Yule Heibel's Library tagged europe → View Popular, Search in Google

Oct

2011

Euro fund 'like a Ponzi game' says trader - BBC News

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Mike Johnson: It's an extraordinary thing to get your head around. Let me just get this clear, what we are going to have is a situation where countries which are on the verge of bankruptcy are going to be borrowing money effectively from themselves?

Satyajit Das: That's exactly what's going to happen. I will give you the picture. The European Financial Stability Fund is guaranteed by a whole bunch of countries including, interestingly enough, Spain and Italy. Spain and Italy between them make up 30% of the guarantee of the European Financial Stability Fund.

Now what they are going to do is then the European Financial Stability Fund is going to borrow from the European Central Bank, which has also obviously got support from Spain and Italy, and then lend the money to Spain and Italy. It's almost self dealing raised to an art form. It's abstraction on a level of money which is almost incomprehensible.
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Mike Johnson: You think Germany, the German people will run out of patience with all of this before long, do you?

Satyajit Das: Well, before they run out of patience, they will run out of money because in the end if you actually look at the amount needed just to get through the next two or three years, if you take Greece, Ireland, Portugal, Spain and Italy, they have maturing debt. This is debt they have issued, about $1.5 trillion between now and the end of 2013.

So all of that money has to be found and at the end if Germany and France and the stronger countries start to take on that burden, their own credit worthiness will be called into question. And if they lose their triple-A ratings, well then the whole game starts to unravel yet again, and it's very difficult to see this having what could be called a happy ending.
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www.bbc.co.uk/...business-15130613

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satyajit_das bbc europe finance ponzi_scheme

Apr

2009

Heirs to Fortuyn? by Bruce Bawer, City Journal Spring 2009

Article by Bruce Bawer, on why stalwarts of the Left in Europe, gays in particular, are abandoning social-democratic multicultural politics. ...But, while things may be all right in Denmark, there are other countries where the backlash is creepy:
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The situation in Spain is a reminder that not all “right turns” are created equal. If the Danes have affirmed individual liberty, human rights, sexual equality, the rule of law, and freedom of speech and religion, some Western Europeans have reacted to the mindless multiculturalism of their socialist leaders by embracing alternatives that seem uncomfortably close to fascism. Consider Austria’s recently deceased Jörg Haider, who belittled the Holocaust, honored Waffen-SS veterans, and found things to praise about Nazism. In 2000, his Freedom Party became part of a coalition government, leading the rest of the EU to isolate Austria diplomatically for a time, and last September, his new party, the Alliance for the Future of Austria, won 11 percent of the vote in parliamentary elections. Or take Jean-Marie Le Pen, who has called the Holocaust “a detail in the history of World War II” and advocated the forced quarantining of people who test HIV-positive—and whose far-right National Front came out on top in the first round of voting for the French presidency in 2002. The British National Party (BNP), which has a whites-only membership policy and has flatly denied the Holocaust, won more than 5 percent of the vote in London’s last mayoral election. Then there’s Vlaams Belang (Flemish Interest), formerly Vlaams Bloc, whose leaders have a regrettable tendency to be caught on film singing Nazi songs and buying Nazi books. In 2007, it won five out of 40 seats in the Belgian Senate.
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www.city-journal.org/...19_2_pim-fortuyn.html

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bruce_bawer city_journal immigration multiculturalism islam feminism europe

Yet instead of encouraging these immigrants to integrate and become part of their new societies, Western Europe’s governments have allowed them to form self-segregating parallel societies run more or less according to sharia. Many of the residents of these patriarchal enclaves subsist on government benefits, speak the language of their adopted country poorly or not at all, despise pluralistic democracy, look forward to Europe’s incorporation into the House of Islam, and support—at least in spirit—terrorism against the West. A 2006 Sunday Telegraph poll, for example, showed that 40 percent of British Muslims wanted sharia in Britain, 14 percent approved of attacks on Danish embassies in retribution for the famous Mohammed cartoons, 13 percent supported violence against those who insulted Islam, and 20 percent sympathized with the July 2005 London bombers.
Ubiquitous youth gangs, contemptuous of infidels, have made European cities increasingly dangerous for non-Muslims—especially women, Jews, and gays. In 2001, 65 percent of rapes in Norway were committed by what the country’s police call “non-Western” men—a category consisting overwhelmingly of Muslims, who make up just 2 percent of that country’s population.
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- In Germany, reports Der Spiegel, “a disproportionately high percentage of women who flee to women’s shelters are Muslim”; in 2006, 56 percent of the women at Norwegian shelters were of foreign origin; Deborah Scroggins wrote in The Nation in 2005 that “Muslims make up only 5.5 percent of the Dutch population, but they account for more than half the women in battered women’s shelters.” Ayaan Hirsi Ali, the Somali-Dutch advocate for democracy and women’s rights, would no doubt say far more than half: when she was working with women in Dutch shelters, she writes, “there were hardly any white women” in them, “only women from Morocco, from Turkey, from Afghanistan—Muslim countries—alongside some Hindu women from Surinam.”
- One measure of the dimensions of this shift: owing to the rise in gay-bashings by Muslim youths, Dutch gays—who ten years ago constituted a reliable left-wing voting bloc—now support conservative parties by a nearly two-to-one margin.
- These two factors—immigration and the economy—are intimately connected.
- The last few decades in Europe have made three things crystal-clear. First, social-democratic welfare systems work best, to the extent they do work, in ethnically and culturally homogeneous (and preferably small) nations whose citizens, viewing one another as members of an extended family, are loath to exploit government provisions for the needy. Second, the best way to destroy such welfare systems is to take in large numbers of immigrants from poor, oppressive, and corruption-ridden societies, whose rule of the road is to grab everything you can get your hands on. And third, the system will be wiped out even faster if many of those immigrants are fundamentalist Muslims who view bankrupting the West as a contribution to jihad.
- But the heavily hyped “national integration plan” that she introduced the following year rested on such half-measures as an increase in the number of government-sponsored German classes, an effort to encourage immigrants to play sports, and (incredibly) a program that addressed wife-beating—permitted by the Koran and extremely common in Muslim communities—by offering advice on the Internet. Merkel actually described these pathetic gestures as a “milestone”; Broder, more accurately, calls them “make-believe action,” another way to avoid conflicts in her coalition.
- The situation in Spain is a reminder that not all “right turns” are created equal. If the Danes have affirmed individual liberty, human rights, sexual equality, the rule of law, and freedom of speech and religion, some Western Europeans have reacted to the mindless multiculturalism of their socialist leaders by embracing alternatives that seem uncomfortably close to fascism. Consider Austria’s recently deceased Jörg Haider, who belittled the Holocaust, honored Waffen-SS veterans, and found things to praise about Nazism. In 2000, his Freedom Party became part of a coalition government, leading the rest of the EU to isolate Austria diplomatically for a time, and last September, his new party, the Alliance for the Future of Austria, won 11 percent of the vote in parliamentary elections. Or take Jean-Marie Le Pen, who has called the Holocaust “a detail in the history of World War II” and advocated the forced quarantining of people who test HIV-positive—and whose far-right National Front came out on top in the first round of voting for the French presidency in 2002. The British National Party (BNP), which has a whites-only membership policy and has flatly denied the Holocaust, won more than 5 percent of the vote in London’s last mayoral election. Then there’s Vlaams Belang (Flemish Interest), formerly Vlaams Bloc, whose leaders have a regrettable tendency to be caught on film singing Nazi songs and buying Nazi books. In 2007, it won five out of 40 seats in the Belgian Senate.
- The situation in Spain is a reminder that not all “right turns” are created equal. If the Danes have affirmed individual liberty, human rights, sexual equality, the rule of law, and freedom of speech and religion, some Western Europeans have reacted to the mindless multiculturalism of their socialist leaders by embracing alternatives that seem uncomfortably close to fascism. Consider Austria’s recently deceased Jörg Haider, who belittled the Holocaust, honored Waffen-SS veterans, and found things to praise about Nazism. In 2000, his Freedom Party became part of a coalition government, leading the rest of the EU to isolate Austria diplomatically for a time, and last September, his new party, the Alliance for the Future of Austria, won 11 percent of the vote in parliamentary elections. Or take Jean-Marie Le Pen, who has called the Holocaust “a detail in the history of World War II” and advocated the forced quarantining of people who test HIV-positive—and whose far-right National Front came out on top in the first round of voting for the French presidency in 2002. The British National Party (BNP), which has a whites-only membership policy and has flatly denied the Holocaust, won more than 5 percent of the vote in London’s last mayoral election. Then there’s Vlaams Belang (Flemish Interest), formerly Vlaams Bloc, whose leaders have a regrettable tendency to be caught on film singing Nazi songs and buying Nazi books. In 2007, it won five out of 40 seats in the Belgian Senate.
- Gary Younge’s 2007 piece in The Nation: in europe, it’s the old right that’s full of hate. According to Younge, “the primary threat to democracy in Europe is not ‘Islamofascism’ . . . but plain old fascism. The kind whereby mostly white Europeans take to the streets to terrorize minorities.” This was nonsense on a breathtaking scale: though the rise of parties like the BNP is indeed distressing, the truth remains that for every act of anti-Muslim violence in Europe, there are—to make an exceedingly conservative guess—100 acts of Muslim-on-infidel violence.

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