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June 29, 2014

"Britain on road to disaster": Cameron’s EU ‘debacle’ proves he is a threat to British economy, says Miliband

 David Cameron poses a “real and present danger” to the economy because his doomed bid to block Jean-Claude Juncker leads Britain towards an exit from the European Union that could put up to three million jobs and thousands of businesses at risk, Ed Miliband said today.

Note EU-Digest:  When will Britain understand that the "power" of the British Empire has come to an end and that their only chance to remain a valuable player on the world's political and economic scene is in participation with the other 27 members of the EU.

Read more: Cameron’s EU ‘debacle’ proves he is a threat to British economy, says Miliband | The Times

Soccer World Cup: Netherlands beat Mexico 2-1 to qualify for quarters

Netherlands qualified for the quarter-finals defeating Mexico 2-1 when Klaas-Jan Huntelaar made the decisive goal on a penalty kick in extra time here on Sunday. Earlier, the first half ended goalless but just after the second half began Mexico made a breakthrough when Giovani dos Santos netted a goal in the 48th minute.

However, Wesley Sneijder leveled the score 1-1 just two minutes before the end and The Netherlands emerged victorious in the fourth minute during an extra time.

The Netherlands is the third team to reach the quarter-finals after Brazil and Columbia.

Read more: Netherlands beat Mexico 2-1 to qualify for quarters - thenews.com.pk

June 28, 2014

The Banking Industry:Out-of-control Central Banks are Buying Up the Planet - by Ellen Brown:

When the US Federal Reserve bought an 80% stake in American International Group (AIG) in September 2008, the unprecedented $85 billion outlay was justified as necessary to bail out the world’s largest insurance company.

Today, however, central banks are on a global corporate buying spree not to bail out bankrupt corporations but simply as an investment, to compensate for the loss of bond income due to record-low interest rates. Indeed, central banks have become some of the world’s largest stock investors
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Central banks have the power to create national currencies with accounting entries, and they are traditionally very secretive. We are not allowed to peer into their books. It took a major lawsuit by Reuters and a congressional investigation to get the Fed to reveal the $16-plus trillion in loans it made to bail out giant banks and corporations after 2008.

What is to stop a foreign bank from simply printing its own currency and trading it on the currency market for dollars, to be invested in the US stock market or US real estate market?  What is to stop central banks from printing up money competitively, in a mad rush to own the world’s largest companies?

Apparently not much. Central banks are for the most part unregulated, even by their own governments. As the Federal Reserve observes on its website:

[The US Fed] is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms.
As former Federal Reserve Chairman Alan Greenspan quipped, “Quite frankly it does not matter who is president as far as the Fed is concerned. There are no other agencies that can overrule the action we take.”

Read more: Out-of-control Central Banks are Buying Up the Planet | Alternet

EU Unity: U.K. Loses Big Vote On The Future Of Europe — Now What? - by Marilyn Geewax

The European Union made history Friday by bringing three of Russia's neighbors — Ukraine, Georgia and Moldova — under its economic tent.

The of trade agreements will push European influence deep into a region that Russia would like to dominate. In light of recent Russian aggression in Ukraine, that's a big deal.

But in Brussels, Belgium, generated a second major headline later in the day.

Leaders of the European Union's 28 member states voted on the next president of the European Commission, which serves as the EU's executive branch.

The president sets the policy agenda, enforces rules and represents Europe abroad — so it's the most powerful position in the EU. Friday's vote ended up 26-2 in favor of Jean-Claude Juncker, a former prime minister of Luxembourg.

But the outcome matters because the losing votes belonged to the United Kingdom and Hungary. And they were deeply, totally, seriously opposed to Juncker — so much so that his victory could trigger an eventual reconfiguring of the EU in ways not favorable to the U.S.

U.K. Prime Minister David Cameron sees Juncker as a political fixer, a crony-type politician with a reputation for drinking too much and defending the EU bureaucracy too vigorously. And the U.K. and Hungary fear that Juncker wants to take away too many powers from sovereign states.

The 26 leaders who voted for Juncker insist that , they had to nominate the Luxembourger, who will now go on to get rubber-stamp approval from the European Parliament in mid-July.

After the vote, Cameron called the outcome "a serious mistake" and promised to . He said pushing reforms would involve "a long, tough fight."

EU-Digest

EU's new President Jean-Claude Juncker - Profile

Jean-Claude Juncker
Among EU government leaders only the UK and Hungarian prime ministers voted against him at an EU summit on 27 June.

Crucially Germany's Chancellor Angela Merkel backed his bid - after some hesitation - as did the centre-left leaders of France and Italy.

There are many voices in the European Parliament too who argue that Mr Juncker should get the job. The parliament believes the choice of European Commission president now has to reflect the election result.

Yet he is a controversial figure in the EU, as a leading advocate of deeper EU integration, and is often called a "federalist"
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A veteran of Brussels deal-making, he headed the powerful Eurogroup - the eurozone finance ministers - at the height of the eurozone crisis, when crucial decisions were taken about austerity and bailout conditions.

He was prime minister of Luxembourg from 1995 to 2013 and one of the architects of the euro.

But according to Pierre Leyers, financial editor of the daily Luxemburger Wort, it is misleading to call him a "federalist". "He wants deeper integration, but not a European superstate," he told the BBC.

Mr Leyers argues that coming from a tiny country has enhanced Mr Juncker's influence in the EU, odd though that may seem to people unfamiliar with Brussels politics.

Luxembourg was a founding member of the community which became the EU and, sandwiched between France and Germany, "it had no choice but to try to be on good terms with its neighbours", Mr Leyers said.

 "So some Luxembourg politicians were always good negotiators and diplomats, to get France and Germany together."

The drive for post-war reconciliation shaped Mr Juncker's political views.

But some of his past remarks have raised eyebrows, suggesting a less than firm commitment to democracy.

Ahead of the French vote on the European Constitution in 2005 he said: "If it's a Yes, we will say 'on we go', and if it's a No we will say 'we continue'"
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And in 2011 he said "monetary policy is a serious issue - we should discuss this in secret, in the Eurogroup... I am for secret, dark debates".

His greatest EU challenge has been shoring up the eurozone since the 2008 financial crash, when Greece's colossal debts, and those of other struggling eurozone countries, threatened the very survival of the single currency.

Mr Juncker is a strong advocate of a European "solidarity" union - an EU that strives to raise living standards in its poorest regions and sectors.

He has not explained how an EU-US free trade deal might impact on EU social protection policies, which currently cost the EU many billions through support for farmers and projects to help poor communities.

He claimed that such a deal would give each European an extra 545 euros (£443; $742) - an exaggeration, according to a fact check by Eurovision, which hosted the debate.

He has also defended the Common Agricultural Policy, saying agriculture employs about 30 million Europeans. But the UK government is among the many critics who say the CAP is wasteful and want more of the EU budget spent on digital technologies, research and investment in small businesses.

Mats Persson, director of the Open Europe think-tank, says Mr Juncker is associated with the EU of the 1980s and 1990s, echoing a criticism attributed to UK Prime Minister David Cameron.

After an election that saw a surge in support for Eurosceptic parties, that connection with past EU policies may be a disadvantage, Mr Persson told the BBC, adding that Mr Juncker was "sidelined quite a bit during the eurozone crisis" and "ran a vague election campaign".

However, Mr Juncker is not vague about the political risks of taking tough economic decisions. He once said "we all know what to do, we just don't know how to get re-elected after we've done it"

EU-Digest




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June 21, 2014

NSA Spy Scandal: Europe's High Court Will Look at Facebook's Possible Role in NSA Spying - by Carol Matlack

Did Facebook (FB) illegally let the U.S. National Security Agency spy on its European users? That question is to be considered by the European Union’s highest court, after an Irish judge questioned whether data that the social network transferred from Europe to its U.S. servers might have fallen into the hands of the spy agency.

In a ruling today, Irish High Court Judge Gerard Hogan asked the European Court of Justice to decide whether Irish regulators should investigate the data transfers, which have been permitted under a transatlantic agreement that assumes U.S. privacy protections are comparable to those in the EU.

 Privacy advocates, led by an Austrian law student named Max Schrems, contend that Edward Snowden’s revelations about the NSA’s Prism program showed that the agency conducted “mass and largely unsupervised surveillance” of Facebook users’ data.

Schrems took Ireland’s national data regulator to court after it refused to consider his complaint and dismissed his arguments as “frivolous and vexatious.” But Judge Hogan said Snowden’s disclosures had “exposed gaping holes in contemporary U.S. data protection practice” that could undermine the U.S.-EU agreement.

He asked the European court to determine whether an investigation of Facebook’s data transfers was warranted in light of the disclosures. The case was filed in Ireland because Facebook’s European operations are headquartered there.

Read more: Europe's High Court Will Look at Facebook's Possible Role in NSA Spying - Businessweek

June 18, 2014

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