måndag 14 november 2011

EFSF Denies It Is An Illegal Pyramid Scheme

If there is one thing one can say about the insolvent European continent is that despite everything, it is a bastion of truth, and a knight of see-thru disclosure. After all, who can forget such brutally honest statements as "Greece
will not default
", or the follow ups: "Ireland is not Greece", "Portugal is not Ireland", "Spain is not Portugal", "Italy is fine", "Italy has turned down money from the IMF", "The IMF has never offered any money to Italy", and then the old standbys, "the ECB will not be a lender of last resort", "the EFSF will use 4-5x leverage", wait, make that "the
EFSF will use 3-4x leverage
", and last but not least, "Europe is not America" and "it is all the fault of evil CDS speculators." Well we have one more to add to the list: "the EFSF is not an illegal ponzi scheme" - because after the mindboggling report in the Telegraph yesterday that the EFSF has bought hundreds of millions of its own bonds,
exposing the scam in the heart of the Eurozone for anyone to see, the European rescuer of last resort (at least until the ECB comes out monetizing and Eurobonds are issued)has no choice but to join in the parade of truths and as Reuters reports "said on Sunday that it did not buy its own bonds last week, denying a British newspaper report that it spent more than 100 million euros ($137 million) to cover a shortfall of demand.

"The EFSF did not buy its own bonds and the book was 3 billion euros," an EFSF spokesman said, referring to the 3 billion euros raised in last Monday's 10-year bond issue." We are certain that in order to dispel rumors about its fraud-i-ness, the EFSF will promptly submit a full breakdown of the entities that received bond allocations (we know that Japan is good for €300 million, that China is good for €0.0, and that as Merkel said one week ago, "hardly any countries in G20 have said they will participate in the EFSF." So, because we believe everything that comes out of Europe, we are patiently waiting to see just who it was that bought EFSF bonds when nobody else did. And yet what is most troubling to us, is that it took the world 5 minutes to completely agree that the EFSF is a ponzi scheme, with nobody doubting this supposedly "refuted" disclosure for even a second. Perhaps that tells you more about the current state of Europe than anything else...


Then isen't it great the people in Greece now are celebrating the fact they have gotten as a replacement for Papandreou a "non-Politician". And I who always thought we where fighting e.g. in Libya in order to get democracy implemented. You know in democracy you elect politicians of your preferences in free elections and then the politicians implement the will of the people. Or at least that's the idea?

Now in the very cradle of democracy Greece the people apparenly are not very much in favour any longer of democracy. So what then do they prefer - well isen'tr it amazin - a non elected politician, a central banker who not ony is a former European Central Banker but also very much indeed was involved in getting Greece in to the Euro.

Ex Central Banker to Succeed Papandreou in Greece - Report

Most amazing however is the fact this is not an idea dreamed up by a "conspiracy theorist" but in fact what is now happening in reality in Greece. So let's replace all politicians now all over the world with Central bankers seems whats in the cards for the future in Europe. I mean yes we're fighting for "democracy" in thirld world countries and in the middle east but for us sure it's a thing of the past..

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