Now Europe dances Sirtaki
On a tightrope. With no safety net.
HOW DID WE GET HERE?
Former Bundesbank Chief Karl Otto Pöhl
admitted the whole shebang
“was about protecting German banks, but especially the French banks, from debt write-offs.”
The 2010 bailout allowed private French, Dutch and German banks to transfer their liabilities to the Greek public sector,
and indirectly to the entire eurozone‘s public sector.
There was no debt restructuring in that deal.
It is bankers, not Greeks, who are being “bailed out”.
They want Greek taxpayers to go on paying interest even if the principal is as beyond reach as a tsarist bond.
WHAT POWER HAS THE EU ESTABLISHMENT GOT?
It made Greece a conduit for a bailout. The bailouts weren’t for Greece at all.
Greece was not a recipient of funds in any significant way, despite what is constantly repeated in the media.
WHERE DID THE EU GET THE POWER FROM?
The so-called intergovernmental Treaty on Stability, Coordination and Governance.
This treaty implies fiscal restraint at the same time to every member of the Euro regardless of the situation in its private accounts. While the incorporation of such criteria in Maastricht could have been understood as a lack of experience, it is not understandable at all that this new treaty reiterates these criteria, after facts have proved how devastating this policy is.
WHAT EXACTLY IS THE EURO?
The Euro is the only major monetary construction in the world that explicitly erased the objective of employment from monetary policy following strict monetarist recommendations.
It doesn’t make any economical sense.
It was conceived as a purely political project with purely political goal.
And the last 5 years of economic depression in the Eurozone have demonstrated that the political goal is inconsistent with the economical reality.
IN WHOSE INTERESTS IS POWER EXERCISED?
Bailouts-on-the-quiet for Europe’s big banks, and taxpayers in core countries
WHO’S THE EU HATCHET MAN/ FIXER?
The ECB, far from being an independent central bank, is acting as the eurogroup’s enforcer, despite the risk that doing so poses to the European project as a whole.Please remember that the function of a central bank is to make sure banks are liquid, not to consciously and willingly strangle them.
WHAT ‘S HAPPENING NOW?
The EU is now being stuck with the bill
since the Greeks have refused to pay.
This hidden game
lies at the heart of
1) Greece’s decision to say “no” and
2) Europe’s inability to solve the problem.
Final questions awaiting answers:
TO WHOM IS THE EU ESTABLISHMENT ACCOUNTABLE?
HOW CAN WE GET RID OF THEM?