[kitchencabinetforum] EUROCOMMISSARS AND INVESTORS LOCK HORNS!

Olli Rehn laments that markets have not reacted as he expected or hoped for to the measures agreed by euro-area Heads of State and Government on 21 July. The bailout for the Cradle of Kleptocracy is taxpayers' hard-earned money blown out with the wind, because the October-18 Mafia continues corruption, squander, marilizardism, incivility, stupidity, charge stacking, and junketing. http://venitism.blogspot.com

Rehn asserts the spread of bond-market tensions across the euro area is, however, not justified by economic and budgetary fundamentals. Economic recovery is proceeding in most parts of the euro area, while important steps in budgetary consolidation and structural reform are underway across Europe and in particular in those Member States most exposed to market tensions. Only stupid investors would squander their money in a country addicted to kleptocracy, socialism, charge stacking, and marilizardism.

Rehn hoodwinks that some of the reasons for market tensions relate to developments outside of the euro area. Investor sentiment has been negatively affected by the impact of the debt ceiling negotiations in the United States and recent data suggesting a soft patch in the global economy. There is no way any prudent investor will throw a euro in the Cradle of Kleptocracy, which is infested with marilizardism, the October-18 Mafia, charge stacking, and the cancer of socialism.

But other sources of tension can be found closer to home. While the 21 July agreement is a milestone in our management of the sovereign-debt crisis, we have had difficulties in communicating the agreement to the markets. Such a comprehensive, detailed and technically complex agreement requires time to implement. But there were expectations in financial markets that all elements could be implemented immediately. While these expectations were clearly unrealistic, markets have nevertheless been disappointed.

Governments of PIGS use marilizardist tools to manipulate netizens. Marilizard Libel is accusing dissident bloggers of treason, Marilizard Spaghetti is hurling charges against innocent people, Marilizard Tower is a stack of imaginary charges to scare a blogger, and marilizardism is terrorizing dissident bloggers. October 18 is the international day against marilizardism, and October-18 Mafia is the marilizardist government of Greece. http://venitism.blogspot.com

Banks cannot participate voluntarily in illegal acts, such as fiduciary imprudency. Bank directors are committed to bank's welfare, and not the public interest. If bankers waive outstanding debts at the expense of the bank, this is a breach of trust and punishable by law. All those bankers, that IIF claims plan to participate in rollovers, might go to jail for violating the fiduciary duty of prudency! Venizelos of October-18 Mafia pressures the banks to participate, but he really opens a Pandora's box.

Rehn points out that two weeks ago, the euro area leaders re-affirmed their commitment to do whatever is needed to ensure the financial stability of the euro area as a whole and its Member States. The political will to defend the euro should not be underestimated. Since the onset of the crisis, euro area leaders have always proven that they could take the necessary decisions and a continuously evolving situation.

What PIGS are experiencing at the moment is a shock and awe. But it was also overdue. PIGS are not innocent when it comes to their decline. But providing PIGS with extended maturities and lower interest rates is in no way a true solution. PIGS need restructured debt in order to have a little breathing room. http://venitism.blogspot.com

Rehn recalls what The French and German finance ministers, Francois Baroin and Wolfgang Schaeuble, said only a few days ago: Rebuilding confidence in the eurozone will require patience, considerable stamina and vision. Our path is demanding. We have embarked on a way to ever closer co-ordination and co-operation of our national fiscal policies.

Kleptocracy, Kangaroo Justice, marilizardism, Marilizard Libel, Marilizard Spaghetti, and Marilizard Towers are very common in PIGS. PIGS prefer to detach themselves from reality. One can do that for a while, but now the capital markets are suggesting those days are over. Either you face up to reality or you will be punished.

Yesterday, President Barroso wrote to the Heads of State and Government urging them to ensure full and rapid implementation of the 21st July agreement. PIGS first need to implement credible savings measures. PIGS already have considerable problems in that respect. PIGS also need a strict revenue policy. Tax evasion needs to be fought more effectively. And some things have also gone wrong with PIGS' industrial policy.

Rehn claims he is doing what is necessary to implement the 21st July agreement fully and as rapidly as possible. The fundamental problem is that politicians believe that markets react in panic, in other words, irrationally. But that's not true. The capital markets aren't children who can simply be quieted down. Investors look at the figures and can see that PIGS are going bankrupt.

It would have been fantastic if the agreement had been fully operational on the 22 July, but this was of course impossible. The very technical details of the agreement must be fleshed out and then accepted and ratified in each Member State. This is the necessary – and legitimate – a price to pay for living in democracies.

Fourthreichian monetary unification is the Trojan horse for overall harmonization of economic rules, policies, and laws in Fourth Reich. Any eurozone problem is interpreted as a consequence of the lack of harmonization and leads to another wave of a creeping harmonization. Following every crisis meeting with Napoleon Sarko, Chancellor Merkel always declares that coordinating tax policies and labor laws is not just about currency issues but also about political cooperation, which has to be deepened. In other words, more enslavement to Brussels, transforming the confederation to a federation!

Experts from Member States, supported by Rehn's services of DG ECFIN, as well as by the ECB and the EFSF , are working night and day to put flesh on the bones of the 21st July agreement. And they are progressing quickly. Meetings and conference calls are being organised very frequently and will take place as often as necessary in coming days. The technical work will be completed as a matter of urgency.

Eurokleptocracy, gigaregulation, Antitrust Armageddon, and gigataxation, especially VAT, are the real causes of the European financial meltdown. Fourth Reich(EU), an unvoted illegal confederation, cannot protect Europeans from Eurokleptocrats, especially Graecokleptocrats, and police brutes, especially Graecocybercops. Fourthreichian Premier Barroso condones the disgusting Graecokleptocrats who accuse dissident bloggers of treason, confiscate their computers, and lock them is jail! http://venitism.blogspot.com

Rehn is talking here of a matter of weeks, not months. In order to end the uncertainty, the technical and political processes should be finalised by early September. But the technical and the political processes are mutually dependent. There are different procedures for ratification across Europe and we expect all euro area Member States to do what is expected of them to meet that timeline. That is what President Barroso called for in his letter yesterday, stressing that there could be no delay in ratification.

The freakish October-18 mafia robs computers and terrorizes the blogosphere with charge stacking! Why on Earth Durao Barroso, Neelie Kroes, Viviane Reding, and Cecilia Malmstroem of the European Commission cannot rein in Graecokleptocrats? If Fourth Reich cannot protect Greeks from October-18 mafiosi, who will? Greek dissident bloggers want back their stolen computers, their stolen files, their stolen personal data, and their stolen lives. Restitution is a basic right in a civil society. Brutal Graecocybercops should be abolished now. http://venitism.blogspot.com

Rehn is confident that, once investors understand that all this work is underway behind the scenes, they will be reassured about implementation of 21st July agreement. Yesterday, President Barroso wrote to Heads of State and Government of the Eurozone urging rapid implementation of the measures agreed.

The issue which bothers Vaclav Klaus most is the accelerating move towards global governance, even more dramatically towards European governance, which means towards the weakening of the traditional pillar of democracy – of the nation states. It is very fashionable to argue now that due to globalization, which means internationalization of human activities, we need global governance. Klaus does not agree. http://venitism.blogspot.com

It is the Commission's long-standing position that the effective lending capacity of the EFSF should be reinforced and the scope of its activity widened. They said this already in their Annual Growth Survey on 12 January this year.

That is why the European Commission was and remains satisfied with the 21st July agreement, which achieved most of these objectives with regard to the EFSF. The new EFSF instruments, now always linked with appropriate conditionality, include the possibility to act on the basis of a precautionary program, to intervene in the secondary markets in the basis of an ECB analysis, and to finance recapitalisation of financial institutions through loans to governments.

Rehn asserts we need to stand ready to adapt Fourth Reich crisis management tools to be credible and effective. Of course, this goes for the EFSF as well. To be effective, the EFSF needs to be credible and respected by the markets. Thus it will need to be continuously assessed, once up and running in its updated form, with those objectives in mind. http://venitism.blogspot.com