-> SNETNEWS Mailing List BREAD AND CIRCUSES * - Part 2 EUROPEAN MONETARY UNION January 1, 1999, barely a month away, is euro day. We have insisted for the last two years that the euro was so important to the international socialist agenda that nothing would be allowed to stand in its way-not the crash of Asian markets, the collapse of hedge funds, the failure of the Russian banks, or the threat of impeachment of Bill Clinton. Consequently, it was necessary for the Fed to pump huge amounts of liquidity into the US market, all the while relying on administration "massaging" of economic statistics to pretend that inflation was non-existent, while huge bailouts were arranged to keep the global markets afloat a little longer. The whole idea of the euro is to create a currency monopoly in Europe. Without competing strong currencies, like the D-mark, EC bankers can inflate at will without the embarrassment of declining foreign exchanges rates-indeed, Continental foreign markets will simply be obsoleted by the fixed exchange rates of national currencies with the euro at the beginning of the year. But, in ordering a fascist Europe (state directed private economic activity), the socialist super-bureaucrats are faced with an immense task-they must come to terms with rampant unemployment, for failure to do so could surely trigger the early demise of European Monetary Union. But, by extending thousands of new regulations on business, Brussels has thus guaranteed both higher unemployment and the ultimate economic failure of EMU. If there is anything that will save Europe from depression it must be the abandonment of state strangleholds on business. All of this is further complicated by the compulsion to admit former Soviet Bloc states into the common market. Already, those states which had hoped to benefit from the levelling process are being told that they must forego many of the economic benefits of EC in order that funds may flow to their poorer neighbors in the East. This is certain to fire resentment in Italy, Spain, Portugal, Greece, and Ireland, whose support for EMU was based on their becoming the primary beneficiaries thereof. Make no mistake-EMU will be broadened to include the "former" communist states in Europe because the underlying purpose of the whole scheme, while couched in economic terms, is political-that is to say, it intends the dominaton of nations and populations. Meanwhile, Tony Blair, New Labour prime minister of Britain, is busily dismantling the traditional English way of life by attacking the very fundamentals of national sovereignty. On his hit list are the House of Lords (and ultimately the Monarchy), the pensions of widows, the rights of those on state aid to engage a lawyer, revisions to the National Health Service and the pitifully few tax breaks for business which had contributed to the rise of the economy and the restoration of English competitiveness in Europe. THE IMPACT ON AMERICA While Americans rightfully worry about the impact on the dollar once the euro arrives, the larger and more immediate question which no one seems to be addressing is this: once the euro is a fait accompli, will the Fed withdraw its intervention in the market, allowing the long overdue collapse of our financial bubble to take place? Consequently, our urgent message to readers is this: After January 1, 1999, the risk of equity holdings, both in the United States and abroad, is greatly increased-the prudent course of action being, as we have constantly counseled, to sell at least 50% of equity positions by the first of the year. As for our foreign currency holders, since Brussels will fix the exchange rates between the eleven EMU currencies with the euro on December 31, 1998, you have less than one month to convert EMU currencies to non-EMU currencies, particularly those longer term assets which could suffer most by being denominated in euros, such as bonds, annuities, endowments, etc. There is urgent reason to accomplish these prudent measures now. When the "bread" runs out, the "circuses" will become deadly. (conclusion) _______________________________________________ * From THE HARD MONEY INVESTOR, December 1998 issue, Hal Bryan, Editor Published monthly: $39/yr PO Box 11, Enumclaw, WA 98022 Mr Bryan is an associate of Committee to Restore the Constitution __________________________________________________________________________ STATE LEGISLATIVE SOLUTION TO 'BOOM AND BUST' ECONOMY In the present climate of economic emergency it appears that the greatest stumbling block to acceptance of necessary data for financial survival, and the conclusions which must be reached by the individual, is the feeling of 'unreality' which the truth holds for the very people who seek it. The impending economic/political disaster is permitted its fantastic rate of growth through no other factor as much as incredulity masked as apathy. The resulting inaction of the people is a powerful propellant to nihilistic doctrine. Knowledgeable response to crisis is, of course, more difficult than protest. 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Act now, while others, for lack of knowledge, watch in helpless dispair confiscation of their money and property by a 'secret government of monetary power'. Order your copy, THE MOST SECRET SCIENCE without delay. THE MOST SECRET SCIENCE, by Archibald E. Roberts, LtCol, AUS, ret: 200 pages (8 1/2 X 11) quality paperback. Library of Congress Catalog Card #84-70100, ISBN 0-934-120-08-0: $12.00 + $3.00 postage & handling. COMMITTEE TO RESTORE THE CONSTITUTION, Inc. PO Box 986 Fort Collins Colorado USA 80522 -> Send "subscribe snetnews " to [EMAIL PROTECTED] -> Posted by: Committee to Restore the Constitution <[EMAIL PROTECTED]>
