The American Spectator : Forget France, the Greek Elections Are the Beginning of the End for Europe

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Special Report

Forget France, the Greek Elections Are the Beginning of the End for Europe

By Iain Murray on 5.8.12 @ 6:09AM

And that means big trouble for U.S. banks as well.

While much of the world’s attention was concentrated on France’s presidential election last Sunday, the real action was in Greece. French President-elect François Hollande may be promising 75 percent income tax rates and a renegotiation of the European Union’s fiscal treaty, but it was the result of the Greek elections that will determine the future of Europe.

The irony is that Greece should never have been allowed into the euro in the first place. It did not meet the entrance criteria, but Eurocrats in Brussels turned a blind eye because they viewed the creation of a European identity as more important than financial stability. When the process began to unravel, a panicked EU, along with the International Monetary Fund, responded by throwing money at the problem, in exchange for a promise of austerity.

The result of the Greek elections was a resounding rejection of the coalition government — comprised of mainstream socialists and conservatives — that engineered an EU/IMF bailout. The Conservative New Democracy (ND) party, the junior party in the coalition, received the most support of any party, but only 20 percent of the total votes cast. The coalition socialist party, PASOK, placed third, behind a coalition of other leftist parties calling itself Syriza. The Independent Greeks, a pro-Russian, anti-Turk conservative group led by a former ND legislator placed fourth, with the Communist KKE in fifth, the neo-fascist Golden Dawn sixth, and yet another leftist block seventh. No other parties achieved enough support to gain representation in parliament. Fully 66 percent of votes cast were for anti-bailout, anti-austerity parties.

Thanks to a bizarre quirk in the electoral system, ND gained 50 extra seats in parliament for coming in first. This measure, designed to aid the creation of coalition governments, could plausibly have resulted in a pro-bailout government forming despite the overwhelming rejection of the bailout parties. By Monday afternoon, however, ND leader Antonis Samaras had conceded defeat in his efforts to find a majority, which will allow the Syriza faction to attempt to form a coalition of the anti-bailout groups.

The upshot? Greeks have exchanged a democratic crisis for a financial crisis with far-reaching implications. If an anti-bailout government is formed — a big if, as that would require the various anti-bailout groups to overcome their considerable ideological differences — the subsequent rejection of the austerity policies demanded by the EU and IMF would almost certainly lead to a Greek sovereign default, Greece leaving the Eurozone, and the return of the Drachma.

If this happens, Greece will experience severe short- and medium-term financial pain, likely exacerbated by confiscatory leftist or autarkic policies — or some combination thereof.

However, there is some good news. By leaving the euro, Greek living standards will eventually reach a market-clearing level, and, assuming that the Greeks have fully appreciated the problems caused by statist policies during this process, they may be well placed to welcome industry back to their country with low costs and barriers to entry. How urgent is market liberalization? A recent Financial Times column tells of one entrepreneur who was asked to provide a stool sample to the government before he was allowed to start an online business.

Add to reform Greece’s unique national assets — an amazing history and climate — and tourism should also boom, raising Greek living standards once more.

Yet if the future for Greece in this scenario looks potentially fine in the long-term, the same cannot be said for the euro. It recently become obvious to everyone that the Eurozone’s Target-2 system of payments between central banks tuned out market signals that otherwise would have warned that a crisis was coming. This system places the euro in very grave risk if a country were to default.

Financial journalist Martin Hutchinson described the system very well:

When a Greek makes a large euro payment to a German, his Greek bank makes a payment to the Greek central bank, which makes a payment to the Bundesbank, which pays the German bank, which pays the German. This is quite different to the U.S. system. There is no central bank of Alabama intermediating dollar payments between Alabama and New York, and there was equally no need for such intermediation in the [E]urozone — it just gave the otherwise redundant national central banks something apparently useful to do.

This means that the effects of capital flight are doubled. Not only does the central bank of Greece have an existing imbalance with the Bundesbank, the German central bank, but when a Greek moves his money from Greece to Germany, the imbalance grows larger.

Now consider what would happen if Greece were on the verge of default. The fear of successive default by the other shaky economies — Spain, Portugal, and Italy — would lead to rapid capital flight from those countries to Germany. The Bundesbank is probably able to absorb the effects of Greek default and capital flight, but it simply could not absorb the capital flight from other countries. Germany may well be forced to leave the euro rather than subject itself to this risk. This could all happen extremely quickly.

Should Americans be worried? Yes, because the United States will be caught up in a crisis it could have helped prevent. The European Project that now stands on the precipice of self-inflicted destruction was enthusiastically supported by successive U.S. presidents, who all urged Europe down the path to union for the simple reason of diplomatic convenience. If the scenario I have outlined above comes to pass, we may see a banking crisis that could make 2008 look like a walk in the park.

About the Author

Iain Murray heads the Center for Economic Freedom at the Competitive Enterprise Institute and is the author of Stealing You Blind: How Government Fatcats Are Getting Rich Off of You.

Letter to the Editor View all comments (67) | Leave a comment Leave a comment

Darin| 5.8.12 @ 6:26AM

To put this in personal terms, if I'm loaning you $100 a month and you keep spending $200 a month, it's not going to take long for me to figure out I'm not going to get paid back. And I'm going to stop loanding you $100 a month. You can jump up and down, rant and rave, and carry on all you want. But until you reduce your $200 a month spending, my wallet stays closed. And it's your fault even though you will blame me.

Jack in Wi.| 5.8.12 @ 6:58AM

The only hope for Europe and the USA is to return to their Christian roots. The new neopaganism has been a total failure. Birth rates have plummeted. abortion rates have sky rocketed, and social security systems have collapsed into insolvancy.

Kenny| 5.8.12 @ 10:35AM

You got it, Jack.

Return to our Christian troots and throw these radical secularists out of power. It is not their country; it is ours.

Dustoff| 5.8.12 @ 11:02AM

US maybe.... Europe.
Not happening jack.

Quartermaster| 5.8.12 @ 8:02PM

There's probably less chance here than Europe. This country has systematically allowed Regressives to steal their heritage, who have indoctrinated our children in college classrooms to have contempt for their heritage and foundations.

Seek| 5.8.12 @ 12:13PM

The failure of the Greek currency has nothing to do with our alleged "abandonment" of Christianity. "Plummeting" birth rates? Our nation's population would have risen since 1960 even had immigration rates remained constant, only more slower and with fewer Third Worlders (is that a bad thing?). "Skyrocketing" abortion? The number of abortions in this country has fallen from 1.6 million to 1.2 million annually -- this despite increasing population -- over the last couple decades.

Just Tom| 5.8.12 @ 2:22PM

The birth rate today is 2.06 which is less than replacement. The birth rates for whites is lower. The population might have rose without immigration these past 50 years but it is doubtful it would continue to rise the next 50.

Quartermaster| 5.8.12 @ 8:03PM

Not our abandonment, but the Greeks. We have our own problems because we have abandoned the moral foundations of the country. Like it or not, the problems we have can be traced back to that fact.

Paul Kotik| 5.8.12 @ 3:48PM

And don't forget to remind us to round up those Joooooz, too, Jack.

Harry the Horrible| 5.8.12 @ 9:37AM

That depends.
If they owe you enough, they effectively own you. They can crash you simply by stating openly that they are not going to repay and stopping any interest payments.
Your only hope is to hand off the crisis to the next generation of suckers...

TLP| 5.8.12 @ 2:28PM

I fail to see how what Greece just did, is any different than what the STUPID PEOPLE, here, in the United States, did in 2008?

Harry the Horrible| 5.9.12 @ 9:32AM

Its NOT!
We're headed over the cliff, too.

vtwin| 5.8.12 @ 10:12AM

…or increase revenues to $300. Austerity doesn’t work, Europe adopted it and Europe‘s economies stagnated. Obama, like Reagan, increased spending through borrowing and the U.S economy is mending which will increase revenues to the U.S. treasury. But, unlike Reagan and Bush, after Obama is reelected tax will go up to pay for this necessary borrowing.

buckeyeman| 5.8.12 @ 10:39AM

You are like a heroin addict who keeps pointing to the proper medical use of opiates to try to justify you heroin addiction. Denial of reality is the mainstay of drug addicts and liberals.

TrueBlue | 5.8.12 @ 10:47AM

Thus causing companies and wealthy people to leave the US, resulting in no actual revenue increase for the government. Instead it will actually massively reduce government revenue, which is what happened before Reagan got into office and massively lowered the tax rates (even though he ended up raising many of them afterwards because the taxes had been lowered too much to cover the additional warspending). Lowering taxes increases revenue, it's a proven fact. The PROBLEM comes in when the government takes that extra revenue and massively increases spending along with it instead of paying down the debt.

vtwin| 5.8.12 @ 1:32PM

True, tax receipts did increased under Reagan but tax receipts always increase with a growing economy. The problem was annual deficits that averaged $50 billion under Carter also increased, to over $200 billion, under Reagan and the nation’s debt tripled during this time period because of Reagan’s tax cuts.

Quartermaster| 5.8.12 @ 8:05PM

The debt tripled because the leftist Congresscritters would not control their spending. It always comes down to the immorality of the left refusing to do what is right.

ncatty| 5.8.12 @ 1:13PM

The current Journolist position is "austerity doesn't work." This slogan will be repeated alot until a new one comes along.

vtwin| 5.8.12 @ 1:52PM

Translation; reality be damned, tell me what i believe.

Skippy| 5.8.12 @ 4:00PM

Total Fed tax receipts don't even cover current entitlements.
That means the entire Fed Govt operates in the red.
Heroin addict is far too slack a term to describe you and Krugman.
When we take over from you junkies we will cut the Fed Govt by half, and entitlements the by same.
I do so hope you enjoy it.

Quartermaster| 5.8.12 @ 8:08PM

Translation: Reality be damned. I'll believe what I want.

It's all about the immorality of the left. Stealing from productive Peter, to give it to slacker Paul. The constitution does not allow government charity by FedGov. Consequently, all the left is doing is stealing from the productive to buy votes on the left.

Ryan| 5.9.12 @ 8:15AM

Their economies also don't have good free market structures, and the measures also require a sort of cultural change to self-responsibility that the Euros may not be ready for.

It wouldn't surprise me if austerity hurts for an extended short term, and works well long term (5+ years).

A borrow-and-spend demand-side economy never works well.

Alan Brooks| 5.9.12 @ 12:39AM

Jack, if it is real Christian values, not white trash religion;
American religion is WTR.

Appleby| 5.8.12 @ 6:43AM

Stand back and let it crash. That's the only thing that's going to work. Let the other screaming, kicking babies see that in fact the gravy train has ground to a halt, the candy store is not only empty, but has been looted and burned to the ground, and Elvis has Left the Building. Let all the screaming Occupiers of every country see what it looks like when this happens. It's the only way they're going to understand.

oldfart| 5.8.12 @ 7:18AM

Agreed - let the banks crash - yes there will be a lot of short term pain - but better to stop the infection at the finger than have the arm cut off because of gangrene.

chuck| 5.8.12 @ 8:16AM

Same thing that we SHOULD have done here in 2008. Let the "too big to fail" companies go under. Someone would have picked up the good pieces and started anew. The pain would have been over in 6 months. But instead we had the bailouts, and now 4 years later the economy still sucks.

Bad businesses, and bad governments need to be allowed to fail.

Von Mises Jr| 5.8.12 @ 9:56AM

Appleby, oldfart and chuck all have it right. Those that bought Greek bonds stood to realize big gains if they paid off, and the last bailout gave the bond holders a 70% haircut. So they took the risk, and let them fail.
The only real danger would be self-inflicted. If Ben "the bank" Bernanke holds these low-grade bonds or otherwise bailed them out, HE will be responsible for a U.S. meltdown, not the Greeks or the EU.

vtwin| 5.8.12 @ 10:26AM

“Over in 6 months,” you don’t have a clue.

Dustoff| 5.8.12 @ 11:05AM

Do you.

Quartermaster| 5.8.12 @ 8:10PM

Translation of vtwin: Reality be damned. I'll believe what I want.

vtwin has no understanding of how the world works, or of human nature.

Ryan| 5.9.12 @ 8:16AM

It would have been longer, I agree, but we would have been better in the long term without companies with corporate structures which opposed the free market.

Bill Hussein O'Stalin| 5.8.12 @ 7:33AM

It's obvious that large groups of mutants exist in their countries and ours. These groups think they are special and that their wonderful fantasies about everyone getting a paycheck but few working are attainable.

The article is correct in pointing out that U.S banks could get pulled down as the result of a Euro crash.

The horrible thing is that the U.S. press is spinning the planned austerity as the problem.

Jack in Wi.| 5.8.12 @ 7:45AM

It's austerity for the poor and bailouts for the bankers and elites. That is why there is a leftwing revolt. I can't see a solution. The money is gone and isn't coming back.

Skippy| 5.8.12 @ 4:04PM

" I can't see a solution"
C'mon Jack!
Sure you can!
I'll start it for you, OK?

When the Jews stop doing what Jews always do,...

Take it from there Jack.

Quartermaster| 5.8.12 @ 8:11PM

Give it a rest. You're being as stupid as you accuse Jack and Clint of being.

JP| 5.8.12 @ 7:46AM

I wonder how much Fed money is tied up in this Euro mess? Bernecke very quietly made US liquidity available to the EU way back in 2009-10. Law didn't require that he inform Congress at the time. And by the time he did let Congress know, some $7 trillion of liquidity was added to the Federal Reserves balance sheets. Some observers believe that over $1 trillion has been floated to Belgium. If the Greeks, Italians, and Spanish default where does that leave us?

The other question concerns US banks that have purchased hundreds of billions in Euro bonds. MF Global in 2010 took out a long position on EU bonds and got burnt. But, Bernecke told Congress that US banks are immune to a EU meltdown (if it in fact transpires). The other risk are Euro denominated stocks. If the EU collapses, any investor who owns Euro denominated assets will end up taking a bath. We already know the cash and liquidity problems US banks face. Most are still holding trillions in under water mortgages. A collapse of the Euro will more than likely lead to severe market correction here and in Asia. This in turn will land us right back to Sep 2008.

And all of this will occur during a period when the Bush tax cuts will expire (ie result in the largest tax increase in history), and the ObamaCare taxes and regulations kick-in in force.

2013 will not be a good no matter who's in office.

A Sphincter Says What?| 5.9.12 @ 1:17AM

JP, a shit-ton. That means, alot. B-man has been put in charge of an unlawful, unchecked, virtually unlimited taxpayer money free for all. We'll find out exactly how much when it's too late. Then we'll get a big, "oops" from our govt.

hardcard| 5.8.12 @ 7:58AM

I smell a soros.

martin j smith| 5.8.12 @ 8:13AM

Greece is the Greeks but for me. Let them have their riots but keep out and do not ask for a hand out from US--and that goes for all the other fools across the pond.

tsd| 5.8.12 @ 8:24AM

The socialists in Europe will eventually blow up and a new dark age will be forced on the fools who let them do they're thing. Germany and France were pulling the wagon as the rest sat and enjoyed the ride, now it seems France has elected leaders that will take France up on the wagon for a rest... leaving Germany alone to pull. When Germany refuses to pull, the group on the wagon will whip it to pull harder until it some how breaks away leaving all the fools to their own misery. At some point the fools will get hungry enough to get to work and earn enough to get back on their feet... and around we go again.

gearjammer| 5.8.12 @ 9:14AM

We need to get our of UN NATO and the rest. Form new alliances with whatever sane nations are left.

merlin| 5.8.12 @ 9:39AM

gearjammer,

Agreed, but what sane nation would want to form an alliance with us as we now are (16 + trillion and no end in sight, etc.)?

Ammo Guy| 5.8.12 @ 9:55AM

Geez, what a train wreck - six parties winning between 7 and 19 percent of the vote and yet we still hear cries for a third party here...welcome to chaos.

Von Mises Jr| 5.8.12 @ 9:59AM

Where are the trolls? This issue must be too difficult for their grade school intellects.

Crassus| 5.8.12 @ 10:17AM

I'm sure Clint will find something to cut and paste on this issue. Give the boy some time.

Von Mises Jr| 5.8.12 @ 10:37AM

I welcome the trolls comments. it illustrates how ignorant they are. I could not explain them better than they do summing it up in one or two stupid statements.

buckeyeman| 5.8.12 @ 10:43AM

Didn't you read Vtwin's brilliant analysis? Just spend more, tax the bejabbers out of the productive class, and everything will be OK.

Dustoff| 5.8.12 @ 11:07AM

LOL, can you say FDR.

Von Mises Jr| 5.8.12 @ 1:11PM

And give Twtvin the money.

Q:Where did the money come from?
Vtwin: Obama
Q: Where did he get it?
Vtwin: I don't know. It's from his stash. It's ObamaMoney. We love him!

martin j smith| 5.8.12 @ 10:30AM

And who are the elites ? Wall Street Obama supporters,Hollywood,Academia,Government workers in the higher echelon,Union leaders,Media Propaganda Specialists. What many in the so called middle class do not not get--and many support Obama -is they will be thrown under the bus too. They bought and drank the Kool Aid.

Kenny| 5.8.12 @ 10:39AM

Mr. Murray writes that, by leaving the Euro, "Greek living standards will eventually reach a market-clearing level."

And that's the problem.

Greece produces essentailly nothing the world needs or even wants. If the Greeks rely on tourism and olive oil, they'll be at Third World level in no time. And they know it.

Why do you think Greece lied & cheated to get into the Euro in the first place. It was to get a seat on the gravy train and make believe they were on par with Europe. They're not.

Pete| 5.8.12 @ 10:42AM

The banks should just get their armies and start taking over Greek islands as foreclosure.

Bob K.| 5.8.12 @ 10:49AM

Banks have armies?

POST American| 5.8.12 @ 10:58AM

"----ISLAM is to provide the eventual
religious component for rolling in the
EUGENICS NWO. ----An Islamic Socialist
world borg managed by a fascist
corporate banking caste at the top, is what they've
decided they want, and what theyt, in Fabian
fashion, are working for. Greece, Rome
and Spain, the very symbols of the West
and resistance to Islam, have been
undermined, dishonored and now, in
the final stafes of debt serf generating
USURY ---occupied. The middle east
is being 'RA'--dick--ALL-ized' with
Egypt getting special Fabian attention
as the eventual NEW Caliphate."

"Take special note, the rituals, tropes
and spiritual practices of , from Jesuitry
to Freemasonry, -occult Masonry is nowhere
found in christianity ---BUT, on every level,
mirrors ISLAM. ---This is a long term plan
----a VERY ancient age-enda."
-Informed Online

----------------ARE WE READY?-----YET????????

Oldefarte| 5.8.12 @ 11:57AM

It is not a question of IF, but instead WHEN, intitially for Europe and then for the USA. If the voters of this country re-elect this POTUS, this country will quickly follow Europe down the financial rathole. It's gonna happen, folks, so don't kid yourselves,okay? This POTUS's policies and programs will destroy this country if he is re-elected, so get your collective heads out of your backsides and realize it. You made a terrible mistake on 11/4/08, and if you repeat same on 11/6/12, you're comdemning this country to its death spiral. WAKE UP AMERICA!!!!!!!!

Richard Ryan| 5.8.12 @ 1:08PM

Right on farte. NUMBERS DON'T LIE.

A Sphincter Says What?| 5.9.12 @ 1:20AM

Same will happen with an Obomney election....only at a slower pace.

Pat| 5.8.12 @ 12:25PM

“Austerity” – one of those obscene words adorning bathroom stalls or scrawled on the concrete of a freeway underpass in Detroit. When you’ve prepared your entire life to live off “other people’s money” how can you be expected to give up your career overnight and invest in a booth selling croissants and coffee to morning commuters? You are the current Minister of Textbooks Written in Kurdish, just another well-paid government employee working in France’s Ministry of Textbooks Written in Foreign Languages. You manage a staff of 35 employees, own a flat in Paris, you’re married with a wife, two kids and a mistress to support. But your government career is in jeopardy due to this obscene austerity nonsense - your handsome government pension could be cut in half, your annual month-long summer vacation could vanish as well as those 14 national holidays at full pay and your official key to the Minister’s private restroom must be returned to the property office.

It’s one thing to say “embrace austerity for the good of the nation” but it’s you who suffers. Naturally, you’re indignant, angry, trembling with rage. You vote for the guy who promises to end this austerity talk, who assures you France has no need to follow Germany’s silly talk of living within the nation’s means, balancing the budget and other outworn concepts your university teachers taught you was long repudiated economic theory.

So France’s public debt is 80% of GDP, government spending is 55% of GDP and taxes amount to 42% of domestic income. What of it? France won’t go under and maybe Hollande is right to talk about once again raising taxes on the 1%. And as for those stupid Americans, didn’t they elect Monsieur Obama who is exactly like Monsieur Hollande – except for the ears that is.

howard lohmuller| 5.8.12 @ 12:57PM

There were many reasons for Europe creating the Euro. Germany saw that its economy, which is about half exports, would benefit from a cheap Euro. The mark would have priced its exports higher creating a competitive disadvantage. Smaller countries like Greece, Portugal, Spain, Ireland and Italy wanted the Euro because it opened up lending and lower rates to them based on the financial strength of Germany, France and the Northern Europe. So in total, Germany and the larger countries got long term gains while smaller countries got short term gains. And the Global politicians and bureaucrats saw a chance to create another higher level of government in a united Europe. Thus Greece was admitted to the Euro. Germany will continue to feed the current currency crisis, offering new deals, loans and outright grants to keep the Euro cheap, helping its export market.

Another reason for the currency crisis which could still grow into a full blown financial panic is the largely unregulated growth of the derivatives market. Some derivatives are regulated or loosely regulated but many are not regulated at all. In fact no one knows the true size of the market, who owns them, who sold them and the size of their positions. They can be traded from both the buy and sell side. It was a way for governments to borrow and spend more than they should, on the gamble that their derivative trade would make up the shortfall. It was off the books.

The danger is that sellers (banks, insurance companies) could be hit with claims they cannot honor, and Governments left with debts they cannot pay.

ABNCP| 5.8.12 @ 1:01PM

Gee I can remember back about 30 years when all the pointy heads in Europe were boasting that a united Europe had a much larger population base, had a potentialy much larger financial base and Europe would become at least equal with the U.S. as a world power but probably would overtake us and lead the world because a European Union's policies were superior to those of America. Maybe that's why most people do not trust the pointy heads much anymore.

J.C.Eaton| 5.8.12 @ 2:27PM

Sorry author; I don't follow. WHY should any non-Grecian entity transplant to that benighted place, set up shop,make and sell something and then get the crap taxed out of them? Why should tourists go there while the Greek citizreny is demonstrating, bitching, and doing everything to make their[tourist's] visit a living hell?

Renaissance Nerd | 5.8.12 @ 5:23PM

They shouldn't, now, but if they really do hit bottom they may become much more interested in being a good place to do business. At which point some of their advantages begin to show up. I wouldn't mind working in a data center in Greece, with the Aegean Islands close enough for weekend trips. Globalism is good, if it's based on free markets. Very very bad if based on managed, which is to say badly mismanaged, markets.

hardcard| 5.8.12 @ 4:35PM

no coke....pepsi ..... cheeburger.... they owned every diner and coffee shop in NY and NJ in my day. Let them eat doughnuts !!!

cowgirl| 5.8.12 @ 9:13PM

The only difference between Greece and California aka the stupid state is location.

Martin Owens | 5.8.12 @ 9:14PM

Greece leave the Euro? You couldn't swing a whip big enough to drive them out.

Where else but in the EU fantasy world could they borrow ten, pay back two ( and have the Eurocracy help them strongarm the defrauded investors into a " settlement") and then turn around and portray themselves as oppressed victims?

They are addicted to OPM- other people's money. Along with most of the West, including our own country. And the addiction is rapidly reaching the point of incurability. It is becoming terminal.

POST American| 5.8.12 @ 11:36PM

"I KNOW people are NOT going to like this,
I KNOW it's NOT PC ---BUT I DON'T CARE
ANYMORE! ---I am BROKEN-HEARTED
by what I see happening in Europe."
-Jay Weidner
RED Ice Radio
(latest interview)

AGAIN, check it out,
----------'CLASH of CIVILIZATIONS' hr 2
RED Ice Radio, available thru Yahoo videos.

LAYS out the deep, deep, perhaps CORE
link between capstone 'MAY--SIN--re'
(which includes Jesuitry etc.) ----and ISLAM!

A brilliant X---PO----say!

And for those muslim who MAY
be reading this and thinking pie in the sky is just around the corner
-we might also say
--BEWARE!--because at the top they ARE
---------------PSYCHOPATHS-----------------.

--------They worship POWER ---and have NO
loyalty or morality whatsoever. ---NONE.

They can kiss babies in the morning, and mandate
lethal EUGENICS injections in the afternoon
---and sleep well that night.

These are the boys who sodomize sodomy itself.

AND finally, AGAIN, for christians, DO have
that reckoning with your church leadership
and congregation.

DO clean the infiltrators, Rockefeller
CON--jobs and government
worshippers and promoters-------OUT!!!!

IF you can't -----LEAVE immediately.

"--Oh, but I like the church. It's TOO
incoveneient to leave!"

Remember, as with that fateful morning in
Sodom --it isn't what we hate that's the
problem. ------It's with what we ------LIKE!

SO, in every way, on every level,
shed those rectum bennies, and spit
out those Rockefeller meds.

---Make NO mistake! ---this IS the 11th hour!

----------HUAC is NOW ---Nuremberg 2012----------

SetOurChildrenFree | 5.9.12 @ 12:54PM

It IS a walk in the park compared to what will happen when we default and the dollar collapses.

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