The Eurozone Is Still Doomed, Isn't It?
Kevin Drum / Mother Jones
The stock market, a bit to my surprise, has reacted euphorically to today’s official announcement that the European Central Bank will begin unlimited purchases of government bonds from economically depressed countries in the eurozone (though this policy applies only to countries that behave themselves and abide by Germany’s austerity dictates — see yesterday’s post for more on this). This is, of course, not the first time the euro has been rescued. We’ve been treated to a long procession of similar announcements before, and I frankly thought that investors had grown a little more jaded toward them by now. But apparently not. They still want to believe.
I’ve written enough about the eurozone’s problems in the past that I’m not really in the mood for another long post on the subject of Europe’s currency woes. Instead I’ll do a short one and see if anyone tells me I’m wrong. Start with the following axiom:
You can’t maintain persistent capital flow imbalances in a fixed exchange rate area.
continue at Mother Jones:
http://www.motherjones.com/kevin-drum/2012/09/eurozone-still-doomed-isnt-it
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Whistler Blowers, Insiders
Draghi has accellerated the Eurozone destruction by simualting a bailout of the weaker Euromembers. The banksters are at an even bigger gain.
The ECB does not even have the “money” that Draghi uses for his new trick called Outrgight Monetary Transactions . This money is borrowed from the Federal Reserve. The Fed hasn’t it either, but it makes it with the computer.
The advantages of the financial mafia are as follows:
1.
The ECB (Draghi) is hailed as the “savior” of the Euro while the banks sell more secured credit.
(no real solution foe the Euro countries because the debt keeps growing).
2.
The conditions attached to the “rescue” must strictly observe the ESM rules.
(the Euro countries surrender their sovereignty to the banksters).
3.
The speculators keep profitting from the bonds trade.
(ECB observes the Maastricht standards and does not buy bonds directly from the “rescued” countries, but from the traders who assured of repayment of their money and their commissions are also secured).
4.
The Fed earns interest for credit from his own computer. Furthermore, the policies of the ECB are conditioned by the Fed.
(ECB lacks the title “lender of last resort” and therefore can not push that computer key to create money!)
Due to the ECB the Fed took custody of a monetary mass of slaves now called “The Eurozone”.
The Euro debts grow even faster.