June 26, 2016 ·
It appears, just as we warned, that Brexit was indeed
the first of many dominoes. Even before the Brexit result, a poll by Ipsos Mori
showed that the majority of people in France and Italy want to at least have a
referendum on leaving:
Meanwhile,
over 40% of Swedes, Poles, and Belgians are in the same boat.
But now, as Martin Armstrong notes, Brussels simply
went too far. They cross the line moving from an economic union to a political
subordination of Europe. Now eight more countries want to hold referendums to
exit the EU ~ France, Holland, Italy, Austria, Finland, Hungary, Portugal, and
Slovakia all could leave.
With
Hollande’s approval rating at about 11%, and Merkel lucky she is not tarred
& feathered, the Front National leader Marine Le Pen has pledged to hold a
French referendum. Hollande rejected Le Pen’s call for a referendum today
during their meeting; prompting the following from the leader of France’s
far-right National Front party:
“We will see at the presidential election (next year) which candidates commit to organize a referendum.You know I am one of those because for the past four years now I’ve said that six months after being elected, I would organize a referendum on the exit (of France) from the European Union, and that I would use these six months to negotiate with the European Union its transformation into a Europe of the nations, giving back to the French people four essential elements from its sovereignty: territorial, economic, monetary-budgetary and legislative.”
Therefore,
if LePen emerges victorious in next year’s presidential elections, that means
the next major player in the EU after Germany is out and there goes the EU.
This entire
civil uprising in Europe is underway ever since two months ago when Dutch
voters overwhelmingly rejected a Ukraine-European Union treaty. Angela Merkel’s
Germany now faces having to pay an extra 3 billion euros a year to the annual
EU budget once Britain leaves.
.
.
1913 Federal Reserve ~ AMERICANS CAN’T AFFORD THE FUTURE: THE
ROTHSCHILDS
This alone
is prompting German government officials to propose that Britain is offered
“constructive exit negotiations” to keep their dues coming in. Some are now
talking about a quasi-membership for the UK calling it an “associated partner
country” to keep the money flowing.
Yet the
French government of Hollande just does not understand. The governor of the
French central bank will exert pressure on UK banks. They are taking the view
that it would be paradoxical if Britain could retain privileges after the withdrawal
from the EU. First Banks are preparing apparently preparing to shift part of
its employees in London to the continent. They obviously fail to grasp that it
is European continental banks that are on the brink of collapse ~ not British. (ED Noor: Frexit or Fraxit?)
Italian
ministers warned on Saturday that the European Union MUST change course or risk
total collapse after Britain’s vote to leave the bloc. The Italian Finance
Minister Pier Carlo Padoan said. (ED Noor: Italeave?)
“A double reaction to Brexit is under way, one financial, one political. The financial one, at least until now, is limited. I am more worried about the political one.”
Indeed, the
unthinkable is happening. And they worry the pound might crash? Pay attention
to the euro.
Furthermore,
Portugal, with all eyes on Spanish elections, has made a clear threat to The EU
(via WSJ)…
In other
words, if The EU dares to pressure Portugal over its fiscal excess, then
Portugal will leave. (ED Noor: Departugal?)
And finally,
for now, as if to reinforce the fears of EU dissolution, Slovakia’s far-right
People’s Party launched a petition for a referendum on the country’s future in
the EU. (ED Noor: Slovakout?)
“Citizens of
Great Britain have decided to refuse the diktat from Brussels. It is high time
for Slovakia to leave the sinking European ‘Titanic’ as well,” the party said.
Meanwhile,
as Armstrong concludes, another critic of the
EU has been the leader of Poland’s ruling party. Poland’s Foreign Minister
Witold Waszczykowski also now responded and said that the UK referendum result
shows the need for reform of the EU. “This is bad news for Europe, for Poland.
(…) This is a great dilemma for the eurocrats, (ED Noor:
Euro-rats) we all want to keep the EU, the question is in what shape.”
He continued: “We will be trying to use this situation to make the European
politicians aware why this happened. And it happened because this concept,
which was created some time ago, is no longer popular in Europe.”
Then again,
the Hungarian Prime Minister Viktor Orbán intends to campaign in the British
press for the UK to remain in the EU, according to a Hungarian government
spokesman. Orbán is clearly one of those who is out of touch with the people
and fails to understand that a federalized Europe is not going down very well with
the people. He is extremely arrogant to think that he has any right to
intervene or suggest that the vote be ignored.
To add
insult to injury, Turkey proclaims the “Crusader union falls apart”
demonstrating that memories in Europe go back centuries. The United States
people did not want to enter World War II. Roosevelt even traveled to Boston
promising that American boys would never defend Europe. Boston was a very Irish
community and they were upset at being asked to defend Britain after their
migration to the USA because of Britain. Old wounds never quite die.
As Doug
Noland warns,
European integration is again under existential threat. And while disintegration will likely unfold over the coming years, a crisis of confidence in the markets could erupt at any point.
Confidence in Europe’s banks is faltering badly. I believe faith in the ECB’s capacity to hold the banks and securities markets together is waning.
How much
leverage has accumulated throughout European periphery bond markets? And it is
a harsh reality of Europe’s financial structure that de-risking/de-leveraging
dynamics tend to see rising yields/widening spreads intensify market fears of
bank impairment. Then bank worries further negatively impact sentiment in the
markets and business community in a problematic vicious spiral.
Red Shield
aka Rothschild’s “Hidden Hand” Of The City Of London.
Related
Articles:
.
Rothschild’s
Hidden Hands
.
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