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from Drudge Report re European system collapse. we will experience the same collapse, if we do nto stop the insanity of the free trade with the third world countries and do not bringback the tariffs

Posted on | May 31, 2011 | 1 Comment

AFP:   Breaking  |  World  |  US  |  Politics  |  Business  |  Entertainment  |  Life  |  Science   |  Odd  |  Sports
Eurozone crisis risks ‘systemic’ fallout, says Draghi
May 31 07:36 AM US/Eastern
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The debt crisis in Greece, Ireland and Portugal could have “significant systemic effects” in the eurozone, Italy’s central bank chief Mario Draghi, who is set to head up the European Central Bank, said on Tuesday.
“In the eurozone, the sovereign debt crisis in three countries, which together represent six percent of the area’s GDP, has the potential to exert significant systemic effects,” Draghi said at a central bank conference.

“European economic and monetary union is facing its most difficult test since it was created,” added Draghi, referring to Greece, Ireland and Portugal which have agreed bailout packages worth tens of billions of euros (dollars).

“European surveillance over national budget policies, which was weakened in the middle of the last decade on the initiative of the three biggest countries, showed itself wanting just when it was most essential,” he said.

Had the European stability pact rules been respected to the letter, the ratio of public debt to gross domestic product on the eve of the crisis would have been 10 percentage points less in the eurozone, he said.

“There are no shortcuts,” warned Draghi, calling on governments to rein in public finances.

“Financial support from other governments in the eurozone is needed for countries to proceed with corrections while being sheltered from the volatility on the markets. It is not a fiscal transfer between countries,” he said.

Draghi said it was up to the ECB to “ensure price stability in the medium term”. “Neither sovereign risks nor the pathological dependence of some banks on ECB financing can deflect from this task,” he added.

A former economics professor and Goldman Sachs investment banker who has been overseeing a series of global financial reforms, Draghi has been anointed as the next European Central Bank chief to take over from Jean-Claude Trichet.

He is due to be formally appointed during a European Union summit in June.

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Comments

One Response to “from Drudge Report re European system collapse. we will experience the same collapse, if we do nto stop the insanity of the free trade with the third world countries and do not bringback the tariffs”

  1. news1
    May 31st, 2011 @ 11:27 am

    https://lamecherry.blogspot.com/2011/05/soebarkah.html

    TUESDAY, MAY 31, 2011
    Soebarkah

    There has been so much written and conjecture on the forced out into the open Obama passport documents that I have not had much interest in exploring them in the name Soebarkah which appears on the document as one of the listed names of Barack Hussein Obama.

    As an exclusive as only found here though, the name Soebarkah is a confirmation of adoption, Obama’s Muslim status and a sort of strange Islamic prophecy of the day Barry was adopted by Lolo Soetoro in that it was not in the stars to last.

    Soetoro in the name, in the prefix of SOE links the name to Javanese roots and not Indonesian alone. Why this matters is that Indonesian names reflect region, family and often religion. It is quite obvious or should have been by now in no one has noted it, that the name Soebarkah is a combination and not one word.
    The name is Soe Bar Kah.

    Soetoro signifies the adoptive father as Lolo Soetoro. Bar is obvious in Barack, but also links to the Islamic Aramic in bar means SON. So we have confirmation of this is the Son of Soetoro.

    The Kah is interesting in Indonesian, KAH translates as WAS. In names, KAH is added as a suffix to form a question of “Who?”

    So what SOE BAR KAH means is literal, and I’m genuinely surprised with even Indonesian “experts” asked to explain all of this, that none of them had any comprehension of the language of their own nation.

    Soe Bar Kah means literally Who is this, but the son of Soetoro.

    This name is the actual legal title of Barry Soetoro, his bona fides, that he has been legally adopted, is a Muslim and is an Indonesian from the Javan region.

    Just as Johnson in Scandinavian means Son of John, and Johnsen in Dutch means the same in different dialect. What this name on a legal document filed in America as a passport for Barack jr. is his legal manifestation that he is Indonesian, not American, as he has renounced his entire ties which bind to these United States.

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