[kitchencabinetforum] MEPS BEWILDERED ABOUT THE FOUR PIGS

Northern Fourthreichians have the strong suspicion that some of their hard work is going down the drain with the hundreds of billions that are currently disappearing into aid packages and bailout funds for PIGS, lived well at the expense of others, and that those who were more careful with their money are now expected to swallow the poison that is making its way northward. http://venitism.blogspot.com

Don't be fooled by any bounce of the marilizardist dead cat. The euro has been rescued for the moment, but Eurokleptocrats have thrown the foundations of Fourth Reich's common currency overboard with their unprecedented bailout package. In the longer term, the dangers of the crisis can only increase, and the flood of billions of euros will lead to inflation.

The three largest credit rating agencies (CRA) – Moody's, Standard & Poor's, Fitch – are ready to downgrade PIGS again. Eurokleptocrats have thrown overboard all the noble principles and promises of the formal, tough treaty-based foundations for the introduction of the euro and the independence of the European Central Bank.

Fuehrer Merkozy cannot understand that stimulus funds stimulate government, not the economy. Downturn in a business cycle is painful but necessary medicine for restoring equilibrium to the economic system. Reject further lowering of the interest rate (stimulative monetary policy) or any other attempts (for example, deficit spending or stimulative fiscal policy) to stimulate demand. 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! October-18 Mafia pressures the banks to participate, but it really opens Pandora's box.

Never catch a falling marilizardist knife. MEPs wrongfully say that two key messages emerged from Monday's discussion with leading Eurozone figures organised by the EP's Economics committee just a couple weeks after some of the stormiest times in the Euro's history.

Firstly, the ECB has remarkably stood up to fill the void left by Member States' inability at tackling the current crisis. Secondly, the economic governance sixpack remains the base on which to build long term economic stability. http://venitism.blogspot.com

Banks in PIGS have unloaded risks amounting to one trillion euros with central banks. The central banks have distributed large sums to their countries' financial institutions to prevent them from collapsing. They have accepted securities as collateral, many of which are garbage.

These risks are now on ECB's books, because the central banks of eurozone are not autonomous but, part of the ECB system. When banks in PIGS go bankrupt and their securities are garbage, the euro countries must collectively account for the loss. Bundesbank, provides one third of the ECB's capital, which means that it would have to pay one third of all losses. http://venitism.blogspot.com

Fuehrer Merkozy knows that only stupid investors would squander their money in a country addicted to kleptocracy, socialism, charge stacking, and marilizardism. During a special meeting hurriedly called after EU banks and bond markets took a battering throughout most of August, MEPs from the economics committee discussed the current situation and ways out with ECB President Jean-Claude Trichet, Eurogroup President Jean-Claude Juncker, Economic and Monetary affairs Commissioner Olli Rehn, and ECOFIN President Jacek Rostowski.

Bundesbank has already decided to establish huge reserves to cover possible risks. The expected failure of Greece, which would lead to the bankruptcy of a few Greek banks, would increase the bill dramatically, because ECB is believed to have purchased Greek government bonds for €60 billion. Besides, ECB had spent about €100 billion on refinancing Greek banks. We criticized many times ECB's program of purchasing government bonds issued by ailing eurozone states. In the event of a bankruptcy or even a deferred payment, ECB would be directly affected.

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. Opening the four hour discussion the Chair of the committee, Sharon Bowles (ALDE, UK), said that it was time to begin to seriously consider ambitious ideas which had been discounted for their improbability. When you eliminate the impossibility of the fragmentation of the Euro you are left with the improbable, no matter how unlikely that seems.

Eurokleptocrats sacrificed the independence of the European Central Bank and paved the way for a European Inflation Union. There won't be any state bankruptcies in the eurozone in the future. ECB will just purchase government bonds of the country in trouble. The money can't run out as ECB prints it itself. A flood of money like that can't continue without any consequences. The currency's stability will be undermined and inflation will destroy Fourth Reich. http://venitism.blogspot.com

MEPs from across the political spectrum were nearly unanimous in congratulating the ECB for stepping into the role which national politicians proved incapable of filling by taking actions which helped quiet the Summer crisis. "It is thanks to the ECB that we have not fallen victim to the big problems which have hit us recently" Werner Langen (EPP, DE) said.

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

"Do you envisage yourself as an adviser to national politicians once you retire?" Kay Swinburne (ECR, UK) asked Mr Trichet, alluding to the inadequate response to the crisis by Member States. 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

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.

ECB now purchases government bonds in emergencies. Not only has this been prohibited until now, it also contradicts the central bank's overarching goal, keeping the value of money stable. Now this taboo is broken, and the very foundations of eurozone are eroded. ECB's independence' has now been shown to be nothing more than a sham, a chimera, a will-o'-the-wisp. In the end, ECB and euro will be punished for this decision to stand down from what had previously been considered sacred.

This policy effectively makes ECB a bad bank, a bank that buys up toxic assets as a means of helping out other institutions, all protestations of its president to the contrary. The pile of junk bonds on the ECB's balance sheet continues to grow. The fact that the ECB is keeping prices artificially high is downright encouraging banks to unload their risky assets onto the central bank.

Sylvie Goulard (ALDE, FR) however raised the point that it would not be possible for the ECB to constantly make up for the weaknesses of national politicians and that the real answer lay in having a "non-intergovernmental objective". Elisa Ferreira (S&D, PT) echoed this: "We need to think wider and deeper. We need a vision".

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.

Others signalled the general lack of effective leadership in EU capitals. For his part Trichet reiterated that, "the ECB must always be cautious not to overstep its role", adding that the true solution lay in agreeing the 'six pack' and even "going further at a later stage".

The European Central Bank has been buying up Greek bonds by the bucketload, even though Athens is already getting money from an EU rescue fund. There is a French plot behind the massive buy-up, as it gives French banks the perfect opportunity to get rid of their Greek assets. German banks, on the other hand, are not potential sellers, because they have made a voluntary commitment to Finance Minister Wolfgang Schaeuble to hold their Greek bonds until May 2013.

ECB is creating excess supply by buying at overinflated prices. In other words, many creditors are more inclined to sell their risky assets to the central bank under these terms. It's a free lunch. Anyone who doesn't take advantage of this opportunity to get rid of his securities now only has himself to blame.

On the classic role for the ECB regarding interest rates, Marta Andreasen (EFD, UK) asked whether it was not opportune to cut interest rates by a full 1% to get the EU's economies going again.

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.

The Fourth Reich bailout of the Cradle of Kleptocracy cannot succeed, because the October-18 Mafia continues corruption, Kangaroo Justice, marilizardism, Marilizard Libel, Marilizard Spaghetti, and Marilizard Towers. October-18 Mafia is the most disgusting predator of internet on Earth! Civil society was shocked by the brutality and stupidity of October-18 fiasco, initiated by the Ministry of Foreign Affairs of the government of Greece. That's why October-18 Mafia is the new name of the government of Greece! http://venitism.blogspot.com

Commissioner Olli Rehn did not mince his words. "The adoption of the sixpack will be a crucial step forwards. This is the necessary foundation on which we can build further. We need to use the Community method for the future structures of Eurozone governance", he told MEPs in his opening remarks.

Governments of many repressed countries, such as Greece, 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

Marilizardism is the death cross of Greek treasury bonds. Infamous October-18 mafia uses the cybercops as a political tool. Cyber Crime Unit (CCU), Dioxi Ilektronikou Egklimatos, is just a paramilitary gang of October-18 mafia which terrorizes the Greek blogosphere. Putting the CCU wolf to guard the sheep gives the government a comparative advantage over the opposition. This is another form of a Trojan Horse.

Marilizardism has created a liquidity black hole for all Greek investments. Any cell of Greek CCU jail has neither pillows nor toilet! You have to urinate in a bottle! The whole CCU jail has neither soap nor toilet paper! During the whole night, scared jailed girls scream for help, but the guards, far away in their office, pretend they are not listening! If it's not barbarity, what is it? There is a long way from the civilization of Ancient Greece to the barbarity of Modern Greece.

Addressing fears raised by MEPs regarding competing plans for long term economic governance, Minister Rostowski declared that the conclusion of the sixpack would be a Polish Presidency priority. "The Sarkozy-Merkel economic government is not a replacement to the sixpack", Corien Wortmann-Kool (EPP, NL) said. Mr Juncker was on the same lines: "Let us not think even for an instant that a Eurozone government which holds two summits per year is credible."

Fuehrer Merkozy cannot understand that October-18 Mafia is the real enemy of the Greek people. October-18 Mafia hoodwinks it will go straight, but nobody believes it anymore! October-18 Mafia did not keep its promise to abolish sinecures, government ownership, kleptocracy, Kangaroo Justice, marilizardism, Marilizard Libel, Marilizard Spaghetti, and Marilizard Towers.

Christine Lagarde of IMF has made it absolutely clear she does not trust Graecokleptocrats, because they never apply what they vote in the Grand Brothel on Syntagma Square! That's why she sent her inspectors to Athens to see things are done as promised and voted.

Graecokleptocrats love the Greek debt crisis, because it takes the attention of Greeks away from the myriad scandals of the Greek government, such as the Siemens scandal, the huge kickbacks for purchasing defect military equipment, defect trains who do not fit the rails, churning the retirement funds of poor workers to generate commissions and kickbacks, airplanes that cannot keep balance, submarines that bend, swaps of prime state land with questionable monastery land, and so it goes.

Global Tax Revolt was the first organization that reported the October-18 2010 fiasco to all banks, hedge funds, big investors, traders, and analysts. As a result, the yields of Greek treasury bonds skyrocketted, as no prudent investor was willing to touch them. Marilizard's stupidity cost October-18 Mafia many billions of euros! The only thing October-18 Mafia got out of this fiasco is toilet paper in the form of worthless Greek treasury bonds! CCU jail needs toilet paper anyhow!

Markets are more rational than politicians. Punishing PIGS is a rational thing to do. There are people who have invested their money there and have now determined that the investment is no longer secure, so they are pulling out. In addition, there are players who have taken notice that the yields are rising and they are betting on that. That's the snowball effect which we are now seeing. It is not based on panic, but rather on totally rational appraisals. http://venitism.blogspot.com