EU Prioritizes Penalties Over Trade
As I have commented numerous times in recent weeks, I am increasingly worried about a collapse in global trade.
Every day there are new stories that suggest this outcome.
Today, EU negotiators prioritized divorce-first penalties over trade relationships in a historic mistake that will gain the EU nothing but pain.
Please consider UK Faces Brexit Bill of up to €60bn as Brussels Toughens Stance
The EU’s Brexit negotiators are pushing for a draft UK exit deal by mid-2018 as part of a narrow, divorce-first negotiating approach that would demand an exit bill of as much as €40bn-€60bn.
Brussels’ rigid plans for the process, outlined to the FT by senior officials, show it is making a priority of a clean separation settlement — and Britain’s payment of a hefty exit charge — over London’s desire to focus on refashioning trading relations.
Michel Barnier, the commission’s chief Brexit negotiator, has indicated to colleagues that he will pursue Britain for an exit bill based on an expansive view of its liabilities under the EU budget.
His team is looking at a gross upper estimate that includes unpaid budget commitments, pension liabilities, loan guarantees and spending on UK-based projects. This would significantly exceed the FT’s estimates of a net bill of €20bn, which strips out UK-bound spending and contingent liabilities.
The commission is also leaning towards assuming Britain remains on the hook for some of the EU’s long-term budget beyond 2019 — planned spending that was promised to member states but not yet marked as a “commitment” in a budget year.
Taking account of these broader assumptions of liability, the commission’s opening demand on Britain’s gross bill would approximately range from €40bn to €60bn, according to the FT’s research.
The EU is preparing to insist that any extension of Britain’s single market privileges be conditional on London accepting free movement, EU rules, and the jurisdiction of EU courts. Such conditions would be extremely difficult for Downing Street to accept, particularly if they continue after Britain’s 2020 general election.
Mr Barnier has toured almost a dozen national capitals already, explaining a perspective on talks that one host described as “absolutely rigid”.
Dangerous Game
“This is all very dangerous,” said one high-level participant in talks.
“There is a serious risk the Brits say, ‘To hell with it, you can sue us’,” said one.
F*** the EU
Essentially, the EU demands the UK to accept all of the EU’s inane rules and regulations without having a say.
This approach by the EU, if they stick to it, is guaranteed to get UK prime minister Theresa May to say “F*** the EU. Hell No, We Won’t Pay”.
Given how attitudes have hardened, I see little hope for a change.
Still More Issues and Demands
To top off the madness, Barnier says “the divorce agreement must resolve several issues: Britain’s departure bill; the status of EU agencies in London; border issues in Northern Ireland and the status of Gibraltar; and acquired rights of cross-border British and EU citizens and companies.”
All of a sudden Brexit negotiations now include Northern Ireland and Gibraltar.
I wrote about Gibraltar earlier and one loyal reader said I was crazy. Well, here it is again, this time from the EU’s chief Brexit negotiator.
Worse yet, all the nations in the EU have to agree to the exit agreement.
Correct EU Response
Given these inane demands by the EU, the correct UK response right now is to file Article 50, walk away from negotiations, tell the EU to get a grip on trade reality and to pick up the phone when conditions have changed.
Such conditions might be sooner than anyone expects. Merkel may soon be gone, and a member of Beppe Grillo’s Eurosceptic Five Star Movement may be Italy’s next prime minister.
Related Articles
- November 13, 2016: Shades of Great Depression and Smoot-Hawley: Sarkozy Proposes Carbon Tax on US, Anti-Dumping Tax, Buy-EU Act
- September 27, 2016: WTO Slashes Global Trade Growth Forecast by 39% Since April: “Wake-Up Call” Says WTO Director
- September 26, 2016: Draghi Increases Risk of Global Trade Collapse With Brexit Tough Talk
- September 17, 2016: Over 300,000 Germans Protest EU Trade Deals With US and Canada
- September 13, 2016: Michael Pettis Calls Surplus Trade Statements by German Finance Minister “Utter Lunacy”
- September 9, 2016: Germany’s Finance Minister Blames ECB For German Trade Surplus; Why the Eurozone Will Destruct
- June 28, 2016: “No Cherry Picking” Says Merkel; Risk of Global Trade Collapse says Mish
Fair Trade
Such discussions inevitably bring up the discussion of “fair trade”. Here are two additional articles to consider.
- Reflections and Reader Comments on Free Trade: “China Doesn’t Play Fair!”
- Fair Trade is Unfair; In Praise of Cheap Labor; Are Bad Jobs at Bad Wages Better than No Jobs at All?
Deflationary Collapse Coming Up?
Right now a collapse in trade is my baseline scenario. Should that occur, I assure you the result will be anything but inflationary.
For further discussion, please see Mortgage Panic as Rates Rise: Inflation Scare or the Real Deal?
Finally, those who wish to understand how this mess transpired need only read Hugo Salinas Price and Michael Pettis on the Trade Imbalance Dilemma; Gold’s Honest Discipline Revisited.
Mike “Mish” Shedlock
Big question: Just HOW are the Nannycrats going to collect? And WHO is going to collect it?
It’s not a war the EU can win, even with an army, navy and EU nukes aimed at London.
“This is all very dangerous,” said one high-level participant in talks.
Haw Haw Haw Haw Haw
What a pompous bufoon. Time for the special snowflake safe space lockdown. I’d like to see a Humphrey Bogart face slap on that EU bossy whining sniveler.
lol. 🙂
It is really very easy, if they don’t pay EU will put extra tariffs on imports from UK. If the UK starts a trade war with EU they will kill off their own economy while having small impact on the EU economy.
It is really very easy, if they don’t pay EU will put extra tariffs on imports from UK. If the UK starts a trade war with EU they will kill off their own economy while having small impact on the EU economy.
Please get a grip on reality
The UK imports far more from the EU than the other way around.
That said, the EU looks stupid enough to place a gun to its own head and pull the trigger.
Mish
You have made Mish’s point. That is exactly what the EU will do. They will put tariffs on UK goods, and of course, the UK will respond by putting tariffs on EU goods. The result will be a trade collapse. The EU will not collect, but they will have the pleasure of cutting off their own nose to spite their face.
Humanity has an entire history built up self destruction based upon “principles”. Nothing is outside the realm of possibility when principles and ego are involved. It seems so odd that on one hand we will surrender all of our liberties for the sake of convenience, yet go to war over insult.
@Mish
If your prediction is right about collapsing trade what would be the consequences for bonds stocks currencies and gold.
In a globally, highly leveraged financial environment as exists today, a trade collapse as outlined by MISH would result in anything that is not nailed down being sold for whatever price can be had; even for precious metals and jewelry. Cash is King!!!
Deflationary down spiral with cascading defaults. Treasuries up, yields down. Corporates down, yields up. Stocks down. Asset sales on just about everything.
Gold? The gold market is small and may not be subject to the panic selling. It could go up in anticipation of a world-wide currency crisis. Best to have 10-15% of your assets in gold just in case.
How much gold will be sold to cover bad bets? Gold could go down before it goes up, or stay relatively flat on the balance of fear and desperation. China has an awful lot of gold, and if they got sideways, I could see how individuals could easily dump gold to keep their heads attached to their shoulders.
Collapse in trade? Ridiculous. What are the Brits buying from the EU they can’t get elsewhere? Will the EU punish their citizens by forbidding imports from England (probably, they’re not bright people.)
Financial collapse? That’s going to happen anyway. Central bank financed bond bubbles won’t last forever. A big KA-BLOOM is coming down the road. The Brits have nothing to do with that.
Will the Brit real estate bubble blow? Yay, if true. It’s about time.
Why pay the EU any reparations? Are they claiming the Brits were net receivers of benefits in the EU? Are they saying the Brits were parasites? If so, they should welcome their departure from the EU.
London was a financial center because the fix was in there more strongly than elsewhere. The Brits looked the other way a lot and it took lots of price fixing scandals for anyone to even pretend to notice anything. Good riddance if the finance parasites leave London.
The EU will move from crucifying Greece to doing their best against the UK. Barroso now saying Brexit wouldn’t have happened if the Commission had listened and Merkel suggesting free movement is negotiable. Baloney. They don’t believe any of it.
Sick of the lot of them and the whole matter.
What happened to people of goodwill just getting on with it? The whole basis of the supra-national EU state is dangerous. There is no need for it. No one bombs those they are trading freely and openly with so why all the other layers of crap on top?
Tariffs go up, next bombs start falling. Always the same.
London as a major financial center – I always assumed it had a lot to do with the fact that English is the lingua franca. Tokyo is the only major open international financial hub, that I can think of offhand, that is difficult to deal with in English.
The French are impossible, the Spanish don’t like working more than 3 hours without a nap, Italy has a corrupt 3rd world mentality, Portugal is still in the 1500’s, and I’d rather live in northern Saskatchewan than Frankfurt.
The pasty white, dentally deficient, drooping eyed Brits win. Now hopefully the EU boycotts the UK before the Wimbledon foreign ballot, and I can get more tickets this year.
You’re probably right. The financial parasites aren’t going anywhere. Ireland it too out of the way and the Mideast is in ruins. They’ll probably continue to whine about how hard it has become to steal a year’s wages in a day, though.
The Brits are in the drivers seat and they know it. They can file article 50 and just walk away clean. Or they can use their vote to “protest” everything, until eventually begged to please leave. At which time THEY can demand a ransom.
The only way to collect a debt is to raise and army and take it by force. The EU has no army and it takes 28 votes (including the UK) to start one. Good luck, suckers.
You’re 100% correct.
But few places are more wedded to, and dependent on, continued upholding and enforcement of supposed contracts between entities where the contracts’s signatories are the well connected, while those charged with paying for them, are someone else entirely.
F U , rolled eyes and a raised middle finger, is a perfectly valid exit from any contract as long as one is OK with walking away from whatever collateral is pledged, but I somehow doubt City banksters and barristers are comfortable acceding to that.
UK should adhere to all previously obligations contracted to whilst a member should Article 50 actually state that is an obligation for those that leave. There’s a chance it doesn’t even mention it as they never expected anyone to leave in which case it’s a court action.
UK on the hook for 60Bn or EU stupid not to have specified obligations contracted whilst a member must be adhered to post membership for the lifetime of the commitment?
It could be in court for years by which time the world will be a different place. Walking away from legally binding agreements will be a no-go. Not legally binding then put your coat on and head for the door and some other sucker picks up the bill.
The EU needs cash and will come looking for it from every source and especially US and UK corporations going forward. Apple was first, starts with the letter “A”.
Which court?
Shouldn’t be the ECJ unless specified as having necessary jurisdiction over Article 50. Perhaps another thing not considered when they drew up the agreement.
Let’s just all hold our noses until the “grand reset” when they declare all debts null and void (except yours and mine) and convert everything over to some new “safe” currency. You see, all we need is “safety” and if enough of the world’s crooks….er, leaders to come together and shake hands on a really good new “thing” that we can ALL rally behind, everything will be as right as rain….you’ll see.
Of course we will all be property of the state at that point as in order for our sovereign debts to be cleared, we each will need to take some ownership in that debt, that while is no longer on our government’s books, is most definitely on ours. A small price to pay for being saved from oblivion.
I doubt many residents of the UK has entered into “legally binding agreements” with “The EU.” Meaning, very few of them owe “The EU” anything at all.
EU debt collection would be performed by whiny speeches and press releases which say absolutely terrible things about the Brits. Think mean girls x 10 or rampaging Housewives who are really in a snit.. The news media would help since they need to protect the Establishment position and the EU is a last stand for that.
I doubt anyone believes the ridiculous demands of the EU nannycrats are serious.
It’s just a scare tactic to try to keep other countries from thinking about more exits.
Nothing forecast has come true. In fact just the opposite in many instances. Let’s wait and see how this all plays out. We are entering new territory and anything can happen. Some of it may actually be good.
Let me add to this: I am minded of the idea that oil couldn’t drop back down to $50/barrel; the idea was sound, except for a little “except for” tsunami: malinvestment of banks triggered by ill advised law, ended up pushing it down to $25.
So in a way, I agree with your post.
Mish posits that the rise in import and export prices is temporary, two blogs topics ago. He might be right. However, if global trade collapses, then I would be inclined to think (MAYBE I’M WRONG) that the import and export prices must in fact rise.
How could I be wrong? Just offhand, with offloaded expenses, maybe we’ll find that import and export prices DO collapse along with global trade, and instead property taxes or something else go sky-high to cover the difference. In the end, the structure of offloaded expense can do almost anything to price, when there is no price discovery.
Which I suspect is what you are saying.
I posit that MIsh’s use of “collapse” might not be the right word … more appropriate might be “desperate”.
$US very strong … not in anyway inflationary (for the US).
To me it looks like import prices will continue to fall as demand for most products is weakening. That is always part of a cycle that will eventually rebound, but the difference is the same as we have seen with some many other cycle bounces in recent decades….our depressed manufactures do not return. They are destroyed and replaced by cheaper foreign alternatives. And given that China has been investing heavily in overcapacity in manufacturing as well as raw materials, it would seem rational to me that we see prices fall until which time that all non Chinese alternatives are destroyed, and then our necessities start to climb with little restraint as all of our manufacturers are now gone. Eventually things could normalize but I believe this could be very painful in the short run…a decade or two.
Deflation is good for consumers until THEIR job is eliminated by it, and with government dependency on the rise, there will be limits as to how much it can absorb while retaining any financial credibility.
Our economy is already dominated by service and sales. If online becomes even stronger, how long will sales positions hold? I get solicitation calls several times a day, and seldom are they native English speakers. And if the cost of replacement falls, how long are we going to pay for servicing things? There are no absolutes here, but we don’t need absolutes, all we need are substantial tipping points, at which time things could go bad very very quickly.
Confidence is ALL that holds this mess together, and if that comes under much more scrutiny, there won’t be nearly enough unicorns crapping skittles to go around.
Just a thought. How do we ever go to war with a nation which produces all of our goods when we have no manufacturing. You cannot retool factories which don’t exist.
“If goods don’t cross borders, armies will.” — Mark Twain*
* Just kidding, Otto T. Mallery said that.
Philadelphia Playground guru Otto Mallery? Multitalented.
“Worse yet, all the nations in the EU have to agree to the exit agreement.”
Guaranteed dysfunction. UK is going to have to take the initiative and do whatever it needs to do, and then let the EU members argue amongst themselves how to respond. It will take the EU two decades to figure out a response. Meanwhile, in the headlines: Google is locating 3,000 people in the UK to show their confidence. Perhaps the start of a trend?
Also top stocks to upside were shipping; story being that Trump will be good for commodity prices, and that will benefit shippers with higher rates. My guess is hedge funds and traders trading with each other, as the volume of some of the stocks was over 100 times the number of shares outstanding. Story makes no sense to me, nonetheless, it was shipping to the upside and precious metals down.
I agree that the harsh Brexit terms the EU is considering are not in their own long term interests. That said, the EU does have considerable leverage in negotiations and can likely bully Britain into giving far more than most people think is possible. Just remember how Greece was left twisting in the wind even after the nation voted to reject the bailout.
British business is SO spooked about the possibility of living outside of the single market they will exert extraordinary pressure on their government to capitulate.
Just don’t underestimate the leverage the EU has and the lack of spine in British politicians.
There’s some truth in that but one thing every politician is wary of – the voter.
A million or 2 arriving from the north into London with pitch forks will help concentrate minds.
We stood alone vs Nazi Germany – no US, no Russia – whilst also fighting Japan.
Do we have some spirit left?
Soon we find out if we can fight for our lives again.
1 vs 27 (or 28 if you include the US).
Certainly we have few on our side and even some of our own are not to be relied upon but more voted for this than any other issue in the history of the country.
“1 vs 27 (or 28 if you include the US).”
The Donald has stated that he favors trade with Britain. I hope you are not depending on newspapers and TV for information sources.
We should have a trade war with China because China has a evil government that were helping keep in power with our trade policy. People seem to forget that China is a communist nation that kills it’s own citizens and that also has in general a poor human rights record.
It’s time the United States turn inward and start taking care of our own and building our own stuff. We can do it if we have the will to do it.
The beast must be feed. Feed me Seymour!
Sounds like the negotiations should be taking place at Compiègne in an old railway carriage.
Do you mean the first time that happened or the second time?
22 or so years later would be the same result except this time the Brits in front of the railway carriage. I wonder if those in charge of the EU think about such possible outcomes? Stranger things have happened.
The French really have a thing for punishing people don’t they?
Is it a fetish of their political class?
The same reason I always told my children, “No matter how bad you need a loan, never ever agree to automatic payments”.
Give that there is a fire in your barn (Italy, France, Germany AfD and many others waiting in the wings) it is surprising how tough these guys sound. I really hope Italy and France does a Trump soon. Things will get interesting.
Oops… another barn fire and Obama on his Legacy Tour is the arsonist, lol:
“Some 7,000 people took to the streets of central Athens on Tuesday to protest Obama’s visit to the Greek capital, Reuters reports. The demonstrators initially planned to walk all the way to the US Embassy located in another part of the city, but the procession was disrupted as protesters clashed with police officers”.
https://www.rt.com/news/367049-athens-police-obama-protest/
Mish, the US is on Merkel/EU side.
Obama stated as much yesterday. He was clear.
The US is on side in wanting to PUNISH the UK for wanting independence.
He said the US will prioritise European Unity & Germany the #1 US ally.
It was taken in the UK that the US has become anti-British and this idea pervades many levels of society now.
Obama’s parting gift.
That parting gift will only last 2 more months. Don’t forget Nigel and Donald are buddy-buddy.
You can’t be for a “new world order” AND independence. There has NEVER been any doubt of who’s side Obama was on in that debate.
If you want to rule the world, you must have a unified world government.
The only solution is a gold backed currency….at least until such time as they discover how to “make” gold. The reality is that these governments take over largely by bribery and that bribery can only occur over any extended period of time if they can PRINT their own money. We have watched as the American federal government has done so by dominating the states with mandates supported with their printed money. We have watched as the EU has been taken control of with printed Euros used to pay individuals high salaries to instigate EU takeovers. Everyone is buttered with printed money that simply represents theft in the value of their citizens wealth. The best part is that much of this “printed money” has been created through debt, and that debt is the axe they swing at everyone’s necks when threatened.
There is also good cop, bad cop going on too
My expectation is that neither side have a full thought out plan or any idea how this will end BUT the UK has only themselves to consider and is progressing if only slowly.
It will end up in court and that is being prepared for in the UK now with the expectation it will become extremely unpleasant.
Another “Battle of Britain”.
I have also heard young ambitious types are keen to join the UK Brexit team. If you want to advance your career in and out of Government it’s the place to be so they are able to hand-picked the best. Motivated.
Michel Barnier is an interesting character, supposedly very vain, checking his reflection in windows when he thinks theres no one around.
It will be an unpleasant, bruising time.
Gibraltar going to Spain would be a strategic disaster to NATO, US, Europe and certainly UK. That choke point is critical to Southern Europe, Middle East and North Africa. The EU/Spain would be disastrous if they gain that territory. The ramifications to their own security would be massive.
Noticed Merkel plans to present herself to election again. Gibraltar will not join Spain.Fortunately Margallo was replaced in the new Spanish gov., he was bad news.
What we see with EU with regard is how it invades politically by claiming legal jurisdiction through its treaties. Not only are Spain’s various and changing claims absurd due to historical and documented agreement on all matters, but it refuses to accept international standard on maritime demarcation. EU has played in this scenario, in a fashion that seems almost coordinated with Spain, and to its own ends., whether it be its response to Spain slowing the border, Spain’s attempt to claim Gibraltar waters, and EU right in, hence jurisdiction, over those waters.
Part of Spanish society is outright hostile towards Gibraltar though, and all are aware that Spain can make life difficult there, something of a pastime to the Spanish.
Labour on board with Brexit now?
No idea about Labour.
Greek debt relief in serious consideration after Obama visit and word with Germany to keep the European United Front. Basically because Greece is “committed” to EU.
Lagarde – taking EU side – talking of “WE” vs UK.
That woman has become a joke.
Next IMF chief – French again? Last two none too special in the role and the Greek problem was down to IMF & EU in each others pockets.
E.g.
http://www.independent.co.uk/news/uk/politics/brexit-labour-will-not-block-hard-exit-john-mcdonnell-article-50-vote-parliament-a7419186.html
Greece is so comitted to EU that the population is leaving
https://37tx5035jacw32yb7m4b6qev-wpengine.netdna-ssl.com/wp-content/uploads/2015/07/europe-population-map.png
http://www.ekathimerini.com/202171/article/ekathimerini/business/greeces-demographic-time-bomb-is-about-to-go-off
Italy, Portugal, Spain etc. I think it was Trichet that was relaxed about future crises they knew would occur as it would force integration when populations beg to come together.
All part of a plan. Boiling the frogs slowly, one law at a time.
The first thing marxist Tsipras did when he became PM was snub the Greek Orthodox Church. That was the canary in the coal mine.
No worries Italy, Austria, France, Greece, et al will see the end of the Euro and the EU within the next few years.
The EU is a modern-day Weimar Republic. We all know how the Weimar abomination ended.
I don’t care anything about total credit extant, just let CPI prices become more affordable. Deflation in CPI prices is good for shoppers. Shoppers love sales.
EU is a blackmail-club where the victims of EU aka member states want to blackmail those who leave so that nobody else would leave.
IT is in the best interests of every European to let UK go smoothly so they can go smoothly if they want but the elites want to threaten and blackmail UK so nobody else would leave so the power of the elites and the jobs of useless bureaucrats would be saved.
EU is INSANITY.
They should read Aesops fables – the wind and the sun.
Ancient Greece, so very important to the West.
The “EU” has been the “Trojan Horse” used by the sociopathic 1/10 of 1% to initiate RE-COLONIZATION of all Europe for THEIR benefit(s), including financial, political, and social.
Their tentacles spread worldwide, and they are relentless.
You are now witnessing the terminal stage of a 100+ year slow motion BOLSHEVIK revolution in the west. Nothing goes up or down in a straight line, but the long term trend is a “clear and present danger” to all who still value FREEDOM.
Their vision is your nightmare.
“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered…. I believe that banking institutions are more dangerous to our liberties than standing armies…. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” Thomas Jefferson
There is a cultural marxist aspect of bolshevism. Their aim is to destroy the foundation of White Christian civilization, the family. To accomplish this, cultural marxists foster gender-destroying & family-destroying abominations.
After their 1917 revolution… in addition to destroying churches and murdering millions of Christians… the vile satanic antichrist bolsheviks in Russia legalized everything that would destroy the single family unit. Bolsheviks legalized liberal divorce, abortion, homosexuals. Bolsheviks pushed womens lib to the point of abolishing the role of wife, mother and homemaker… then put women to work in factories and military. Bolsheviks wanted communal living with communal meals and communal sex… children would be property of the atheist antichrist bolshevik state.
Below is bolshevik cultural marxists’ own words.
” Just over a month after the revolution, two decrees established civil marriage and allowed for divorce at the request of either partner Divorces soared in the following period. A complete Code on Marriage, the Family and Guardianship, ratified in October 1918 by the state governing body, the Central Executive Committee (CEC), swept away centuries of patriarchal and ecclesiastical power, and established a new doctrine based on individual rights and the equality of the sexes. ”
” The Bolsheviks also abolished all laws against homosexual acts and other consensual sexual activity.”
” The Bolsheviks anticipated the ability to eliminate the need for certain registrations, for example, marriage registration, for the family will soon be replaced by a more reasonable, more rational differentiation based on separate individuals. When the fetters of husband and wife have become obsolete, the family will wither away, replaced by revolutionary social relations based on womens equality. Not until then, in the words of Soviet sociologist S. Ia. Volfson, would the duration of marriage be defined exclusively by the mutual inclination of the spouses. Divorce would be accomplished by the locking of a door, as Soviet architect L. Sabsovich envisaged it. ”
” Abortion: Free and on Demand
In 1920 the Soviet government issued a decree overturning criminal penalties for abortion the first government in the world to do so”
http://www.icl-fi.org/english/esp/59/emancipation.html
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A book you will enjoy, Atossa: Pawns in the Game, by William Guy Carr, a WW II Canadian naval intelligence officer.
The Banksters plan for world domination was agreed to in 1773, in Frankfurt, where Rothschild & 12 others got together. A 25 point plan had been prepared by Adam Weishaupt, a renegade ex-Jesuit Prof. of canon law: control of media; ruin youth through drugs & sex; pursue ‘liberal’ politics.
Another great read: The Creature from Jekyll Island, by G.Edward Griffin. The Fed in US, its tentacles of control through the world via the World Bank & IMF, how inflation is a stealth tax & all fiat money is created as debt, which is not sustainable.
Griffin has realised that the current ‘Green’ hysteria is a manifestation of the Banksters desire for world domination.
http://www.c3headlines.com
Click on Quotes to see the agendas behind the Communists & 1%s driving the warming/climate hoax. Many good articles & graphs also.
Best,
John Doran.
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I read “Pawns in the Game” many years ago… good book.
I began my “enlightenment” back when I was a teenager in the JBS. Now I am light years ahead of that humble beginning…
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Good stuff. 🙂
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Also the “Protocols” first exposed in Tsarist Russia. People claim it is a forgery. Nevertheless, it is an insidious blueprint the international cabal have been following.
As for the greens and climate change… did you see my previous post on that subject where I quote my brother? He is a NASA scientist who has been part of a climate study group begun by NASA scientists.
Here is a quote:
” The “doom predictors” use computer models of future warming. These model predictions are all over the map, but in past have predicted more warming than occurred. Models range from about 2 to about 8 deg-C total warming for each CO2 doubling. The truth is likely between 2 and 3. But politicians and Greens adopt numbers of 5 to 8, which are unlikely. ”
https://mishtalk.com/2016/11/12/krugman-admits-he-is-clueless/
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If global trade collapses the major exporters will see a disproportionate hit to GDP.
China #1 (EU as a total is 2nd or 1st vs China)
US #2
Germany #3 – export engine of the EU
France #6
UK #10
Which carries the highest social cost per employee and least flexible labour market? EU.
So – trade slows – looks like the loser #1 is the EU? Anyone disagree?
It will be horse race between EU and China … China’s debt getting out of hand … and if trade slows and debt can’t be serviced?
…
“many segments of the Chinese economy have taken on considerable debt, especially since the global financial crisis. Over the past decade, total debt grew 465 percent. Debt rose to 247 percent of gross domestic product in 2015, from 160 percent in 2005.”
http://www.bloomberg.com/news/articles/2016-08-28/digging-into-china-s-growing-mountain-of-debt
No use being worried about the inevitable collapse of globalist Babylon.
If you look at the collapse of Hanjin shipping line, the Baltic Freight index, or Mish’s articles from last summer — the collapse in world trade has absolutely nothing to do with politicians or silly agreements (lack thereof?) between diplomats
https://mishtalk.com/2016/08/15/peak-season-shipping-roundup/
https://mishtalk.com/2016/08/15/lack-of-shipping-demand-sends-big-ships-to-scrap-heap-trucking-next/
Global trade was collapsing long before the US election cycle went berzerk, and was showing serious declines way back before the Brexit vote. TTP and TTIP are just smoke and mirror distractions.
People seem to forget that debt is borrowing from the future. Trillions of USD debt, trillions in EUR debt, qradrillions in JPY debt — decades of borrowing from the future to avoid making tough choices in the present.
Stimulus is like steroids. You get all “pumped up” in the short term, you get heart problems and ‘roid rage in the medium / long term.
Welcome to the other side of Keynesian economics folks.
It is rather amusing to see how much money that bureaucrats around the globe believe it should cost to engage in free trade.
“Essentially, the EU demands the UK to accept all of the EU’s inane rules and regulations without having a say.”
When did that become democracy?
Sometimes democracy looks very similar to mob rule.
Europe is governed by socialists and neo-Marxists as in the US from some time . As you know Marxism is an ideology and what history says about its consequences . It always ended in tears. Instead ” We the people ” is ” We the government ” . And do not be naïve , this time won’t be different. Just a matter of time . But people do not understand the threats because our schools don’t teach our kids understanding reality , in other words the aim of American education is not truth. Truth about man , truth about common good , truth about the politics … . For example : last time when I asked my boys ( high school) , what they think of Niccolo Machiavelli’s teachings ( “the prince”) both of them replied positively. I’m pretty sure their opinion was suggested by their English teacher.
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Biggest US shale oil field worth $900 billion discovered in West Texas.
November 15, 2016
Permian’s Wolfcamp formation called biggest shale oil field in U.S.
In a troubled oil world, the Permian Basin is the gift that keeps on giving.
One portion of the giant field, known as the Wolfcamp formation, was found to hold 20 billion barrels of oil trapped in four layers of shale beneath West Texas. That’s almost three times larger than North Dakota’s Bakken play and the single largest U.S. unconventional crude accumulation ever assessed, according to the U.S. Geological Survey. At current prices, that oil is worth almost $900 billion.
The estimate lends credence to the assertion from Pioneer Natural Resources CEO Scott Sheffield that the Permian’s shale could hold as much as 75 billion barrels, making it second only to Saudi Arabia’s Ghawar field.
more at link
http://www.star-telegram.com/news/business/article114931993.html
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It’s time for a British “full court press”. Stop playing with the nannycrats. Instead start courting the alt-parties and voters in Greece, Italy and France. Propose an alt-EU trade block while publicly denouncing the actions and EU nannycrats by name.
Furthermore, as the avge EU resident has no idea how vast and expensive the EU government is, nor their special tax treatment, nor their outlandish expense accounts and other perks, it’s time for a press “blitz” in those nations to educate the voters on what Juncket the drunkard and has merry men get paid for screwing up the EU project. An “Open the Books” site and app would do wonders to raise the BP of the peons out there.
Play hard and play for keeps!