The Euro Bailout is The Biggest Ponzi Scheme Ever! The Euro is Never Going To Work. Attempts To Save It is Dishonest!

• The global fiat currency monetary scheme is one giant scam. ‘Money’ is created out of thin air backed by NOTHING! Illuminist central banks create money out of thin air to lend to governments and pretend to be our saviors while enslaving us with their Ponzi schemes! (emphasis mine)
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  NORMAN LAMONT on why the single currency was never going to work – and how any attempt to save it now is utterly dishonest
  By Norman Lamont, http://www.dailymail.co.uk/
  The recent decision by the Bank of England to pump another £75 billion into the economy shows that Britain, far from recovering, remains on the edge of another dip. But what happens to the British and world economy is, to a large extent, out of our hands. The greatest threat to our economic future is what is happening in the eurozone.
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  The scale of the euro crisis has made one thing abundantly plain: Europe, Britain and the rest of the world would be better off if the euro had never happened. It would be preferable if it were now dismantled in an orderly manner.
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  Yet leaders of eurozone countries appear determined to keep the show on the road, however much voters and their parliaments object to the project. At the end of last month, Germany’s Chancellor Angela Merkel had to see off a rebellion from German MPs to win a vital vote in the German parliament to support the expanded €440 billion European bailout fund.
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  Last night, the parliament of Slovakia, one of the poorest of the eurozone countries, cast still more doubt on the bailout project by voting against paying its share of the rescue fund.
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  Dubious
  Never mind that the €440 billion fund is already considered too little too late — or that the European Commission President Jose Manuel Barroso resorted yesterday to demanding Britain helps bail out Greece even though we’re not a member of the eurozone.
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  It is clear that eurozone leaders are already drawing up contingency plans to get round their national parliaments to increase funding if necessary. At the weekend, Mrs Merkel and France’s President Nicolas Sarkozy claimed to have reached ‘total accord’ on a recapitalisation programme of hundreds of billions of euros to rescue ailing eurozone banks.
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  Their agreement came just before the Franco-Belgian bank Dexia collapsed, a clear sign that the contagion of Greek debt has spread from the southern fringes of the eurozone to its heart. Merkel and Sarkozy failed to announce details of their programme. But if reports are correct, one plan is for Europe to use some highly dubious financial wizardry to increase the amount it can borrow — injecting toxic assets directly into the bloodstream of the European financial system as it does so.
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  The latest idea is to get the European Central Bank (ECB) to lend up to five times the €440 billion of the bailout fund, taking the total available to more than two trillion euros. Why would Europe’s leaders do it this way, rather than demanding higher contributions to a bailout fund from individual countries? Because if this new huge bailout is done through the ECB, they won’t have to go back to their national parliaments.
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  Mrs Merkel has already been to the Bundestag twice to appeal for money to rescue the euro. She is unlikely to want to go a third time, particularly as increasing numbers of Germans feel they made a historic error in giving up the Deutschmark to subsidise less efficient countries in the south.
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  The same sentiment applies to each of the 17 other parliaments in the eurozone that would have to ratify a two-trillion bailout fund. Euroscepticism is on the rise everywhere in Europe.
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  European politicians know well that fiscal and political union of eurozone countries, with an economic policy determined by Germany, is not going to be acceptable to the eurozone’s voters. Citizens do not want decisions on taxes and spending determined outside their own nation.
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  Because of mounting opposition to the rescue plan, Mrs Merkel’s policy at each stage has been to do the minimum necessary to keep the currency afloat. But this has not restored confidence, and the Americans have become increasingly alarmed at the threat the euro poses to the world.
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  There are no easy answers. I feel sorry for Mrs Merkel, when the blame really lies with those pushing the euro in the early Nineties, none more so than the then German Chancellor Helmut Kohl.
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  It is no wonder that a distinguished Argentinian central banker has described the proposals for rescuing the euro as a gigantic Ponzi scheme — an investment scam like the one used by the disgraced U.S. financier Bernie Madoff to defraud his clients of billions, whereby bumper rates promised on investments were funded by the deposits of new investors.
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  The ECB will also be charged with rescuing banks in France and Germany. Many of these banks shouldn’t be rescued but should be put into administration or taken over by larger, stronger banks. But pouring money into these banks via the ECB could be a bottomless pit.
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  The uncomfortable truth is that, instead of rescuing it, it would probably have been better if Greece had been allowed to default. That would have hurt French banks holding Greek bonds. But the problem would have been containable and it would have been far better to have got the crisis over with, than to allow it to fester while writing large cheques that are going to create as many problems as they solve.
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  There comes a point where the political costs of rescuing the euro are too high. As Winston Churchill once observed, if we  do not face reality, reality will face us.
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  It would be better to recognise that the euro experiment has failed.
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  …. for the full article click here!

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