Bankers Destroy Global Economy by Design to Consolidate Power

American taxpayers have been freshly liberated of hundreds of billions more dollars as part of the IMF’s new bailout package which is principally going straight to European banks, in addition to the Federal Reserve program to ship U.S. dollars to Europe, in a move that represents little more than a desperate effort to save the Euro and rescue the credibility of economic global governance.'

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Euro Crisis - Latvia And The PIGS

Down on the Euro Animal Farm, some animals are more equal than others, finds Eric Walberg...

Two million people took to the streets of Athens last week in the country's second general strike this month, protesting the austerity measures proposed by their socialist government. All of Greece came to a 24-hour standstill and the airport was closed as a result of the action. The only public transport was the commuter train so that protesters could reach the demonstration.

The crisis broke last autumn after Prime Minister George Papandreous took office and discovered the country was bankrupt. The conservative government had cheated to get into the European Union euro zone in 2001, cooking the books. What on paper -- creative accounting courtesy of Goldman Sachs -- was a budget deficit of 3 per cent and public debt 60 per cent of GDP, by 2009 had ballooned to 13 per cent and 125 per cent.

Initially, the EU tried to finesse the issue, declaring solidarity with Greece. But the financial sharks are sharpening their teeth, smelling blood. Their response to the Greek problem is naturally to rush to profit from it. Greece's "credit rating" has already been lowered, meaning any new bonds will carry a much higher price tag for the government (read: people). That of course makes it all the harder for Greece (read: the people) to actually pay the bankers. And when the country defaults, the EU will be forced to cough up in any case. Win, win for the fat cats. What EU leaders meant by solidarity was not that they were going to pour public money into Greece, as they have been pouring into their banks over the past year and a half, but that they intended to squeeze the money "owed" the banks out of the Greek people, relying on IMF oracles.'

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Europe's New Debt Solution: Create Their Own Ratings Agency That Only Gives Friendly Ratings

Now European Union governments are planning to take measures to break the dominance of the main rating agencies, according to a report in the Wednesday edition of the German business daily Handelsblatt. The newspaper reports that euro-zone finance ministers are pushing the European Central Bank (ECB) to set up its own sovereign rating scheme for the 16 members of the euro zone so that it no longer has to rely on private rating agencies, such as Moody's.'

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EU Federal Economic Government Proposal Mirrors Nazi Plan For Fourth Reich

A new proposal by France and Germany to create a federal European economic government in the name of mandating fiscal responsibility and avoiding a repeat of the turmoil in Greece chillingly mirrors similar plans put forward by top Nazis in the 1940’s as a means of preserving fascist power at the end of world war two – men who were responsible for founding the EU in the first place.

“With Greek finances dragging down the euro, calls for coordinated fiscal policy within the common currency zone have become more frequent. Now, Germany and France have presented a paper outlining what such a regime might look like,” reports Spiegel Online, outlining the move towards a centrally planned economy with Brussels exercising complete control over of the financial affairs of member states in a shocking lurch towards economic fascism.

Chair of the European Commission Jean-Claude Juncker, who received the new proposal from German Finance Minister Wolfgang Schäuble and French Finance Minister Christine Lagarde, highlighted the need for a “European economic government” to solve the Greece debt crisis.'

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In the Name of Venality

It can fairly be said that the chain of catastrophic bets made over the past decade by a few hundred bankers may well turn out to be the greatest nonviolent crime against humanity in history. They’ve brought the world’s economy to its knees, lost tens of millions of people their jobs and their homes, and trashed the retirement plans of a generation, and they could drive an estimated 200 million people worldwide into dire poverty. In other words, never before have so few done so much to so many. And has there been even one major, voluntary resignation by an American financial executive? One sincere apology? One jail sentence? Why the American public hasn’t taken to the streets in revolt is a mystery that can be linked only to our inherent belief in the virtues of capitalism.

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Ron Paul on World Government

This Is Not A Normal Recession: Moving on to Plan B

The Winter of 2008-2009 will prove to be the winter of global economic discontent that marks the rejection of the flawed ideology that unregulated global financial markets promote financial innovation, market efficiency, unhampered growth and endless prosperity while mitigating risk by spreading it system wide." Economists Paul Davidson and Henry C.K. Liu "Open Letter to World Leaders attending the November 15 White House Summit on Financial Markets and the World Economy

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