News Analysis


    The Daily Bell is a true beacon to lead in helping the reader to separate the wheat from the chaff.

    Dr. Antal Fekete
    Author, Educator and Monetary Scientist


    Because the world is changing so rapidly, it is difficult to keep up, which means The Daily Bell is a must read. I consider the information critically important reading.

    Dave Morgan
    Author, Editor of


    The Daily Bell has come out of nowhere to introduce to the Internet community some of the most intriguing and proactive interviews there are out there. Let's hear it for creativity and being ahead of the curve.

    Bill Murphy
    Chairman of Gold Anti-Trust Action Committee


    I read The Daily Bell every day and I find it very informative.

    Marc Faber
    Dr. Marc Faber, Author, Publisher of The Gloom Boom & Doom Report


    The good and the bad, the big dogs and the small, the thinkers and the doers among libertarians and on the "Right" – you can encounter them all in The Daily Bell's exclusive weekly interviews. Indispensable.

    Dr. Hans Herman-Hoppe
    Author, Economist and Libertarian Philosopher


    The Daily Bell has a great libertarian point of view, and excellent economic analysis. Add it to your daily reading.

    Peter Schiff
    Chairman and Chief Executive Officer, Euro Pacific Capital


    I have thoroughly enjoyed the analysis and interviews at The Daily Bell, which has so often been a voice of reason during these perilous times

    Dr. Thomas Woods Jr.
    NY Times Bestselling Author & Senior Fellow, Mises Institute


    Liberty is under assault by Big Government. The Daily Bell is an essential tool for information for those who want to fight for freedom.

    Steve Forbes
    Chairman and Chief Executive Officer of Forbes Media


    The Daily Bell is an indispensable source of news and information for those seeking to curtail the power of the welfare-warfare state.

    Dr. Grant Havers
    Chair, Department of Philosophy, Trinity Western University


    I always read the Bell. The news items are thoughtfully selected, and the interviews are unavailable elsewhere.

    Doug Casey
    Bestselling Author and Founder of Casey Research Group


    The Daily Bell affords an excellent alternative perspective on some of the noise and nonsense of mainstream media. In particular, I enjoy reading Anthony Wile's 'free-market analysis' on current subjects and articles. Very insightful.

    Frank R. Suess
    Chairman & CEO of BFI Capital Group Inc.


    The future is created by the people who build it, not the people who predict it will not exist. You can meet lots of important builders by reading The Daily Bell.

    Catherine Austin Fitts
    Former Assistant Secretary of Housing and Federal Housing Commissioner


    I enjoy reading The Daily Bell because it often has refreshing and novel ways of looking at things.

    Bill Bonner
    Bestselling Author, Founder of Agora Publishing


    I read it every day!

    Jim Rogers
    Bestselling Author, Co-founder of the Quantum Fund


    The Daily Bell website is one of the authentic voices cutting through the clouds of vapid opinion, the morass of mediocre media and the confusion of Orwellian doublespeak. The Bell website lives up to its name, ringing unheard messages of truth in our ears.

    Jeffrey Armstrong
    Award-winning Author, Vedic Philosopher


    There is no other publication in print or on the Internet like The Daily Bell. They have the courage to report the truth and analyze current foreign policy, politics and economic events in the context of a formerly hidden history of financial elites.

    Ron Holland
    Author & Monetary Analyst


    The Daily Bell provides unique insights on contemporary political, economic and social problems that can be found in such a concentrated form nowhere else. Whether one agrees or disagrees with it, one cannot afford to ignore it.

    Dr. Edwin Vieira
    Author and Constitutional Expert


    The Daily Bell features consistently solid analysis of and thoughtful challenges to contemporary statism. I am proud to be on the team.

    Dr. Tibor Machan
    Author and Philosopher


    The Daily Bell does a remarkable job of exposing how money power uses central banking to crush people into submission via global government with economic and political slavery being the desired end result.

    John Browne
    Former Secretary of the Conservative Defense and Finance Committees, UK Parliament


    I can say that, unlike the mainstream press, The Daily Bell knows the questions to ask and has the chutzpah to ask them. They realize that socialism and Keynesianism are wrecking the world and they are helping to save what is left of liberty and free markets.

    Richard J. Maybury
    Author, Editor of U.S. & World Early Warning Report


    Sit down to read from The Daily Bell and experience a jolt of intellectual energy.

    Dr. Nathaniel Branden
    Psychotherapist, Bestselling Author


    I really enjoy reading The Daily Bell for the excellent research and content provided on a wide variety of issues vital to the Freedom Movement.

    Dr. Mark Skousen
    Author & Founder of FreedomFest


    The Daily Bell leads us out of the dark tunnel of manipulated press into the light of free press.

    John Perkins
    Bestselling Author


    Rarely does a publication have the guts and objectivity to tell it like it is, yet the eloquence and wisdom to listen carefully to the ‘other side.’ This is The Daily Bell accomplishing its daily mission.

    James Jaeger
    Telly Award-winning Filmmaker


    I love the Daily Bell. Every issue is principled and informative.

    Lew Rockwell
    Founder of the Mises Institute


    There are very few publications out there that have the smarts and guts to tell the truth about the dictatorial forces at work destroying our civilization. Thankfully The Daily Bell is one of them, and it appears in the mailbox every day.

    Nelson Hultberg
    Author, Director of Americans for a Free Republic


    The Daily Bell is a must-read for anyone who wants to understand the effects of the state on our economic future.

    Dr. Thomas DiLorenzo
    Professor of Economics, Loyola University Maryland


    The Daily Bell is one of the most innovative and in-depth websites on the Internet. The breadth of the content is awe inspiring and the amount of knowledge imparted is almost impossible to quantify. For me, as a liberty minded seeker of knowledge, it is a must read.

    Jeff Berwick
    Founder of


    The Daily Bell has revived that great old institution of the personal interview, extracting information from today's great thinkers you can't get anywhere else. Outstanding!

    Jeffrey Tucker
    Author, Executive Editor of Laissez Faire Books


    Every day, I rely on the Daily Bell for a different perspective you'll never find in the regular media. It's an analysis and timely insight that is profound and provocative.

    Craig Huey
    Author, Small Business Owner


    At a time when growing majorities worldwide are tuning out mainstream news, people are seeking the cutting edge, insightful and thought provoking analysis that The Daily Bell consistently provides.

    Gerald Celente
    Bestselling Author, Founder of the Trends Research Institute


    I love reading The Daily Bell! Interesting investment information, a political and social viewpoint that lets me know I'm not alone in the world and "annotated" with analysis. I highly recommend it to all interested readers.

    Rick Rule
    Founder of Global Resource Investments Inc.


    I consider The Daily Bell essential reading for anyone desirous of understanding the way the world really works.

    Lord William Rees-Mogg
    Author, Former Deputy Editor, Financial Times


    The Daily Bell is a fantastic source of challenging thought from a wide range of freedom loving people.

    Dr. Joel Wade
    Author, Psychotherapist and Life Coach


    The Daily Bell should be on everyone's shortlist of news sources you can trust. It's on mine, and we often refer to it in our own weekly news service at The Reality Zone.

    G. Edward Griffin
    Author, Founder of Freedom Force International


    The Daily Bell is an informative source of information and commentary from leading figures in the liberty movement. It's a pleasure to be interviewed alongside far more notable individuals.

    Alexander McCobin
    Executive Director of Students for Liberty


    A defender of free markets, The Daily Bell takes a libertarian approach to expose and unravel global misinformation. Read The Daily Bell – every day!

    Charles Payne
    FOX Business Analyst


    Get outside the box with The Daily Bell and experience independent views.

    Paul Craig Roberts
    Author, Former Assistant Secretary of the Treasury in the Reagan Administration


    For alternative views on contemporary politics, culture and science, from a libertarian point of view, check out The Daily Bell.

    Michael A. Cremo
    Author, Vedic Archeologist


    The Daily Bell rings out for liberty every day. It is the premier online source for insightful and hard-hitting free-market analysis and interpretation of economic, political and business events.

    Dr. Richard Ebeling
    Author, Professor of Economics at Northwood University


Subscribe now to start your FREE email subscription to:

The Daily Bell Newswire

By subscribing, I confirm that I have read the privacy policy and the terms of use policy in its entirety and I understand and accept these terms.


Real Danger to EU Lies With German Judges

Germany's judges hold the euro's fate in their hands ... Whether or not Europe's monetary union survives in its current form, shrinks to a Carolingian core, or shatters, depends as much on abstruse legal arguments put forward on Tuesday in Germany's constitutional court as it does on the parallel drama unfolding on Greek streets. Germany has warned that Greek bankruptcy would have set off epic contagion. If the eight judges in Karlsruhe rule that Europe's €500bn bail-out machinery breaches of Germany's Basic Law – or Grundgesetz – in any significant way, they risk knocking away the central prop beneath the debt edifice of Southern Europe. – UK Telegraph

Dominant Social Theme: As these bailouts are working, German justice is irrelevant.

Free-Market Analysis: The Telegraph's Ambrose Evans-Pritchard has returned to the fold after a long absence to remind us that the real action regarding a united Europe lies not in Brussels but in Germany. In an article entitled "Germany's judges hold the euro's fate in their hands" (see above excerpt), he reports on hearings just held in Germany on the constitutionality of the ongoing "bailouts" now taking place in Greece, Portugal, Ireland, etc.

The bailouts, in fact, are not constitutional by any measure, though the German judges charged with hearing the case will likely downplay in their final verdict the full impact of the unconstitutionality of what is now occurring.

But Evans-Pritchard seems to believe they'll set strict parameters going forward as regards the further propping-up of Europe's Southern PIGS. Since the PIGS sovereign debt crisis is an ongoing one, the decisions the German judges reach in September (when the verdict is to be delivered) will have significance.

According to Evans-Pritchard, issues before the judges as regards the Greek, Irish and Portuguese bailouts include the complaints that the loans subvert the Bundestag, violate the "no bail-out" clause of the Lisbon Treaty and amount to fiscal transfer by stealth.

Such a transfer of funds without changes in fundamental German law regarding the EU is simply and clearly unconstitutional. This is not an academic point. The Germans generally were loath to lose their Deutschmark and in order to gain acceptance, very specific language accompanied the move to the euro.

European leaders are putting the best face on all this that they can. There are at least three points of view about what is going on. The first is that top Eurocrats are determined to hold the union together. The second is that they are merely extending the inevitable dissolution until their various banks can dig their way out from under the PIGS debt.

The third possibility would be that the concern is a ruse and the dissolution of the EU is actively sought because it will provide an excuse to implement a genuine world currency. A collapse in China, which in our view is certainly a possibility, would add to the chaos. It is certainly possible such a collapse could be initiated via the upcoming German court case. Here's some more from the article:

The judges know the risks. They will bend a long way to find a formula that does not set off a banking collapse, or threaten Germany's strategic investment in post-war Europe. But will they bend enough to satisfy the bond markets when they issue their verdict, probably in September? Andreas Vosskuhle, the court's president, noted acidly that the hearings were not about the "future of Europe or the handling of the debt crisis". They are a matter of law.

Greece cannot borrow its way out of this debt crisis. This is the same court that stunned EU elites with its volcanic ruling on the Lisbon Treaty in June 2009, cautioning Brussels that the EU is a club of sovereign states, not a state itself; that national parliaments are the only legitimate fora of democracy; and that certain fields "must forever remain under German control" – including budgets.

According to Evans-Pritchard, the court is not merely dealing with the problems of the present day as regarding the euro. It is mindful of history as well and is "über-vigilant because it knows where pliant judges went wrong in the 1930s." Pierre Lellouche, France's Europe minister, claimed that last year's deal with Greece was a "constitutional coup." He may have spoken too soon.

Up to perhaps 70 percent of Germans now doubt the long-term viability of the euro according to polls. In Greece some 80 percent are opposed to taking money either from the EU or IMF. In any event, loans are not going to save Greece as it is likely mathematically impossible for the Greek government to pay down its debt by taking on more debt. "Greece's public debt will rise to 161pc of GDP by next year, up from 120pc when the crisis erupted," Evans-Pritchard points out. Greece is headed in the wrong direction and its economy continues to erode as well.

So what's the solution? Perhaps a kind of Marshall Plan for Europe's PIGS. It might include zero-percentage loans or outright subsidies and a frank default as well. Of course such a solution presupposes that the German populace is amenable to an emergency plan benefiting Europe's PIGS. There is, unfortunately for the EU, no reason to think so.

At the moment, EU authorities simply seem to want to elongate the crisis in the hopes that banks will find ways to offload Southern European debt or that the economy picks up. This has led to the spectacle of one failed solution after another.

According to Jean-Claude Juncker (see yesterday's article), Greek sovereignty will be "massively limited" and Germany will basically oversee a massive sale of the Greek national portfolio.

This will not sit well with the Greeks. Anger is the predominant emotion in Athens currently. "Greece blasts ratings agency 'madness' as Portugal downgraded to 'junk'," reads another Telegraph article. Foreign minister Stavros Lambridinis is angry about the 'madness' of ratings agencies, saying their moves currently had "the wonderful madness of self-fulfilling prophecy."

What Lambridinis meant was that rating agency downgrades only made it more difficult for countries like Portugal and Greece to raise the capital needed to pay down sovereign debt. (It is interesting that European politicians are making this point, as millions of European and American consumers have often voiced similar sentiments as regards their personal finances.)

Moody's Investor Services, one of the agencies involved, made the ironic point that Portugal's long-term prospects had been damaged by the international efforts to rescue Greece. The Royal Bank of Scotland and Barclays were banks most affected by the ratings changes, as these two banks had high exposure to Portugal's sovereign debt.

Moody's evaluators now claim Portugal will need a second bail-out before its bankers can raise money in the capital markets. Based on the conditions imposed on Greece, it was likely that "private sector participation would be required as a precondition" to a second cash injection, said Moody's.

French banks, pressured by French President Nicolas Sarkozy, recently offered to roll over 70pc of debt maturing by the end of 2014. This deal would seem more unlikely now given that ratings agencies have made it clear such a "voluntary" rollover would likely still be considered a default.

Nearly a year into the sovereign debt crisis, the solutions seem as murky as ever. Growth might cure many of the problems afflicting the Southern PIGS but the kind of economic growth that is needed is not likely to occur. It's hard to see how the EU survives in its current condition.


The dominant social theme of the EU as an inevitable force in the lives of Europeans is under sustained attack. The Germans, whose support is vital to the EU's continuation, may deal it a terminal blow when the court rules on the constitutionality of the bailouts now implemented or being planned. An implacable force may soon meet an immovable object. If the EU situation does not resolve itself before then (one way or another) stay tuned for September.

Rate this article:

Total Ratings: 0 - Average Rating: 0.0

Who We Are

The Daily Bell is published by a dedicated team of experienced researchers and writers who utilize Anthony Wile’s VESTS model to analyze sociopolitical, economic and financial information from a free-market perspective, debunking mainstream media memes and providing insights and analysis derived from business cycle analysis that yield timely insights into profitable investment trends.

Sign Up for our FREE Newsletter

Subscribe now to start your FREE email subscription to
The Daily Bell Newswire.