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  EU Dictators Plan Fresh Looting Of Tax Slaves
Paul Joseph Watson
Infowars.com
October 19, 2010
The sprawling, blood-sucking, dictatorial, EU is trying to fill its coffers at a time when everyone else is being told they must tighten their belts and accept draconian austerity measures, by preparing to impose a new direct tax on European citizens already financially destitute as a result of the economic collapse.

If you want a taste of how the global tax to fund the expansion of world government will be implemented, look no further than the European Commission, which has laid out no less than eight different forms of direct taxation that it wants to impose on citizens of all 27 member states, despite the fact that the majority of people in all of these countries would rather their governments cease all financial commitments to the EU entirely.

Not content with national governments from every member country already sending taxpayer money to the bloated, anti-democratic EU bureaucracy, globalists in Brussels are now desperate to sink their teeth in further, in an effort to increase their budget by 6 per cent even in the midst of a national debt crisis which affects the majority of European nations.
The unelected bastards in Brussels are set to once again display their “insatiable appetite for power and taxpayers’ money,” as MP Douglas Carswell warns, by flexing the muscles of their completely illegitimate and autocratic voting system to loot taxpayers of whatever meager amounts of disposable income they have left.
“Options expected to be proposed in an EU report today include levies on carbon emissions, air transport, financial transactions or bank profits. There could even be extra taxes on petrol,” reports the Express.
According to an RTE report, the EU could even push for its own European-wide VAT tax, on top of the 20 per cent plus VAT tax people in Europe pay already.
Fully aware of the fact that a direct EU tax will cause a huge backlash and potentially mass civil disobedience amongst those forced to pay it, EU bureaucrats….have advised officials to avoid using the word “tax” because it would be “politically explosive”.
As UK Independence Party Euro MP Marta Andreasen points out, however the tax is applied, it will ultimately impact individual citizens.
“If it is slapped on banks, they will pass the cost to the customer. The taxpayer will always be the loser. The Commission is outrageous and deceitful,” said Andreasen.
Is there no end to the ceaseless financial raping and pillaging globalists think they are entitled to conduct with wanton abandon and supreme arrogance?
European citizens are already being told they must endure the most severe and crippling austerity measures in modern history as pensions are seized, retirement ages hiked, public services cut and all manner of existing taxes raised – and now this – the corrupt, unrepresentative, and widely despised EU wants to get in on the feeding frenzy.
Europeans should follow the example of the French and organize mass resistance to any proposal for a direct EU tax. Once the globalists are allowed to get their hands in our pockets, the looting will know no bounds.
The elite are desperate to build a national sovereignty-crushing European federal superstate as part of the march towards world government and they’re going to make the victims of that process pay for the privilege.
EU President Herman Van Rompuy made it clear what the ultimate agenda was when he told fellow globalists that the European Union was committed to exploiting the financial crisis and the fraudulent global warming scare to ram through “the global management of our planet.” Globally managing a planetary dictatorship doesn’t come cheap, which is why the slaves are going to pay for it if the EU has its way.
Find out more about the origins of the fundamentally undemocratic, tyrannical, and autocratic European Union, which was started as a brainchild of the Nazis and later hijacked by Communists and Marxists from the former Soviet-controlled countries to be used as an engine for a global totalitarian takeover.
  Top Nazis Planned EU-Style Fourth Reich
Influential economists and industrialists were ordered to preserve Nazi power by creating European common market, documents show.
Paul Joseph Watson
Prison Planet.com
Monday, May 11, 2009
A writer who was collecting material for a fictional book based around the premise that top Nazis, seeking to preserve their power at the end of the second world war, conspired to create a Fourth Reich under the auspices of the European Union, actually discovered documents proving the plot to be true.
In a Daily Mail piece, Adam Lebor reveals how he uncovered US Military Intelligence report EW-Pa 128, also known as The Red House Report, which details how top Nazis secretly met at the Maison Rouge Hotel in Strasbourg on August 10, 1944 and, knowing Germany was on the brink of military defeat, conspired to create a Fourth Reich – a pan-European economic empire based around a European common market.
Top Nazi industrialists were ordered by SS Obergruppenfuhrer Dr Scheid to set up front companies abroad and pose as democrats in order to achieve economic penetration and lay the foundations for the re-emergence of the Nazi party.
“The Third Reich was defeated militarily, but powerful Nazi-era bankers, industrialists and civil servants, reborn as democrats, soon prospered in the new West Germany. There they worked for a new cause: European economic and political integration,” writes Lebor.
Wealthy Nazi industrialists like Alfried Krupp of Krupp Industries and Friedrich Flick, as well as front companies like BMW, Siemens and Volkswagen, set about the task of building a new pan-European business empire. According to historian Dr Michael Pinto-Duschinsky, an adviser to Jewish former slave labourers, “For many leading industrial figures close to the Nazi regime, Europe became a cover for pursuing German national interests after the defeat of Hitler….The continuity of the economy of Germany and the economies of post-war Europe is striking. Some of the leading figures in the Nazi economy became leading builders of the European Union.”
Banking titan Hermann Abs, who joined board of Deutsche Bank during the rise of Nazis, also sat on the supervisory board of I.G. Farben, the company that made the Zyklon B gas used to kill concentration camp victims. “Abs was put in charge of allocating Marshall Aid – reconstruction funds – to German industry. By 1948 he was effectively managing Germany’s economic recovery,” writes Lebor.
“Crucially, Abs was also a member of the European League for Economic Co-operation, an elite intellectual pressure group set up in 1946. The league was dedicated to the establishment of a common market, the precursor of the European Union.”
The European League for Economic Co-operation developed policies for European integration that almost mirrored those proposed by Nazis just years previously.
In his book “Europe’s Full Circle,” Rodney Atkinson provides a list of policies proposed by Nazis and their similarity to today’s European Union.
# Europaische Wirtshaftsgemeinschaft
European Economic Community
# European Currency System
European Exchange Rate Mechanism
# Europabank (Berlin)
European Central Bank (Frankfurt)
# European Regional Principle
Committee of the Regions
# Common Labour Policy
Social Chapter
# Economic and Trading Agreements
Single Market

“Is it possible that the Fourth Reich those Nazi industrialists foresaw has, in some part at least, come to pass?” asks Lebor.
“These three typewritten pages are a reminder that today’s drive towards a European federal state is inexorably tangled up with the plans of the SS and German industrialists for a Fourth Reich – an economic rather than military imperium.”
As we have highlighted in the past, Nazism and the EU have some very disturbing parallels. Indeed, the two are fundamentally intertwined and
the origins of the EU can be traced directly back to the Nazis.
The foundations for the EU and ultimately the Euro single currency were laid by the secretive Bilderberg Group in the mid-1950’s. Bilderberg’s owned leaked documents prove that the agenda to create a European common market and a single currency were formulated by Bilderberg in 1955. One of the group’s principle founders was H. Prince Bernhard of the Netherlands, a former Nazi SS officer.
But the ideological framework for the European Union goes back even further, to the 1940’s when top Nazi economists and academics outlined the plan for a single European economic community, an agenda that was duly followed after the end of the second world war.
In his 1940 book The European Community, Nazi Economics Minister and war criminal Walther Funk wrote about the need to create a “Central European Union” and “European Economic Area” and for fixed exchange rates, stating “No nation in Europe can achieve on its own the highest level of economic freedom which is compatible with all social requirements…The formation of very large economic areas follows a natural law of development….interstate agreements in Europe will control [economic forces generally]…There must be a readiness to subordinate one’s own interests in certain cases to those of [the EC].”
Funk’s co-authors echoed his sentiments. Nazi academic Heinrich Hunke wrote, “Classic national economy..is dead…community of fate which is the European economy…fate and extent of European co-operation depends on a new unity economic plan”.
Fellow Nazi Gustav Koenig observed, “We have a real European Community task before us…I am convinced that this Community effort will last beyond the end of the war.”
In 1940, Minister of Propaganda Joseph Goebbels ordered the creation of the “large-scale economic unification of Europe,” believing that “in fifty years’ time [people would] no longer think in terms of countries.” Just 53 years later, the European Union in its current form was established.
Other top Nazis who called for the creation of a pan-European federal economic superstate include Ribbentrop, Quisling and Seyss-Inquart, who spoke of “The new Europe of solidarity and co-operation among all its people… will find…rapidly increasing prosperity once national economic boundaries are removed.”
Such rhetoric would not look out of place at a present day Bilderberg, Trilateral Commission or CFR confab.
The Nazis killed people who spoke out against the Third Reich, whereas the EU has implemented an altogether more efficient solution – simply kill their free speech instead.
A Dutch MP was recently refused entry to Britain because his political opinions were deemed offensive under EU laws. Euro MP’s have consistently attempted to ban the “dangerous and unregulated blogosphere” in an attempt to shut down free speech on the Internet. Under the 1999 ruling of the European Court Of Justice (case 274/99), it is illegal to criticize the EU and the EU is on a mission to outlaw any national political parties that do not pander to the European federal superstate agenda.
Most of the individuals who hold the reigns of power in the European Union are not Nazis, indeed, they probably believe themselves to be fair-minded liberals working for the “greater good”. However, the European Union by its very nature is totalitarian, because it seeks to remove power from national governments accountable to their electorate and centralize it into the hands of supra-national entities that are accountable to nobody but themselves. It also seeks to remove the right of free speech for anyone in a position of influence who criticizes this agenda.
The fact that the EU was a brainchild of top Nazi economists and industrialists, formulated as a means of preserving dictatorial power and then implemented by a former Nazi working under the auspices of the Bilderberg Group in 1955, proves that the entire European Union system is poisoned with a legacy and a raison d’être of totalitarianism.
This is becoming increasingly obvious in the 21st century as popular social movements across Europe rise up to oppose the blatant power grab being undertaken by the EU via the Lisbon Treaty, which will again be put before Irish voters later this year despite them already rejecting it in a national referendum, which prevented the treaty from being enforced.
MEP Reprimanded For Exposing EU Dictatorship
Farage chastised in Parliament for highlighting the fact that
the European Union is an authoritarian tyranny, breaks crazy law that states it is illegal to criticize the EU.
Paul Joseph Watson
Prison Planet.com
Thursday, November 26, 2009
An astounding exchange took place in the European Union Parliament earlier this week when MEP Nigel Farage was reprimanded for daring to expose the fact that the
EU is an authoritarian dictatorship ruled by unelected bureaucrats to the detriment of national sovereignty. Farage effectively broke a tyrannical 1999 law that states it is illegal to criticize the EU.
People like European Commission President Manuel Barroso squirmed and scowled as Farage openly savaged EU elitists for their lies and cronyism.
Farage wasted no time in going after the EU over their dictatorial policies, stating, “It’s taken you eight and a half years of bullying, of lying, of ignoring democratic referendums to get this treaty through (referring to the Lisbon Treaty)”.
Farage then attacked the appointment of Van Rompuy as the first EU President, highlighting that he was merely a pliable front man for Barroso.
“But at least he’s an elected politician unlike Baroness Ashton,” said Farage, referring to the woman who landed the job of High Representative for Foreign Affairs.
“In some ways she’s ideal isn’t she ,” said Farage, leader of the UK Independence Party. “She has never had a proper job, and has never been elected to anything in her life, so I guess she’s perfect for this European Union.”
As soon as Farage hit his stride in revealing the dictatorial nature of the EU, he was immediately reprimanded by President of the European Parliament, Jerzy Buzek, who said he would like to “put down” Farage and later warned him for the “tone” Mr. Farage used in criticizing”important EU people”.
As we have seen in the past, the EU is very sensitive about anyone discussing the fact that they represent a dictatorial body.
The Nazis killed people who spoke out against the Third Reich, whereas the EU has implemented an altogether more efficient solution – simply kill their free speech instead.
Earlier this year, a Dutch MP was refused entry to Britain because his political opinions were deemed offensive under EU laws. Euro MP’s have consistently attempted to ban the “dangerous and unregulated blogosphere” in an attempt to shut down free speech on the Internet. Under the 1999 ruling of the European Court Of Justice (case 274/99), it is illegal to criticize the EU and the EU is on a mission to outlaw any national political parties that do not pander to the European federal superstate agenda.
Farage continued by highlighting the fact that Ashton represented the EU’s agenda in a “post-democratic age,” where people are selected by the elite for high power positions rather than elected by the people.
“She married well, she married an advisor and a friend and a supporter of Tony Blair and got put in the House of Lords, when she was put in the House of Lords she was given one big job, and the job was to get the Lisbon Treaty through the House of Lords, and to do so pretending that it was entirely different to the EU Constitution…and she vigorously crushed any attempt in the House of Lords for the British people to have a referendum,” said Farage at which point EU bureaucrats, upset that their tyranny was being openly discussed in the EU Parliament, began attempting to silence Farage by shouting and clapping, as Barroso looked visibly shaken.
Farage responded to one heckler by stating, “Well at least I’ve been elected sir, unlike her, she’s not been elected and the people don’t have the power to remove her.”
As EU bureaucrats continued to heckle Farage, he explained how Ashton had taken large donations from a prominent member of the Communist Party in Great Britain in her role as Treasurer for the CND, demanding answers on why she had taken money from someone who represented an organization staunchly opposed to western democracy.
“Did she take money from enemies of the west, that question must be answered,” stated Farage.
Farage then accused MEP’s of “betraying their national democracies” in allowing Lisbon to pass and warned that an avalanche of new laws would follow, before calling for a national referendum in the UK to decide whether Britain should leave the EU. The camera then cut back to Barroso who looked like he was fuming at the fact that someone had dared stand up to the almighty European Union and expose their authoritarian and dictatorial nature.
After Buzek warned him again over “certain expressions” he was using, Farage attempted to find out what he had said that was so offensive, before a Socialist MEP babbled out some barely comprehensible globalist rhetoric in a lame attempt to counter Farage’s incisive speech.
“With respect I think you’ve completely missed the point,” responded Farage, “Because twice you said ‘the people that were elected last week’ – they have not been elected, that is the point that I am making and in the case of Baroness Ashton she has never been elected to public office in her entire life, she takes an enormously powerful job and the peoples of Europe do not have the power to hold her to account and to remove her and that fundamentally is what is wrong with this whole European Union, it’s all about bureaucracy versus democracy.”
The foundations for the EU and ultimately the Euro single currency were laid by the secretive Bilderberg Group in the mid-1950’s. Bilderberg’s owned leaked documents prove that the agenda to create a European common market and a single currency were formulated by Bilderberg in 1955. One of the group’s principle founders was H. Prince Bernhard of the Netherlands, a former Nazi SS officer.
But the ideological framework for the European Union goes back even further, to the 1940’s when top Nazi economists and academics outlined the plan for a single European economic community, an agenda that was duly followed after the end of the second world war.
As we have highlighted in the past, Nazism and the EU have some very disturbing parallels. Indeed, the two are fundamentally intertwined and the origins of the EU can be traced directly back to the Nazis.
The fact that the EU was a brainchild of top Nazi economists and industrialists, formulated as a means of preserving dictatorial power and then implemented by a former Nazi working under the auspices of the Bilderberg Group in 1955, proves that the entire European Union system is poisoned with a legacy and a raison d’être of totalitarianism.
This is becoming increasingly obvious in the 21st century as popular social movements across Europe rise up to oppose the blatant power grab being undertaken by the EU via the Lisbon Treaty, which was forced through in Ireland earlier this year despite the population having already rejected it in a previous national referendum.
Just like Hitler repeatedly polled Germans of the 1930’s until he could intimidate them into delivering the result he wanted, the European Union has followed the same method. The ratification of the Lisbon Treaty was what enabled the EU to create the post of a European President in the first place, and there seems little doubt that Van Rompuy and Ashton will do everything in their power to accelerate the move towards Bilderberg’s ultimate goal – a dictatorial European federal superstate that completely swallows up what tattered shreds of sovereignty member states have left.
Watch the clip of Farage below.
EUROPEAN UNION
LINK TO EYE ON THE EU BELOW
THE EUROPEAN UNION IS A FASCIST DICTATORSHIP RUN BY UNELECTED BUREAUCRATS WHO TAKE ORDERS FROM THE GLOBAL ELITE AND ARE UNANSWERABLE TO THE PEOPLE THEY RULE OVER. IT NEEDS TO END JUST LIKE THE SOVIET UNION BEFORE IT'S TOO LATE
Farage: No Taxation Without Representation
Infowars.com, October 21, 2010
Nigel Farage MEP, UKIP, Co-President of the EFD group, made the statement during a meeting of the European Parliament in Strasbourg on October 20, 2010.
LINK TO EYE ON THE UN BELOW
EU to back sale of meat and milk from cloned animal offspring
UK Daily Mail, Oct 18, 2010
‘Machiavellian’ EU Commissioners are set to back the sale of meat and milk from the offspring of cloned farm animals despite mass consumer opposition.
Studies in Britain and across Europe have identified that a huge majority of people oppose clone animal farming.
Concerns surround the ethics of the process and the welfare of the animals involved. A lack of research on food safety is also an issue.
However, a leaked report to be discussed by the EU’s College of Commissioners tomorrow comes out in favour of food from the offspring of clones.
LINK TO EYE ON THE UK BELOW

Ireland: Join the IMF-EU Borg Hive or Face the Abyss
Kurt Nimmo  Infowars.com  November 16, 2010
Due to the fact Ireland is part of the European Union, it can’t do what the U.S. is doing under the auspices of the Federal Reserve — crank up the presses and print its way out of the manufactured debt crisis. Irish currency cannot be devalued.
The IMF and EU wait in the wings like hungry vultures.
Austerity was advertised as the ticket to Ireland’s budgetary woes, but this bitter medicine has made the situation worse.

“The people of Ireland having endured over a year of austerity on the promise that it was all necessary to suffer pain today by cutting public spending so as to reduce the annual budget deficit to sustainable level for economic gains tomorrow,” writes Nadeem Walayat. “Instead the exact opposite is taking place as the Irish economy contracts due to economic austerity whilst its bankrupt banks are sending the countries debt and liabilities soaring, thus resulting in a far worse budgetary position than where Ireland was before the austerity measures were implemented as the bond markets are waking up to evitable debt default which is sending interest rates demanded to hold Irish debt soaring to new credit crisis highs.”

Meanwhile, the IMF and EU wait in the wings like hungry vultures. “The danger is that if this Government acquiesces to the EU’s offer of help, the ‘payback’ to the EU will be to control Ireland’s taxation policies,” writes Aindrias Scannell for the Irish Independent. “This Government is weak and will cave in to demands from the EU ‘bully boys’ — remember Lisbon 2: Ireland did not deliver and was told to try again.”

Ireland has yet to crawl to the IMF with hat in hand. IMF boss Dominique Strauss-Kahn said over the weekend that Ireland can manage its fiscal affairs and the bankster loan sharking operation has yet to receive a request for aid. Strauss-Kahn said it is “business as usual” in Ireland, in other words the IMF will see how Ireland fares at the hands of the European Financial Stability Facility. Ireland has not officially applied for EU aid.

Belgium and Portugal are not far behind. “The price that these countries pay for being stuck in the Euro single currency is that they cannot devalue to try and gain some competitive advantage for their economies and therefore try and grow and inflate their way out of a high debt burden that stifles economic activity,” explains Walayat.
Ireland, Belgium and Portugal cannot devalue their way out of debt and budget crises and move to a “new sustainable equilibrium,” as Walayat calls it, within a globalist euro block that demands “greater competitiveness by means of reduction in costs i.e. by deflating wages.” Ireland is caught between a rock and a hard place. If it fails to impoverish its citizens, the banksters will hit it with higher interest rates and a greater debt burden. The idea is to turn not only Ireland, but the entire world into a third world slave plantation.
The IMF and World Bank played the same game with Latvia it played with much of the third world. Nathan Greenhalgh is the editor-in-chief of the Baltic Reports news website and he explained that “the IMF has primarily insisted that Latvia continue with deep cuts to meet agreed-upon GDP deficit percentages. It’s been a bit of good cop, bad cop with the World Bank praising Latvia’s resolve to cut while the IMF insists it isn’t doing enough and must cut more.”
In other words, the IMF insists more people must be thrown into abject poverty in order to solve things. Retirement, pensions, education and other public services are to be deep sixed in order to pay off debt created out of thin air by predatory banksters.
In 2009, the Center for Economic and Policy Research discovered that a majority of countries on the hook to the IMF have experienced economic slowdowns, as planned. CEPR suggested more funny money be doled out in the form of IMF SDRs (Special Drawing Rights) and the “harmful conditions attached to other IMF lending facilities” be eliminated.
Not a chance. Might as well wish for a Christmas pony. Harmful conditions are part of the deal.
The Latvian government predicted 5% contraction in 2009 but the contraction in that year was actually 18%. In other words, the EU/IMF deal signed in December of 2008 made things worse — far worse.
“In the last two years, the austerity measures in Latvia’s budgets have seen massive cuts in the health and education sectors. The number of hospitals has been cut from 59 to 42 and 58 schools have been closed down,” writes McMorrow. “The unemployment rate tripled, hitting a peak of 22% in January before it fell back to 16% in June.”
As Ireland balks at submitting to the EU and the IMF, a far larger economic train wreck looms. “The only solution is for a costly European Union / ECB / IMF bailout of Ireland as they cannot allow the current crisis in Ireland to trigger a complete bailout of ALL of the PIIGS [Portugal, Italy, Ireland, Greece and Spain] which could cost as much as Euros 2 trillion. Therefore the Irish debt crisis has the potential to turn into the mother of all bailouts where today’s talk of billions turns into trillions if decisive action is not taken to finance the Irish budget deficit before they triggered a PIIGS debt collapse Euro-zone wide bailout,” notes Walayat.
Meanwhile, Ireland’s fellow PIIGs are furious. “Spain’s central bank governor, Miguel Angel Ordonez, lashed out at Dublin on Monday, calling on the Irish government to halt the panic and take the ‘proper decision’ of activating the EU-IMF bail-out mechanism,” reports the Telegraph.
But of course. It is always the “proper decision” to impoverish your people, at least according to the global elite.
Kurt Nimmo edits Infowars.com. He is the author of Another Day in the Empire: Life In Neoconservative America.
Euro under siege as now Portugal hits panic button
Bruno Waterfiled and Robert Winnett, Montreal  Gazette  November 15, 2010
The euro is facing an unprecedented crisis after another country indicated on Monday night that it was at a “high risk” of requiring an international bail-out.
Portugal became the latest European nation to admit it was on the brink of seeking help from Brussels after Ireland confirmed it had begun preliminary talks over its debt problems.
Greece also disclosed that its economic problems are even worse than previously thought.
Angela Merkel, the German Chancellor, raised the spectre of the euro collapsing as she warned: “If the euro fails, then Europe fails.”
Nigel Farage to the EU: Who the Hell do You Think You Are?!
Tyler DurdenZero HedgeNov 26, 2010
Famous euroskeptic Nigel Farage (as seen previously here), in just under 4 brief minutes tells more truth about the entire European experiment than all European bankers, commissioners, and politicians have done in the past decade
As we have already said pretty much all of this before, we present it without commentary: “Good morning Mr. van Rompuy, you’ve been in office for one year, and in that time the whole edifice is beginning to crumble, there’s chaos, the money’s running out, I should thank you – you should perhaps be the pinup boy of the euroskeptic movement. But just look around this chamber this morning, look at these faces, look at the fear, look at the anger. Poor Barroso here looks like he’s seen a ghost.
They’re beginning to understand that the game is up. And yet in their desperation to preserve their dream, they want to remove any remaining traces of democracy from the system. And it’s pretty clear that none of you have learned anything. When you yourself Mr. van Rompuy say that the euro has brought us stability, I supposed I could applaud you for having a sense of humor, but isn’t this really just the bunker [or banker?] mentality. Your fanaticism is out in the open. You talk about the fact that it was a lie to believe that the nation state could exist in the 21st century globalized world. Well, that may be true in the case of Belgium who haven’t had a government for 6 months, but for the rest of us, right across every member state in this union, increasingly people are saying, “We don’t want that flag, we don’t want the anthem, we don’t want this political class, we want the whole thing consigned to the dustbin of history.” We had the Greek tragedy earlier on this year, and now we have the situation in Ireland. I know that the stupidity and greed of Irish politicians has a lot to do with this: they should never, ever have joined the euro.
They suffered with low interest rates, a false boom and a massive bust. But look at your response to them: what they are being told as their government is collapsing is that it would be inappropriate for them to have a general election. In fact commissioner Rehn here said they had to agree to a budget first before they are allowed to have a general election. Just who the hell do you think you people are. You are very, very dangerous people indeed: your obsession with creating this European state means that you are happy to destroy democracy, you appear to be happy with millions and millions of people to be unemployed and to be poor. Untold millions will suffer so that your euro dream can continue. Well it won’t work, cause its Portugal next with their debt levels of 325% of GDP they are the next ones on the list, and after that I suspect it will be Spain, and the bailout for Spain will be 7 times the size of Ireland, and at that moment all the bailout money will is gone – there won’t be any more. But it’s even more serious than economics, because if you rob people of their identity, if you rob them of their democracy, then all they are left with is nationalism and violence. I can only hope and pray that the euro project is destroyed by the markets before that really happens.”
  Financial Writers Slam Irish Bailout
Washington’s Blog
November 27, 2010
Punishing the populace for the bankers’ sins is worse than a crime.
Paul Krugman wrote yesterday:
    These debts were incurred, not to pay for public programs, but by private wheeler-dealers seeking nothing but their own profit. Yet ordinary Irish citizens are now bearing the burden of those debts.
    Punishing the populace for the bankers’ sins is worse than a crime; it’s a mistake.
Mike Whitney noted yesterday:
    Don’t believe the hype about European unity or saving Ireland. My ass. This is about bailing out the banks. The bondholders get a free ride while workers get kicked to the curb.
And Mish pointed out last week:
    Today the Irish Government sold its citizens into debt slavery by agreeing to guarantee stupid loans made by German, British, and US banks.
    Why the average Irish citizen should have to bail out foreign bondholders is beyond me, but I do note that the same happened in the US with taxpayers footing an enormous bill for Fannie Mae, Freddie Mac, and AIG.
Germany will bail out every Euro country before collapsing
Sentenced to Debt: 'EU bosses, not people must pay for Euro Fail'
CrossTalk: Criminal Euro-Con
Illegal bailouts and treaty change lead to referendums - Nigel Farage
  Has The Financial Collapse Of Europe Now Become Inevitable?

The Economic Collapse
December 23, 2010
We are witnessing the slow motion collapse of the euro and of the European financial system.

What in the world is happening over in Europe?  Well, it is actually quite simple.  We are witnessing the slow motion collapse of the euro and of the European financial system.  At this point, many analysts are convinced that a full-blown financial implosion in Europe has become inevitable.  Ireland, Spain, Portugal, Italy, France and Belgium are all drowning in an ocean of unsustainable debt.  Meanwhile, Germany and the few other “healthy” members of the EU continue to try to keep all of the balls in the air by bailing everyone out.  But can Germany keep bailing the rest of the EU out indefinitely?  Are the German people going to continue to be willing to hand out gigantic sacks of cash to fix the problems of other EU nations?  The Irish were just bailed out, but their problems are far from over.  There are rumors that Greece will soon need another bailout.  Spain, Portugal, Italy and France have all entered crisis territory.  At the same time, there are a whole host of nations in eastern Europe that are also on the verge of financial collapse.  So is there any hope that a major sovereign debt crisis can be averted at this point?
One would like to think that there is always hope, but each month things just seem to keep getting worse.  Confidence in European government debt continues to plummet.  The yield on 10-year Irish bonds is up to 8.97%.  The yield on 10-year Greek bonds is up to an astounding 12.01%.  The cost of insuring French debt hit a new record high on December 20th.

Bond ratings all over Europe are being slashed or are being threatened with being slashed.  For example, Moody’s Investors Service recently cut Ireland’s bond rating by five levels.  Now there is talk that Spain, Belgium and even France could soon all have their debt significantly downgraded as well.
But if the borrowing costs for these troubled nations keep going up, that is just going to add to their financial problems and swell their budget deficits.  In turn, larger budget deficits will cause investors to lose even more confidence.
So how far are we away from a major crisis point?
Professor Willem Buiter, the chief economist at Citibank, is warning that quite a few EU nations could financially collapse in the next few months if they are not quickly bailed out….

    “The market is not going to wait until March for the EU authorities to get their act together. We could have several sovereign states and banks going under. They are being far too casual.”

Many analysts are even calling for some of these troubled nations to stop using the euro for a while so that they can recover.  In fact, Andrew Bosomworth, the head of portfolio management for Pimco in Europe says that Greece, Ireland and Portugal must all quit the euro at least for a little while if they expect to survive….

    “Greece, Ireland and Portugal cannot get back on their feet without either their own currency or large transfer payments.”
Sadly, most Americans don’t realize just how bad the situation in Europe is becoming.  This is truly a historic crisis that is unfolding.
German Chancellor Angela Merkel declared earlier this year that this is the biggest financial crisis that the EU has ever faced….
    “The current crisis facing the euro is the biggest test Europe has faced for decades, even since the Treaty of Rome was signed in 1957.”
So what is the answer?
Well, many are speculating that the EU could actually break up over this whole thing, but another possibility is that we could eventually see much greater integration.

In fact, for the first time the idea that “euro bonds” could be issued is gaining some traction.  This would spread the risk of European government debt throughout the European Union.  At this point, Andrew Bosomworth says that things have gotten so bad that it now seems inevitable that we will soon see the creation of euro bonds….

    “Whether now or later, there is no way around a euro bond.”

So just how bad are things going to get in Europe? Well, earlier this year Anthony Fry, the senior managing director at Evercore Partners had the following to say about the emerging bond crisis in Europe….

    “I don’t want to scare anyone but I am considering investing in barbed wire and guns, things are not looking good and rates are heading higher.”
So why should Americans care about all this?
Well, what is happening to these troubled European states is eventually going to happen to us.
If rates on U.S. government debt eventually hit 8 or 12 percent it will literally be financial armageddon in this country.  The U.S. government has piled up the biggest mountain of debt in the history of the world, and if we continue piling up debt at the pace that we are, then it will only be a matter of time before the IMF is demanding that we implement our own “austerity measures”.
As I have written about previously, there are already numerous indications that confidence in U.S. Treasuries is dying.  If that happens, we could literally see interest costs on the national debt double or even triple.
But it is not just the U.S. government that is in trouble.  A bloodbath in the municipal bond market has already started.  Hundreds of state and local governments across the United States are on the verge of bankruptcy.
So don’t laugh at what is going on in Ireland or Greece.  The next victims could be financially troubled states such as California and Illinois.

In the history of global finance, we have never faced a sovereign debt crisis like we are seeing now.  All over the globe governments are being suffocated by absolutely crushing debt loads.  Once a couple of dominoes fall, it is going to be really hard to keep the rest of the dominoes from falling.
This is the biggest crisis that the euro has ever faced.  At some point Germany will either be unwilling or unable to continuing rescuing the rest of the EU countries from the unsustainable mountains of debt that they have accumulated.  When that moment arrives, it is going to throw world financial markets into turmoil.
But this is what happens when we allow long-term debt bubbles to be created.  Eventually they always burst.
So keep your eye on the euro, because if a financial collapse does happen in Europe it is going to have a dramatic impact on the United States as well.
Farage is Right: Belgium is EU Microcosm
UPDATED APR 12, 2015
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