Switzerland Joins the EU- On a Defacto Basis-Victory DeRothschilds
I forgot to mention in my comments section that Switzerland is where John Maynard Keynes located the very, very evil Drug Laundry of the BIS and where the UN has its ’2nd home’ among its other evil issues.
Here is an Anglo-Hebrew elite now living in NYC, and probably spying on us daily for MI6, urging the English to be more European and Swiss. Europe is a Prison, like the USA. Switzerland is the ultimate gilded cage.
Globalists are satanist and the new Communists of our day. Soon there will be ‘courts’ to try globalist for crimes against God and Humanity. Think big.
Mr. Ellis will be the first one in the docket. Most Swiss are not really multilingual. You really cant find any french or german swiss who speak Italian. They do get a decent education in English, German and French in their grade schools schools, but forget it much like Americans forget their grade school languages. Most Canadians dont really speak French now do they.
Anglosaxon Enron Commodity Trader (Gold price fixer?) Collects 3.5 Billion, Retires to start NGO/Nonprofit to advance Anglo-Zionist world Rule
Enron the ultimate FED/Anglosaxon-Hebrew criminal operation. At least Anglo-Hebrew Jeff Skilling is still in jail. He was the Dallas FED head in the middle of the Enron crime ring. Anglosaxons in the USA don’t work in general, they ‘rule’ just like the Hebrew overlords. Notice the table of Billionaire hedge fund managers, only Dalio is a gentile. The rest are split as Anglosaxons and Hebrew, with 5 Hebrew and 4 Anglosaxons. Given Anglosaxons and Hebrews are small percentage of this country they have a ‘money’ gene or this is just one crooked rigged game by the Anglo-Jewish elites.
Krugman Wishes He Was Wrong Amid EU Austerity Backlash
It is important to follow Paul Krugman. I must admit I think he is one of the more honest people among our bankster gods but completely wrong as a Keynesian but right within the context of debt as money and a fiat based system.
Of course the most honest of all was the anti-Zionist Hebrew Murray Rothbard who blew the whistle on it all, this entire scam called the FED and the conspiracy by the Anglo-Jewish elite to rule the world through the FED and its owner the Bank of England and the owner of the BOE is of course the English Crown and its defacto banker-Rothschilds.
Murray was one of the founders of the Libertarian party and that party was considered to be so dangerous, an Anglosaxon ‘retired’ CIA agent has headed it ever since, and Murray was pushed out of his own political party.
Murray called the FED and BOE what they were, wealth transfer vehicles from the working class to the Anglo-Jewish royals of the US and England. Murray was a strident anti-communist outing that as yet another Anglosaxon-Hebrew scam and madness.
To not read Rothbard is to not understand the world. He was the only Jew to every stand up and back Bobby Fischer, the greatest Chess player of all time who pointed out this great Hebraic lead conspiracy to take over the world. The Arab-Muslims have their own similar plan, and the Chinese communist seem to have their own plan, as did Alexander the mad from VD greek, and the Julius Caesar whom also probably had contracted a VD and had to be killed as he had gotten to be so mad..
The euro area’s push to revive confidence in its economy and financial markets by attacking budget deficits will be challenged at the ballot boxes of France and Greece on May 6 as the region’s economy skids toward its second recession in three years and unemployment nears 11 percent.
Leading demands for a revised strategy, French SocialistFrancois Hollande, a reader of Krugman, tops PresidentNicolas Sarkozy in the polls with the warning that putting debt-cutting over expansion is “bringing desperation to people.” Elsewhere, Greeks are turning to anti-austerity parties, recession-wracked Spain and Italy are relaxing deficit targets, the Dutch government is splintering and European Central Bank President Mario Draghi is calling for a “growth compact.”
The U.K., which the International Monetary Fund reckons accounts for a third of the budget cuts in the 10 largest European Union countries, is already back in recession.
“You can’t do deficit reduction without the people” understanding and endorsing it, said Paul Martin, who as Canada’s finance minister through most of the 1990s turned a C$36 billion ($36 billion) shortfall into a surplus in three years. “Deficit reduction has to be balanced with growth and it’s pretty clear Europe (BEBANKS) has lost that balance.”
The debate has split policy makers, investors and academics alike as Europe pursued a cocktail of tax increases and spending cuts to beat a sovereign debt crisis that raged from Greece through Ireland and Portugal to the very heart of the single currency bloc.
In a camp that boasts fellow Nobel winner Joseph Stiglitz and former U.S. Treasury SecretaryLawrence Summers, Krugman’s voice has been loudest in warning that deploying austerity in a slump is self-defeating as it deepens the economic pain and can generate even higher debt. For pulpits, the 59-year old Princeton University professor has a regular New York Times op- ed and blog. A book, “End This Depression Now!” was published this week and is already among the bestsellers on Amazon.com Inc.’s U.S. website.
‘Not a Whim’
“Francois Hollande has read Krugman,” Michel Sapin, one of Hollande’s economic advisers, said in an interview. “His writings show that Hollande’s proposals are not a whim and that this idea that growth is key is spreading.”
To Krugman, advocates of fiscal retrenchment such as German Chancellor Angela Merkel are ideological “austerians” who by misunderstanding the ills they’re trying to cure risk “Europe’s economic suicide.” He calculates that paring government spending by one euro ($1.32) generates only about 40 cents in reduced debt in the short-run and 1.25 euros in lost production.
“Aggressive fiscal austerity is self-defeating if you can’t grow,” said Andrew Balls, the London-based head of European portfolio management at Pacific Investment Management Co. (PTTRX), which oversees the world’s largest bond fund. “Krugman is a highly respected economist with a prominent platform who provides a very clear explanation of that view.”
Kevin O’Rourke, who teaches at the University of Oxford, calls Krugman a “genius” who is applying the “very simple” lessons of economics that were patronised as not technical enough by those who argued austerity wouldn’t derail growth.
“He has become the spokesman for all of us who believe that our time in undergraduate lecture halls was not wasted,” said O’Rourke, whose research Krugman has praised on his blog.
Not all buy it, including Germany’s Merkel, who pushed for a fiscal pact to ensure better discipline in the future and which 25 of the European Union’s 27 governments signed up to.
The skeptics argue Europe’s overly-indebted nations helped trigger the financial crisis and now will only attract investors and restore competitiveness once they have put their fiscal houses in order. Spain now pays almost 6 percent to borrow for 10 years, up from about 4 percent in 2009. Germany pays about 1.6 percent.
ECB officials are also signalling no imminent plans to add greater monetary or liquidity stimulus to their economy as they prepare to meet in Barcelona today. None of the 58 economists surveyed by Bloomberg News anticipate the central bank will cut its 1 percent benchmark interest rate.
“We can only win back confidence if we bring down excessive deficits and boost competitiveness,” Bundesbank President Jens Weidmann said April 23.
Columbia University economists Jeffrey Sachs and Edmund Phelps both reject Krugman’s view as a “crude” form of the pump priming proposals of John Maynard Keynes, the 20th century British economist. Federal Reserve Chairman Ben S. Bernanke last week dismissed Krugman’s call for the U.S. central bank to allow much faster inflation as “reckless.”
“I can’t stand this rubbish anymore,” said Norbert Walter, the former chief economist of Deutsche Bank AG who now runs his own consultancy. “If you are in a cul-de-sac the only way out is to go backward. Countries clearly living beyond their means must reverse.”
That’s the prescription of Merkel, who holds Europe’s purse strings. She backs austerity abroad in keeping with Germany’s historical preference for prudence, which dates back to the aftermath of overspending and hyperinflation in the 1920s.
“We’re not saying that saving solves all problems,” Merkel told a conference in Berlin on April 24. Still, “you can’t spend more than you take in. You can’t live your whole life this way. Everybody knows this.”
Krugman, who won the Nobel Prize in 2008 for his research on trade, argues the birth of the euro in 1999 led to a boom in money flowing into peripheral nations like Spain and Portugal as investors bet their debt was now as safe as Germany’s. Nations prospered with property often leading the way.
When the lending dried up amid the global credit crunch, the economic-tailspin and need to rescue banks propelled budgets and current accounts into the red. That shows to Krugman that, with the exception of Greece, the causes of Europe’s woes are private debts rather than fiscal irresponsibility.
Spain’s government, for example, ran a debt of 36 percent of gross domestic product in 2007 and Ireland’s was 25 percent. By comparison, Germany’s was 65 percent at the time. While Italy’s debt was 103 percent of GDP in 2007 its budget deficit was 1.6 percent and Ireland’s account was in balance. Take Greece, Ireland, Italy, Portugal and Spain as a group and its debt was declining into 2007, Krugman estimates.
That suggests public budget cuts are only intensifying the pain caused by a reduction of private investment and spending, according to Krugman. Deprived of their own currency or central bank to help lessen the pain through devaluation or printing money, countries are left trying to deflate their economies to regain competitiveness.
That leaves the likes of Spain now needing outside help, he says. In his view, the ECB could cutinterest rates to encourage inflation and stand by to purchase more government bonds. Healthier nations with stronger budgets and trade positions such as Germany should stimulate their economies to increase demand and relative prices.
Irritated by the “Hellenization” of the economic debate, Krugman wants America to introduce more stimulus at a time when the U.S. pays just 1.9 percent to borrow for a decade.
“They’ve had a firming up of their view that austerity in the face of a depressed economy is actually harmful,” Krugman told Bloomberg Television.
Krugman’s argument chimes with that of Summers, the former Treasury secretary, who says the idea of being able to cut your way to growth “is oxymoronic and there are days when you don’t even need the prefix” oxy.
Using IMF data, Summers calculates that when demand is weak and interest rates are about zero, a one percent reduction in the ratio of spending to GDP reduces economic growth by as much as 1.5 percent.
“This means austerity measures at the national level are likely to be counterproductive in terms of creditworthiness,” he wrote in the Financial Times this week. “Fiscal contraction reduces incomes, limiting the capacity to repay debts.”
Spanish Prime Minister Mariano Rajoy and his Italian counterpart Mario Monti now both say it will take longer to balance their budgets than previously anticipated. Monti is implementing 20 billion euros of fresh spending cuts and tax hikes, while Spain is making the deepest budget cuts in at least three decades.
While stopping short of advocating stimulus, Draghi is signalling he wants countries to introduce structural changes and improvements in competitiveness. Governments may add an annex to their budget pact listing ways countries can boost expansion.
Hollande wants to go even further and advocates fostering growth by spending existing European funds and new revenue sources that would be generated from measures such as eurobonds and financial-transaction taxes.
While Germany is willing to strengthen the European Investment Bank to help it provide more support, Merkel is against broader spending, especially given the euro area’s aggregate government debt reached 8.2 trillion euros last year, the highest in the currency’s history.
The IMF projects Spain’s deficit to reach 6 percent of GDP this year and Italy’s debt to top 123 percent of GDP, both double the limits of the euro-area rules.
The German chancellor says such imbalances need correcting and that any talk of a growth compact should be limited to measures needing “political courage and creativity rather than billions of euros.”
Outside the euro, even as the U.K. economy suffers its first double-dip recession since the 1970s, Prime Minister David Cameron’s government is pushing ahead with the largest budgetcuts since World War II, pointing to Greece as a reason. It would be “absolute folly” to change course and risk higher interest rates, he said last week.
Nobel laureate Phelps said in an interview that he finds Krugman’s analysis “somewhat blinkered and shallow” because easing austerity in Europe could lead to even weaker economies as investors impose higher borrowing costs. Spain’s 10-year bond yield jumped about a percentage point after the government revised its deficit goal in early March.
“I’ll cut to the chase and say I don’t think his position is very well judged,” said Phelps. “I don’t think he’s paying enough attention to the fact that whatever the causes of the deficits are, countries are up against it.”
While Harvard University professor Kenneth Rogoff said he shares the point that faster inflation would be worthwhile, he said Krugman understates the pain debt can have on an economy in the longer-term.
In a paper published this week, Rogoff and co-authors Vincent and Carmen Reinhart find countries with debts exceeding 90 percent of the size of their economy historically have experienced subpar growth for more than two decades even if their interest rates remain low.
Krugman appears nonplussed. The alternative to action is Europe’s troubled economies end up correcting their imbalances in a glacial way and may eventually consider leaving the euro, something which will become more attractive as unemployment mounts. He already predicts Greece will jump or be pushed.
“That will concentrate minds,” he told Bloomberg Television. There are “echoes of the 1930s out there in Europe and this is scary.”
“Disabled Americans Shrink Labor Force”
Like England we have this permanent underclass on the ‘dole’ now, not only the disenfranchised African-Americans displaced by the illegal immigrant from Mexico but now the ‘White Christian’ aka the non-Anglosaxon European Americans. Anglosaxons in the USA don’t want you to see their hidden Masonic cult and first hired and never fired privilege. Major propaganda piece by JPM.
World food prices fall; inflation fear remains
Reuters) – World food prices eased in April after rising in the first quarter of this year, the United Nation’s food agency said, but inflation worries are still simmering as soybean prices climb.
Record high food prices last February helped to fuel the Arab Spring uprisings in the Middle East and North Africa. Prices receded in the second half of 2011 but the uptrend resumed in January.
The FAO Food Price Index, which measures monthly price changes for a food basket of cereals, oilseeds, dairy, meat and sugar, averaged 214 points in April, down from revised 217 in March, the UN’s Food and Agriculture Organisation (FAO) said on Thursday.
Yet soybean prices – at their highest since July 2008 – are likely to rise further due to tight supplies, driving corn prices higher, the agency’s senior economist said.
The index drop reflected a 2.5 percent month-on-month fall in maize prices, a 1 percent fall in wheat and a 5 percent drop in sugar prices, which offset a 2.2 percent rise in vegetable oils fuelled by soaring soybean prices…
Carlyle Group- Anglo-Zionist Crime Gang Fetches Discount at IPO
U.S. Services Grew in April at Slowest Pace in Four Months
Service industries in the U.S. expanded at a slower pace than projected in April, a sign the largest part of the economy may struggle to accelerate in the absence of faster job growth.
The Institute for Supply Management’s non-manufacturing index fell to a four-month low of 53.5 from 56 in March, the Tempe, Arizona-based group’s data showed today. The median forecast of 74 economists surveyed by Bloomberg News called for a decrease to 55.3. Readings above 50 signal expansion.
Limited job and wage gains, combined with depressed property values, may make it difficult for Americans to step up their spending after purchases rose in the first quarter by the most in a year. Increased demand for services, which make up about 90 percent of the economy, would help broaden the almost three-year-old expansion beyond manufacturing.
“The economy has recently lost some momentum,” saidJames Shugg, a senior economist at Westpac Banking Corp. in London whose forecast for the services index was among the lowest. “Consumer spending is softening somewhat because if job growth is slowing from earlier in the year, household income growth is slowing, and that constrains spending.”
Economists’ estimates in the Bloomberg survey ranged from 54 to 57. The non-manufacturing gauge has averaged 53.4 since the recession ended in June 2009.
The ISM services survey covers industries ranging from utilities and construction to retailing and finance. A May 1 report from the group showed manufacturing unexpectedly accelerated in April at the fastest pace in almost a year, and factory employment picked up.
Today’s report showed the ISM non-manufacturing survey’s measure of new orders decreased to 53.5, the lowest in six months, from 58.8. The employment gauge dropped to 54.2, the weakest this year, from 56.7 in the prior month. The measure of business activity decreased to 54.6 from 58.9. The index of prices paid slumped to 53.6, the lowest since July 2009, from 63.9.
Expansion among the service industries may be moderating after a surge in the first quarter that coincided with the strongest pace of job growth in six years…
USA Weekly 365K
Fewer Americans than forecast filed applications for unemployment benefits last week, easing concern the job market was taking a turn for the worse.
Jobless claims fell by 27,000 to 365,000 in the week ended April 28, a one-month low, from a revised 392,000 the prior period, Labor Department figures showed today in Washington. Themedian forecast of 46 economists surveyed by Bloomberg News called for 379,000 applications.
? Market BS!!
“The numbers allay some concern that the labor market is deteriorating,” said Brian Jones, a senior U.S. economist atSociete Generale in New York, who accurately projected the decrease in claims. “The Easter argument held.”
Stock futures climbed after the report. The contract on the Standard & Poor’s 500 Index maturing in June increased 0.3 percent to 1,401.8 at 8:44 a.m. in New York.
A report tomorrow may show the U.S. added 160,000 jobs in April, compared with a gain of 120,000 the previous month, according to the median estimate of economists surveyed by Bloomberg. The jobless rate held at a three-year low of 8.2 percent, the survey showed.
The productivity of U.S. workers fell in the first quarter, indicating businesses are reaching the limit of how much efficiency they can wring from the workforce, another report from the Labor Department also showed today. The measure of employee output per hour declined at a 0.5 percent annual rate, after a 1.2 percent gain in the prior three months.
Estimates for jobless claims in the Bloomberg survey ranged from 360,000 to 400,000. The Labor Department revised the previous week’s figure from 388,000. Last week’s plunge was the biggest since May 2011.
A Labor Department spokesman said there was nothing unusual in the data last week. The government often has difficulty adjusting the figures for seasonal variations around holidays like Easter that shift from year to year.
The four-week moving average, a less-volatile measure than the weekly figures, climbed to 383,500 last week from 382,750.
The number of people continuing to receive jobless benefits fell to 3.28 million in the week ended April 21 from 3.33 million.
The continuing claims figure does not include the number of Americans receiving extended benefits under federal programs.
Those who’ve used up their traditional benefits and are now collecting emergency and extended payments decreased by about 62,300 to 3.08 million in the week ended April 14.
The unemployment rate among people eligible for benefits, which tends to track the jobless rate, held at 2.6 percent in the week ended April 21. Thirty-six states and territories reported a decrease in claims, while 16 reported an increase. These data are reported with a one-week lag.
Initial jobless claims reflect weekly firings and tend to fall as job growth — measured by the monthly non-farm payrolls report — accelerates.
“Labor market conditions have improved in recent months; the unemployment rate has declined but remains elevated,” the Federal Open Market Committee said in an April 25 statement. “The committee expects economic growth to remain moderate over coming quarters and then to pick up gradually. Consequently, the committee anticipates that the unemployment rate will decline gradually toward levels that it judges to be consistent with its dual mandate.”
Companies like H&R Block Inc. (HRB), the biggest U.S. tax preparer, are still cutting workers. The Kansas City, Missouri- based firm said in a statement last week it plans to eliminate 350 jobs and close about 200 company-owned offices as part of a realignment.
Canadian Banks Dominate World’s Strongest