Germany Drawing Up Plans For Greece To Default And Leave The Euro

It seems Germany is finally ready to pull the trigger now that it's obvious Greece is likely to default on its debt with or without a second eurozone bailout:

But the severe austerity measures being demanded have caused such fury in Greece, and the cuts required are so deep, that Wolfgang Schäuble, the German finance minister, does not believe that any government would be able to implement them.

His pessimism has been tipped into despair with a secret European Commission, Central and IMF report that even if Greece made good on its promises, it would not be enough to reach the target of bringing total debt to 120 per cent of GDP by 2020.

"He just thinks the Greeks cannot do what needs to be done. And even if by some miracle they did what has been promised, he - and a growing group - are convinced it will not pull Greece out the hole," said a euro zone official.

Of course it won't...and it was never really intended to. That became obvious after the first bailout failed. Greece agreeing to reforms in exchange for billions of euros was one thing but implementation was always the problem, just as it's likely to be after another bailout. Demonstrations and riots in the streets, high unemployment, strikes, an unwilling bureaucracy and a power struggle as different politicians play football with the unrest all make Greece an unlikely candidate for instituting the reforms called for by what Greeks refer to as 'the German diktat'. At least one Greek politico is using stories of the Greek resistance against the Nazis as a rallying point.

Even if the Greeks did manage to implement all the reforms properly, the euro zone's own figures now show it would still fall short, with debt likely to total 129 per cent of GDP in 2020.

None of this was any secret even before the current crisis. However, the kabuki was needed because there are certain legal problems with kicking Greece out of the euro zone.Unless the country fails to honor its agreements to implement reforms and pay back its creditors as agreed. So the solution is to hold out the carrot of another bailout while asking for reforms that are impossible to implement and debt service levels that are unsustainable,nicht wahr?

Under the current austerity demands, 20% of Greek civil servants are going to lose their jobs, a substantial rise in unemployment where a major percentage of the country's labor force works in the public sector and unemployment is already at over 18%. The minimum wage would be cut sharply, public sector salaries would be slashed even further,pensions reduced, taxes raised and the defense budget slashed to the bone.

No Greek politician wants to have him or herself associated with this.

In Greece itself there have been widespread increases in crime. Greeks are heading into the national forests to cut firewood to get them through the winter, and a barter economy is becoming common in some parts of the country.Greece's National Gallery has already been burgled, and a gang of armed thieves looted a museum in Olympia on Friday, stealing bronze and pottery artifacts for sale. Meanwhile, many Greeks, especially those 25 and under with educational qualifications or practical skills like plumbing or electrical work are leaving the country, because there simply aren't any jobs to be had.

In a very real sense, the country is already bankrupt. And even many Greeks are saying what's been obvious to me for quite some time. They'd be far better off defaulting on their debts,going back to the drachma and starting fresh. No one is going to lend Greece money or buy their public debt anyway for quite some time.Provided they make necessary reforms, reign in corruption,cut the public sector sharply and take steps to make Greece a preferred place to do business, getting out from under the euro might be the best thing that ever happened to them.

The country still has its gorgeous climate and its picturesque beaches, islands and scenery, and if they can manage to get their current law and order problem under control Greece has the potential to become a major tourist mecca for all budgets. In fact, tourism accounts for about 20% of the country's GDP right now as it is.

Greece also has its fishing industry, its shipping industry with the largest merchant navy in the world and the possibility of increasing its market share in commodities like olives and olive oil, tobacco, cotton and other agricultural products due to the reduced labor costs. And a fresh start might even encourage high tech companies to start making things like computers, cell phones and silicone chips in Athens.

The real downside of Greece defaulting is more of a problem for Germany, France and the other members of the euro zone. Once countries like Portugal, Italy, Spain and Ireland see the Greeks getting away with walking away from their debts, they're likely to make a move to do so too.

Germany Drawing Up Plans For Greece To Default And Leave The Euro

It seems Germany is finally ready to pull the trigger now that it's obvious Greece is likely to default on its debt with or without a second eurozone bailout:

But the severe austerity measures being demanded have caused such fury in Greece, and the cuts required are so deep, that Wolfgang Schäuble, the German finance minister, does not believe that any government would be able to implement them.

His pessimism has been tipped into despair with a secret European Commission, Central and IMF report that even if Greece made good on its promises, it would not be enough to reach the target of bringing total debt to 120 per cent of GDP by 2020.

"He just thinks the Greeks cannot do what needs to be done. And even if by some miracle they did what has been promised, he - and a growing group - are convinced it will not pull Greece out the hole," said a euro zone official.

Of course it won't...and it was never really intended to. That became obvious after the first bailout failed. Greece agreeing to reforms in exchange for billions of euros was one thing but implementation was always the problem, just as it's likely to be after another bailout. Demonstrations and riots in the streets, high unemployment, strikes, an unwilling bureaucracy and a power struggle as different politicians play football with the unrest all make Greece an unlikely candidate for instituting the reforms called for by what Greeks refer to as 'the German diktat'. At least one Greek politico is using stories of the Greek resistance against the Nazis as a rallying point.

Even if the Greeks did manage to implement all the reforms properly, the euro zone's own figures now show it would still fall short, with debt likely to total 129 per cent of GDP in 2020.

None of this was any secret even before the current crisis. However, the kabuki was needed because there are certain legal problems with kicking Greece out of the euro zone.Unless the country fails to honor its agreements to implement reforms and pay back its creditors as agreed. So the solution is to hold out the carrot of another bailout while asking for reforms that are impossible to implement and debt service levels that are unsustainable,nicht wahr?

Under the current austerity demands, 20% of Greek civil servants are going to lose their jobs, a substantial rise in unemployment where a major percentage of the country's labor force works in the public sector and unemployment is already at over 18%. The minimum wage would be cut sharply, public sector salaries would be slashed even further,pensions reduced, taxes raised and the defense budget slashed to the bone.

No Greek politician wants to have him or herself associated with this.

In Greece itself there have been widespread increases in crime. Greeks are heading into the national forests to cut firewood to get them through the winter, and a barter economy is becoming common in some parts of the country.Greece's National Gallery has already been burgled, and a gang of armed thieves looted a museum in Olympia on Friday, stealing bronze and pottery artifacts for sale. Meanwhile, many Greeks, especially those 25 and under with educational qualifications or practical skills like plumbing or electrical work are leaving the country, because there simply aren't any jobs to be had.

In a very real sense, the country is already bankrupt. And even many Greeks are saying what's been obvious to me for quite some time. They'd be far better off defaulting on their debts,going back to the drachma and starting fresh. No one is going to lend Greece money or buy their public debt anyway for quite some time.Provided they make necessary reforms, reign in corruption,cut the public sector sharply and take steps to make Greece a preferred place to do business, getting out from under the euro might be the best thing that ever happened to them.

The country still has its gorgeous climate and its picturesque beaches, islands and scenery, and if they can manage to get their current law and order problem under control Greece has the potential to become a major tourist mecca for all budgets. In fact, tourism accounts for about 20% of the country's GDP right now as it is.

Greece also has its fishing industry, its shipping industry with the largest merchant navy in the world and the possibility of increasing its market share in commodities like olives and olive oil, tobacco, cotton and other agricultural products due to the reduced labor costs. And a fresh start might even encourage high tech companies to start making things like computers, cell phones and silicone chips in Athens.

The real downside of Greece defaulting is more of a problem for Germany, France and the other members of the euro zone. Once countries like Portugal, Italy, Spain and Ireland see the Greeks getting away with walking away from their debts, they're likely to make a move to do so too.

Treasury Sec Geithner :'You're Right, We Have No Plan To Avert Fiscal Melt-Down; All We Know Is We Don't Like Yours'

C0ngressman Paul Ryan and the House Republicans just passed a realistic budget in response to President Obama's fiscal abortion. It calls for five trillion in realistic spending cuts over the next decade, leaves benefits for seniors over 54 in place and doesn't gut national defense. Guess who drops by to engage in a back and forth with Ryan on the House floor? None other than Obama Treasury Secretary Tim Geithner,speaking on behalf of the Obama Regime.

Ryan uses a chart based on the Administration's own documents to highlight just how dismally the Obama Administration has failed to curb spending and publicly held debt, and how we're going to be the next Greece if we don't do something to fix it.

Geithner's response has to be the sound bite of the year: ""You are right to say we're not coming before you today to say 'we have a definitive solution to that long term problem.' What we do know is, we don't like yours."

This president has piled up a $5 trillion deficit in three years,much of it wasted or gifted to campaign donors,political allies and well connected insiders in classic Chicago fashion. Many of them have followed the Solyndra model and have later gone on to have successful business 'failures' at the taxpayer's expense.

For the first two years of his administration, President Obama had a veto proof majority in both Houses of Congress that were his enablers in allowing him to loot our economy and spend whatever he wanted. In fact, if you consult the figures of the Congressional Budget Office, you find that of even the relatively modest $1 trillion deficit he inherited, 67% occurred after January,2007 - when the Democrats first gained control of Congress.

So after all that, President Obama's hand picked Secretary of the Treasury comes before Congress to defend this shameful record and admit they have no clue as to what to do to avert a financial catastrophe,but they're going to make sure no one else does either.

President Clinton at least had the intelligence to allow the Republican Congress to rescue him from the financial folly of his first two years and fix things, knowing he'd get the credit. President Obama is such an arrogant Left wing ideologue that he figures he doesn't have to. And besides,a financial disaster isn't going to affect him in the least..and will go a long way towards getting even with an America he feels needs to be taken down a peg or two.

Treasury Sec Geithner :'You're Right, We Have No Plan To Avert Fiscal Melt-Down; All We Know Is We Don't Like Yours'

C0ngressman Paul Ryan and the House Republicans just passed a realistic budget in response to President Obama's fiscal abortion. It calls for five trillion in realistic spending cuts over the next decade, leaves benefits for seniors over 54 in place and doesn't gut national defense. Guess who drops by to engage in a back and forth with Ryan on the House floor? None other than Obama Treasury Secretary Tim Geithner,speaking on behalf of the Obama Regime.

Ryan uses a chart based on the Administration's own documents to highlight just how dismally the Obama Administration has failed to curb spending and publicly held debt, and how we're going to be the next Greece if we don't do something to fix it.

Geithner's response has to be the sound bite of the year: ""You are right to say we're not coming before you today to say 'we have a definitive solution to that long term problem.' What we do know is, we don't like yours."

This president has piled up a $5 trillion deficit in three years,much of it wasted or gifted to campaign donors,political allies and well connected insiders in classic Chicago fashion. Many of them have followed the Solyndra model and have later gone on to have successful business 'failures' at the taxpayer's expense.

For the first two years of his administration, President Obama had a veto proof majority in both Houses of Congress that were his enablers in allowing him to loot our economy and spend whatever he wanted. In fact, if you consult the figures of the Congressional Budget Office, you find that of even the relatively modest $1 trillion deficit he inherited, 67% occurred after January,2007 - when the Democrats first gained control of Congress.

So after all that, President Obama's hand picked Secretary of the Treasury comes before Congress to defend this shameful record and admit they have no clue as to what to do to avert a financial catastrophe,but they're going to make sure no one else does either.

President Clinton at least had the intelligence to allow the Republican Congress to rescue him from the financial folly of his first two years and fix things, knowing he'd get the credit. President Obama is such an arrogant Left wing ideologue that he figures he doesn't have to. And besides,a financial disaster isn't going to affect him in the least..and will go a long way towards getting even with an America he feels needs to be taken down a peg or two.

Obama's Budget - Another Broken Promise

Remember back when President Obama promised he was going to cut the deficit in half if we just let him and the Democrats run things?

Surprise.. he's not even trying to continue to lie about it anymore.

President Obama submitted his 2013 budget today,with all of his wish list and tax increase requests attached. And the deficit is projected to be $1.15 trillion in 2012, while the president’s new budget claims it will be a mere $901 billion in 2013...according to the president's own figures,which simply means that's as far down as he can wrestle the numbers without appearing to be totally without any credence.

I guarantee the deficit will end up being higher.

If he's re-elected, we may very well end up mirroring here in America tomorrow what's happening in Greece today.

Obama's Budget - Another Broken Promise

Remember back when President Obama promised he was going to cut the deficit in half if we just let him and the Democrats run things?

Surprise.. he's not even trying to continue to lie about it anymore.

President Obama submitted his 2013 budget today,with all of his wish list and tax increase requests attached. And the deficit is projected to be $1.15 trillion in 2012, while the president’s new budget claims it will be a mere $901 billion in 2013...according to the president's own figures,which simply means that's as far down as he can wrestle the numbers without appearing to be totally without any credence.

I guarantee the deficit will end up being higher.

If he's re-elected, we may very well end up mirroring here in America tomorrow what's happening in Greece today.

Eurozone: Dancing Downgrades!

The eurozone has been hit with a number of credit downgrades by Standard & Poor's, France and Austria both lost their AAA credit ratings and were reduced to AA+, and the credit ratings of Italy, Spain and Portugal were cut by two notches each.

Germany, the Netherlands, Finland and Luxembourg have maintained their triple A ratings for now.

In plain English, what the means is that the costs of borrowing for the countries hit with downgrades is headed upwards and they'll have to offer a higher rate on bonds to attract investors.It also means that the eurozone's rescue fund used for bailouts could also very likely have it's rating cut,ultimately meaning that the eurozone countries are going to have to pony up more cash to keep it solvent.

The current downgrade came on the heels of disappointing returns on the recent Italian bonds auction and a failure of the major banks participating in the write down of Greek debt to agree on who gets stuck for how much, thus stalling the negotiations.

On the selfishly plus side,this could spark more of an appetite among investors for non-EU debt in America, Israel, Australia, Canada, and elsewhere, because it's seen as safer.

Eurozone: Dancing Downgrades!

The eurozone has been hit with a number of credit downgrades by Standard & Poor's, France and Austria both lost their AAA credit ratings and were reduced to AA+, and the credit ratings of Italy, Spain and Portugal were cut by two notches each.

Germany, the Netherlands, Finland and Luxembourg have maintained their triple A ratings for now.

In plain English, what the means is that the costs of borrowing for the countries hit with downgrades is headed upwards and they'll have to offer a higher rate on bonds to attract investors.It also means that the eurozone's rescue fund used for bailouts could also very likely have it's rating cut,ultimately meaning that the eurozone countries are going to have to pony up more cash to keep it solvent.

The current downgrade came on the heels of disappointing returns on the recent Italian bonds auction and a failure of the major banks participating in the write down of Greek debt to agree on who gets stuck for how much, thus stalling the negotiations.

On the selfishly plus side,this could spark more of an appetite among investors for non-EU debt in America, Israel, Australia, Canada, and elsewhere, because it's seen as safer.

Hollowing Out America's Military -Obama's Latest Project

President Obama formally announced the beginnings of what's been in the works for some time - the hollowing out of the US military so that he can have more money to spend on his domestic agenda and rewarding his political allies.

It will also play well with his base, whom, like this president, mostly have little understanding or use for our military and what it does.After accumulating trillions in debt, he will thus - wait for it - campaign as a fiscal hawk who reduced spending and brought our troops home!

With the able assistance of SecDef Leon Panetta, a political hack who knows absolutely nothing about national security, the president's plan is basically this:

He will lay off massive amounts of experienced and battle tested military personnel, ideally those who haven't been in long enough to become vested for a military pension or full medical benefits. They'll simply be tossed into an already toxic job market as a 'reward'.Total troop reductions are conservatively estimated at 500,000, bringing our forces down to pre -WWII levels. For those that manage to stay in, pay and benefits will be sharply slashed... while a the same time, the White House is proposing pay increases for Washington bureaucrats.

Instead, we're going to rely on drones. A brief look at how long it took NATO forces to overcome Khaddaffi's forces using air power and a glance at how successful relying primarily on drone warfare would have been in say, the Gulf War or against any power with a significant air force ought to tell you what a smart move this is. Boots on the ground equals control.

Now that President Obama has done his best to see to it that the makings of a Muslim Brotherhood caliphate are in place in Egypt and North Africa and that Iraq will almost certainly come under Iranian influence, we're pretty much leaving the Middle East to fend for itself and trusting the new Arab Spring governments to be friendly entities. We'll still keep our bases in Bahrain and a few other places, but they will be naval and air bases, with the minimum boots on the ground.

Since the president also remains adamant about domestic oil drilling and coal use in America, you may draw your own conclusions about how wise this is. Especially in light of recent Iranian actions concerning the Strait of Hormuz in the Persian Gulf.

By the way,contrary to popular rumor, the US is not going to 'deploy' troops in Israel. They're going to be stationed there briefly for a coordinated missile defense exercise and then leave. The Israelis are going to be left bracketed by Hezbollah, Syria and Hamas, with the 'Palestinian' Authority and Muslim Brotherhood-ruled Egypt right next door and a nuclear Iran just over the horizon.

Europe is going to largely be abandoned. Although we'll still have NATO and pay lip service to it, we're going to pull out most of our forces and largely leave the Soviets in place as the major conventional power to the East and Turkey the largest one to the southeast. Another 'benefit' of this could very well be a massive German re-armament, which has always worked out so well in the past.

President Obama is willing to give the Taliban just about anything they want to allow us an orderly withdrawal from Afghanistan. A Taliban office has already been set up in Qatar to complete negotiations, the Obama Administration has declared itself more than willing to release murderous jihadis currently in Guantanamo back to the Taliban, and we're on our way out in a fashion that will provide a great deal of thought for both our enemies and for allies in the region like India.

The US is giving up a prime doctrine our military has operated under since WWII - the ability to fight wars on two fronts at once. Even if budget cuts mandate this, announcing it to the entire world was an act of unforgivable folly and almost begs our enemies to combine against us and take advantage.

The sole firewall we're keeping up is in the Western Pacific, where we continue to maintain military bases and have stationed ground troops in Darwin, Australia.

While this isn't a bad idea by itself, it relies on our blue water naval superiority in the region. Thanks to the cuts president Obama and Secdef Panetta have in mind, we won't be able to maintain that superiority, as our navy is going to be at its lowest level in ships since 1915.

The total cuts involved amount to almost a trillion dollars - $480 billion over the next decade and a whopping $500 billion now thanks to the inane bargain Congress made with the president in case the super committee failed. This does not take in account other cuts hidden elsewhere in the budget via unfunded joint weapons projects and to our CIA and other parts of our national security apparatus,some of which is in Homeland Security's budget. That amounts to close to another $300 million, according to several sources.

I can't do better than to quote my own Congressman Buck McKeon,head of the House Armed Services committee: "“This is a lead-from-behind strategy for a left-behind America.”

It is indeed,and we will pay for it later in blood and treasure.

Hollowing Out America's Military -Obama's Latest Project

President Obama formally announced the beginnings of what's been in the works for some time - the hollowing out of the US military so that he can have more money to spend on his domestic agenda and rewarding his political allies.

It will also play well with his base, whom, like this president, mostly have little understanding or use for our military and what it does.After accumulating trillions in debt, he will thus - wait for it - campaign as a fiscal hawk who reduced spending and brought our troops home!

With the able assistance of SecDef Leon Panetta, a political hack who knows absolutely nothing about national security, the president's plan is basically this:

He will lay off massive amounts of experienced and battle tested military personnel, ideally those who haven't been in long enough to become vested for a military pension or full medical benefits. They'll simply be tossed into an already toxic job market as a 'reward'.Total troop reductions are conservatively estimated at 500,000, bringing our forces down to pre -WWII levels. For those that manage to stay in, pay and benefits will be sharply slashed... while a the same time, the White House is proposing pay increases for Washington bureaucrats.

Instead, we're going to rely on drones. A brief look at how long it took NATO forces to overcome Khaddaffi's forces using air power and a glance at how successful relying primarily on drone warfare would have been in say, the Gulf War or against any power with a significant air force ought to tell you what a smart move this is. Boots on the ground equals control.

Now that President Obama has done his best to see to it that the makings of a Muslim Brotherhood caliphate are in place in Egypt and North Africa and that Iraq will almost certainly come under Iranian influence, we're pretty much leaving the Middle East to fend for itself and trusting the new Arab Spring governments to be friendly entities. We'll still keep our bases in Bahrain and a few other places, but they will be naval and air bases, with the minimum boots on the ground.

Since the president also remains adamant about domestic oil drilling and coal use in America, you may draw your own conclusions about how wise this is. Especially in light of recent Iranian actions concerning the Strait of Hormuz in the Persian Gulf.

By the way,contrary to popular rumor, the US is not going to 'deploy' troops in Israel. They're going to be stationed there briefly for a coordinated missile defense exercise and then leave. The Israelis are going to be left bracketed by Hezbollah, Syria and Hamas, with the 'Palestinian' Authority and Muslim Brotherhood-ruled Egypt right next door and a nuclear Iran just over the horizon.

Europe is going to largely be abandoned. Although we'll still have NATO and pay lip service to it, we're going to pull out most of our forces and largely leave the Soviets in place as the major conventional power to the East and Turkey the largest one to the southeast. Another 'benefit' of this could very well be a massive German re-armament, which has always worked out so well in the past.

President Obama is willing to give the Taliban just about anything they want to allow us an orderly withdrawal from Afghanistan. A Taliban office has already been set up in Qatar to complete negotiations, the Obama Administration has declared itself more than willing to release murderous jihadis currently in Guantanamo back to the Taliban, and we're on our way out in a fashion that will provide a great deal of thought for both our enemies and for allies in the region like India.

The US is giving up a prime doctrine our military has operated under since WWII - the ability to fight wars on two fronts at once. Even if budget cuts mandate this, announcing it to the entire world was an act of unforgivable folly and almost begs our enemies to combine against us and take advantage.

The sole firewall we're keeping up is in the Western Pacific, where we continue to maintain military bases and have stationed ground troops in Darwin, Australia.

While this isn't a bad idea by itself, it relies on our blue water naval superiority in the region. Thanks to the cuts president Obama and Secdef Panetta have in mind, we won't be able to maintain that superiority, as our navy is going to be at its lowest level in ships since 1915.

The total cuts involved amount to almost a trillion dollars - $480 billion over the next decade and a whopping $500 billion now thanks to the inane bargain Congress made with the president in case the super committee failed. This does not take in account other cuts hidden elsewhere in the budget via unfunded joint weapons projects and to our CIA and other parts of our national security apparatus,some of which is in Homeland Security's budget. That amounts to close to another $300 million, according to several sources.

I can't do better than to quote my own Congressman Buck McKeon,head of the House Armed Services committee: "“This is a lead-from-behind strategy for a left-behind America.”

It is indeed,and we will pay for it later in blood and treasure.

Obama Wants His Credit Card Limit Raised: New Debt Ceiling To Be Over $16 Trillion!

President Obama needs a new credit card limit, and this one is going to be about $1.2 billion higher than the last one.

He will be asking Congress by the end of the week to increase the debt ceiling from $15.194 trillion to $16.394 trillion. Presumably, he'll phone it in from the golf course in Hawaii.

Since they're in recess until later in January, the White House expects to get the approval of Congress without a challenge.

When you look at all the money that's been squandered on a bogus stimulus to reward the president's political allies,on auto company bail outs to benefit the unions,on green energy scams that only benefited the president's campaign donors, when you look at President Obama's use of signing statements to avoid cutting spending eve when Congress mandates it, it's amazing to me that Congress doesn't redeem itself by standing up,saying no and demanding that the president do what millions of other Americans are being forced to do thanks to his mismanagement of the economy - cut spending and get expense more in line with revenues.

It's probably too much to expect him to actually take measures to grow the economy, but atleast you'd think they would stand firm on that much.

Obama Wants His Credit Card Limit Raised: New Debt Ceiling To Be Over $16 Trillion!

President Obama needs a new credit card limit, and this one is going to be about $1.2 billion higher than the last one.

He will be asking Congress by the end of the week to increase the debt ceiling from $15.194 trillion to $16.394 trillion. Presumably, he'll phone it in from the golf course in Hawaii.

Since they're in recess until later in January, the White House expects to get the approval of Congress without a challenge.

When you look at all the money that's been squandered on a bogus stimulus to reward the president's political allies,on auto company bail outs to benefit the unions,on green energy scams that only benefited the president's campaign donors, when you look at President Obama's use of signing statements to avoid cutting spending eve when Congress mandates it, it's amazing to me that Congress doesn't redeem itself by standing up,saying no and demanding that the president do what millions of other Americans are being forced to do thanks to his mismanagement of the economy - cut spending and get expense more in line with revenues.

It's probably too much to expect him to actually take measures to grow the economy, but atleast you'd think they would stand firm on that much.

Obama On New Spending Bill: 'Screw Congress, I'm Only Bound By The Parts I Like'

Before jetting off to his $4 million vacay in Hawaii, President Obama signed into law the 2012 omnibus funding bill....along with a signing statement that pretty much said he's only going to abide by the parts he likes and ignore over 20 policy riders passed by Cpngress, including riders on gun control, Guantamano, and keeping the President's "czars" from being employed by the White House. He also objected to Defense provisions in the bill that limit the president's ability to put troops under foreign command and require 30 days advance notice to Congress for any use of the military which would involve more than $100,000 in construction costs.

This president has made extensive use of such signing statements, and they're scary because they point to another characteristic of the Obama Administration - its contempt for law when it gets in the way of the almighty agenda.

I can here the Obamabots churning over this from here and screaming "Bush did it too", the typical reply ten-year-olds use on the playground when caught in some misdeed.

That's your standard, the conduct of a president you hated? That makes it OK?

President Bush indeed 'did it too', and the fact that he did it far less egregiously and often than President Obama doesn't excuse it - any more than it excuses President Obama.

And keep in mind that things change. What President Obama is getting away with today sets precedent of what a different president can get away with tomorrow. And you just might not like the results.

Obama On New Spending Bill: 'Screw Congress, I'm Only Bound By The Parts I Like'

Before jetting off to his $4 million vacay in Hawaii, President Obama signed into law the 2012 omnibus funding bill....along with a signing statement that pretty much said he's only going to abide by the parts he likes and ignore over 20 policy riders passed by Cpngress, including riders on gun control, Guantamano, and keeping the President's "czars" from being employed by the White House. He also objected to Defense provisions in the bill that limit the president's ability to put troops under foreign command and require 30 days advance notice to Congress for any use of the military which would involve more than $100,000 in construction costs.

This president has made extensive use of such signing statements, and they're scary because they point to another characteristic of the Obama Administration - its contempt for law when it gets in the way of the almighty agenda.

I can here the Obamabots churning over this from here and screaming "Bush did it too", the typical reply ten-year-olds use on the playground when caught in some misdeed.

That's your standard, the conduct of a president you hated? That makes it OK?

President Bush indeed 'did it too', and the fact that he did it far less egregiously and often than President Obama doesn't excuse it - any more than it excuses President Obama.

And keep in mind that things change. What President Obama is getting away with today sets precedent of what a different president can get away with tomorrow. And you just might not like the results.

UK's Cameron Vetoes Changes to EU Treaty..France And Germany Outraged

The efforts to save the eurozone took another body blow as UK PM David Cameron exercised, for the first time, the UK's veto over major changes to the Eu treaty France and Germany worked out.

The new changes amounted to “automatic consequences” for countries whose public deficit exceeds 3 per cent of gross domestic product and a cap on countries’ structural deficits at 0.5 per cent. The tighter rules would be also be entered in the individuals laws of member countries, and the 'consequences' would be enforced by the other 27 members.

This is a fairly shocking abandonment of national sovereignty, and the French in particular were originally not planning to agree with it. But Germany's Angela Merkel was able to get France's Nicholas Sarkozy to capitulate.

And then Britain threw a monkey wrench into the entire structure by vetoing it. That led to several other countries refusing to go along until they 'consulted with their parliaments', namely Denmark, Sweden, The Czech Republic and Hungary.

PM Cameron's main sticking point was that he wanted secure safeguards for the single market and the City of London's financial infrastructure, and France and Germany refused to provide them..

'There are some real problems and nonsense there in terms of having safe and secure financial services, some deep unfairnesses that are currently in the system that I feel badly need to be addressed,' he said.

'You've got everyone else in the room saying give up your national interests, just go along with what everyone else wants, that would be the easy, comfortable, convenient thing to do. But it wasn't the right thing to do, so you've got to stick to your guns.'

France's President Sarkozy was particularly incensed at this, perhaps because he had caved in to Germany's demands in the face of considerable political pressure not to.

'What was on offer is not in Britain's interest so I didn't agree to it,' Cameron told reporters in Brussels.

'We're not in the euro and I'm glad we're not in the euro.'

'We're never going to join the euro and we're never going to give up this kind of sovereignty that these countries are having to give up.'

Merkel and Sarkozy are essentially ignoring the UK's veto and announced their plans to go ahead with finalizing the agreement,which is due to be signed in March.While this huge alteration of the Lisbon Treaty should normally signal referendums in the individual countries,there's no sign that this is going to happen. José Manuel Barroso, the European Commission president was quoted as saying that in his opinion,these difficulties could be "worked around."

In other words, they'll just impose it. Greece, Portugal,Ireland,Spain and Italy aren't going to squawk since they're in deep financial trouble and France and Germany are already on board,although it remains to be seen how long.

So why do these European shenanigans matter on this side of the pond? Well, among other things, thanks to President Obama, we're likely going to be footing the bill for a big chunk of the bail out cost.

Bypassing Congress,of course.

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UK's Cameron Vetoes Changes to EU Treaty..France And Germany Outraged

The efforts to save the eurozone took another body blow as UK PM David Cameron exercised, for the first time, the UK's veto over major changes to the Eu treaty France and Germany worked out.

The new changes amounted to “automatic consequences” for countries whose public deficit exceeds 3 per cent of gross domestic product and a cap on countries’ structural deficits at 0.5 per cent. The tighter rules would be also be entered in the individuals laws of member countries, and the 'consequences' would be enforced by the other 27 members.

This is a fairly shocking abandonment of national sovereignty, and the French in particular were originally not planning to agree with it. But Germany's Angela Merkel was able to get France's Nicholas Sarkozy to capitulate.

And then Britain threw a monkey wrench into the entire structure by vetoing it. That led to several other countries refusing to go along until they 'consulted with their parliaments', namely Denmark, Sweden, The Czech Republic and Hungary.

PM Cameron's main sticking point was that he wanted secure safeguards for the single market and the City of London's financial infrastructure, and France and Germany refused to provide them..

'There are some real problems and nonsense there in terms of having safe and secure financial services, some deep unfairnesses that are currently in the system that I feel badly need to be addressed,' he said.

'You've got everyone else in the room saying give up your national interests, just go along with what everyone else wants, that would be the easy, comfortable, convenient thing to do. But it wasn't the right thing to do, so you've got to stick to your guns.'

France's President Sarkozy was particularly incensed at this, perhaps because he had caved in to Germany's demands in the face of considerable political pressure not to.

'What was on offer is not in Britain's interest so I didn't agree to it,' Cameron told reporters in Brussels.

'We're not in the euro and I'm glad we're not in the euro.'

'We're never going to join the euro and we're never going to give up this kind of sovereignty that these countries are having to give up.'

Merkel and Sarkozy are essentially ignoring the UK's veto and announced their plans to go ahead with finalizing the agreement,which is due to be signed in March.While this huge alteration of the Lisbon Treaty should normally signal referendums in the individual countries,there's no sign that this is going to happen. José Manuel Barroso, the European Commission president was quoted as saying that in his opinion,these difficulties could be "worked around."

In other words, they'll just impose it. Greece, Portugal,Ireland,Spain and Italy aren't going to squawk since they're in deep financial trouble and France and Germany are already on board,although it remains to be seen how long.

So why do these European shenanigans matter on this side of the pond? Well, among other things, thanks to President Obama, we're likely going to be footing the bill for a big chunk of the bail out cost.

Bypassing Congress,of course.

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The Eurozone Under The Gun: France And Germany At Odds

Saving the eurozone has come down to two countries, France and Germany. President Sarkozy and Chancellor Merkel are meeting today to try and craft a common proposal to save the eurozone and the EU,but their differences are fairly wide.

The Germans are desperate to preserve the eurozone because their economy depends on exports, and returning to the Deutschmark would create a rise in the prices of German products. On the other hand, German taxpayers are fed up with costly bailouts.

Merkel wants a 'federalized' eurozone to enforce budget discipline and to have euro zone states surrender the control of their budgets to a European authority with veto power and the ability to punish governments that step out of line.

France opposes this, and Sarkozy, with only five months to go before elections, is taking major criticism from his political opposition and the press over handing French sovereignty to unelected EU officials.

At that, a proposal along the lines of what the Germans want might necessitate a change in the EU treaty.

It'll be interesting to see what they come up with.

Meanwhile, Italy has joined Greece, Spain, Ireland and Portugal as another country whose debt is out of control and may need an EU bailout.

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The Eurozone Under The Gun: France And Germany At Odds

Saving the eurozone has come down to two countries, France and Germany. President Sarkozy and Chancellor Merkel are meeting today to try and craft a common proposal to save the eurozone and the EU,but their differences are fairly wide.

The Germans are desperate to preserve the eurozone because their economy depends on exports, and returning to the Deutschmark would create a rise in the prices of German products. On the other hand, German taxpayers are fed up with costly bailouts.

Merkel wants a 'federalized' eurozone to enforce budget discipline and to have euro zone states surrender the control of their budgets to a European authority with veto power and the ability to punish governments that step out of line.

France opposes this, and Sarkozy, with only five months to go before elections, is taking major criticism from his political opposition and the press over handing French sovereignty to unelected EU officials.

At that, a proposal along the lines of what the Germans want might necessitate a change in the EU treaty.

It'll be interesting to see what they come up with.

Meanwhile, Italy has joined Greece, Spain, Ireland and Portugal as another country whose debt is out of control and may need an EU bailout.

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Gov. Chris Christie To Obama: "What The Hell Are We Paying You For?"

“I was angry this weekend, listening to the spin coming out of the administration, about the failure of the supercommittee, and that the president knew it was doomed for failure, so he didn’t get involved. Well, then what the hell are we paying you for?” Christie said in Camden, N.J. " 'It’s doomed for failure, so I’m not getting involved'? Well, what have you been doing, exactly?”

“Why the president of the United States refuses to do this is astonishing to me. If he wanted to run for Senate again and just be one of a hundred, I’m sure he could have gotten reelected over and over again in Illinois,” Christie said. “He’s the one in Washington, and he’s got to get something done here. And it’s not good enough just to say, ‘Well, I’ll get it done after the election.' "

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Gov. Chris Christie To Obama: "What The Hell Are We Paying You For?"

“I was angry this weekend, listening to the spin coming out of the administration, about the failure of the supercommittee, and that the president knew it was doomed for failure, so he didn’t get involved. Well, then what the hell are we paying you for?” Christie said in Camden, N.J. " 'It’s doomed for failure, so I’m not getting involved'? Well, what have you been doing, exactly?”

“Why the president of the United States refuses to do this is astonishing to me. If he wanted to run for Senate again and just be one of a hundred, I’m sure he could have gotten reelected over and over again in Illinois,” Christie said. “He’s the one in Washington, and he’s got to get something done here. And it’s not good enough just to say, ‘Well, I’ll get it done after the election.' "

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