Les hors d’oeuvres

Thanks to Greek journalist Eva Antonopoulou for pointing me at a Reuters piece containing this wonderful example of casting bad guys as good guys, while making a criminal scam look like serious financial discussions:

“….no more bailout cash until it implements reforms agreed by its previous conservative-led government, and receives a positive report from the “troika” of European Commission, European Central Bank and International Monetary Fund experts….”

Just to deconstruct this melange of spin and ignorance:

1. The Greeks weren’t the ones who asked for more bailout cash

2. One man’s reforms are another man’s greedy neoliberal demands

3. New governments often get voted in to change the laws of previous governments: it’s called democracy

4.One man’s ‘positive’ is another man’s ‘negative’

4. Defining Troika1 will never allow readers to understand Troika2 – viz, Schauble, Draghi and Lagarde

5. It is hard to apply the word ‘expert’ to a central bank and IMF that have so far been wrong about every economic and fiscal element in the eurozone since 2010.

6. The Commission is no longer influential in the process.

But the pavane-cum-farrago of propaganda trotted out by the Establishment has – sadly – far more power to influence than objective, empirical observation and facts.

On the Syriza side of the negotiating table, it would be good of they stuck to those principles….and grew some balls. Instead, there’s been too much pettiness in the exchanges with Schäuble. Never let your opponent know you’re rattled. But on the other hand, this doesn’t (for me) apply to the War reparations issue.

Few suffered more than the Greeks when the Nazis rolled in during 1941 and raped the country red raw for four long years. Now that the Berlin Bundestag has very honourably ruled that yes, they do have a case to answer, it will be interesting to see how the former DDR Jugendsfuhrer and fridge magnet responds. It will also be fascinating (but largely futile) to see whether any European Court picks up on my point about the exemption of Greece from QE being illegal. Perhaps it would be better to wait until the Kangaroo Courts start appearing, and then get Draghi up on all six charges of blatant fraud….with 237 previous Italian cases to be taken into account.

More generally, Friday is a favourite day for things to get nasty when all the signals look wobbly and bearish. I have a feeling in my water we might get at least one today.

Finally, the Situations Vacant ads:

NEW CHAIR OF BBC GOVERNORS. Those with suitable experience and a willingness to suck Rupert Turdloch’s cock in perpetuity should apply now for this most prestigious position as David Cameron’s media-fixer on Earth.

NEW TORY PARTY CHAIR NEEDED. Due to the elevation of current occupier Grant Shapps to the position of Internet regulator, applications are invited for this key role. Strong evidence of a criminal record is essential.

WANTED: EXPERIENCED WEAPONRY CHEMIST with a view to developing suitably untraceable poisons for insertion into breakfast Calavados. Would suit person who dislikes Luxembourgoises, unelected Presidents and so forth.

Enjoy the day.

Last night at The Slog: The simple things in life


  1. Mr. Shapps was a serious misjudgement when the Cons. made him Chairman. Very foolish. He never comes over well.


  2. I agree that the exemption from QE is utterly perverse, a international relations equivalent of being made to sit on the naughty step whilst the other children play.

    Of course this dynamic highlights the lunacy and inherent fascism of fiat currencies, as central banks are free using the fiat system to variously print, hypothecate or redefine money as they see fit they can squeeze and manipulate the Greeks like putty. Only by exiting this currency disaster will anything positive happen but I have said before that I think the entire concept of Grexit is now in doubt as I doubt the Eunatics will permit it, they would rather invade Greece on some false pretext than see their debt slavery mechanism broken.


  3. Agreed. And we extrapolate that last sentence, I think that the US would rather use nukes than see their Dollar hegemony lost. Something Putin and the Chinese are acutely aware of.


  4. I don’t think the Greeks have disproportionate claim over the evil that Nazism spread across Europe in fairly equal measure. If anyone can claim the ‘Victim di tutti Victim’ status, its the Poles, who were raped in equal measure by Hitler and Stalin for over 4 decades. Plus all of Eastern Europe that similarly suffered both the Nazi and Communist regimes. At least the Greeks got their country back in 1945. I think all of Eastern Europe would have accepted that as a quid pro quo for not getting much cash out of the Germans.


  5. off topic but good news for Friday 13th.Hat tip to Sovereign Man

    Yesterday, the UK government announced that they would be applying to join the Chinese-led Asian Infrastructure Investment Bank, as a founding member.
    This is huge.
    Right now, the United States dominates the global financial system.
    The rest of the world has had enough. And they’re looking for an alternative.
    China is coming up with an answer.
    The soon-to-be-live Chinese International Payment System (CIPS) will provide a way for banks to transfer funds to one another without having to use the US banking system… or the US dollar. This is an alternative to the SWIFT system of interbank transactions
    China is also the ringleader behind both the BRICS development bank (called the New Development Bank, or NDB) as well as the Asia Infrastructure Investment Bank (AIIB).
    Both of these are multilateral development banks that aim to end the dominance of the western-controlled World Bank and IMF.
    NDB includes all the BRICS nations– Brazil, Russia, India, China, and South Africa.
    Founding members of the AIIB include China, India, Indonesia, Kazakhstan, Mongolia, etc. They’re typically all rapidly growing and/or resource-rich developing nations.
    New Zealand was the first western nation to join AIIB back in October. And yesterday afternoon, Britain announced its intention to become the second.
    (This is a massive, embarrassing blow to the United States, and to the future of the US dollar.)
    It’s pretty obvious when you look at the dozens of signatories to the NDB and AIIB charter documents: the rest of the world is sick and tired of the United States dominating the global financial system and enabling the interference in sovereign economies.
    It’s time for a ‘rebalancing’ of the global financial system away from the US dollar. Other political allies of the United States have echoed similar sentiment.
    But now we can see words are turning into action.
    Bottom line: this isn’t theory or conjecture anymore. Every shred of objective evidence suggests that the dollar’s dominance is coming to an end. The teeth of the War mongering US State Dept psychopaths are being extracted slowly.


  6. These developments all point towards a ramping up of international tension exactly as we see played out on the world stage right now. I cannot believe that the EU would be behaving in such a churlish and ridiculous way towards the Greek issue unless there was a heavy hand pushing from across the Atlantic.

    The US will not allow the $ paradigm to be broken without a fight, Ukraine is just the start, their debt based dollar hegemony consumes or dies, there will be many more victims.


  7. US power is huge due to complexity, a complexity that absorbs and capitalizes on global knowledge, brains, military technology, spirit, and most ol all, capital, through the dollar as the global reserve currency: hitting the dollar as exchange currency won’t change much of it. Are you up to reserve in yuan or ruble?


  8. I have long believed that London holds the real power (and it never lost it’s empire, it just hid it and expanded it). The USA is the smokescreen hiding the real power, the USA is merely the policy enforcer and fall guy for all of the bad publicity, a country full of taxpayers who prop up European banks.

    In my eyes this is a case of “if you can’t beat them join them”, and try to subvert from within, and if that isn’t possible use any influence gained from being an early adopter. Of course the smokescreen will be working overtime by saying how unhappy the US is with the UK.


  9. One area where the launch of the new Chinese payments system could really have an impact is in the global energy markets. As a result of the so-called “petrodollar system” established between the U.S. and Middle East oil producers, oil exports are priced and transacted in dollars. Now imagine the price of oil being quoted in Chinese yuan and not U.S. dollars. What if Saudi oil exporters decide they want yuan and not dollars for their oil? Unlikely though, because they don’t want to re-exchange Yuan to US dollars to buy armaments. So maybe anyone buying or selling oil in commodity markets has to have a yuan bank account in addition to a dollar bank account. Given the voracious energy demands of China’s growing economy, it’s easy to see why a global payments system facilitating these trades makes sense.


  10. “I have long believed that London holds the real power (and it never lost it’s empire, it just hid it and expanded it).”

    Where was the Eyes Wide Shut satanic scene filmed?


  11. Don’t think the Saudis will change overnight to Yuan though. Those US/UK Fighter planes take ages to swap for Chiniese planes.


  12. He comes over as a smarmy supercilious crook who wouldn’t tell the truth to save his mother from being racked and burned at the stake……. A suitable sidekick to his boss !


  13. Pingback: John Ward – Is This Fatal Friday? Judge For Yourselves – 13 March 2015 | Lucas 2012 Infos

  14. Garet Jax. About Mr.Shapps, I am very pleased that you too dislike this nasty dangerous man. He should never be anywhere near to power.


  15. ” It is hard to apply the word ‘expert’ to a central bank and IMF that have so far been wrong about every economic and fiscal element in the eurozone since 2010″

    Your memory seems to be fading. 2010?? When was the eurozone founded? Has the IMF ever been right about anything?


  16. “Fridge magnet”, “sucking Ruperts’ …” Hilarious! The BBC Governors’ job… does that come with an invitation to Bohemian Grove?


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