It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
Chancellor Angela Merkel’s centre-right coalition government voted to give 123 billion as Germany’s portion of a 750-billion euro loan guarantee package prepared by the European Union and the International Monetary Fund to enable governments to keep up interest payments to banks on souvereign debt.
The bill was passed by the Bundestag with with 319 "yes" votes, 73 "no" votes and 195 abstentions.
The abstentions came from the center-left opposition Greens and Social Democrats (SPD) and a handful of CDU/CSU and FDP backbenchers.
The 123 billion euro bank package comes on top of
Germany needs to arrange a currency swap with a cache of southern EU printed € 's... as they will soon depreciate further compared to the northern EU € 's (print mark made in Germany)
NORTHERN EURO CURRENCY
Word has come to the Jackass desk from the War Room itself, where important decisions were made in a series of meetings inside Germany. The new Northern Euro currency is finally in its formative stage. Contracts have been forged. Relationships with the more independent Central European central banks have been arranged. Market mechanisms
with the commodity markets have been delegated to Finland.
A role for Russia is being
planned, source of many commodities. The timing of the new Northern Euro is planned for June 2011, with perhaps little if any formal news releases. The key element of the new Northern Euro will be its gold component. Permit a Jackass conjecture of a 1% or 2% cover clause, meaning $100 million in Northern Euros could be redeemed
for assets that contain $1 or $2 million. The new currency will be born in crisis.
It will be begged for. One must wonder if Saudi crude oil will eventually require payment in Northern Euros. Maybe it will contain not only a gold component but a crude oil component.
For over a year, my openly stated belief has been that the first nations to create a monetary and banking system with clear distance set from the USDollar will be the next global leaders emerging. It will be Germany and its cohorts that include the Benelux nations and Austria.
In debate is the future role of France, which might be assigned squire duty for the Germans who hold 94% of their sovereign debt.
[...] By the way, the Northern Euro as planned is a USDollar Killer,
since the present day world reserve currency will fall rapidly in valuation,
finding its true worthless value, in reflection with its hemorrhage of USGovt deficits and debt ratios that put it in the same PIGS manure pen as the Southern Europe nations heaving in convulsion.