18 January 2012
SilverDoctors: Time to Bunker In With Phyzz
SilverDoctors: Time to Bunker In With Phyzz: From AGXIIK: As my thinking has evolved from trading paper to owning some and then more silver and gold, my conclusions are changing, shif...
SilverDoctors: Broker Re-Hypothecation Widespead, Major Broker De...
SilverDoctors: Broker Re-Hypothecation Widespead, Major Broker De...: Tekoa da Silva discusses an issue we have discussed repeatedly here at SilverDoctors- the widespread issue of rehypothecation among banks an...
ROFLMAOAAPMP, By The Way, I Think You Suck...In A Bad Way (Why Gold-Related Investments Are Slowly Becoming Worthless)
By: John Lindauer
Bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla,
Beware of Gold-related Investments
Since the gold standard won't be back investors should be wary of buying gold or the shares of gold-related companies because someone claims gold will always have value, or suggests gold may again "back" the dollar or some other currency, or claims that having gold associated with our currency would somehow "fix" inflation or enhance the value of and stability of the dollar.
The reality of today's world is that gold won't return to its previous eminence and its long-run price prospects are poor. But as a great economist once pointed out "in the long run we're all dead." In other words, in our lifetimes gold will always be in demand at some price and that price will fluctuate around gold's trend of long-term decline. The decline is under way. It began when nations went off gold backing for their currencies, dentistry advanced, and hundreds of millions of women in underdeveloped counties began to have access to banks, stock markets, and other ways to store their wealth and earn an income from it at the same time.
In our lifetimes the price of gold will continue its long downward spiral in response to gold's basic underlying market forces. On the other hand, the price of gold on any particular day will fluctuate, often significantly, as new buyers and sellers appear - so some traders will make lots of money and some will lose.
If you must read the hole nonsense, please don't:
http://seekingalpha.com/article/319486-why-gold-related-investments-are-slowly-becoming-worthless?source=yahoo
Bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla, bla,
Beware of Gold-related Investments
Since the gold standard won't be back investors should be wary of buying gold or the shares of gold-related companies because someone claims gold will always have value, or suggests gold may again "back" the dollar or some other currency, or claims that having gold associated with our currency would somehow "fix" inflation or enhance the value of and stability of the dollar.
The reality of today's world is that gold won't return to its previous eminence and its long-run price prospects are poor. But as a great economist once pointed out "in the long run we're all dead." In other words, in our lifetimes gold will always be in demand at some price and that price will fluctuate around gold's trend of long-term decline. The decline is under way. It began when nations went off gold backing for their currencies, dentistry advanced, and hundreds of millions of women in underdeveloped counties began to have access to banks, stock markets, and other ways to store their wealth and earn an income from it at the same time.
In our lifetimes the price of gold will continue its long downward spiral in response to gold's basic underlying market forces. On the other hand, the price of gold on any particular day will fluctuate, often significantly, as new buyers and sellers appear - so some traders will make lots of money and some will lose.
The only thing certain is that long-term investors will lose as the price of gold continues to inexorably trend toward the cost of storing it. Long-term investors should sell their gold and gold-related stocks as soon as possible.
That's what I think will happen and what gold investors should do. What do you think?
If you must read the hole nonsense, please don't:
http://seekingalpha.com/article/319486-why-gold-related-investments-are-slowly-becoming-worthless?source=yahoo
SilverDoctors: Propaganda of the Day: 'Long Term Outlook for Gold...
SilverDoctors: Propaganda of the Day: 'Long Term Outlook for Gold...: Just when you thought you had seen it all with shills denigrating gold and silver with illogical and blatantly false arguments, we have this...
At last Financial Times notices that central banks do shady things with gold
By Jack Farchy
Financial Times, London
Tuesday, January 17, 2012
Central banks increased the amount of gold they lent for the first time in a decade in 2011, as they used their bullion reserves to help commercial banks raise US dollars.
Although central banks hold one sixth of all the gold ever mined in their reserves, their activities in the bullion market are opaque, with not a single institution revealing its day-to-day operations. In addition to holding gold for their reserves, some central banks also trade the metal, lending it on the open market in order to obtain a yield.
Thomson Reuters GFMS, the precious metal consultancy that publishes benchmark statistics on the gold market, on Tuesday said that the quantity of gold lent by central banks had risen last year for the first time since 2000.
The estimate by GFMS confirms a trend that bankers and gold traders have been privately discussing for the past six months. The increase in lending came as eurozone commercial banks, suffering a shortage of dollar liquidity, rushed to borrow gold from central banks and later swap it on the market in exchange for dollars.
"There is growing evidence that short-term loans from some central banks to commercial banks could well have increased considerably [in 2011], with the latter then using gold to swap for US dollars," GFMS said.
As the squeeze in the dollar funding markets intensified, short-term interest rates for lending gold fell to record lows in late 2011. The rate for lending gold for one month fell to -0.57 per cent in early December, implying that a bank would have to pay to swap it for dollars.
Financial Times, London
Tuesday, January 17, 2012
Central banks increased the amount of gold they lent for the first time in a decade in 2011, as they used their bullion reserves to help commercial banks raise US dollars.
Although central banks hold one sixth of all the gold ever mined in their reserves, their activities in the bullion market are opaque, with not a single institution revealing its day-to-day operations. In addition to holding gold for their reserves, some central banks also trade the metal, lending it on the open market in order to obtain a yield.
Thomson Reuters GFMS, the precious metal consultancy that publishes benchmark statistics on the gold market, on Tuesday said that the quantity of gold lent by central banks had risen last year for the first time since 2000.
The estimate by GFMS confirms a trend that bankers and gold traders have been privately discussing for the past six months. The increase in lending came as eurozone commercial banks, suffering a shortage of dollar liquidity, rushed to borrow gold from central banks and later swap it on the market in exchange for dollars.
"There is growing evidence that short-term loans from some central banks to commercial banks could well have increased considerably [in 2011], with the latter then using gold to swap for US dollars," GFMS said.
As the squeeze in the dollar funding markets intensified, short-term interest rates for lending gold fell to record lows in late 2011. The rate for lending gold for one month fell to -0.57 per cent in early December, implying that a bank would have to pay to swap it for dollars.
Iran's Al Qods cells for Saudi Arabia, Turkey, Kuwait to hit oil and US targets
DEBKAfile Exclusive Report January 18, 2012, 10:39 AM (GMT+02:00)
In the past 48 hours, Saudi Arabia, Kuwait and Turkey have alerted Washington to intelligence reports of Iranian Al Qods Brigades operatives heading their way for attacks on oil installations and American targets. The alert was accompanied by a query about how the US intended to respond to the approaching menace.
Reporting this, debkafile’s intelligence and counterterrorism sources say the information relayed to Washington was more detailed and specific than the customary tip-off.
Tuesday, Jan. 17, a US spokesman accused Tehran of deepening its involvement in the Syrian conflict. For the second time in a week, Washington disclosed that Al Qods commander Gen. Qassem Soleimani had visited Damascus recently, confirming Iranian arms shipments for ensuring President Bashar Assad's victory over the uprising against him.
Gen. Qassem Soleimani, Al Qods commander
In the past 48 hours, Saudi Arabia, Kuwait and Turkey have alerted Washington to intelligence reports of Iranian Al Qods Brigades operatives heading their way for attacks on oil installations and American targets. The alert was accompanied by a query about how the US intended to respond to the approaching menace.
Reporting this, debkafile’s intelligence and counterterrorism sources say the information relayed to Washington was more detailed and specific than the customary tip-off.
Tuesday, Jan. 17, a US spokesman accused Tehran of deepening its involvement in the Syrian conflict. For the second time in a week, Washington disclosed that Al Qods commander Gen. Qassem Soleimani had visited Damascus recently, confirming Iranian arms shipments for ensuring President Bashar Assad's victory over the uprising against him.
IMF Seeks $500B Boost to Lending Resources
By Simon Kennedy - Jan 18, 2012 7:09 PM GMT+0100
The International Monetary Fund is proposing to raise its lending capacity by as much as $500 billion to insulate the global economy against any worsening of Europe’s debt crisis.
The Washington-based lender is aiming to increase its resources after identifying a potential need for $1 trillion in financing in coming years, an IMF spokesman said in a statement. The IMF is studying options and will not comment further until it has consulted its members, the fund said. To incorporate a cash buffer, the lender is seeking a total $600 billion.
IMF Managing Director Christine Lagarde said yesterday her staff is looking at ways to expand the fund’s war-chest, which currently has about $385 billion available. While euro-region nations have already pledged to contribute 150 billion euros ($192 billion), the U.S. has said it has no plans to make new bilateral loans and leaders of Group of 20 nations ended last year at odds over the issue.
The International Monetary Fund is proposing to raise its lending capacity by as much as $500 billion to insulate the global economy against any worsening of Europe’s debt crisis.
The Washington-based lender is aiming to increase its resources after identifying a potential need for $1 trillion in financing in coming years, an IMF spokesman said in a statement. The IMF is studying options and will not comment further until it has consulted its members, the fund said. To incorporate a cash buffer, the lender is seeking a total $600 billion.
IMF Managing Director Christine Lagarde said yesterday her staff is looking at ways to expand the fund’s war-chest, which currently has about $385 billion available. While euro-region nations have already pledged to contribute 150 billion euros ($192 billion), the U.S. has said it has no plans to make new bilateral loans and leaders of Group of 20 nations ended last year at odds over the issue.
Fed Officials Open to Additional Easing as They Monitor Risks to Economy
By Craig Torres - Jan 18, 2012 6:02 PM GMT+0100
Federal Reserve officials are staying open to further monetary easing this year as they monitor risks that threaten to move the economy further away from their mandate for stable prices and full employment.
Atlanta Fed President Dennis Lockhart told reporters Jan. 9 that he hadn’t closed out “the option” for more stimulus, while New York Fed President William C. Dudley said in a Jan. 6 speech that it’s “appropriate” to evaluate whether the Fed could do more to boost growth. Both are voting members of the Federal Open Market Committee.
Among the possible triggers for action, according to Ethan Harris, co-head of global economic research at Bank of America Merrill Lynch in New York: a slump in U.S. gross domestic product caused by a European recession, a more rapid slide in U.S. inflation than anticipated, and deteriorating U.S. payroll growth.
Federal Reserve officials are staying open to further monetary easing this year as they monitor risks that threaten to move the economy further away from their mandate for stable prices and full employment.
Atlanta Fed President Dennis Lockhart told reporters Jan. 9 that he hadn’t closed out “the option” for more stimulus, while New York Fed President William C. Dudley said in a Jan. 6 speech that it’s “appropriate” to evaluate whether the Fed could do more to boost growth. Both are voting members of the Federal Open Market Committee.
Among the possible triggers for action, according to Ethan Harris, co-head of global economic research at Bank of America Merrill Lynch in New York: a slump in U.S. gross domestic product caused by a European recession, a more rapid slide in U.S. inflation than anticipated, and deteriorating U.S. payroll growth.
Iran: Russia Warns West Attack Would be Catastrophic
By Palash R. Ghosh: Subscribe to Palash's RSS feed
January 18, 2012 12:15 PM EST
As tensions between Iran and the west escalate over Tehran’s nascent nuclear weapons program, the Russian foreign minister has warned that any military attack upon Iran would be a “catastrophe.”
Sergei Lavrov also said such a measure would prompt "large flows" of refugees from Iran and would also "fan the flames" of sectarian conflicts across the Middle East.
"As for the chances of this catastrophe happening, you would have to ask those constantly mentioning it as an option that remains on the table," Lavrov told reporters in Moscow, referring directly to Israel and the U.S.
"I have no doubt in the fact that [an attack] will only add fuel to the fire of the still-simmering Sunni-Shiite conflict. And I do not know where the subsequent chain reaction will end. There will be large flows of refugees from Iran, including to Azerbaijan, and from Azerbaijan to Russia. This will not be a walk in the park.”
World Bank Warns of Global Recession
By Moran Zhang: Subscribe to Moran's RSS feed
January 18, 2012 12:18 PM EST
The World Bank warned Wednesday that the global economy is on the cusp of a new financial crisis, one similar in magnitude to the chaos following the collapse of Lehman Brothers in 2008.
The Washington-based institution slashed its global growth forecast by the most in three years and urged developing countries to prepare for further downside risks as the Eurozone's debt crisis deepens.
"The global economy is entering into a new phase of uncertainty and danger," the bank's chief economist, Justin Yifu Lin, said in a statement. "The risks of a global freezing up of capital markets as well as a global crisis similar to what happened in September 2008 are real."
The bank's latest forecast marks an abrupt downturn in its outlook. Just six months ago, the bank forecast the world economy growing at 3.6 percent in 2012; now it has shaved 1.1 percentage points off of global growth, projecting a 2.5 percent growth this year. Emerging countries are expected to grow 5.4 percent, down from 6.2 percent previously projected, while developed countries will expand 1.4 percent, down from 2.7 percent. For the 17 countries using Europe's single currency, the World Bank forecast a contraction, cutting their growth outlook to negative 0.3 percent from a positive 1.8 percent.
Iran, the US and the Strait of Hormuz crisis
Source: Stratfor.com , Author: George Friedman
Posted: Wed January 18, 2012 4:06 pm
INTERNATIONAL. The United States reportedly sent a letter to Iran via multiple intermediaries last week warning Tehran that any attempt to close the Strait of Hormuz constituted a red line for Washington.
The same week, a chemist associated with Iran's nuclear program was killed in Tehran. In Ankara, Iranian parliamentary speaker Ali Larijani met with Turkish officials and has been floating hints of flexibility in negotiations over Iran's nuclear program.
This week, a routine rotation of U.S. aircraft carriers is taking place in the Middle East, with the potential for three carrier strike groups to be on station in the U.S. Fifth Fleet's area of operations and a fourth carrier strike group based in Japan about a week's transit from the region.
Next week, Gen. Michael Dempsey, chairman of the Joint Chiefs of Staff, will travel to Israel to meet with senior Israeli officials. And Iran is scheduling another set of war games in the Persian Gulf for February that will focus on the Islamic Revolutionary Guard Corps' irregular tactics for closing the Strait of Hormuz.
While tensions are escalating in the Persian Gulf, the financial crisis in Europe has continued, with downgrades in France's credit rating the latest blow. Meanwhile, China continued its struggle to maintain exports in the face of economic weakness among its major customers while inflation continued to increase the cost of Chinese exports.
Silver Price Forecast 2012: Silver’s 2011 Big Move – Was It The End Or The Beginning?
January 18, 2012 Leave a Comment
Silver Price Forecast 2012: Silver Likely To Make Explosive Move
The price of a good often behaves in a similar manner at or around the same kind of milestone. An example of such a milestone could be a significant top. Price often forms a similar type of pattern at different significant tops – different in terms of time of occurrence. This is a reflection of how market participants themselves often behave in a similar manner when faced with the same kind of situation. This of course makes perfect sense, since it is normal, for example, to rest after you have been extremely busy for a while. For most people, this is true whether it was yesterday, or in 20 years.
In the current silver market, there are some similarities as compared with the 1970s. There are also things that are much different today, in the economic landscape, compared with that of the 1970s. One of the significant things that is different now is the fact that debt levels, relative to GDP, are extremely high compared with the seventies.
In my opinion, this is one of the main reasons why we are likely to have a massive Depression this time around.
Here, I would like to illustrate how the silver price behaves in a similar manner, today, compared with the 1970s. Below is a graphic that compares the silver price chart of January 1978—August 1979 to the period from January 2009—present (charts generated at barchart.com):
Silver Price Forecast 2012: Silver Likely To Make Explosive Move
The price of a good often behaves in a similar manner at or around the same kind of milestone. An example of such a milestone could be a significant top. Price often forms a similar type of pattern at different significant tops – different in terms of time of occurrence. This is a reflection of how market participants themselves often behave in a similar manner when faced with the same kind of situation. This of course makes perfect sense, since it is normal, for example, to rest after you have been extremely busy for a while. For most people, this is true whether it was yesterday, or in 20 years.
In the current silver market, there are some similarities as compared with the 1970s. There are also things that are much different today, in the economic landscape, compared with that of the 1970s. One of the significant things that is different now is the fact that debt levels, relative to GDP, are extremely high compared with the seventies.
In my opinion, this is one of the main reasons why we are likely to have a massive Depression this time around.
Here, I would like to illustrate how the silver price behaves in a similar manner, today, compared with the 1970s. Below is a graphic that compares the silver price chart of January 1978—August 1979 to the period from January 2009—present (charts generated at barchart.com):
IMF Proposes Trillion Dollar Lending Expansion
Here's a dead on arrival proposal: IMF Proposes Trillion Dollar Lending Expansion
Most European stocks rose, erasing earlier losses, as the International Monetary Fund was said to propose a $1 trillion expansion of its lending resources. Asian shares and U.S. index futures advanced.
The IMF is proposing an expansion of its lending resources to safeguard the global economy against any worsening of Europe’s debt crisis, according to an official at a Group of 20 nation. The lender is pushing China, Brazil, Russia, India, Japan and oil-exporting nations to be the top contributors, according to the official, who spoke on condition of anonymity because the talks are private.
Most European stocks rose, erasing earlier losses, as the International Monetary Fund was said to propose a $1 trillion expansion of its lending resources. Asian shares and U.S. index futures advanced.
The IMF is proposing an expansion of its lending resources to safeguard the global economy against any worsening of Europe’s debt crisis, according to an official at a Group of 20 nation. The lender is pushing China, Brazil, Russia, India, Japan and oil-exporting nations to be the top contributors, according to the official, who spoke on condition of anonymity because the talks are private.
Our exponential debt system
The word “debt crisis“ has made it into everyone’s vocabulary by now. People are talking about how we were “living beyond our means” and are debating how spending cuts, tax raises or some combination of the two could be used to salvage the situation. However, often times there is a gross misunderstanding about why there is so much debt in the first place and why it seems to constantly grow. Many people fail to see that growth within our current monetary system relies on exponential increases in debt.
To understand the debt crisis, you have to understand that in reality this is a “money crisis”. Let me explain this further.
Today, all money is created in the banking system. It originates from the central bank and is brought into existence by an extension of its balance sheet. This means that there it is a simple booking entry: new money on the liabilities side, and debt on the assets side. Yes that’s right: money is created through credit – which is nothing but a nice word for debt. In contrast to most of human history – where money has been a tangible asset with intrinsic value attached to it, such as gold and silver – today all dollars, euros, pounds and all other currencies are based on debt. This is taken on by governments, companies and private citizens all over the globe. Implicit in this is trust on the part of lenders that this debt will be repaid one day in the future.
So what's the problem? Let’s say you take out a loan for $100. The money you receive will be created from nothing once you sign the paper to take out the loan and you are then obligated to pay back $105 after say one year. Now here is the all-deciding question: Where is the interest coming from that you need to pay back the loan? At the moment the only money in circulation is your $100. The only way to solve this riddle is that somebody somewhere in the economy has to take out another loan to create the money that enables you to pay back the first loan.
To sum up: In a debt based fiat money world there will always be debt for if there was no debt there would be no money. Since debt is not paid off, the compounding interest on it forces us to grow at the same pace. Since this experiment has failed we are now facing the collapse of this debt system. Prepare yourself accordingly by diversifying into tangible assets such as gold and silver, and by educating yourself and your loved ones about the nature of the economic challanges they are likely to face in the years ahead.
To understand the debt crisis, you have to understand that in reality this is a “money crisis”. Let me explain this further.
Today, all money is created in the banking system. It originates from the central bank and is brought into existence by an extension of its balance sheet. This means that there it is a simple booking entry: new money on the liabilities side, and debt on the assets side. Yes that’s right: money is created through credit – which is nothing but a nice word for debt. In contrast to most of human history – where money has been a tangible asset with intrinsic value attached to it, such as gold and silver – today all dollars, euros, pounds and all other currencies are based on debt. This is taken on by governments, companies and private citizens all over the globe. Implicit in this is trust on the part of lenders that this debt will be repaid one day in the future.
So what's the problem? Let’s say you take out a loan for $100. The money you receive will be created from nothing once you sign the paper to take out the loan and you are then obligated to pay back $105 after say one year. Now here is the all-deciding question: Where is the interest coming from that you need to pay back the loan? At the moment the only money in circulation is your $100. The only way to solve this riddle is that somebody somewhere in the economy has to take out another loan to create the money that enables you to pay back the first loan.
To sum up: In a debt based fiat money world there will always be debt for if there was no debt there would be no money. Since debt is not paid off, the compounding interest on it forces us to grow at the same pace. Since this experiment has failed we are now facing the collapse of this debt system. Prepare yourself accordingly by diversifying into tangible assets such as gold and silver, and by educating yourself and your loved ones about the nature of the economic challanges they are likely to face in the years ahead.
Sprott Physical Silver Trust Prices Follow-on Offering of Trust Units in an Aggregate Amount of US$303,600,000
TORONTO, ONTARIO--(Marketwire - Jan. 18, 2012) - Sprott Physical Silver Trust (the "Trust") (TSX:PHS.U)(NYSE:PSLV), a trust created to invest and hold substantially all of its assets in physical silver bullion and managed by Sprott Asset Management LP, announced today that it has priced its follow-on offering of 23,000,000 transferable, redeemable units of the Trust ("Units") at a price of US$13.20 per Unit (the "Offering"). As part of the Offering, the Trust has granted the underwriters an over-allotment option to purchase up to 3,450,000 additional Units. The gross proceeds from the Offering will be US$303,600,000 (US$349,140,000 if the underwriters exercise in full the over-allotment option).
The Trust will use the net proceeds of the Offering to acquire physical silver bullion in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions described in the prospectus related to the Offering. Under the trust agreement governing the Trust, the net proceeds of the Offering per Unit must be not less than 100% of the most recently calculated net asset value per Unit of the Trust prior to, or upon determination of, pricing of the Offering.
The Units are listed on the NYSE Arca and the Toronto Stock Exchange under the symbols "PSLV" and "PHS.U", respectively. The Offering will be made simultaneously in the United States and Canada by underwriters led by Morgan Stanley and RBC Capital Markets in the United States and RBC Capital Markets and Morgan Stanley in Canada.
The Trust will use the net proceeds of the Offering to acquire physical silver bullion in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions described in the prospectus related to the Offering. Under the trust agreement governing the Trust, the net proceeds of the Offering per Unit must be not less than 100% of the most recently calculated net asset value per Unit of the Trust prior to, or upon determination of, pricing of the Offering.
The Units are listed on the NYSE Arca and the Toronto Stock Exchange under the symbols "PSLV" and "PHS.U", respectively. The Offering will be made simultaneously in the United States and Canada by underwriters led by Morgan Stanley and RBC Capital Markets in the United States and RBC Capital Markets and Morgan Stanley in Canada.
EU Threatens Hungary With Lawsuit Over Central Bank Law
By Jonathan Stearns
(Updates with Hungarian government reaction starting in seventh paragraph, Verhofstadt in ninth.)
Jan. 17 (Bloomberg) -- The European Union threatened a lawsuit against Hungary for encroaching on the central bank’s independence, pressing Prime Minister Viktor Orban to resolve a dispute that halted talks on international aid for the country.
The European Commission, the EU’s regulatory arm, also started infringement proceedings against Orban’s government for political meddling with the judiciary and the data-protection authority. The commission is sending a warning letter about each of the three matters and ordering Hungary to bring its legislation into line with EU standards to avoid court cases.
“The decisions we have taken are a reflection of our determination to make sure that EU law, both in letter and in spirit, are fully respected,” commission President Jose Barroso told reporters today in Strasbourg, France. “We do not want the shadow of doubt on respect for democratic principles and values to remain over the country any longer.”
(Updates with Hungarian government reaction starting in seventh paragraph, Verhofstadt in ninth.)
Jan. 17 (Bloomberg) -- The European Union threatened a lawsuit against Hungary for encroaching on the central bank’s independence, pressing Prime Minister Viktor Orban to resolve a dispute that halted talks on international aid for the country.
The European Commission, the EU’s regulatory arm, also started infringement proceedings against Orban’s government for political meddling with the judiciary and the data-protection authority. The commission is sending a warning letter about each of the three matters and ordering Hungary to bring its legislation into line with EU standards to avoid court cases.
“The decisions we have taken are a reflection of our determination to make sure that EU law, both in letter and in spirit, are fully respected,” commission President Jose Barroso told reporters today in Strasbourg, France. “We do not want the shadow of doubt on respect for democratic principles and values to remain over the country any longer.”
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