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What does it all mean?
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FINCEN
Administrative Assassin


Joined: 08 Mar 2006
Posts: 1345

PostPosted: Thu Nov 03, 2011 3:57 pm    Post subject: What does it all mean? Reply with quote

Quote:
"We can't be the city's ATM any longer," said Gabriello Mancini, the Monte dei Paschi Foundation's chairman said, in an interview in his 13th-century headquarters building overlooking Siena's famous Piazza del Campo. "It could cause some problems because some groups got used to having our support."

The drama marks a new phase in the continent's banking crisis.
Irish banks ran into trouble due to reckless real-estate lending. Greek banks have been pummeled by their country's economic implosion. French banks are paying the price for their boom-time expansions into countries like Greece."


But does any of this explain the true meaning behind Gabriello Mancini's comments? Was he speaking of the city in terms relating to Siena or was he speaking of the City as it relates to London's central banking district? If so it would appear that cracks are starting to spread in the already shaky and questionable global banking alliance. One of the questions that I have been entertaining is if indeed the World Bank and IMF gain complete autonomy over world finance and trade with the UN as its enforcement division, what next? Powerful figures never sleep and never stop worrying about the balance of power. This has doomed many schemes to unify European nations for centuries and quite frankly I haven't seen anything that demonstrates a truly unanimous consensus despite the protestations of the global media.
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beemoe
Commission Member


Joined: 07 May 2006
Posts: 839

PostPosted: Tue Nov 08, 2011 4:03 pm    Post subject: Beemoe Reply with quote

This is beyond me......but not much longer. Okay another piece of the puzzle. The foundation is a gold depository?
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beemoe
Commission Member


Joined: 07 May 2006
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PostPosted: Wed Nov 09, 2011 11:24 pm    Post subject: Beemoe Reply with quote

At first i thought "Monte" was some kind of discreet private bank, I didn`t realize how large this bank is. So are they sitting on a large amount of gold that The BOE borrows against?
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FINCEN
Administrative Assassin


Joined: 08 Mar 2006
Posts: 1345

PostPosted: Thu Nov 10, 2011 3:46 pm    Post subject: European financial developments... Reply with quote

ITALY

"The time has come to question the responsibility of the European Commission, the European Central Bank and the German government in taking Europe to the brink of the collapse."
Antonio Tricarico coordinator of the Italian NGO CRBM (Campaign for World Bank Reform) based in Rome

    "The Berlusconi era is finally coming to an end, but the economic legacy of his government's decade will stay for a long time. A new coalition government, likely based on the principle of national unity, is set to guarantee the implementation of harsh austerity policies non-democratically imposed by the European Central Bank and the European Commission -- and more recently by the IMF in Cannes. This would be a tragedy for Italy, leading to depression and a crisis of its banking system.

    "The time has come to question the responsibility of the European Commission, the European Central Bank and the German government in taking Europe to the brink of the collapse. These institutions have forged a wrong economic integration of Europe centered around an export-led model, at the disadvantage of those weaker economies in the EU not able to compete with Germany and forced to accept the German trade and financial surplus. This has been coupled with the implementation of strict fiscal and monetary policies for supporting a 'strong' Euro, which in turn produced higher public and private debt in the periphery countries.

    "Greece might leave the Euro, but Italy is too big too fail for the Eurozone. So the Euro is at risk and might even collapse, but also the whole EU project based on regional solidarity risks dying as well. As was true 50 years ago, new visionary thinking reclaiming public finance and public policies is needed, starting with the reform of the European Central Bank and its policies.

    "In this emergency situation it is necessary to restore capital controls and introduce financial transaction taxes in Europe, while mobilizing national and regional resources to support the economy and prevent a collapse of the banking system. It is inevitable that some banks under stress should go under public control and this should be used as an opportunity to restart the economy as well as to promote a public debt audit to expose who benefited and who lost from the Euro and its management failure. This would be the first step in reviewing the Euro architecture. Saving the EU project through solidarity action should come first rather than saving the Euro just for the sake of financial markets."



GREECE



Greece's new prime minister says the country's economy faces huge problems despite major austerity efforts already made and those issues will be solved faster with unity and cooperation.
Former European Central Bank vice president Lucas Papademos was named interim prime minister of a new unity government Thursday after four days of power-sharing talks.
The interim government aims to end a severe political crisis that had threatened Greece's financial bailouts and its continued position in the 17-nation eurozone.
The new government will aim to secure and implement the decisions of a Ä130 billion ($177 billion) European debt deal agreed upon after months of negotiations.
Papademos also said no specific date had been set for Greece's early election, which had been expected in February.


Quote:
EUROZONE POLITBURO

Eurozone crisis: who is pulling the strings in Europe?
As the escalating eurozone crisis has toppled governments in Italy and Greece, decision-making is increasingly being driven by France, Germany and a powerful group of Brussels officials.

It has been dubbed Europe's Politburo: a "self-appointed body of powerful individuals prepared to topple national governments if they fail to toe the line."
The so-called Groupe de Francfort came together last month at a party for the retiring chief of the European Central Bank, Jean-Claude Trichet.
They met four times at the margins of the G20 summit - and marked themselves out by sporting GdF lapel badges. But who are the "Groupe de Francfort"?

Angela Merkel
57, Germany
Position: German Chancellor since November 2005, re-elected in 2009 for another four years.
Democratically elected? Yes.
Qualifications: Elected to Bundestag in 1990, minister twice. President of the European Council and lead the G8 in 2007. Now the de facto leader of the EU.
It is time for a breakthrough to a new Europe. A community that says, 'Regardless of what happens in the rest of the world, it can never again change its ground rulesí, that simply canít survive. Iím convinced of this. Because the world is changing so much, we must be prepared to answer the challenges. That will mean more Europe, not less Europe.
Friends say: Europe's Iron Lady
Foes say: "La Boche" (Nicolas Sarkozy)

Nicolas Sarkozy
56, France
Position: President of the French Republic since May 2007, serving a five-year term
Democratically elected? Yes
Qualifications: Mayor of Neuilly-sur-Seine, Minister of Budget, Minister of Finance and Interior Minister. EU president during the 2008 financial crisis, pushing for G20 summits and financial regulation in the eurozone. Sent the first fighter jets to back Libyan rebels.
The consequences of a failure of the euro would be so cataclysmic that we could not possibly entertain the idea. We couldn't even play with the idea of entertaining the idea... Mrs. Merkel and I will never, never allow the euro to fail. Never will we allow the euro to be destroyed... The euro is Europe. Germany and France have known three barbaric wars. Now Europe is the most stable continent in the world.
Friends say: "The best man in the world" - Sameh Mahmoud, Libyan rebel fighter.
Foes say: "The King of bling bling" - the French press, for his love of exotic holidays and Rolex watches.

Christine Lagarde
55, France.
Position: Managing Director of the International Monetary Fund since July, for a five year term. Replaced Dominic Strauss Strauss-Kahn following rape allegations, of which he was later cleared.
Democratically elected? No.
Qualifications: Lawyer, chair of international law firm Baker and McKenzie, French Minister of Economic Affairs.

If we do not act, and act together, we could enter a downward spiral of uncertainty, financial instability, and a collapse in global demand. Ultimately, we could face a lost decade of low growth and high unemployment.
Friends say: "Is this the world's sexiest woman?" (The Guardian newspaper.)
Foes say: "Farcical" (Oxfam, because of lack of transparency in her IMF selection.)

Mario Draghi
64, Italy
Position: President of the European Central Bank since November, for an eight-year term
Democratically elected? No.
Qualifications: Economist with a PhD from MIT; lead the privatisation drive from the Italian Treasury and pushed the country into the euro. A vice president of Goldman Sachs, before being named head of Italy's central bank after the incumbant resigned in a corruption scandal.

It would be pointless to think that sovereign bond rates can stably be brought down for a protracted period by outside intervention. The first and foremost responsibility lies with national economic policies. Put your public finances in order.

Friends say: "Super Mario" (The Italian press)
Foes say: "Mama Mia! For Italians, inflation is a way of life, like tomato sauce with spaghetti." (Germany's Bild tabloid, on the idea of Draghi running the ECB.)

Josť Manuel Barroso
55, Portugal
Position: President of the European Commission since 2004, re-appointed for five years in 2009
Democratically elected? No
Qualifications: Portuguese MP since 1985, Foreign Minister, Prime Minister in 2002-04. Holds 21 honourary degrees.
All the European Union members should have the euro as their currency. The idea that we have two unions in Europe means disunion... It was an illusion to think that we could have a common currency and single market with national approaches to economic and budgetary policy.
Friends say: "Lots of ability, but no strong convictions on anything, and he's driven not by money, but by power." (Ana Gomes, Portuguese MEP.)
Foes say: "An unelected bureaucrat who is overseeing a system that is falling apart." (Douglas Carswell, Tory backbencher).

Herman Van Rompuy
64, Belgium
Position: President of the European Council since 2009, serving a 30-month term.
Democratically elected? No.
Qualifications: Belgian Senator, 1988-95, Representative 1995-2009. Prime Minister, 2008-09. Keen blogger and haiku writer. Opposed Turkish entry into the EU.
We have together to fight the danger of a new Euroscepticism... In every member state, there are people who believe their country can survive alone in the globalised world. It is more than an illusion: it is a lie... The biggest enemy of Europe today is fear. Fear leads to egoism, egoism leads to nationalism, and nationalism leads to war.
Friends say: "Furiously intelligent" (An EU diplomat)
Foes say: "An overpaid catastrophe" (Nigel Farage, Ukip leader.)

Olli Rehn
49, Finland
Position: European Commissioner for Economic and Monetary Affairs since 2010, serving a five year term.
Democratically elected? No
Qualifications: DPhil, Oxford; European Commissioner for Enlargement 2004-10; economic adviser to the Finnish PM 2003-04.
Let me be very blunt on this: It's either the EU institutions, according to our own rules, procedures and democratic accountability, or the market forces that will do the job. For me, as a committed European and a committed democrat, the choices are clear.
Friends say: "Purposeful. Serious. Not at all a typical glad-handling politician" (An EC official)
Foes say: "Low profile" (The Economist)

Jean-Claude Juncker
56, Luxembourg
Position: Chairman of the European Finance Ministers since 2005, reappointed four times
Democratically elected: Yes, as PM of Luxembourg
Qualifications: Prime Minister of Luxembourg since 1995. Minister of Finance 1989-2009. Owns a pinball machine.
Monetary policy is a serious issue. We should discuss this in secret, in the Eurogroup. I'm ready to be insulted as being insufficiently democratic, but I want to be serious... I am for secret, dark debates.
Friends say: "Highly regarded... he is a deep-dyed fanatical federalist" (The Economist)
Foes say: "Master of lies" (Austria's Der Standard)

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