsk Treaty, let Germany handle everything from the Atlantic to the Russian border, and get the hell out of Europe and let them ***** each other off.

  • David

    I’m just wondering why it’s taking so long. If I’m Germany, I’d have been out of there years ago. Let the French and Greeks pay for their own social programs. No one MADE these countries borrow beyond their means; don’t blame banks for being banks. The story always ends the same – eventually you always run out of other people’s money.

  • markthetruth

    To MAL R.

    THE WEALTH OF 300 MILLION US CITIZENS IS NOW DIVIDED OR TRANSFERRED BETWEEN 7 BILLION PEOPLE WORLD WIDE.

    DIDN’T THINK THAT I WOULD HAVE TO SPELL IT OUT TO SOMEONE SO SMART. THE SAME GOES FOR THE FISH IN THE OCEAN, THERE ONLY 25% OF THE BLUE TUNA LEFT AS THERE WAS IN THE 1950′S . THE WORLD IS CONSUMING MORE THEN THE OCEAN CAN REPRODUCE………… ITS THE WORLD AS A WHOLE CONSUMING MORE THEN THE EARTH CAN PRODUCE. OIL WILL SOON BE GONE, SINCE WE DRILL MORE THEN IT TAKES FOR OIL FORMATION.

  • Rodster
  • Evie

    Deflation would benefit the people. The elite would throw away food as they did in the great depression to keep prices high. They tear down homes for the same reasons now. God said waste is a sin.

  • Jeremy Bridges

    For your information the UK Government has not fallen. We had some local elections which concern local Government. Absolute rubbish. Neither has the French Government. The French had a Presidential election – not a General Election.

    Please confine your comments to the USA and its environs. Your “knowledge” of European affairs is abysmal.

    • Michael

      A different party took control in the UK, and a different party took control in France.

      So I am not sure where your criticism comes in.

      Michael

      • Not much to say

        Michael, interesting posts, thanks.
        Jeremy is right. In the UK the same parties (coalition of Conservatives and Lib Dems) are still in power. In local elections covering only a small part of the country Labour has made some considerable gains and won control of a few councils. This, however, has no bearing on national politics.

  • Schwarzer Peter

    German voters are not willing to carry the rest of Europe on their shoulders much longer. They have shown Merkel their displeasure in recent regional votes. Something will have to give.

  • Gary2

    I am so proud of the people of France for voting socialist. We need to follow their example and move way left here in the USA also. The people of France are saying no to austerity and yes to taxing the rich hard. Love it!

    Remember we can disagree without being disagreeable :)

    • GaryToo

      Hollande is to introduce 75% tax on wealthy. Viva le france, Their economy will recover the rest of world will then see the light and we will all be feeling foolish for believing in economic collapse.

  • Gary2

    Austerity is CLEARLY not working at all period. You can not cut your way to prosperity. I can not think of a single cou8ntry where austerity ever worked.

    • GaryToo

      except everywhere that there was no bailout, eg iceland, ussr. Naaah, no austerity keep demanding spending what you do not have and never did have, Austerity as part of bankers bailouts does not work. Just like trickle down where bankers keep inconceivable sums of money does not work, except for them.

  • 007

    This is somewhat surreal, France, a socialist country, has somehow chosen an even more socialist President. But his economic policies are identical to Obama’s.

    1. Screw the deficit, talk he central bank to print more money. Hope the people don’t notice the inflation.

    2. Preserve the unsustainable welfare state, even if France cant afford it and noome is willing to buy the France bonds to pay for it.

    3. Tax the hell out of the rich. revenue enhancements, wink, wink

    4. Create growth through government programs that never work.

    5. National debt and deficits….What national debt.

    • Gary2

      Tax the hell out of the rich. revenue enhancements, wink, wink

      We need to follow suite.

      • GaryToo

        Or follow them to the country with friendlier operating environment they relocate operations too.

        Tax accounts in switzerland and bahamas, did someone spike the koolaid?

  • Timo45

    My hole problem with austerity is nobody is saying remove these central banks. They are the main reason we need austerity in the world. If these sorry behind governments didn’t have these central banks they wouldn’t be able to get them selfs in to so much debt. They would have to come to the people for money. And explain why they need the money and the people would say no most of them time. Who would agree with losing 96% of their money for all these programs. Until strick laws are past on politicians and the central banks are removed its only going to get worst. Remove the central banks, do a debt forgiveness program and make strick laws on politicains then we can start makeing things better. I’m talking about if a politicians is caught being paid by big business he must die or lying about debt or making unessary programs they must die. Serious strick rules will change a lot of these problems. Until then they will keep lying and doing back door deals.

    • Victor

      Tim, in my opinion, your credibility is harmed by the numerous spelling and grammar mistakes in your posts. A quick read through before pressing the ‘Submit Comment’ button would work wonders… My 2c.

      • Dave

        Don’t you think that’s a bit harsh, Victor? English might not be Timo45′s first language. I still value what he (she?) has to contribute, even if he usually speaks another language besides English. Maybe ESPECIALLY if he speaks another language besides English. My 1c.

  • William Mayhue

    Yep! Tax the rich…hard. Then the rich expatriate, take their money and run to certain liberty-minded (or easy to bribe…kinda the same differance)tax havens and tell their old country to go “frack” themselves. Be kinda hard to run a ponzi scheme social program without any money at all coming in!!! (;D)

    Cheers!

    wmayhue7

  • mondobeyondo

    Tick… tick… tick… tick…

  • David

    Nonsense, this is what a union is, take it from me, I’m British. Our union of Wales, Scotland, N.I. and of course the money-man England only works because we subsidise the rest, but it’s been like this for 300 years or so – that’s what a union is!

    These are not bailouts, there is no Germany, there is no Greece, there is just a European citizen, that’s it and that region of Europe makes more than the rest, get used to it!

    As for Germany leaving the €uro AND staying in the EU?! Nice analysis, but I don’t think so, they don’t want to be on the wrong side of history again. Being responsible for the complete economic destruction of all of those in Europe will create huge and ever lasting tension, nobody would buy anything from them – I wouldn’t if I were French or Spanish!!

    Also, the €uro is incredibly important for their export market, just how do they expect to remain competitive with their Reichmark?! They need the €uro, they need the Club Med to devalue it, if they leave then they can say goodbye to 50% of their export value, if not all.

    Germany aren’t going anywhere, they’re going down with the ship, lest they want revenge to come their way!

    P.S. if they think anybody will form a Northern €uro mk.2 they’re in for a surprise!!

    • resident in germany

      You are right ! It’s no difference: Either Germany’s out of the Euro and has a strong valued currency or Greece and others are out and the Euro gains in value again. The effects are the same: German products can’t be exported for their high prices and the ponzi scheme called “Germany is export nation #1″ will haunt the German economy for the years to come. Imports will be cheaper and giving others the opportunity to economic rehab.

      BTW, Germany’s economic success, Germany’s fortune is built on Europe’s current misery, Greece included.

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  • http://rivelinoinspain.wordpress.com Rivelino

    “In fact, Nicolas Sarkozy has become the 11th leader of a European nation to be defeated in an election since 2008. We have seen governments fall in the Netherlands, the UK, Spain, Ireland, Italy, Portugal and Greece. Whenever they get a chance, the citizens of Europe are using the ballot box to send a message that they do not like what is going on. It turns out that austerity is extremely unpopular. ”

    but in spain, they voted out the more socialist govt, and voted in a more conservative, capitalistic govt

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  • zetus

    Who are those people who believe in life on credit for ever? On micro scale most of us know that it leads to nowhere. But on the state scale it seems too abstract, to unreal to delve into.

    Nobody likes austerities, but the media should be pointing out, educate the electorates what choices lie ahead and which are feasible in order to marginalize the populists and extremists. Maybe the democracy model is already outdated and must be somehow amended in the direction to give the professionals more say in their competency field. I do not know how to realize that, but I can see that in this world of advanced technology and market economies democratic election of those who rule a state is sometimes a kind of cabaret. Our choices are based on candidates look, eloquence, smile etc.. Roosevelt/Churchill could have never been elected in the 21st century. (Lets think for a while about David Beckham)

    Most of the people do not have the basic prerequisites to decide what is better and what is worse in the long run for them. They are cheated by the politicians, they are uninterested in politics and economy, they are concerned with the daily needs. My main concern is the media which lost their independence ( if they had any at any time in history) There are enough examples that show that private media play their own agenda, which is to earn more or to have more leverage on the government. The public media are weak or non existent, or fall pray of the greedy politicians.

    I think EU has expanded too quickly and accepted states unprepared to coexist with the other states. It can be seen with a bare eye that the north is different from the south and those who tailored the EU treaty made it with their societies profiles in mind and with too much optimism. Why did they not make provision for an exit of a member state from EU in an orderly manner? I believe EU is a great value and non of the member states should jeopardize its existence. So my choice is: better Grexit then Deutexit.

    • jhunted7667

      No one of the modern Generation likes self control , the lack of which eventually brings forced Austerity , it’s,,,,,, give it to me now and let me pay for it later , it’s like a woman who wants her career now and children later , after a while she is broke and alone , after Shimitta strikes on Sept 13 2015 all the banks across the world will be broke taking everyone’s money away while forcing those with mortgage’s to pay up at a higher rate of interest or loose their homes , only SMART prudent people know when to get away from the Game so they can have their cake and some day be able to watch their Grandchildren eat it

  • http://bonaventura.blog.com bonaventura

    I think all the problems stem from a culture of corruption and moral depravity. Politics is rotten, the expense of many innocent lives. Europe is also the same as the other world. Dependent people are trying to corruption and corporate dining establishments. Capitalism that eat each other, the decrepit and increasingly savage. System is rotten rotten though the results are also sparkling and beautiful. World more and more foul, not a delicious fruit, rotten.

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