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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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Some 60m euro is stolen from bank accounts in a massive cyber raid

Some 60m euro is stolen from bank accounts in a massive cyber raid | Gold and What Moves it. | Scoop.it
By Pete Norman, Sky News Online


Sixty million euro has been stolen from bank accounts in a massive cyber bank raid after fraudsters raided dozens of financial institutions around the world.

 

According to a joint report by software security firm McAfee and Guardian Analytics, more than 60 firms have suffered from what it has called an "insider level of understanding".

 

"The fraudsters' objective in these attacks is to siphon large amounts from high balance accounts, hence the name chosen for this research - Operation High Roller," the report said.

 

"If all of the attempted fraud campaigns were as successful as the Netherlands example we describe in this report, the total attempted fraud could be as high as 2bn euro (£1.6bn)."

The automated malicious software programme was discovered to use servers to process thousands of attempted thefts from both commercial firms and private individuals. ...

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Central Banks will have to print more money in order to prevent a total collapse of the monetary system. | MINING.com

Central Banks will have to print more money in order to prevent a total collapse of the monetary system. | MINING.com | Gold and What Moves it. | Scoop.it

by David Levenstein:

 

"Last week, gold came under some strong selling pressure from traders on Comex as they managed to knock gold prices down by around $60 an ounce. The sell-off began on Wednesday when prices fell below the key support level of $1600 an ounce after, Ben Bernanke, Chairman of the US Fed announced the outcome of the US Federal Open Market Committee meeting.

 

"The US Federal Reserve said it would extend its holdings of long-term government bonds by $267 billion in another effort to bring down borrowing costs. The Fed, which is selling an equal amount of short-term securities to hold steady the size of its $2.9 trillion balance sheet, is extending the so-called Operation Twist program that was due to end in June through the end of the year.

 

"In his statement, the Fed chairman, Ben Bernanke said Keeping Operation Twist in place “should put downward pressure on longer-term interest rates and help to make broader financial conditions more accommodative.” Bernanke also said. “The Fed is prepared to take further action as appropriate to promote a stronger economic recovery and sustained..." click through for the rest.

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Don Coxe - Get Ready, Banks to Collapse In Europe

Don Coxe - Get Ready, Banks to Collapse In Europe | Gold and What Moves it. | Scoop.it

Today 40 year veteran, Don Coxe, told King World News “...the amounts involved are at mind-boggling levels,” in terms of what is needed for Europe’s governments and banks. Coxe, who is Global Strategy Advisor to BMO ($538 billion in assets), also said that European banks, “...have borrowed huge amounts of money, in dollars, under currency swap arrangements,” and “if banks start to go down, we know from 2008, when banks start to crumble, then the whole system falls.” Here is what Coxe had to say about the ongoing crisis: “Well, first of all we’ve got to stop using ‘billions’ because if there is going to be a fund that works, it’s going to have a ‘T’ (for trillions) on it. We are dealing with some very big numbers in the sense that Italy, although it’s not that big of an economy, it’s got the third largest amount of bond debt outstanding.”

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Ian Gordon: Why Gold Stocks Outperformed Other Gold Investments [BGM, NFR, NFRGF, TEN] - The Gold Report

Ian Gordon: Why Gold Stocks Outperformed Other Gold Investments [BGM, NFR, NFRGF, TEN] - The Gold Report | Gold and What Moves it. | Scoop.it
Ian Gordon of Longwave Analytics and Longwave Strategies believes we're on the precipice of very difficult and frightening times and predicts complete financial collapse. But it's in those periods of darkness that gold really shines.

 

click through for the full interview. Here's a snippet:

 

"TGR: You believe we're now in the winter of the Kondratieff Cycle and that it started in 2000 (http://www.longwavegroup.com/kondratieff-cycle).

 

"IG: It's not that I believe—I'm convinced. We're in the winter, the deflationary depression stage of the cycle when debt is essentially washed out of the economy. That process is always a very difficult period. This is only the fourth winter in the long wave cycle. The same process of debt deleveraging occurred in all of the previous winters. In 1837, the stock market peaked followed by a crash, which ushered in the winter depression. The same happened after 1873 and 1929. We are enduring the same process again, going through debt elimination, concurrent with the winter of the cycle.

 

"The reason we picked 2000 for the chart is because winters are always signaled by a peak in stock prices concluding the big autumn stock bull market. Some people will say that the Dow Jones Industrial Average actually made a higher high in 2007 and that's true. However, the speculative end of the market never got anywhere near where it had been in 2000. That's what happens in the final stage of the big autumn bull market—there's a massive amount of speculation. In the current cycle, speculation occurred in the NASDAQ. The NASDAQ is absolutely nowhere near where it was at its peak in March 2000."

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Central Banks Already Hold 30% of Global GDP, Face Limit Of Power: BIS

Central Banks Already Hold 30% of Global GDP, Face Limit Of Power: BIS | Gold and What Moves it. | Scoop.it
Central banks are reaching the limit of their ability to boost economic growth and the potential for harmful side effects of more extraordinary monetary easing is growing, the Bank for International Settlements warned.

 

"Central banks are being cornered into prolonging monetary stimulus as governments drag their feet and adjustment is delayed," the Basel, Switzerland-based BIS said Sunday in its annual report. "Both conventionally and unconventionally, accommodative monetary policies are palliatives and have their limits."

 

"Five years after the start of the financial crisis, the world economy is still in a fragile state. Confidence in the global recovery has eroded further over the past few months and markets are jittery.

 

"Growth prospects in the advanced economies remain modest. European financial markets are under stress, and a number of European countries are in recession. While emerging market economies are growing more strongly than the advanced economies, they are not immune to the global slowdown. ..."

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Report claims Greece breached troika deal by hiring 70,000 staff - RTÉ News

Report claims Greece breached troika deal by hiring 70,000 staff - RTÉ News | Gold and What Moves it. | Scoop.it

How come a small country like Greece needs this many public sector employees?

 

"Greek newspaper To Vima said that the hirings in 2010 and 2011 were highest in local administration, health, the police and culture.

 

"It cited a report from the Troika of international creditors the European Union, International Monetary Fund and the European Central Bank; and data given by outgoing finance minister George Zannias.


"An unidentified troika official said that while they legislated rules to reduce the number of civil servants, they were bringing people in through the window.


"The official added that over 12,000 people were hired by local councils even as a cost-cutting initiative merging municipalities was underway.
Mr Zannias' report to the new government coalition after 17 June elections allegedly reveals that although over 53,000 civil servants retired in 2010.
It also said that the overall number of state staff was almost steady at 692,000 people. ..."

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Gold in wait-and-see mode as Europe regains centre-stage

Gold in wait-and-see mode as Europe regains centre-stage | Gold and What Moves it. | Scoop.it

by Ben Traynor:

 

"WHOLESALE MARKET gold bullion prices dropped below $1570 an ounce during Monday morning's London session, though they remain broadly in line with where they ended last week, with markets focused on this week's European leaders' summit.


"Gold bullion is now at levels similar to those seen in the second week in May, when gold fell through $1600 for the first time in 2012.


"Gold has essentially been in a sideways range for the past seven weeks," says the latest technical analysis note from bullion bank Scotia Mocatta. ..."

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Trader Dan's Market Views: Deciphering Silver

Trader Dan's Market Views: Deciphering Silver | Gold and What Moves it. | Scoop.it

by Dan Norcini:

 

"The internet has been awash with comments recently about the downdraft in silver and the strong increase in Open Interest on last week's big down day. As usual, the chatter is about an orchestrated attempt by JP Morgan to smash the price of silver lower so that they can cover their "losing short position".

 

"Let me first state that I am a firm believer in the view that the US government has a vested interest in controlling the price of gold. Being a good friend of GATA, we both have ridden through the ups and down of this together for the last decade. However, that being said, not every move lower, particularly in the Silver market, is the result of efforts by Morgan.

 

"Part of the problem that some of the authors have, authors whom I might add see every single move lower in silver the result of price capping by Morgan, is that they do not understand how traders, particularly large traders, react to changes in sentiment and how they will adopt defensive strategies to cushion themselves against further losses until they can better sort out what they want to do next. ..."

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Indian gold traders hesitant to buy; scrap flow slows - FAST NEWS - Mineweb.com Mineweb

Indian gold traders hesitant to buy; scrap flow slows - FAST NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

Mumbai (Reuters):

 

"... Gold has gained more than 5 percent since March mainly helped by record depreciation in the local currency. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.

 

* "The flow was good last week, but this week there is no rush," said Kapil Kumar of Chokshi Arvind, a scrap dealer in Mumbai's Zaveri Bazaar, which bought scrap at 30,300 rupees.

* Physical traders were hesitant to book deals in the middle of a seasonally slack demand period.

* "Buying is a little slow as prices are above 30,000 rupees," said Ketan Shroff, director at gold wholesaler Pushpak Bullion.  ...{

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Turk - Capital Controls, Panic, The Great Depression & Gold

Turk - Capital Controls, Panic, The Great Depression & Gold | Gold and What Moves it. | Scoop.it

James Turk tells King World News:

 

"... But there has not been any change in my thinking. Gold and silver are simply testing the May lows. So far the test has been successful. More importantly, we have to keep foremost in our minds that gold and silver remain in a bull market. I keep being reminded of this fact every time I look at the news, which keeps getting worse over here in Europe.

 

"I think Nigel Farage got it exactly right in his interview with you on Friday. He said that the leaders over here need to resort to financial ‘repression’ to keep the euro project from falling apart. Of course that is not a solution, but simply a stop-gap by panicky leaders, who don't know what to do or who listen to bad advice. ..."

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A visual end to the deflation debate - INDEPENDENT VIEWPOINT - Mineweb.com Mineweb

A visual end to the deflation debate - INDEPENDENT VIEWPOINT - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

by Kenneth J. Gerbino:

 

"Would all the deflationists, confused economists and economic pundits please shut up about Deflation.


"The charts below tell the story of the past and what is about to come as the world is being flooded with newly printed money. Below are the CPI rates in important countries. ..."

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World`s largest jeweller posts 79% profit jump on Chinese demand - FAST NEWS - Mineweb.com Mineweb

World`s largest jeweller posts 79% profit jump on Chinese demand - FAST NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

by Farah Master:

 

"HONG KONG (REUTERS) -

 

"Chow Tai Fook, the world's biggest jewellery retailer, reported a 79 percent jump in annual profit, buoyed by demand for luxury goods in China, though global economic uncertainties may slow revenue growth in the near term.

 

"The Hong Kong-listed company, which competes with brands like Cartier and Tiffany as well as local players Chow Sang Sang and Luk Fook, will spend as much as HK$1 billion ($128.85 million) in 2013 with a focus on boosting sales of higher-margin gem-set jewellery and expanding its outlet network.

 

"Our current growth is at a sustainable level," Managing Director Kent Wong told reporters in Hong Kong on Tuesday, dismissing concerns of a debilitating slowdown. ...

 

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Brace For Turmoil In Global Markets As Spanish Domino Falls

On the heels of Moody’s downgrading 28 Spanish banks, today 40 year veteran, Robert Fitzwilson, wrote the following piece exclusively for King World News. Fitzwilson is founder of The Portola Group, one of the premier boutique firms in the United States. Here are Fitzwilson’s observations of the current crisis we face: “The monetary system is trapped. Despite various forms of quantitative easing and the forcible reduction of interest rates, the level of economic activity has begun to reverse course. The recent releases of economic indicators, in most areas of the world, have been revealing a global economy that is beginning to tank. It is clear that the levers exercised by the central banks since late-2008 are not as effective as they once were.”

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Cyprus may need a bailout equal to half of its economy – officials — RT

Cyprus may need a bailout equal to half of its economy – officials — RT | Gold and What Moves it. | Scoop.it

"Cyprus may need up to 10 billion euros, over half the size of its economy, to fix its finances, some European say, after the country has officially requested aid from the EU.

 

“The exact number has not been decided yet. It was to be 6 billion for the state financing and 2 billion for the banks but that is optimistic – it is more likely to be seven and three – up to 10 billion euros in total," one euro zone official told Reuters.


"Ratings agencies downgraded Cyprus, the eurozone’s third smallest economy, to junk status on Monday, pointing out the country will need as much as €4 billion to recapitalize its banking sector. ..."

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Best Bullion Blog: Gold and Silver Remain Strong Despite Market Drop

Best Bullion Blog: Gold and Silver Remain Strong Despite Market Drop | Gold and What Moves it. | Scoop.it

By Laura Gross:

"Stocks took another beating yesterday, with a nearly 140-point drop in the DJIA. While the 300-point drop last Thursday was brutal, it seems the stocks from even the most solid companies were hit even harder yesterday, with Wal-Mart and Johnson & Johnson among the exceptions. US investors are questioning if today is going to bring more pain, but overnight trading in the various markets in Asia and Europe looks encouraging, with only the Nikkei ending lower. The futures for the S&P, DOW, and NASDAQ are also trading in positive territory.

 

"However, this could easily be another volatile week ..."

 

Click through for the rest.

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Twitter / dcurban1: Another Buying Opportunity

Instantly connect to what's most important to you. Follow your friends, experts, favorite celebrities, and breaking news.
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Jesse's Café Américain: Back Again to Money - A Primer on the Banking System and Money Creation

Jesse's Café Américain: Back Again to Money - A Primer on the Banking System and Money Creation | Gold and What Moves it. | Scoop.it

"Money in the modern fiat sense originates from a number of sources. Among these is the realization of credit potential in the expansion of debt. For the sake of simplicity I simply refer to this process as 'credit.'

 

"This does not mean that 'credit' is money, not in the least. Credit is a source of money, but not money itself.

 

"In our modern world of financial innovation, 'money' is most often created through the expansion of credit, and its employment in the purchase of assets and in supporting real economic activity, consumption and investment.

 

"While some central bank, either officially or de facto, most often manages the private banking system, providing additional credit where needed, largely through the discount window as lender of last resort, the real economy is able to generate enough money through its own activity to support its growth.

 

"One measure of this activity is the velocity of money, that is, the amount of real economic activity relative to the existing money supply using some sort of measure. The measure does not do anything of course, but it is merely a measure of what is happening in the interaction between money creation and real economic activity. ..." Click through for the rest. It's always worth it.

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Global Banking Crisis | Greg Hunter’s USAWatchdog

Global Banking Crisis | Greg Hunter’s USAWatchdog | Gold and What Moves it. | Scoop.it
By Greg hunter’s USAWatchdog.com 

 

... “The ignorance is willful.” I think you can say the same thing about the ongoing banking crisis. Last Thursday, credit rating giant Moody’s downgraded the long-term credit ratings of 15 of the biggest North American and European banks. All but four were cut at least two notches, and these are some of the biggest banks in the world. RBC, JP Morgan, BNP Paribas, RBS and UBS are household names in Canada, U.S., France, UK and Switzerland. (Japan’s Numara and Australia’s Macquarie were downgraded earlier by Moody’s.) (Click here for a complete list of downgraded banks from Business Insider.) I can’t find a time when a major credit ratings company like Moody’s has downgraded this many major banks in so many parts of the world at the same time. Sure, critics of Moody’s will say they are way behind the curve, but the fact is the company has come out with bold and devastating bank downgrades when the world is being told it is in “recovery.” Please keep in mind, dozens of Italian and Spanish banks were, also, downgraded in the last few months by Moody’s.

The MSM greeted this enormously negative bank news with a yawn. ..."

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Richard Russell - This Terrifying Financial Collapse & Gold

Richard Russell - This Terrifying Financial Collapse & Gold | Gold and What Moves it. | Scoop.it

Richard Russell tells King World News:

 

"... The world is now producing far more goods (and more competitively) than ever before. I think deep in his heart, Bernanke knows and understands this. As a result, he does not want to use all the possible anti-deflation ammunition that the Fed can muster. The reason -- it is dawning on Bernanke that the Fed cannot defeat the powers of deflation and the primary bear trend.

 

"The result is that the sinking economy is actually producing signals ahead of the Fed, and Bernanke knows it, but cannot talk about it - it's too frightening. Now Bernanke is playing for time. He's hoping that somehow, some way, the US economy will not get worse and that it might even improve slightly. Bernanke is worrying about the Fed's bulging balance sheet. It's so huge, how will he ever contract it?

 

"In the meantime, the stock market is more puzzled than ever. With uncertainty looming large, the market backs off. It is giving up on QE3. In the absence of QE3 the market does what it always does to protect itself, it backs off.

 

"Sadly, the whole world is searching for income and safety, and the fact is that there is no income and there is no ultimate safety. Then how does one build wealth? The Asians know the answer to that -- YOU BUY and HOLD GOLD -- and exercise a lot of patience. ..."

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Trader Dan's Market Views: Comments on the Deciphering Silver article

Trader Dan's Market Views: Comments on the Deciphering Silver article | Gold and What Moves it. | Scoop.it

by Dan Norcini:

 

"... To the skeptics - I would suggest you look far more closely at the comparison chart of silver and the CCI. It is evident you fail to understand just how hedge funds treat the risk on/risk off trades.

 

"When the CCI moves lower, silver will GENERALLY move lower along with it. When the CCI moved higher, silver generally moved higher along with it, especially since September of last year when the chart pattern between the two has been almost identical.

 

"The charts simply do not lie but it has been my experience that those with closed minds will never be convinced no matter what illustrations are shown them. For one to continue blaming Morgan for the downdraft in silver even as the CCI has been plummeting suggests that somehow MOrgan is responsible for taking the entirety of the commodity complex lower. Never mind the fact that hedge fund short positions are going up as the commodity sector goes lower - ..."

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Does deflation`s black hole loom? - POLITICAL ECONOMY - Mineweb.com Mineweb

Does deflation`s black hole loom? - POLITICAL ECONOMY - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

According to Julian Phillips, if the euro is not saved within the next three months, the world faces the next phase of deflation, something feared terribly by central bankers.

 

 

JOHANNESBURG (GOLD FORECASTER) -

 

"The Global Picture and Where We Are Now
For the last few years we've watched as the Credit Crunch morphed into the Sovereign Debt crisis in Europe, which may re-cross the Atlantic to hit the U.S. Treasury market. During that time, we have watched a series of patch-up jobs on the crisis that have only succeeded in prolonging the crisis without any real structural remedies. We've also watched how central bankers have seen the 'buck' passed to them, when their role is strictly in support of government action that should have led the way. Central bankers are running out of tools to tackle the task they should never have been asked to tackle alone.

 

"Political leaders (who usually act only in concern of the consequences to their political careers) have only been willing to provide hormone-free measures that have yet to see any convincing success. Much as people look for someone to blame or an interest to protect, the fault lies with the underlying structure of national affairs. Not only do we find banks bound by the interests of their shareholders to achieve profits, but politicians working in a democratic set of national systems guarding their voting base with future elections in mind. These diverse objectives are not consistent with the needed objectives of targeting global growth at all levels to the point that national debt levels can be reduced while national cash flows are boosted to provide the needed funds to achieve these goals.

 

"Almost five years after central banks took the first actions to buoy the world economy, political leaders are being forced to react to a third successive annual fading of recovery hopes as Europe's debt crisis threatens to engulf Spain and Italy, hiring in the U.S. stalls and China slows. Estimates for growth worldwide this year have fallen to 3.2% from the May forecast of 3.4% and it continues to slow ..."

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The Day Of The Deflationists « Jim Sinclair's Mineset

From Jim Sinclair's desk:

 

"My Dear Extended Family,

 

"Never before in the entire period of 1968 to 1980, or 2001 to present, have I received so many copies of classical deflationist scenarios in one day. It would seem as if the God of Deflation overflew the gold guys and dropped their leaflets.

 

"Classical deflation does not have a snowball’s chance in hell of occurring now for any length of time. To assume that you have to hold the belief that Bernanke is a mole in the present administration, placed their covertly to bury the present administration so deep that there will never be a democrat in office after 2013 anywhere.

 

"If you believe there is a political appetite for the collapse of the Western financial system, they had a perfect chance in 2008 and did not accept that great opportunity to purge the system of Banksters for political reasons.

 

"The problems of 2008 are here now and greater. Derivatives still challenge the entire system at a greater level. A major under the covers audit is being done right now of some major banks for serious OTC derivative problems. Market miscreant activity allowed the break to near nothing for many financial institutions. The activity specifically is the absence of the uptick rule, which is still missing.

 

"The regulators are controlled by Washington which in turn is owned by the hedge fund and bankster’s lobby.

 

"Nothing whatsoever has changed except the degree of difficulty which has risen to a level never existing in market history.

 

"The rescue will come in the form of QE to infinity for the entire western world’s financial system.

 

"The market historians making fun of the gold community may not like the fact that it was the huge communication to his prison authorities and the system that actually got him the opportunity for freedom. Whatever the mental level reason for his hate of “Gold Bugs,” he is wrong.

 

"Gold is going to and through $2111 on its way towards Alf’s levels. ..."

 

Click over to read the rest.

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Deutsche Bank Hides The Hopium: "The Next Recession Should Start By The End Of August" | ZeroHedge

by Tyler Durden:

 

"If there is one bank report that Obama wishes is absolutely wrong it is the following note from Deutsche Bank's Jim Reid (definitely not part of the bank's laughable Trinity Of Perma Bull consisting of Bianco, Chadha and, of course, La Vorgna) who, looking at the timing of business cycles, makes the following ominous, for both the economy and Obama's reelection chances, prediction: "If this US cycle is of completely average length as seen using the last 158 years of history (33 cycles) then the next recession should start by the end of August." The only saving grace for the president: since the advent of centrally-planned markets, nothing is as it used to be, and the business cycle no longer exists ("JP Morgan Finds Obama, And US Central Planning, Has Broken The Economic "Virtuous Cycle""). Still, maybe, this is the one last trace of free capital markets that the Fed has (so far) been unable to totally destroy. We are confident it will get right on it. ..."

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Top Seven Reasons Gold Producers Will Soar - Casey Research

Top Seven Reasons Gold Producers Will Soar - Casey Research | Gold and What Moves it. | Scoop.it
By Jeff Clark, Senior Precious Metals Analyst

 

"For the past eighteen months, gold stocks have been pummeled.

 

"They showed some life from mid-May to mid-June – GDX, the gold miner's index, was up 21%, while gold rose 5.5%. That bounce was exciting, but they've still got a lot of lost ground to make up. Since January 1, 2011, GDX is down 28%, while gold is up 10%.

 

"So what's going to move these darn stocks? Will their day ever come? Could our research – gulp – be wrong? Jokes have even started circulating… "

 

"... Reason #1: Gold stocks have leverage to gold bullion prices. ..."

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Marx Madness - Europe has been quietly taken over by communists. - Casey Research

Marx Madness - Europe has been quietly taken over by communists. - Casey Research | Gold and What Moves it. | Scoop.it

"... Europe has been quietly taken over by communists.

 

"And I'm not saying that for dramatic effect, but because the facts are evident. Succinctly put, operating from headquarters in Belgium, upwards of 30,000 bureaucratic functionaries working for the European Commission, and sub-commissions such as the Education Commission and the Competition Commission, are concocting an endless stream of perfect-world regulations whose net intent is to manage the economies of all EU members.

 

"And, for good measure, all functions of civil society.

 

"No matter how they spin their actions as the spawn of lofty goals and high principles, even a cursory glance reveals that the EU is now operating as a command economy – one where the productive capacity of commercial enterprises, fishing and farming being just one small corner, is being directed by central planners.

 

"Communists.

 

"And we think the United States has problems? ..."

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