STABBING THE EURO IN THE BACK

The Daily Telegraph and The Financial Times appear to be doing their best to stick their knives into the back of the Euro.

Multiple Bilderberger and Associate Editor of the FT Martin Wolf has entitled his hit piece A disastrous failure at the summit[1], and argues that

The eurozone has no credible plan to fix the flaws of the eurozone, apart from greater fiscal austerity: there is to be no fiscal, financial or political union; and there is to be no balanced mechanism for economic adjustment on both sides of the creditor-debtor divide. The decision is, instead, to try still harder with a stability and growth pact whose failures have been both predictable and persistent. Yes, Mr Cameron made a blunder last week. But that of the eurozone looks far bigger.

Assistant Editor of The Daily Telegraph Jeremy Warner has entitled his hit piece Another eurozone crisis is only weeks away[2], and states

There was no fiscal compact of any significance agreed last weekend. Nor was there any progress made in providing a credible backstop. Even with the extra funds which European leaders are laughably promising via the IMF “back door” (as if they cannot trust themselves with their own money), the financial firewall remains dwarfed by the ever-growing size of the problem. Italy’s funding needs would gobble up the entire bail-out money within two years. In any case, the IMF back-door support is already in trouble. There’s no clarity on where the extra 200 billion euros are going to come from, with the Bundesbank refusing to cough up unless underwritten by the German parliament and confusion over whether non-euro countries are expected to contribute.

The DT is also dancing with joy at the foreign exchange rates[3], reporting that the Euro has recently fallen significantly against both the Dollar and the Pound.

The FT headline is EU treaty hopes come under strain[4], which is very pessimistic about the future of the Euro.

At the moment it looks like the Euro is being stabbed in the back. After years of building it up, encouraging Europe to come together to build a monetary and political union through its Bilderberg agents while standing many miles behind the battle, The City of London may well have now decided the time is right to stab it in the back.

This is all very curious because George Soros wrote several times this summer in the FT about his plans to save the Euro, proposing Eurobonds. And late last year similar suggestions were being made for much more European integration, which has not come.

Late last year Van Rompuy stated that the nation state was dead, while Soros and Strauss-Kahn suggested that only further European integration would save Europe and the Euro.

[1] A disastrous failure at the summit, FT, 13/12/2011

[2] Another eurozone crisis is only weeks away, The Daily Telegraph, 13/12/2011

[3] Markets fall as unity on EU treaty changes starts to splinter, The Daily Telegraph, 14/12/2011

[4] EU treaty hopes come under strain, FT, 14/12/2011