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How the Euro Will Be Killed by Politicians

The man who is killing the Euro as a viable currency is none other than Donald Franciszek Tusk who is a Polish politician who has been the President of the European Council since 2014. He is the living example why politicians MUST be prohibited from making any decisions whatsoever regarding economics and finance. These people have ZERO qualifications in the field yet rise to the top of politics and then assume positions based entirely upon politics – not economics.

The crisis that is pending for the Euro is all about political control. The desire of British banks to achieve free access to the European Single Market even after Brexit and this was rejected by the EU. Council President Tusk spoke out against maintaining the British-European financial center in London after Brexit. He fails to comprehend that NEITHER the French nor the Germans possess the infrastructure no less the expertise to maintain global markets in the Euro.

Tusk claims that Britain is trying to be like Norway which has free access but pays dues as a member of the EU for free access. On the other hand, Tusk characterizes British desires and trying to blend the Canadian position, which only has a free trade agreement, with full access like Norway but pays no dues like Canada. Meanwhile, France is taking the position that they want to fill the shoes of the London financial markets who have never been able to create deep markets.

This hardline position against the financial markets of Britain remaining as the core trading center for the Euro is extremely dangerous. The Euro holds a minimal position among the reserves of central banks. The exact composition of the foreign-exchange reserves of China is a state secret. Nevertheless, based upon reliable sources, about two-thirds of Chinese foreign-exchange reserves are held in U.S. Dollars.

…click on the above link to read the rest of the article…

100+ Respected Academics Slam EU in Letter to Juncker Citing “Rule of Law”

On Thursday, over 100 well-respected academics slammed the EU in a letter sent a letter to European Commission president Jean-Claude Juncker and European Council president Donald Tusk. The academics cited the rule of law.

The open letter , signed by highly-respected academics and members of the European Parliament, cited Spain’s “undisputable abuse of power”.

We are deeply concerned that the EU’s governing bodies are condoning the systematic violation of the Rule of Law in Spain, in particular regarding the Spanish central authorities’ approach to the 1 October referendum on Catalan independence. We do not take political sides on the substance of the dispute on territorial sovereignty and we are cognizant of procedural deficiencies in the organization of the referendum. Our concern is with the Rule of Law as practised by an EU Member State.

The Spanish government has justified its actions on grounds of upholding or restoring the constitutional order.

  1. The Tribunal has violated Constitutional provisions on freedom of peaceful assembly and of speech – the two principles which are embodied by referendums and parliamentary deliberations irrespective of their subject matter. Without interfering in Spanish constitutional disputes or in Spain’s penal code, we note that it is a travesty of justice to enforce one constitutional provision by violating fundamental rights. Thus, the Tribunal’s judgments and the Spanish government’s actions for which these judgments provided a legal basis violate both the spirit and letter of the Rule of Law.
  2. In the days preceding the referendum, the Spanish authorities undertook a series of repressive actions against civil servants, MPS, mayors, media, companies and citizens. The shutdown of Internet and other telecom networks during and after the referendum campaign had severe consequences on exercising freedom of expression.

…click on the above link to read the rest of the article…

The Kicking of the Can

The Kicking of the Can

Hello, Mr. Tusk … New Orders

Yesterday it emerged that the normally hardline European Council president Donald Tusk (the former prime minister of Poland), suddenly felt “debt relief” for Greece was needed after all. While he is undoubtedly correct, it seems to us that he likely received a stern phone call from Washington.

tusk hireDonald Tusk, the life-like android currently presiding over the EU council, here photographed in hardline mode

Photo credit: Radek Pietruszka / PAP

It is also unlikely to be a coincidence that the IMF released its debt sustainability analysis last week, in what appeared to be a case of especially ill-chosen timing, at least from the perspective of the euro-group. Note here that the IMF only wants the EU to provide debt relief to Greece – the IMF itself intends to get back every cent of its Greek loans.

Politicians in neo-con infested Washington no doubt don’t want to let slip Greece away into the arms of its Russian Orthodox co-religionists, which would almost certainly happen after a Grexit. Such strategic considerations are certainly exercising the NATO bureaucracy and very likely the EU’s movers and shakers as well. A Grexit would also be a victory of the Marxist wing of Syriza (a Pyrrhic victory though it may be), which would over time throw Greece’s continued NATO membership into doubt.

According to press reports from this morning:

 

The White House has been putting its immense diplomatic weight behind a debt restructuring for Greece. Treasury secretary Jack Lew made an intervention earlier this week, and seems cautiously optimistic that Greece’s current proposals should be enough to satisfy creditors, and gain some crucial debt concessions in return.

…click on the above link to read the rest of the article…

 

 

EU’s Tusk To Greece’s Tsipras: “Game Over”

EU’s Tusk To Greece’s Tsipras: “Game Over”

Brinksmanship is building:

  • *GREEK OFFICIAL SAYS TUSK TOLD TSIPRAS AT EU SUMMIT “GAME OVER”
  • *GREEK GOVT OFFICIAL COMMENTS IN TEXT MESSAGE
  • *TSIPRAS TOLD TUSK AT EU SUMMIT “THIS ISN’T A GAME”: OFFICIAL
  • *TSIPRAS SAID AT SUMMIT CREDITORS’ PROPOSALS EXTREME: OFFICIAL
  • *GREECE-AID DEAL IS MATTER OF POLITICAL WILL: GREEK OFFICIAL
  • *GREEK GOVERNMENT EXPECTS MIX OF GREEK, CREDITOR PLANS: OFFICIAL
  • *TSIPRAS TOLD EU SUMMIT GREECE HAS NEW PRIORITIES: OFFICIAL

*  *  *

Insert Coin!

 

Presenting The New Plan For A Eurozone Superstate—–Curly, Larry And Moe

Dutch finance chief Jeroen Dijsselbloem, left, with European Commission President Jean-Claude Juncker, center, and President of the European Council Donald Tusk, right.
By Matthew Dalton

That will likely take time: The plan released on Sunday envisions its more-ambitious measures, such as a shared budget for the eurozone, possibly taking 10 years to come into effect, reflecting the political obstacles that now stand in the way of drawing the its 19 disparate nations more closely together.

Despite those hurdles, senior European officials who have pushed for the plan say fundamental changes to the eurozone are needed to prevent a repeat of the bloc’s debt crisis, which was caused in large part by wages and prices in the south rising much faster than they did in the north.

The eurozone has proved unable to reverse the loss of competitiveness in the south, leaving those countries grappling with unemployment rates exceeding 20% in some cases and little prospect of a significant recovery soon.

Greece, in particular, remains engulfed in crisis, and is running out of time to reach a deal that would avert its exit from the eurozone.

 

…click on the above link to read the rest of the article…

Olduvai IV: Courage
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Olduvai II: Exodus
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