Acrimony as EU budget negotiations collapse

This could become major news folks This was posted this afternoon on Yahoo and shortly afterwards the Dow dropped 100 pts



http://ca.news.yahoo.com/s/afp/10111...economy_budget


BRUSSELS (AFP) - Tough negotiations on the European Union budget collapsed Thursday when Britain and other states refused to countenance a push by the European Parliament for Brussels to levy taxes.


It was the first budget negotiation since the EU's Lisbon Treaty came into force last December, handing the parliament decision-making powers on par with governments, but member states refused to budge.

Drastic cuts to national spending have emboldened states to clip the directly-elected body's new-found wings.

The parliament wants states to give it more power in shaping spending priorities for budgets over the next decade, and break "taboos" over taxes.

The breakdown sets up a frantic weekend for diplomats racing against the clock to find a way out of a growing impasse before legal "conciliation" officially runs out at midnight on Monday.

States were ready to grant the EU a 2.91 percent increase in 2011 funding, an additional 3.5 billion euros on top of last year's 123-billion-euro (170-billion-dollar) wallet.

But there was deep disagreement with the parliament over its demand to introduce immediate debate on tax ideas that could fundamentally change the way the bloc is controlled over the next decade.

That and a move to add new "contingency" funding running to 3.5 billion euros, which opponents said represented a backdoor increase.

The upshot is that the 27-state EU could be forced to operate off monthly budgets using 2010 figures.

Britain's Justine Greening, a minister in London's Treasury, said the parliament was cutting its nose off to spite its face, suggesting that "many government departments around Europe would love to have this year's budgets rolled forward to next."

She stressed that states were giving the parliament time "to reflect" but that the 2.91 percent increase remained on the table if the strings attached were removed.

Parliament president Jerzy Buzek said: "We want to make clear that taxpayers' money is used for those projects and priorities which provide the biggest volume of European added-value."

Diplomats said the French head of the parliament's budget committee, Alain Lamassoure, tore up the parliament's offer to drop its cash demands during the talks.

A group of states led by Britain and the Netherlands, but with only "tacit" backing from EU heavyweights Germany and France, "refused all negotiation, so we drew our own conclusions," Lamassoure said afterwards.

Diplomats said Britain, the Netherlands, Sweden, Denmark and Latvia -- alongside France, Germany, Austria and Finland -- had come together to put a red line in front of Belgian EU presidency efforts to broker a compromise.

British Prime Minister David Cameron had obtained 13 signatures on a petition calling for a 2.91 percent limit at the EU's most recent summit in a revolt over spending increases at a time of strict national austerity.

Parliament negotiator Sidonia Jedrzejewska said that "when diplomats around a table don't want to talk, how are we going to progress?"

The parliament was prepared to accept 2.91 percent after previously having demanded twice that much.

France's ambassador Philippe Etienne said attempts to rejig the numbers for next year provided "insufficient guarantees that there will not be runaway spending."

States currently fund three quarters of the EU's income, but opening the door to direct taxes on citizens and businesses is a step too far for some states that fear treaty change would be required, representing a transfer of powers to Brussels.

The percentage was "the bottom line, there is no way round that," Italy's ambassador Ferdinando Nelli Feroci had insisted


Now I would normally ignore this but this evening a friend I used to play hockey with and lives in Alberta sent this tonite




Nov 11, 2010
>
> FASTEN YOUR SEATBELT
>
> The article below is from JohnTaylor, the top guy at the world's
> largest foreign exchange investment group.
>
> I've followed his work for many years...and I have yet to see him
> wrong on a long term forecast. Read his comments closely:
>
> -_ The Eurozone has begun unraveling again, our thoughts should turn
> to the parlous state of the world and the risks ahead. These are
> amazing times and seem to grow more so every day. Policy errors are
> popping up everywhere and are likely to multiply dramatically as the
> political problems are serious, answers hard to find, and the decision
> makers are not up to the task. Bernanke has proven that he is more a
> college professor and less a trader, which will cost the world dearly.
> _
>
> _- Equities are already overpriced, with profit margins at all-time
> highs and PE ratios far above average. Speculation is now more
> American than apple pie ?but this is a very risky time to practice
> it. As one highly respected analyst noted about Bernanke article,
> hese are undoubtedly among the most ignorant remarks ever made by a
> central banker.
>
> _-THE EURO, WHICH HAS BEEN PERCEIVED AS IF IT WERE A GERMAN MARK, HAS
> ALREADY TOPPED AND WILL DECLINE UNTIL IT IS PRICED LIKE AN ITALIAN
> LIRA IN THE NEXT FEW MONTHS. With Europe and the US in recession next
> year, commodity prices will drop again and global growth will suffer
> despite the outperformance of domestic Asian economies. With the
> policy stresses, and the risk of significant errors in judgment,
> international strife becomes more likely as well._
>
> The full article follows, but here are my thoughts. Look at what the
> long bond is doing...buyers are beginning to disappear...especially
> foreigners...leaving the FED as the buyer of last resort. TMV (triple
> short ETF for US govt debt) is up over 30% in just the month and this
> should continue to be purchased.
>
> The Dow is down about 100 points as I write this, and it wouldn't
> surprise me to see the FED come in and take it higher today. Heck,
> even Bernake is openly admitting that the FED is manipulating the
> stock market, and that means anything is possible short term. I CANNOT
> BEGIN TO TELL YOU HOW AMAZING THAT THIS FACT IS. But as I have said
> consistently throughout, this financial manipulation will only work
> for so long. And that's the $50 trillion question....exactly when is
> the jig going to be up.
>
> And here's my answer. It really doesn't matter...because I want to be
> positioned well in advance of this event. When the light switch goes
> off, I want to be standing in the light instead of cowering in the
> corner with the rest of the sheeple and lemmings. Folks....this is why
> I started the VRA in 2002. And this is why Karl and I started WMI in
> 2005. The old paradigm is dead...and there's not a lot of time for us
> to reach everyone with this message.
>
> But you can bet that is what we will be doing at this m2. See
> everyone in Vegas soon.
>
> Kip

Cool thanks for the update NB, shall be watching

As I read the article on the chaos at the EU meeting, I had a vision of the Rothchilds sitting behind a curtain, laughing to themselves as the leaders scurry around like rats trying to figure out how to get out a maze that has no way out.

Can't you see the greedy aholes rubbing their hands together knowing that they control all of the wealth in the EU (and US for that matter), as the ponzy scheme has left the countries bankrupt, meaning the banks own everything. And of course, we know who owns the banks.


------------------------------------------------------------------------------



We may not see the full effects in the grocery stores yet, but I can tell you that hyperinflation has started. Commodities are going up in price, and it is way more than basic supply and demand. The cattle futures are a key indicator for me. There is ample supply yet the further you go out the higher the futures price. The big corps know that prices are going way higher very soon, and are willing to bid accordingly.


Funny isn't it, we have all been predicting this to happen, yet live in denial till it actually happens.

Just like yesterday when the sky was full of chemtrails. Proof the dark side does exist.

well i know you GUYS think i am nuts...
but what if the real plan is for all the money is to become worthless...

that your worth was based on something in ourselves rather than out of ourselves

something that wasn't trade-able

and there the roths and others would sit with piles of worthless shit
stuff no one but them valued

value is where the majority accept it to be

and i think the majority is being given an opportunity for change of venue here


just some thoughts

That's why we love you Sky. Always count on you for a different view of things. You are very right. The materialistic world is caught up in "wealth". Well define wealth. Is it having all of the money in the world, or is it being at peace with oneself and those around them.

What is more important, wealth or happiness?


Picture someone surrounded by gold and money with no friends, versus someone that is surrounded by friends and loved ones. Who really is the wealthy one?




Soooooooo............as we watch the Roths rubbing their hands in greed ..... I'm real happy for them. Take it and I hope they enjoy their 4th density negative abode that they are heading for.

Your right Sky its worthless paper but ....... yes they want it gone they want a one world currency. The only way to get it is to devalue what we currently use . Then they can bring in a new currency to bring the system back and reboot it. Here is the beautiful thing about what they are doing once currency is broken and has no value except for wiping ones butt with .......... All ones debt is now at ZERO because debt was measured in dollars or whatever currency one was using and dollars are now worthless there can no longer be any debt.

We hold all the cards at that point they need us to accept any new currency they want to bring in. This is where we can flex our muscle and deny it ......... One problem is the ones with vast amounts of worth less cash are going to want to exchange it for new currency so they can continue their sorry ass existence of greed and self worth . How do we convince them to give it up?????????

easy answer NB

we don't convince them of anything

we just don't play their game

guess i should continue that thought

what do we need money for.....structiure and enslavement
those who have and those who don't

we need to base our lives on joy
what makes you happy...

you can't eat money..you can't wear it
it won't keep your warm
oh sure right now you need it to exchange for those things
but why
cause some one ran with the idea long ago
time for change

real change...where your word is worth something
where your kindness is the reward
where honor of another is the highest regard

we are awesome entities who need the guts to look closely at our selves
and accept our power to make things different than they are

micjer wrote:

We may not see the full effects in the grocery stores yet, but I can tell you that hyperinflation has started. Commodities are going up in price, and it is way more than basic supply and demand. The cattle futures are a key indicator for me. There is ample supply yet the further you go out the higher the futures price. The big corps know that prices are going way higher very soon, and are willing to bid accordingly.

Did you see this article?

TUESDAY, NOVEMBER 9, 2010

A Federal Reserve Banker Tells the Truth: "Super Ordinary Inflation" Coming

Richard Fisher, president of the Federal Reserve Bank of Dallas, says that he can envision QE2 leading to a weaker dollar, "super ordinary inflation," financial speculation and accelerating the transfer of wealth to the rich "from the "poor and the worker and the saver," reports the Houston Chronicle.


Got that? "Super ordinary inflation".

Let me put it this way. When a staid Federal Reserve banker is using a convoluted term like, "super ordinary inflation", what he is really saying is that he fears hyper-inflation.

Hug your gold coins, today.

http://www.economicpolicyjournal.com...lls-truth.html

Houston Chronicle article HERE

I hadn't seen the article.

Might be a good time to lock in interest rates on mortgages also. That's what happened in the 70's. Inflation led to higher interest rates.

Wouldn't that help to destroy the world's economies.