Jun 26, 2011

The Federal Reserve Cartel: Part V: The Solution

Thomas Jefferson opined of the Rothschild-led Eight Families central banking cartel which came to control the United States, “Single acts of tyranny may be ascribed to the accidental opinion of the day, but a series of oppressions begun at a distinguished period, unalterable through every change of ministers, too plainly prove a deliberate, systematic plan of reducing us to slavery”.

Two centuries and a few decades later this same cabal of trillionaire money changers – mysteriously immune from their own calls for “broad sacrifice” – utilizes the debt lever to ring concessions from the people of Ireland, Greece, Spain, Portugal, Italy and now the United States.
In their never-ending quest to subjugate the planet, the bankers’ IMF enforcer – chronic harasser of Third World governments – has turned its sites on the developed world. To further advance their dizzying concentration of economic power, the whining banksters take a giant wrecking ball to the global middle class as they prepare to eat their young.
No one can argue that the US deficit is not a problem. Much of it accrues paying interest on the $14 trillion debt. Stooped-over Congressional cartel shills with names like Cantor and Boehner argue for slashing entire government departments to satiate the bloodthirsty bond-holders. Liberals argue for higher taxes on the rich and massive Pentagon cuts.
I agree with these latter proposals. The super-rich paid 90% under Eisenhower and 72% under Nixon. Both were Republicans. They now pay 33%. Most corporations and many elites utilize offshore tax havens and pay nothing.
The argument for progressive taxation is that those who benefit more from government should pay more. Cartel apologists propagate the fiction that the poor soak up middle-class tax dollars, sowing division between the poor and middle class. Meanwhile, the Eight Families financial octopus feeds mightily at the public trough be it the SEC (rich investors), the FCC (Gulfstream jet fliers), the USDA (the richest farmers get the biggest checks), Medicaid (insurance fraud, Big Pharma gouging) or the Pentagon (Lockheed Martin, Halliburton, Blackwater).
Still, $14 trillion is an insurmountable debt. Increasing taxes on the super-rich combined with a global American military withdrawal from its current role as Hessianized mercenary force for the City of London banksters, while welcome, will not be enough to deal with this monster debt, what Jefferson termed, this “deliberate, systematic plan of reducing us to slavery”.
The belt-way dialogue on the deficit remains locked in a tiny intellectual box created by the corporate media and their Federal Reserve cartel owners. But there is another way.

It is a myth that most of that $14 trillion debt is owed to the Chinese or other “governments”. The vast majority – around $10 trillion – is owed to the Eight Families Federal Reserve crowd.

In a June 9, 2011 article for Marketwatch, Unicredit’s Chief US Economist Harm Bandholz stated that the Federal Reserve is the largest holder of US debt with around 14% of the total. This does not include debt held by Rothschild-controlled central banks of other nations – including China, Japan and the GCC oil fiefdoms.

Through the recent QE2 program, the Fed purchased another $600 billion in Treasury bonds. They claimed it was a last ditch attempt to save the global economy from deflation. Instead, the banksters who got the interest free taxpayer-backed money pushed us further towards deflation by refusing to lend their welfare bonanza to potential homeowners or small business.
Conversely and inherent in the printing of zero-interest money, they created inflation – speculating in oil, food and gold futures and rolling this increased US debt on the roulette tables at their various wholly-owned global stock exchanges. Is it any wonder the financial parasite class is now clamoring for QE3?

What follows is a ten-step proposal which President Obama and the Congress could enact to lift the $14 trillion debt from the backs of future generations of Americans. These should be done concurrently as part of a single sweeping financial reform bill. Modeled after last week’s release of strategic petroleum reserves by twenty-seven nations, this measure should be enacted in tandem with as many willing nations as possible. The same Rothschild-led cabal controls the central banks of most every nation and there is power in numbers. If these measures are enacted separately or by only one nation, the Eight Families cartel will use their financial clout to target and destroy the US:
1) Introduce a Treasury Department-administered infrastructure investment fund, which workers should be strongly encouraged to opt into using accrued funds from their private 401K plans. This is important because the banker’s stock market casino will crash due to the next nine steps and workers must be shielded from this event. This fund can be used to rebuild America’s infrastructure, with American workers acting as lenders and receiving a fair rate of interest in return.
2) The US needs to withdraw from the Bank of International Settlements, the World Trade Organization, the World Bank, the IMF and all Eight Families-controlled multilateral lending facilities. We would save billions funding these banker welfare schemes while freeing ourselves from rules which prevent our financial emancipation.
3) De-link the dollar from all currency baskets and IMF special drawing rights. Ban trade in dollars on all global exchanges. This will create a demand for dollars and strengthen our badly devalued currency. Impose currency controls by fixing the dollar at 1:1 euro, Chinese yuan, Canadian dollar and Swiss franc; 100:1 Japanese yen. During the 1997 Asian financial crisis, Malaysian Prime Minister Mahathir Mohamad fixed the nation’s currency – the ringit. It was the only currency in the region that did not crash when Rothschild front-man George Soros took aim at the region.
4) Nationalize the Federal Reserve. According to a London barrister I have been in contact with, under the Federal Reserve Act there is a provision that allows for the US government to buy back the Fed’s charter for $4 billion. We should pay this fee, revoke the Fed charter and launch a new US dollar issued by the Treasury Department. With the dollar fixed, the vampires cannot crash it.
5) Cancel the $10 trillion debt to the Illuminati bankers. Debt obligations to foreign governments and small bond-holders should be honored at par.
6) Arrest the perpetrators. Prosecute to the fullest extent of the law all fraudulent transactions involving the Fed cartel. Send the FBI to the New York Fed. Seize all documents. Confiscate the world’s largest gold reserves which are stored there. These were stolen from various governments including from our own Ft. Knox reserves.
7) Forget just repealing the Bush tax cuts on the rich. The top tax rate on people who make more than $1 million/ year should be raised to 75%. People making more than $500,000/year should pay 50%. All tax brackets below $75,000/year should see tax cuts. If you get more from government you need to pay for it, instead of soaking the middle-class and blaming it on the poor.
8) Slash Pentagon spending. Shut down all US military bases on foreign soil, including those in Europe, Japan and South Korea. Withdraw ALL troops from Iraq and Afghanistan immediately. Use the savings to pay off government and small bond-holders.
9) Outlaw offshore banking by US citizens and corporations. Bring your money home and pay taxes on it or surrender your US passport/corporate charter. The dramatic increase in tax revenue would be enough to pay off the remaining debt to sovereign governments and small bond-holders, while keeping our obligations to the Social Security trust fund.
10) Introduce single-payer health care and price controls on prescription drugs. The current corporate for-profit health care bonanza depends upon sickness and ill health for its hefty profits. In 2006 Canada government spent $3,678 per person for free single-payer coverage for all its citizens. The US government spent $6,714 per person covering the insurance, pharmaceutical, hospital and AMA cartels. The savings attained from eliminating insurance/pharmaceutical/hospital chain/doctor-perpetrated Medicare/Medicaid/Social Security fraud will save the US Treasury billions. It is the only solution to skyrocketing and unsustainable health care costs.
Using this methodology the US could wipe out both its deficit and its debt within a year. These measures should be planned in secret and introduced swiftly and in rapid succession. Social security and Medicare will be saved. The middle class will see their tax rates go down, while their retirement fund finances the rebuilding of a 21st Century America. Manufacturing jobs will come home, since the Chinese yuan will have seen a dramatic appreciation. Our national security will be enhanced by withdrawing from the role of global policeman.
If we keep thinking inside the banker-manufactured beltway box, our children have no future. They will live in a Third World country which produces nothing, lorded over by debt-collector parasites known as the “financial services industry”.
The wealth-destroying Eight Families banker elite are the perpetrators of the US debt crime. Should a woman who is raped serve the sentence of her rapist? That’s absurd. Then why should Americans or any other nation pay a fraudulent debt foisted upon them by con-men?
It is time for Obama and the Congress to get a backbone and force the criminal Federal Reserve cartel to make the “broad sacrifices”.


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    "The American people contribute nearly 80 percent of the country's tax revenue, yet corporations are the ones benefitting the most from it. Nomi Prins, author of 'It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street,' talks about how big business-backed lobbyists are calling the shots but for their own betterment."

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  • The EU-funded culture of greed, tax evasion, scandalous waste, and Big Fat Greek Gravy Train....

    Even on a stiflingly hot summer's day, the Athens underground is a pleasure. It is air-conditioned, with plasma screens to entertain passengers relaxing in cool, cavernous departure halls - and the trains even run on time.
    There is another bonus for users of this state-of-the-art rapid transport system: it is, in effect, free for the five million people of the Greek capital.
    With no barriers to prevent free entry or exit to this impressive tube network, the good citizens of Athens are instead asked to 'validate' their tickets at honesty machines before boarding. Few bother.

    Cracking up: The Euro is at risk of collapse because of the Domino effect of the financial crisis.
    This is not surprising: fiddling on a Herculean scale — from the owner of the smallest shop to the most powerful figures in business and politics — has become as much a part of Greek life as ouzo and olives.
    Indeed, as well as not paying for their metro tickets, the people of Greece barely paid a penny of the underground’s £1.5 billion cost — a ‘sweetener’ from Brussels (and, therefore, the UK taxpayer) to help the country put on an impressive 2004 Olympics free of the city’s notorious traffic jams.
    The transport perks are not confined to the customers. Incredibly, the average salary on Greece’s railways is £60,000, which includes cleaners and track workers - treble the earnings of the average private sector employee here.
    The overground rail network is as big a racket as the EU-funded underground. While its annual income is only £80 million from ticket sales, the wage bill is more than £500m a year — prompting one Greek politician to famously remark that it would be cheaper to put all the commuters into private taxis.
    ‘We have a railroad company which is bankrupt beyond comprehension,’ says Stefans Manos, a former Greek finance minister. ‘And yet, there isn’t a single private company in Greece with that kind of average pay.’
    Significantly, since entering Europe as part of an ill-fated dream by politicians of creating a European super-state, the wage bill of the Greek public sector has doubled in a decade. At the same time, perks and fiddles reminiscent of Britain in the union-controlled 1970s have flourished.
    Greek farce: Living it up in swanky harbour-side restaurantsGreek farce: Living it up in swanky harbour-side restaurants
    Ridiculously, Greek pastry chefs, radio announcers, hairdressers and masseurs in steam baths are among more than 600 professions allowed to retire at 50 (with a state pension of 95 per cent of their last working year’s earnings) — on account of the ‘arduous and perilous’ nature of their work.
    This week, it was reported that every family in Britain could face a £14,000 bill to pay for Greece’s self-inflicted financial crisis. Such fears were denied yesterday after Brussels voted a massive new £100bn rescue package which, it insisted, would not need a contribution from Britain.

    After running battles with riot police, who used tear gas to disperse protesters, thousands are still camped out in the square ahead of a vote by Greek politicians next week on whether to accept Europe-imposed austerity measures.

    Even if this is true — and many British MPs have their doubts — we will still have to stump up £1billion to the bailout through the International Monetary Fund.
    In return for this loan, European leaders want the Greeks’ free-spending ways to end immediately if the country is to be prevented from ‘infecting’ the world’s financial system. Naturally, the Greek people are not happy about this.
    In Constitution Square this week, opposite the parliament, I witnessed thousands gathering to campaign against government cuts designed to save the country from bankruptcy.
    After running battles with riot police, who used tear gas to disperse protesters, thousands are still camped out in the square ahead of a vote by Greek politicians next week on whether to accept Europe-imposed austerity measures.
    Yet these protesters should direct their anger closer to home — to those Greeks who have for many years done their damndest to deny their country the dues they owe it.
    Clash: Protesters continue to riot in Athens Clash: Protesters continue to riot in Athens

    Take a short trip on the metro to the city’s cooler northern suburbs, and you will find an enclave of staggering opulence.
    Here, in the suburb of Kifissia, amid clean, tree-lined streets full of designer boutiques and car showrooms selling luxury marques such as Porsche and Ferrari, live some of the richest men and women in the world.
    With its streets paved with marble, and dotted with charming parks and cafes, this suburb is home to shipping tycoons such as Spiros Latsis, a billionaire and friend of Prince Charles, as well as countless other wealthy industrialists and politicians.
    One of the reasons they are so rich is that rather than paying millions in tax to the Greek state, as they rightfully should, many of these residents are living entirely tax-free.
    Along street after street of opulent mansions and villas, surrounded by high walls and with their own pools, most of the millionaires living here are, officially, virtually paupers.
    How so? Simple: they are allowed to state their own earnings for tax purposes, figures which are rarely challenged. And rich Greeks take full advantage.
    Astonishingly, only 5,000 people in a country of 12 million admit to earning more than £90,000 a year — a salary that would not be enough to buy a garden shed in Kifissia.
    Yet studies have shown that more than 60,000 Greek homes each have investments worth more than £1m, let alone unknown quantities in overseas banks, prompting one economist to describe Greece as a ‘poor country full of rich people’.
    Running battles: The riots are threatening to destabilise the EuroRunning battles: The riots are threatening to destabilise the Euro
    Manipulating a corrupt tax system, many of the residents simply say that they earn below the basic tax threshold of around £10,000 a year, even though they own boats, second homes on Greek islands and properties overseas.
    And, should the taxman rumble this common ruse, it can be dealt with using a ‘fakelaki’ — an envelope stuffed with cash. There is even a semi-official rate for bribes: passing a false tax return requires a payment of up to 10,000 euros (the average Greek family is reckoned to pay out £2,000 a year in fakelaki.)
    Even more incredibly, Greek shipping magnates — the king of kings among the wealthy of Kifissia — are automatically exempt from tax, supposedly on account of the great benefits they bring the country.
    Yet the shipyards are empty; once employing 15,000, they now have less than 500 to service the once-mighty Greek shipping lines which, like the rest of the country, are in terminal decline.
    With Greek President George Papandreou calling for a crackdown on these tax dodgers — who are believed to cost the economy as much as £40bn a year — he is now resorting to bizarre means to identify the cheats. After issuing warnings last year, government officials say he is set to deploy helicopter snoopers, along with scrutiny of Google Earth satellite pictures, to show who has a swimming pool in the northern suburbs — an indicator, officials say, of the owner’s wealth.
    Officially, just over 300 Kifissia residents admitted to having a pool. The true figure is believed to be 20,000. There is even a boom in sales of tarpaulins to cover pools and make them invisible to the aerial tax inspectors.
    ‘The most popular and effective measure used by owners is to camouflage their pool with a khaki military mesh to make it look like natural undergrowth,’ says Vasilis Logothetis, director of a major swimming pool construction company. ‘That way, neither helicopters nor Google Earth can spot them.’
    But faced with the threat of a crackdown, money is now pouring out of the country into overseas tax havens such as Liechtenstein, the Bahamas and Cyprus.
    Parliament: It could be all over for Greece, which is effectively bust from relying on EU cash from richer northern European countriesParliament: It could be all over for Greece, which is effectively bust from relying on EU cash from richer northern European countries
    ‘Other popular alternatives include setting up offshore companies in Cyprus or the British Virgin Islands, or the purchase of real estate abroad,’ says one doctor, who declares an income of less than £90,000 yet earns five times that amount.
    There has also been a boom in London property purchases by Athens-based Greeks in an attempt to hide their true worth from their domestic tax authorities.
    ‘These anti-tax evasion measures by the government force us to resort to even more detailed tax evasion ploys,’ admits Petros Iliopoulos, a civil engineer.
    Hotlines have been set up offering rewards for people who inform on tax dodgers. Last month, to show the government is serious, it named and shamed 68 high-earning doctors found guilty of tax evasion.

    Hotlines have been set up offering rewards for people who inform on tax dodgers. Last month, to show the government is serious, it named and shamed 68 high-earning doctors found guilty of tax evasion.

    ‘We will spare no effort to collect what is due to the state,’ said Evangelos Venizelos, the new Greek finance minister of the socialist ruling party. ‘We promise to draft and apply a new and honest tax system, one that has been needed for decades, so that taxes are duly paid by those who should pay.’
    Yet, already, it is too late. Greece is effectively bust — relying on EU cash from richer northern European countries, but this has been the case ever since the country finally joined the euro in 2001.
    Two years earlier, the country was barred from entering because it did not meet the financial criteria.
    No matter: the Greeks simply cooked the books. Two years later, having falsely claimed to have met standards relating to manufacturing and industrial production and low inflation, the Greeks were allowed in.
    Funds poured into the country from across Europe and the Greeks started spending like there was no tomorrow.
    Money flowed into all areas of public life. As a result, for example, the Greek school system is now an over-staffed shambles, employing four times more teachers per pupil than Finland, the country with the highest-rated education system in Europe. ‘But we still have to pay for tutors for our two children,’ says Helena, an Athens mother. ‘The teachers are hopeless — they seem to spend their time off sick.’
    Although Brussels has now agreed to provide the next stage of its debt payment programme to safeguard the count ry’s immediate economic future, the Greek media still carries ominous warnings that the military may be forced to step in should the country’s foray into Europe end in ignominy, bankruptcy and rising violence.
    For now, the crisis has simply been delayed. With European taxpayers facing the prospect of saving Greece from bankruptcy for the second year in a row, some say even the £100bn on offer will pay off only the interest on the country’s debts — meaning it will be broke again within two years.
    Meanwhile, there are doom-laden warnings that the collapse of the Greek economy could be the catalyst for another global recession.
    Perhaps if the Greeks themselves had shown more willingness to tighten their belts and pay taxes due to the state, voters across Europe might not now be feeling such anger towards them.
    But having strolled the streets of Kifissia, and watched the Greek hordes stream past the honesty boxes on the underground, it does not take a degree in European economics to know when somebody is taking advantage — at our expense....
    As all of my Greek friends like to tell me .... the culture of corruption and personal is so pervasive in Greece that even if their debts are forgiven, and a trillion dollars is given to the country as a gift .... within 10 to 15 years they will be back to where they are today. For Greece to change they will have to hit rock bottom .... but as long as the rest of Europe is fearful of what may happen if the Greeks do financially collapse .... this dog and pony show will continue into perpetuity....

    The Credit Default Swaps That Underlie the Greek Crisis....
    This interview will help you to understand the problems surrounding the Greek crisis, the intended looting of their public resources, and the model that is being repeated by the banks around world.

    Around 2000 I came to roughly the same conclusions that he does. I had the opportunity to study the European money system while it was forming in graduate business school, and it just did not make sense.

    The euro was probably going to fail unless the union became a unified federal government with one set of laws and taxation policy, with the kind of revenue distribution that exists amongst states in the US, for example.

    A single currency cannot span independent fiscal authorities because it removes the ability of the currency to fluctuate in value based on their independent economic health, acts of God, and social policy choices of the different social organizations. This is basic monetary theory. I was surprised that it lasted as long as it did, but it was to the advantage of the financial world to tolerate the attendant deceptions because they were growing fat on it.

    And a similar thing can be said for the global currency trading regime based on the dollar and arbitrary valuations subject to national manipulation. It has allowed multinational corporations and banks to achieve tremendous power and advantage over local governments.

    In other words, the currency regime and financial deregulation are the setup, and the credit default swaps are the trigger. Why the politicians permit the naked selling and buying of such instruments by banks handling public money is beyond my understanding, save pure, blind greed.

    I always thought that a crisis would be put forward as an opportunity for the 'one-worlders' to once again promote their idea of a one world government, and a universal order of central financial authority that eventually and inevitably evolves into a single political system. And that is still very much in the cards.

    For this to happen, national governments must be undermined and absorbed, their people brought down to their knees financially. And then their saviors can begin the work of ordering their lives....



    Why Greece is better off defaulting and knows it

    Obama’s Hypocrisy and Other High Crimes

    From Pen and Sword June 21, 2011
    by Jeff Huber
    “Let me be perfectly clear: I have taught the Constitution, I understand the Constitution, and I will obey the Constitution when I am President of the United States."
    --Senator Barack Obama, Feb. 26, 2008

    Irony, sentenced the death penalty and executed by lethal bull roar injections during the Bush/Cheney regime, continues to claw at its coffin lid. 

    The XJE2020 "Liberator"
    Young Mr. Obama set a new benchmark in self-satirizing political posturing when he said in a speech last Thursday that he was copacetic about negotiating with the Taliban as long as they “renounce violence and accept the Afghan Constitution.”  This eclipsed even the pot-and-kettle hypocrisy we witnessed when young Mr. Bush used to admonish lesser tinhorns for not obeying the “rule of law.”

    Obama’s embrace of violence has been so stark I suspect that most of us are too numb to fully comprehend it.  Bush was the first president to drive the country off a cliff in two optional and unwinnable wars.  Obama has embarked us on yet a third imperial snipe hunt, and he’s done so in a way that makes Bush’s contempt for the Constitution seem as venial as snitching a couple of extra cookies from the jar. 

    Obama doesn’t want Congress to have any say so on whether or not he can commit forces to hostilities beyond 60 days as required of him by the War Powers Act of 1973, so he had some of the lawyers who work for him tell him the War Powers Act doesn't apply to Libya since all we're doing that's hostileper se, is bombing some stuff with them predator drones so our troops aren’t subject to enemy fire.

    By that benchmark, the destruction of Nagasaki and Hiroshima and Dresden in World War II, long after Japanese and German air defenses had been destroyed, didn’t amount to hostilities wither.  If tomorrow we decide to level Iran or Yemen or whatever other little country we’re displeased with at the moment with intercontinental ballistic nuclear missiles, that won't amount to hostilities either. 

    Blowing a fistful of Muslim wedding chapels to kibbles with cruise missiles launched from naval combatants at sea doesn't amount to hostilities any more.  When the Air Force brings its gizmologically supercalifrag Prompt Global Strike on line, presidents like Bombardier Barry will be able to make smithereens out of third world Palookavilles worldwide within an hour of pushing a button on his iPad, sort of the same way he signed theextension of the Patriot Act a few weeks ago and that won’t constitute hostilities.  When the Navy gets its cockamamie UCAS aka Unmanned Combat Air System aka “killer drones,” presidents like Chicago Slim can order aircraft carrier strikes on the south side of Tripoli and kill all the civilians they want to and it won’t count as hostilities.  And when the Army and Marines get their combat robots with cool names like “Swords” and “Warrior X700,” presidents like Barack “I won’t be like George W. Bush” Obama will be able to invade and occupy whole countries and even regions and that won’t constitute hostilities either.

    It’s disconcerting to reflect that you bought the chump “change” slogan when you voted for Obama.  It’s even more cognitively disturbing to accept that your choice in 2012 will be between him and a staunch ally of Tea Bag Barbie.  But neither of those perceptive horrors holds a candle to the appalling realization that you agree wholeheartedly with something that came from the mouth of House Speaker Bill Boehner.  Of the administrations claim that our gun-barrel polka in Libya doesn’t amount to hostilities, Pumpkin said, “it doesn't pass the straight-face test."

    No, it doesn't.  And yet it is with a straight face that Team O tells us why the boss rejected the advice of two top Pentagon and Justice Department lawyers when he decided to blow of Congress and its silly little concerns about the War Powers Act and separation of powers.  As the administration’s spin physicians told Charlie Savage of the New York Times to tell us, Mr. Obama decided instead to follow the advice of the White House counsel that said our activities fell short of hostilities, and that under normal circumstances the White House counsel’s interpretation of the law (Savage’s words, my italics) is legally binding on the executive branch.

    The  top secret amendment to the Constitution that transfers judicial power from the judicial branch to the White House counsel must be the same amendment that allows FBI agents to ignore the Bill of Rights if, in their considered opinion, violating the first ten unclassified amendments is sanctioned by the broad guidelines of their bosses in the Justice Department.

    Lord John Acton was divinely correct when he said that absolute power corrupts absolutely; he conspicuously did not add a codicil that said power only corrupts Republicans.  Obama’s extra-constitutional hijinks overreach even those of Richard Nixon.  Nixon was hounded out of office, in part because of a vibrant, healthy free press that duly performed its function as a fourth estate guarantor of our laws and freedoms.  That free press is now the Big Brother Broadcasting System.  Content-wise, the mainstream media and the rabid right tabloid outlets are virtually inseparable.  

    I never imagined I’d look back on the Nixon era and think Those were the good old days.

    P.S.  The recent un-sourced announcements about Obama moving closer to ending the Bananastan bungle is exactly the same pre-election trick Dick Nixon pulled regarding Vietnam, not once but twice.  

    Commander Jeff Huber, U.S. Navy (Retired) is author of the critically lauded novel Bathtub Admirals, a lampoon on America’s rise to global dominance.


    U.S. Military Spends A Cool $20billion On Air Conditioning

    Gerald Celente & Max Keiser on The Edge- Press TV 25 June 2011

    Eurocratic outrage of the day: EU president unveils new £280m EUterus

    From The Telegraph, Sunday 26 June 2011
    By Bruno Waterfield, Brussels

    With its "humane gathering place", "diversity carpet" and £280m cost it is perhaps apt that it has been heralded as the building that "houses the heart of Europe".

    While Herman Van Rompuy, the EU president, has described his "Europa building" as a "jewel box", David Cameron has been less enthusiastic dubbing it a "gilded cage".
    But perhaps even more unfortunate is the moniker the edifice, which will house Mr Van Rompuy's presidential office and be home to future Brussels summits from 2014, has earned from EU officials.
    Built as a state of the art glass and wood wing to an existing Art Deco building, the complex will be focused around a womblike central structure providing a home for summits and meetings of Brussels officials or diplomats.
    And it this organic looking "urn" shape has already been nicknamed the "E-Uterus" by Council of the EU officials who will be working in the new building.
    "It looks like a womb and, I am sure, many grand visions of Europe will be birthed from there," quipped one official.

    The building was unveiled to EU leaders by Mr Van Rompuy in a 14-page slick colour prospectus, produced at a cost of £100,000, when they sat down to a Brussels summit dinner on Thursday night formally dedicated to imposing a savage austerity programme on Greece.
    Before discussing the Greek debt crisis that has threatened the existence of the euro, Mr Van Rompuy surprised EU leaders, who were tucking into a starter of scallops with artichoke vinaigrette, by trumpeting the venue, due to open in 2014, which will come complete with a "colourful woven carpet" to represent "European diversity".
    David Cameron, the Prime Minister, expressed his anger at the promotion of a grandiose Brussels project at a moment when EU leaders were supposed to be taking tough decisions that would lead to painful austerity measures imposed on millions of people.
    "When you see a document being circulated, a great glossy brochure about some great new building for the European Council to sit in, it is immensely frustrating. You do wonder if these institutions get what every country, what every member of the public, is having to go through as we cut budgets and try make our finances add up," he said.
    "I do think it's important as we do that that the politicians aren't sitting in some gilded cage asking everyone else to take responsibility."
    Bill Cash, chairman of the House of Commons European Scrutiny Committee said: "We need an investigation into the extravagance and the cost of this Aladdin's palace. It is a cross between the bonfire of the vanities and Kafka's Castle."
    Over the last 14 years, EU leaders, ministers and diplomats have been meeting in a building called the Justus Lipsius which is regarded as too cramped and drab to represent a body that has grown from 15 member states to 27.
    The complex of buildings will also house the offices of Mr Van Rompuy, the president of the European Council, a job created by the Lisbon Treaty.
    Mr Cameron, who had dined the night before with other leaders on black cod with onion ragout washed down with a 2009 Sancerre wine, said that he regretted that the decision, taken seven years ago, to build a new EU venue could not be reversed.
    "I've only been to this building seven times in the last year but it seems to me to be to do a perfectly good job. The microphones work, there is plenty of room and the food isn't bad either," he said.
    With almost 27,000 sq metres of floor space, the new edifice is the latest development in a burgeoning post-Lisbon Treaty euro quarter in Brussels.
    It will be a new environmentally friendly addition to the existing Residence Palace, built in the 1920s to houses luxury apartments for officials, commercial offices, a private theatre, swimming pool and restaurants.
    The palace was requisitioned in 1940 as the headquarters of the German army during the Nazi occupation of Belgium during the Second World War.
    Emma Boon of the TaxPayers' Alliance said: "We're cutting back at home and we can't afford more ludicrous spending by Eurocrats. This is yet more evidence that we shouldn't hand any more money to Europe, they're already wasting the millions we give them each day."