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On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss a new German push to politically unite Europe to save the Eurozone, Obama’s decision to kill 20,000 jobs, and we respond to a question from a listener.

We’re brought to you as always by BigGovernment and Stephen Clouse and Associates. If you’d like to email us, you can do so at coffee[at]newledger.com. We hope you enjoy the show.

Related Links:

Germany’s secret plans to derail a British referendum on the EU
Debt Crisis Shows Angela Merkel Is the Boss
European Bank Chief Urges Action on Rescue Fund
Obama Abandons (Private) Labor

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It was a year and a half ago (May 17, 2010) when we first warned about Greece and hypothesized just how close France and the UK might be to the continental vortex we thought was in the process of spinning out of control. We also warned that we could expect the same result here if we persisted on pursuing the same economic model in the United States. Well, things have not improved.  Not there, and not here. Things have only gotten worse.

Greece is in violation of the covenants that were imposed as conditions of the first tranche of the bailout it received just last July. Italy just experienced a severe downgrading of its debt as did two of the three largest banks in France, with France’s largest bank having been placed on a negative watch list by the rating agencies. A major French/Belgian-owned bank is in a state of near collapse over its exposure to Greek debt as we write this. Concurrently, The Fed has embarked on what can be described as “QE 3 light” (…if at first — or second — you don’t succeed…), with Chairman Bernanke warning just last week that the US economy “is close to faltering.”

Let’s review the anatomy of the persistent and growing dilemma in Europe as well as the vacuous, if not clueless, approach the White House is pursuing to deal with our own deteriorating situation in the United States.

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The key to winning the future in America, according to President Obama, Vice-President Joe Biden and Transportation Secretary Ray LaHood, is High Speed Rail.  According to the President, China is “cleaning our clock” when it comes to infrastructure. Why is this Administration wasting so much time trying to waste our money on something we do not want?

The existing rail systems in this country are heavily subsidized by all of us through gas taxes. The light rail lines in Portland, Phoenix and Charlotte are in deep debt, behind schedule in construction, and causing the local governments to raise sales taxes and cut back on bus service schedules and other vital services. The United States is not unique in this administration’s obsession with mass transportation. This report from The Telegraph establishes that the progressive agenda, in this case in the pursuit of high speed rail, is worldwide.

According to the report, “cars will be banned from London and all other cities across Europe under a draconian EU master plan to cut CO2 emissions by 60 per cent over the next 40 years.”  It states further that “Siim Kallas, the EU transport commission, insisted that Brussels directives and new taxation of fuel would be used to force people out of their cars and onto “alternative” means of transport.”

It is apparent that the high speed rail mania our federal government has been relentlessly pursuing is not unique to the United States.  An article dated February 28, 2011 in the UK Independent describes that “Transport Secretary Philip Hammond today launched a consultation on Government plans to “redraw” Britain’s economic map by building a £32 billion high-speed rail network.”  The words used by Hammond are eerily familiar, as he states “We must invest in Britain’s future” and “We cannot afford to be left behind – investing in high speed rail now is vital to the prosperity of future generations.”  These identical talking points were heard repeatedly from local officials in Tampa during the elections in November 2010.

The British lifestyle is quite similar to ours.

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Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Download Podcast | iTunes | Podcast Feed

In today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss the latest GDP numbers, Obama’s fiscal train wreck, and his views on the economy shared this week on the Daily Show.

We’re brought to you as always by BigGovernment and Stephen Clouse and Associates. You can find our iTunes feed at CoffeeandMarkets.com. If you’d like to email us, you can do so at coffee[at]newledger.com. We hope you enjoy the show.

Related Links:

Roubini: U.S. Heading for “Fiscal Train Wreck”
Obama No Longer Bothering to Lie Credibly: Claims Financial Crisis Cost Less Than S&L Crisis
Obama on the Daily Show
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Today, in 1941, FDR signed the Lend-Lease Act, allowing the United States to ship supplies on loan to nations fighting Nazi Germany. At the end of 2006, Great Britain made its last annual payment ($83 million) to the United States, paying off its debts to the US arising from WWII.