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Germany outraged by Italian newspaper’s ‘Fourth Reich’ headline

Via: Raw Story

German politicians have reacted furiously to this front page in the Italian daily Il Giornale with its headline “Fourth Reich” above a picture of Chancellor Angela Merkel raising her hand in a vaguely fascist salute.

The paper is owned by the brother of Italy’s former prime minister, Silvio Berlusconi, and the article – published on Friday – was written by its editor-in-chief, Alessandro Sallusti.

It says: “Since yesterday, Italy is no longer in Europe, it is in the Fourth Reich.” It argues that Germany has won while Italy, Europe and the euro have lost. It blames Merkel for failing to allow the European central bank to assist the Italian economy.

Il Giornale has been at the centre of controversy with Germany before. Two months ago, after Italy beat Germany in the Euro 2012 football semi-final, the paper published a picture of Merkel under the headline “Ciao, ciao culona” (Bye bye lard arse).

The paper has also laid into Italy’s prime minister Mario Monti – who replaced Berlusconi – for not doing enough to stand up to Germany. It compared him to the appeasing British prime minister Neville Chamberlain who declared in 1938 he had “secured peace in our time” after meeting Adolf Hitler.

http://www.rawstory.com/rs/2012/08/07/germany-outraged-by-italian-newspapers-fourth-reich-headline/

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August 8, 2012 Posted by | Uncategorized | , , , , , , , | Leave a comment

Greece/Euro/EU – “Quote of the Day”

Via: Huffington Post

“There’s a disagreement on the fiscal side, and unless that is resolved in the next three days, then I’m afraid the summit could turn out to be a fiasco.

And that could be actually fatal because you are facing the possiblity of Greece leaving the euro and perhaps the European Union, and you need to strengthen the remaining euro structure to withstand that shock.”

– George Soros told Bloomberg TV.

http://www.huffingtonpost.com/2012/06/25/george-soros-germany_n_1623810.html?utm_hp_ref=business

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June 26, 2012 Posted by | Uncategorized | , , , , , , | Leave a comment

Euro ‘Is A Bloody Doomsday Machine,’ Mark Blythe, Brown University, Economics Professor Says

Via: Huffington Post

The unthinkable suddenly looks possible.

Bankers, governments and investors are preparing for Greece to stop using the euro as its currency, a move that could spread turmoil throughout the global financial system.

The worst case envisions governments defaulting on their debts, a run on European banks and a worldwide credit crunch reminiscent of the financial crisis in the fall of 2008.

A Greek election on Sunday will determine whether it happens. Syriza, a party opposed to the restrictions placed on Greece in exchange for a bailout from European neighbors, could do well.

If Syriza gains power and rejects the terms of the bailout, Greece could lose its lifeline, default on its debt and decide that it must print its own currency, the drachma, to stay afloat.

No one is sure how that would work because there is no mechanism in the European Union charter for a country’s leaving the euro. In the meantime, banks and investors have sketched out the ripple effects.

They think the path of a full-blown crisis would start in Greece, quickly move to the rest of Europe and then hit the U.S. Stocks and oil would plunge, the euro would sink against the U.S. dollar, and big banks would suffer losses on complex trades.

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You can, and I suggest you do; read Act 1, 2, and 3, HERE:

http://www.huffingtonpost.com/2012/06/15/euro-bloody-doomsday-machine_n_1599931.html?utm_hp_ref=business

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personal thought:

If it turns not to be Greece; then it will be Spain, or Italy, or Portugal, or . . .

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June 16, 2012 Posted by | Uncategorized | , , , , , , , , , | Leave a comment

Neo-Nazi Greek Politician Beats On Lady Politician On Live TV (VIDEO)

Via: The Wonkette

Well, this is great.

During a live television debate on Thursday between a bunch of Greek politicians (its broke citizens go to the broken polls on June 17), Ilias Kasidiaris, a spokesperson for and member of the terrifyingly named neo-Nazi party Golden Dawn, tossed a glass of water at a lady rival, Rena Dourou of the left-leaning Syriza party, THEN slapped another lady politician, Liana Kanelli of KKE, the communist party, twice.

This after an exchange of insults including “you old commie!” (he to she) and “fascist!” (she to he).

The bestest part of this is that it is ONLINE!

The second best part is that the reason Kasidiaris attacked the women is because they were asking him about a 2007 mugging that he has been implicated in. The trial about that mugging is ongoing, but it’s safe to say, um, innocent until proven to be a violent freak on national television.

After the incident, Kasidiaris apparently fled the TV studio, and is currently being sought by police. Golden Dawn is being given the time of day after winning some parliamentary seats in a May 6 vote. They only got about 6.9 percent of the vote, however, and rivaling parties are now using this debacle, understandably, to get the Greeks to change their minds by the June 17 election.

Read the rest of the story, and see the video, HERE:

http://wonkette.com/474692/neo-nazi-greek-politician-beats-on-lady-politician-on-live-tv-video#more-474692

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SO WHAT’S NEXT?

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“commie!” (Merkel to Hollande)?

you old fascist!” (Hollande to Merkel)?

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June 8, 2012 Posted by | Uncategorized | , , , , , , , , , | Leave a comment

“Achtung Baby: Germany Is Riskier Than You Think”

Via: Huffington Post

While everybody’s rightly worried about Spain as the next likely victim of the European debt crisis, nobody’s thinking much about Germany. It could be in more trouble than we realize.

That’s the message of a presentation making the rounds Tuesday on Wall Street by Carmel Asset Management, a New York investment firm. Entitled Achtung Baby: Germany Is Riskier Than You Think,” the presentation points out that Germany has been the sponge soaking up Europe’s debt problems for more than two years now — and that it helped finance the debt booms in Greece, Spain and other peripheral European countries that led to the eventual bust. This is all bad news for Germany’s long-term financial health, Carmel warns.

“Periphery debt is now the Federal Republic of Germany’s problem,” Carmel writes in the presentation, which is available in full at the Zero Hedge blog.

Typically when Germany is mentioned in relation to the rest of the eurozone, it is the Debbie Downer who won’t let anybody do anything fun, like stimulate the economy or issue joint European bonds. Its fever for austerity has helped investors think of it as an uber-safe haven. That’s one reason its two-year debt yields recently turned negative: Investors are so desperate for Germany’s perceived safety that they’re willing to actually pay money to let the German government hold their money for safekeeping.

But Germany is not immune, Carmel warns. It is getting punished in four very specific, very awful ways:

– Germany’s central bank, the Bundesbank, has taken on the burden of some of the bad debts of struggling European countries, as a result of being the primary cash source for repeated eurozone bailouts.

– The Bundesbank is also suffering from the bad debts of German private banks that loaned to struggling countries.

– German banks that still have those bad debts on their books are suffering, too.

– Germany’s export-driven economy is taking a hit from the slowdown in trade accompanying Europe’s rolling financial crises and recessions.

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Read more, HERE:

http://www.huffingtonpost.com/2012/06/05/germany-european-debt-crisis_n_1571464.html?ref=business

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personal thought:

I can’t help think, sooner or later, there will be a ‘German Spring’; and the voters will demand their government stop bailing out their Southern neighbors.

Perhaps even a return to the ‘Deutsche Mark’?

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June 6, 2012 Posted by | Uncategorized | , , , , | 2 Comments

Euro Exit Would Prompt Greeks To More Than Half Their Income

Via: Huffington Post

An exit from the euro would see Greeks lose more than half their annual income and prompt a dramatic rise in unemployment and inflation, a report from the country’s largest bank has warned.

The National Bank of Greece study was published Tuesday as Greece heads to new general elections on June 17, amid Europe-wide concern of broader financial turmoil if Greece’s place in the single currency is threatened by a victory for an anti-austerity party.

“An exit from the euro would cause a significant drop in the living standards of Greek citizens – with a reduction of at least 55 PERCENT in per capita income,” the authors of the 17-page report wrote.

“This would affect those on a lower income the most, with a significant devaluation of the new currency, by 65 percent, and financial contraction of 22 percent on top of the (GDP) reduction of 14 percent that occurred between 2009 and 2011.”

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Read more, HERE:

http://www.huffingtonpost.com/2012/05/29/greece-euro-exit_n_1553177.html

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May 30, 2012 Posted by | Uncategorized | , , , , , , | Leave a comment

Greece Crisis Is Personal As Well As Political, As Greeks’ Lives Worsen

Via: Huffington Post

Like many Greeks left unemployed by their country’s economic tailspin, Dimitris Spachos finds it easier to talk about his nation’s problems than his own.

Enormous debt accumulated over decades sent the country into a recession so deep it kills 200 businesses and 900 jobs EVERY DAY. Elections this month failed to produce a government, and Greeks will vote again in June. Meanwhile, life for most Greeks continues to get worse.

“Every day I see more people sleeping rough on the street,” said Spachos, 72. “They can’t even wash their clothes or themselves. … It worries me.”

Spachos, who has been staying with different friends in recent months, may soon join them. A former doctor, he could not afford to retire and found work as a hospital orderly. But as Greece’s woes mounted so did his own, and he lost his job, then two more: one as a gardener and one as a groundskeeper.

Now, he is unemployed and homeless, and spoke this week at a municipal soup kitchen, where he ate a plastic bowl of bean soup, a thick slice of bread and a banana.

“I am ashamed to be here,” Spachos said, his eyes filling with tears. “My heart is broken.”

“Greeks have fight in them, so maybe things will improve in a couple of years,” he said, opening his shirt to reveal a scar from surgery to implant a pacemaker. “But I won’t be around to see it.”

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Read more, HERE:

http://www.huffingtonpost.com/2012/05/20/greece-crisis-personal_n_1530871.html

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personal thought:

” . . . so maybe things will improve in a couple of years”; I hate to say, but I think it might be very much worse in a couple of years.

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May 21, 2012 Posted by | Uncategorized | , , , , , , , | Leave a comment

(2 of 2) What Greece decides to do will affect us all; sooner or later

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May 14, 2012 Posted by | Uncategorized | , , , | Leave a comment

(1 of 2) Euro – Here’s how it might play out – Paul Krugman

Via: New York Times

Some of us have been talking it over, and here’s what we think the end game looks like:

1. Greek euro exit, very possibly next month.

2. Huge withdrawals from Spanish and Italian banks, as depositors try to move their money to Germany.

3a. Maybe, just possibly, de facto controls, with banks forbidden to transfer deposits out of country and limits on cash withdrawals.

3b. Alternatively, or maybe in tandem, huge draws on ECB credit to keep the banks from collapsing.

4a. Germany has a choice. Accept huge indirect public claims on Italy and Spain, plus a drastic revision of strategy — basically, to give Spain in particular any hope you need both guarantees on its debt to hold borrowing costs down and a higher eurozone inflation target to make relative price adjustment possible; or:

4b. End of the euro.

And we’re talking about months, not years, for this to play out.

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Read Krugman’s BLOG, here:

http://krugman.blogs.nytimes.com/

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Paul Robin Krugman born February 28, 1953) is an American economist, Professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University, Centenary Professor at the London School of Economics, and an op-ed columnist for The New York Times.

In 2008, Krugman won the Sveriges Riksbank Prize in Economic Sciences (informally the Nobel Prize in Economics) for his contributions to New Trade Theory and New Economic Geography. According to the Nobel Prize Committee, the prize was given for Krugman’s work explaining the patterns of international trade and the geographic concentration of wealth, by examining the impact of economies of scale and of consumer preferences for diverse goods and services.

Read more, HERE:

http://en.wikipedia.org/wiki/Paul_Krugman

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personal thought:

Chicken Little was right, “The sky is falling! The sky is falling!”

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May 14, 2012 Posted by | Uncategorized | , , , , , , , , , | Leave a comment

Europe’s Currency Union: A Bad Marriage That May Have To End

Via: Huffington Post – Peter S. Goodman

The European currency union has become like a bad marriage whose deep-seated problems have burst embarrassingly into public view, while the beleaguered partners stay together for the sake of the children.
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Maybe it’s finally time for the unhappy couple to own up to the fact that they were never meant to be together. They bring too much historical baggage (a couple of World Wars, disagreements about whether it’s okay for pork products to hang in shop windows).
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It often seem as if they are speaking different languages!
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The children — Greece, Italy, Spain, Portugal and Ireland, for openers — might actually be better off living by themselves. (Because, really, if your parents were Germany and France, with each decision in your life requiring their peaceful concurrence, how long ago would you have run away from home?)
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You can read the rest, HERE:
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photo:
‘Mom and Dad’
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December 10, 2011 Posted by | Uncategorized | , , | Leave a comment