Geithner and Schaeuble backed a commitment by European leaders to do everything needed to defend the euro area while failing to mention its weakest link, Greece, which is a basket case of corruption. Graecokleptocrats span the gamut of political corruption. Bribe is the gift bestowed to influence the recipient's conduct. Kickback is a payment to a person in a position of power or influence for having made an income possible. Embezzlement is outright theft of entrusted funds. Patronage is favoring supporters. Nepotism is favoring kin. Cronyism is favoring kith. Graft is an unscrupulous use of a politician's authority for personal gain. The freakish government of Greece stole my computer!
Greece is the queen of political corruption in Occident. The freakish government of Greece stole my computer and my life! The impunity of the 300 MPs of the Grand Brothel of Democracy on Syntagma Square is the most freakish thing on Earth. Even though Graecokleptocrats loot many billion euros in bribes and churning, Graecokleptocrats cannot go to jail! Graecokleptocrats are protected by the parliamentary immunity, and nobody can touch them, no matter what. Moreover, they have the nerve to jail dissident bloggers. It's a long way from the 300 Spartans of Leonidas! Allons enfants de la Grece! http://venitism.blogspot.com
In the German North Sea island of Sylt, Geithner and Schaeuble took note of comments made last week by European leaders to take whatever steps are necessary to safeguard financial stability in eurozone. Greece must recall King Constantine, in order to rein in the piggish Graecokleptocrats and stop the cancer of socialism. On 13 December 1967, King Constantine was forced to flee the country following an abortive counter-coup against the junta. On June 1, 1973, the junta abolished the monarchy and declared a republic. King Constantine and Prince Charles are second cousins because their grandfathers, King Constantine I of Greece and Prince Andrew of Greece, father of the Duke of Edinburgh, were brothers.
Fourth Reich's economic catastrophe is unfolding so slowly that it has come to seem like business as usual. Geithner is due to conclude his one-day trip to Germany later today by meeting with Draghi in Frankfurt. Socialists would like to see ESM bring out the bazooka, in other words, undertake massive purchases of government bonds to resolve the crisis. An ESM bazooka cannot restore competitiveness to PIGS, but would only encourage profligacy, kleptocracy, and metastasis of the cancer of socialism. European Stability Mechanism (ESM) is a joke. ESM's finances depend on the very same countries that it is supposed to bail out. This isn't stability, but a Ponzi scheme!
All eurozone countries are fundamentally solvent, while Greece is a fundamentally insolvent economy, a basket case of perpetual political corruption that cannot be solved. Greek debt differs from that of other nations, because it's not due to spending, but robbing! Graecokleptocrats got huge kickbacks from overpriced purchases of public equipment and contracts and by churning the state insurance funds. If this is not robbing, what is it?
When politicians of other nations were trying to do things for their citizens, Graecokleptocrats were trying to fatten their secret offshore accounts, protected by parliamentary immunity. Graecokleptocrats rob Peter not to give Paul, but to themselves! The freakish government of Greece stole my computer and my life!
That's why the Greek workers are on strike. They resent paying the huge Greek debt created by Graecokleptocrats. It's not fair to tax and reduce the salaries and benefits of workers to make up for the money stolen by Graecokleptocrats. The fairest action would be for Graecokleptocrats to return the stolen money back to the Greek treasury. Many Graecokleptocrats live like princes of Saudi Arabia! Enough is enough, bring the money back!
Graecokleptocrats' program is already hopelessly behind schedule, in terms of both the sale of government property and the agreed reforms. Graecokleptocrats do many stupid things, such as persecuting dissident bloggers! The freakish government of Greece stole my computer! It's like dealing with children that constantly have to be told to clean up their rooms. Troika is very angry. Everyone is irritated over the lack of progress and unbelievable stupidity of Graecokleptocrats.
The freakish government of Greece is so stupid that it hoodwinked all media that I conspired to trigger a war between Greece and Turkey and blame Mariliza Xenogiannakopoulou, Alternate Minister of Foreign Affairs of Greece, for it! Accusing dissident bloggers of treason, Graecokleptocrats have manufactured a blood libel in cyberspace, which in turn incites hatred and violence. The barbaric government of Greece gave my head on plate to Erdogan. Brutal Graecokleptocrats have destroyed my life. My life is stolen. Now I demand my life back! For those who are kind enough to contribute to my legal defense, please click the Donate button on the right column of venitism blogspot. http://venitism.blogspot.com
Obama's strategy at this moment is pushing Germany toward supporting a bolder and more aggressive stance by ECB, to avoid a meltdown of eurozone. Geithner is trying to reach a consensus among key eurozone countries to support a bolder ECB approach. Germans are footing the bill for Greek sins and Greeks aren't doing anything to stem the bleeding. Graecokleptocrats are not conscious of their responsibility for the difficult situation in Greece. It is a winking game. Graecokleptocrats pretend like they want to reform, and Eurokleptocrats act like they believed them. But now this arrangement has reached its elasticity point.
Draghi's proposal involves ESM buying government bonds on the primary market, reinforced by ECB purchases on the secondary market. ECB money creation is effectively a tax. Every euro created out of thin air dilutes the value of the euros in your pocket and your savings in the bank. But the truth is that we
are only beginning to see the results of ECB's dramatic increase in the
money supply. Most of the euro deposits created by ECB via successive
rounds of quantitative easing remain on the balance sheet of ECB and the European central banks of eurozone. Because of very rational economic fears, banks are not lending, businesses are not expanding, and individuals are shedding debt. So, the trillions of euros
created by ECB remained largely undeployed. When those euros
eventually make their way into the world economy, prices across all sectors of
the economy are likely to rise dramatically.
Juncker says: We have reached a decisive point. The world is talking about whether there will still be a euro zone in the next few months. We have to make abundantly clear with all available resources that we're completely determined to guarantee the financial stability of the currency.
The biggest hurdle is Bundesbank, which reiterates its opposition to ECB bond buying, saying it blurs the line between monetary and fiscal policy. The ECB shelved its bond-purchase program in March. Bundesbank president Jens Weidmann used to be one of Merkel's closest advisers. Now, he is one of her staunchest critics over the euro rescue. He is strictly opposed to the European Central Bank's policy of buying up bonds from debt-stricken countries and is winning a growing number of allies for his cause.
Geithner declares Europe is burning because of deep concerns about political will. Weidmann has criticized decisions related to the ESM Ponzi scheme and other bailouts as inconsistent and highly risky. He has called on politicians in Berlin to change their course, and he has been advocating the Bundesbank's principles regarding stability. All of those things put him at odds with top officials at the European Central Bank (ECB).
VAT is killing the goose that laid the golden eggs. VAT is the major culprit of depression, the #1 source of misery. VAT is the cacothanasia of economy! Vatdodging is heroism! If you are a real patriot, you should revolt against VAT, buying products online from companies that evade VAT. Remember, your government is your worst enemy! The freakish government of Greece stole my computer and my life! The largest online retailers offer top quality products at deep discounts without VAT. Only stupid consumers pay VAT! Some fantastic VAT-free offers are on the venitism blogspot. http://venitism.blogspot.com
Geithner and Schaeuble emphasize the need for policy makers to adopt and implement all reform steps required to deal with the financial crisis and crisis of confidence. Both expressed confidence in euro-area member states' efforts to reform and move towards greater integration. USA and Germany will continue to cooperate closely with their partners when advancing the policy agenda in autumn to further stabilize global and European economies.
Weidmann is strictly opposed to loose ECB measures. He believes they amount to an unacceptable means of financing states through effectively printing money. In fact, he has come to assume the mantle of the last staunch defender of monetary stability.
Germans now realize that a return to the deutschmark would be cheaper than to remain stuck in eurozone. Germans no longer believe that loans granted to the four PIGS will ever be repaid. They worry that Germany is simply on the hook for PIGS. Germans had to give up the deutschmark in order to get other European Union nations to agree to German reunification.
