News & Analysis
Euro Back From the Brink Again? What a Surprise ...
How all-night Brussels showdown pulled euro back from brink ... They were bleary-eyed in their crumpled suits early on Friday morning, but euro zone negotiators were smiling after a hard-fought night of talks that struck a surprisingly far-reaching deal to prop up the euro. An agreement to let the euro zone's rescue funds directly recapitalize banks - something Spain has long held out for - went substantially beyond what almost all diplomats and finance officials expected going into the two-day summit. – Reuters
Dominant Social Theme: Thank God it turned out for the best.
Free-Market Analysis: Yesterday, in an article entitled "Merkel and Hollande – Best in the World," we pointed out that much of what passed for news analysis in the mainstream press was simply leader-worship, a definitive dominant social theme.
Yes, the power elite that wants to run the world seems to set up crisis after crisis, economic or military, in order to reinforce the idea that only a handful of politicos are important and that everyone else is a kind of spectator.
In this article excerpted above (one we missed at first, as it appeared on June 29th), we can see this meme playing out with great force. Reuters is a prime elite newswire that sets the trend in news coverage around the world. Here's some more:
Shortly before 11 p.m. on Thursday, after nearly six hours of fruitless negotiation, Spain and Italy flatly refused to sign up to a growth pact for the EU unless Germany and others agreed to short-term measures to help them overcome the relentless pressure from financial markets, officials said.
France, the main proponent of the growth pact, tacked towards Spain and Italy, favoring quick action. Germany, the Netherlands and Finland initially held out, saying they were not going to be 'blackmailed' into delivering short-term relief to struggling states, especially if the help was not accompanied by strict conditions.
One official described the line the Finnish and Dutch leaders took as particularly hard-nosed yet when push came to shove, the threat of the euro zone's third and fourth largest economies being driven closer to the edge, or even over it, was too alarming to contemplate and Germany budged.
One leader in the room played down suggestions that Monti had held a gun to the heads other EU premiers, having threatened ahead of the meeting to drag the summit out until Sunday, but he said it tactics had been uncompromising.
"It wasn't pretty," the leader said. For his part, Monti was straightforward. "The process was tough, but the outcome was good," he said as he left the summit at 5 a.m.
A senior EU official who followed the negotiations via transcripts from the meeting room, on the 5th floor of Brussels' Justus Lipsius building, called "Level 60", said the final agreement was a surprise in how far it went.
"There always looked to be room to move on using the rescue funds more flexibly, but the direct recapitalization of banks wasn't expected to be part of it yet," the official said. "That opens the way for a pooling of liabilities and paves the way for a banking resolution fund too," he said.
This whole excerpt is disturbing as it intends to show how the affairs of nation-states resolve themselves into the individual bickerings of fallible human beings in a back room somewhere. Again, we are being shown quite specifically that the "fate of the world" rests on whether or not Merkel has, ahem ... indigestion.
This is, of course, an important power elite meme because the elites need to build up government officials in order to hide behind them. Money Power uses mercantilism to try to rule the world and even its central banks are stitched to government authority in order to gain additional credibility.
But perhaps the most disturbing statement of this excerpt is in the last paragraph where the anonymous official is quoted as saying that "the direct recapitalization of banks wasn't expected to be part of it yet."
"Wasn't expected to be part of it YET."
Doesn't that sound scripted to you? Of course, it could simply be maladroit phrasing, but it tends to confirm what we think anyway – that much of what is passing for this crisis is manufactured. That the entire four-year unraveling is part of a larger "dreamtime drama."
"Dreamtime" in the sense that we are being led to believe that this great Euro-disaster is inevitable, a waking nightmare. But it is indeed insubstantial. It is nothing more than the fleshed-out phantasmagoria of a handful of powerful people that want us to believe our lives and prosperity are constantly in danger.
Only by creating fear can these people rule. Their globalist solutions are activated by panic. The middle classes only consent to additional control when they are aggregately frightened. And frightened they are to be ...
Thus we proclaim with some certainty that what's going on has elements of stagecraft. Heck, we'll go out on a limb and say that MOST of it does.
Start with the crisis itself, manufactured by Europe's biggest banks lending billions to countries like Greece and Portugal – countries known for their profligacy. We'd simply ignore this but it is the way the power elite works.
The World Bank historically has lent to failing countries with the express purpose of creating a debt that the International Monetary Fund can then exercise. How so? By higher taxes, lower government spending and all around austerity.
This is exactly what's happening today in Southern Europe. For purposes of economic efficiency, this paradigm that once only was aimed at the long-suffering populations of Asia, South America and Africa has now been extended to so-called first world countries.
Coincidence? You may wish to believe that, dear reader, but we don't. Not now. Not anymore.
And having created this "crisis" we now suggest that the solution is just as phony as the problem. The elites that control the banks and ensured that they lent recklessly, also control the political elements of Europe.
Nobody would set up so many fruitless summits if they had a choice, after all. But it suits the powers-that-be to drag out this crisis in a shadow play of dramatic proportions.
The end result is to be inevitably a "greater union." The manmade crisis is to give way to a closer manmade union. And in the meantime we are to be inordinately impressed by what Angela Merkel had for dinner and whether she and Hollande can "get along."
The only part of all of this that is anomalous is the presence of the Internet and what we call the Internet Reformation. The elites neither predicted the rise of the Internet nor the influence that it would have in our humble opinion.
And now they are rushing to complete a kind of "new world order" under the microscope of ten thousand blogs each predicting the next move of this secretive conspiracy. It is very difficult to build something of this magnitude and malevolence in the current environment.
The pushback is already in place as numerous lawsuits have recently been filed in Germany claiming that what Merkel is trying to make Germany part of – a transfer-union – is unconstitutional. German taxpayers don't want to pay for the Southern PIGS and Merkel's political party has been losing elections as a result.
But soon, depending on the way the German constitutional court rules, the European Stability Mechanism that is supposed to manage a permanent rescue program may be seen as an illegal facility within Germany's borders.
Were the court to rule against the ESM, it is likely various Euro-rescue efforts would collapse. But that may not even be necessary as the German court just decided that it would take three months to rule on whether an injunction against the ESM was appropriate. This is causing panic among Eurocrats who fear that the endless bailouts may founder in the meantime.
In our view, the Internet and the information it presents to masses of people has made it harder and harder for the elites to pursue the kind of directed history that they are used to. We are not at all sure that an adverse ruling from the German constitutional court was part of an anticipated scenario.
Even if the court rules in favor of the ESM, etc. it is still not certain whether the elites shall be able to maintain the EU as it is and as they wish it to be. In such a case, those at the top will have to fall back on yet another scenario, which is apparently to introduce maximum chaos into the Eurozone in order to salvage what they can.
By "salvage" we mean that the powers-that-be will try to introduce a maximum number of authoritarian measures in order to pave the way for further world government. Use the EU as a launching pad for world government or use its chaotic demise as an equivalent mechanism.
Conclusion: Either way, "they" will surely attempt to remain firmly in charge via their "directed history."