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.
3 comments:
Do we need to modify our debt-based monetary system? Centralized money and centralized power represent a perfect example of a symbiotic pair, neither can exist without the other. Innovation is the main characteristic of decentralization, so if you'd like to be part of the change, here's one idea... alternative currency...
Local currency, complementary currency, alternative currency... ever heard of them? Maybe actual global economic crisis is the best time to start again from a different perspective: Crom Alternative Currency
I sometimes wish Labour had won the last British election. Then we could clearly have seen a left of centr govt inttently pursuing inflationary polices.
The result would have been disastrous as people like yourself and other tell us. But at the moment we now have a Tory govt that is talking tough (deficit reduction, cuts, savings). I agree it won't ultimately act that way and will probably end up side stepping default thru monetary and price inflation. But when the inflationary catastrophe comes market economics will get the blame because it was a Troy govt in power - fairly or unfairly.
A side issue: the other night on the BBC TV programmre Question Time Helenah Kennedy was on. They were debating the cuts announced so far. Y'know the ones that will slash GB's budgted deficit by £6b (current toal is circa £160bn). Then Helenna Kennedy turned to Chris Huhne, lambasted him for his part in this saying that (paraphrase) "I thought you were an economist. So how can you support this when you know it will destroy jobs". So now only Keynesians and their ilk are economist.
The other thing that made me groan was the Labour party guy (Hain I think) saying that no serious economist thinks Britain could end up like Greece. Really? Would that be the same economists who just 2 and a bit years ago were telling us that the economy was in excellent health after 10 years of Brown's careful management of the economy.
That would be the same economists.
You might want to check out the latest Lew Rockwell podcast in which Gerald Celente predicts that Britain will be the next Greece.
As to politics, I think this could be the death of all three major political parties.
None of them will escape from the blame for this, and we could see a wholesale restructuring, perhaps even a (hopefully bloodless) revolution of some kind, when the stimulus runs out and we get back to the second part of the recession, which they will try to escape from by currency printing.
Future historians will think we must have been mad.
'So, you're in a financial hole where either the people owing money are screwed, because of all the money they have to pay back, or all of the people they owe money to are screwed because the payers are going to default on their payments. And they tried to get out of this by running up a printing press? What were they on?'
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