Friday, June 18, 2010
ECB must buy 'hundred of billions' of bonds to tame Europe's debt crisis
It's not the criminality of the ECB counterfeiters robbing wealth from the billions of people who hold euros which most sickens me, it is the corruption of language.
When Fitch Ratings say the ECB must purchase hundreds of millions of euros, it is a desecration of the word purchase, which implies that you are swapping some asset of value for another asset of value.
Whereas what the ECB is actually doing is moving a digital number from one computer memory slot to another, and in return getting enhanced promises from governments to rob their victims for the next few decades, via government bond repayments, and diluting the savings of these same victims by handing their wealth to the government via this electronic chicanery and its generation of currency handed to these miserable governments.
The whole thing is bizarre, and as Toby Baxendale notes at the Cobden Centre, these thieves only get away with this robbery because very few of these government victims know how the monetary system operates. If they did, then there would be instant revolution; which is why the process is kept so shrouded by the corruption of language itself.
So how does a corrupt entity, the EU state, bail itself out? I have no clue.
Let's change that headline to what it should really say:
'ECB must inflate the paper currency stock by printing up hundreds of billions of more new euro currency tickets'
Most people would still not realise what lay behind that, in the way that they have been fooled by 'quantitative easing', but if we are to even start tackling these swindlers, we must start using language truthfully and picking up on it where it is used dishonestly.
Though having said that, I'm sure the odd politician does occasionally tell the odd word of truth. But only by mistake.