The euro fell below $1.19 to its lowest in more than four years. Worries over the eurozone's debt problems and Eurokleptocracy, especially Graecokleptocracy, bring a panic into the markets. Against the yen, the euro skidded below 108.33 yen to an eight-year trough.
Europe's addiction to big government, unaffordable entitlements, and cradle-to-grave welfare bring the cancer of socialism. Eurokleptocrats are losing control of a spiraling debt crisis across Fourth Reich. The Greek contagion has now infected Spain, Portugal, Italy, Ireland, and Britain. Tensions are becoming visible between eurozone members with differing levels of debt.
It was neither tax dodgers nor speculators that caused Europe's existential crisis. Eurokleptocrats share all responsibility. They have been either unwilling or incapable of doing their jobs. When the financial institutions began to wobble in the autumn of 2008, with some collapsing and taking others with them, meltdown fear swept through the corridors of power. Eurokleptocrats gathered at Brussels, where they applied Band-Aids to a severely wounded financial sector using trillions of euros of taxpayers' money and promised to stabilize the fragile European system for all eternity.
The one trillion dollars stability package suffers from the same problem as all the other ones Fourth Reich(EU) has come up since the Greek crisis started rattling the markets: It tries to fix the symptoms, not the causes. The causes are kleptocracy, overregulation, nepotism, VAT, and socialism.
Basil Venitis, twitter.com/Venitis, points out Eurokleptocracy, gigaregulation, Antitrust Armageddon, and gigataxation, especially VAT, are the real causes of the European financial meltdown. Democracy in Fourth Reich(EU) has deteriorated to kleptocracy, and Fourthreichians, aka Europeans, are mad as hell. Eurokleptocracy thrives on waste, fraud, abuse,and kickbacks. European Union(EU), aka Fourth Reich, an illegal unvoted confederation, condones the European Commission(EC), aka Eldorado of Corruption, the European Parliament(EP), aka Eldorado of Prostitutes, and Graecokleptocrats, the most corrupt politicians on Earth.
Northern Europeans are taken to the cleaners! PIGS are not left to face the consequences of their profligacy, and the integrity of the euro is now not preserved. Venitis points out the future of Fourth Reich is being tested severely, together with much of the wealth of investors who have diversified into euro. This crisis will draw the Fourth Reich member States into a covert political struggle over the future of Fourth Reich. As this battle ebbs and flows, both the euro and the dollar will suffer great volatility.
As the health of much of the global economy weakens on a daily basis, political leadership increasingly ignores the source of the malady and instead focuses on short term band-aid remedies. These measures which may buy a few months, or years, of relative well being, will convince the public that problems have been solved and will thereby take pressure off governments to make the needed structural changes. The $1 trillion EU bailout is a perfect example of this band-aid approach. Napoleon Sarko threatened to pull out of eurozone, unless Merkel agreed to back the European Union's bailout plan!
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. 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.
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.
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.
The Dirty Dozen most corrupt kleptocrats on Earth were Costas Caramanlis of Greece, Costas Simitis of Greece, Suharto of Indonesia, Ferdinand Marcos of Philippines, Mobutu Sese Seko of Zaire, Sani Abacha of Nigeria, Slobodan Milosevic of Serbia, Jean-Claude Duvalier of Haiti, Alberto Fujimori of Peru, Pavlo Lazarenko of Ukraine, Arnoldo Aleman of Nicaragua, and Joseph Estrada of Philippines.
Venitis notes that adding insult to injury, the 200 Graecokleptocrats who robbed 200 billion euros since dictatorship in 1974 established kangaroo courts in the Greek parliament to investigate themselves for various scandals! There are 300 Graecokleptocrats in the Greek parliament. This means two out of three judges are the culprits themselves! These are the people who got two billion euro kickbacks from Siemens the last ten years, churned 80 billion euros of pension funds of poor Greek workers, gave huge valuable land to monasteries in exchange for kickbacks, got many billion euro kickbacks from military purchaces, traded antitrust panenalties for kickbacks, and myriad more scandals. Moreover, Graecokleptocrats will get several million euros in overtime payments for investigating themselves! No wonder, Greece is broke.
Out of 200 culprits, the Siemens Kangaroo Court of the Greek Parliament has found only two culprits: Anastasios Mantelis and Theodore Tsoukatos of Pasok. Out of two billion euros in Siemens kickbacks, it has found only two million euros in kickbacks! If this is not tokenism, what is it?
