When the Euro was on the drawing boards, the committee to create the Euro came to our seminar in London and took the whole back row. I was there at the beginning and have first hand knowledge about how it was being designed. I warned them at that time the euro would start to fail after 13 years in line with the ECM – that was 2011. The euro officially began January 1st, 1999. Without a single national debt, the Euro could never become a reserve currency for it would lack depth.

The real problem to emerge is that the euro is more than a single currency. It has become something to defend for thousands of political jobs. The real theory has been to federalize Europe for in the mind of the elites, that would eliminate war. What they failed to grasp is that it can also promote war by dictating a one-size fits all policy.

I have written about the audacity of the EU Commission to intervene and remove elected people in Greece and Italy who wanted to leave the Euro. They are in the process of staging political coups to protect the established bureaucrats in Brussels. This is now all about maintaining power – not the Bilderberg meetings and Illuminati.

Tim Geithner has confirmed the coup stating in his book: “At one point that fall, a few European officials approached us with a scheme to try to force Italian Prime Minister Silvio Berlusconi out of power.” Geither writes that he told the President about “this surprising invitation” to change the head of Italy, but they decided not to get involved (publicly): “We can’t have his blood on our hands.”

Those who always blame the CIA need to expand their perspective. They say there is nothing like a woman scorned. I dare say there is. It’s a politician and unelected bureaucrats.

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Austria, 1920-21: The government printed money to cover its debts from World War I.

Food and fuel costs exploded. Banks urged their customers to convert Austrian kronen into a more stable currency… even though it was against the law.

A law-abiding widow is wiped out on the day of a bank run. Her diary entry is reproduced in Adam Fergusson’s book When Money Dies…

“Why don’t you think the krone will recover again?” [I asked my banker.]

“Recover!” [he] said with a laugh… “just test the promise made on this 20 kronen note and try to get, say, 20 silver kronen in exchange.”
Yes, but mine are government securities: Surely, there can’t be anything safer than that?”

“My dear lady, where is the state that guaranteed these securities to you? It is dead.”

We’ve recounted the tale before. We tell it again now for two reasons. First as a reminder that most of the imbalances that caused the Panic of 2008 remain woefully out of balance. But you already knew that.

There’s extra urgency to our telling now: The one “X factor” the pundit class touts as the U.S. dollar’s savior? It might prove the dollar’s final undoing. Bank runs, capital controls, an effective default on the national debt — and all because of the “prosperity” we’re enjoying now.

Our suspicions were first raised in January…

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Russians sold out of U.S. Treasury debt in droves in March as the U.S. authorized sanctions against Moscow and Russia’s central bank intervened against a plummeting ruble, new U.S. figures showed Thursday.

Russia’s net Treasury security holdings dropped $25.8 billion in March to $100.4 billion, tumbling 20% from February’s $126.2 billion, according to U.S. Treasury Department’s report on international capital flows. Treasury’s report doesn’t explain what caused the cash flows. But…..

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