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Former ECB Chief Economist Says ECB Is In Panic, As Czech President Warns The End.. (trunc)
Zero Hedge ^

Posted on 09/22/2012 7:57:44 PM PDT by Perdogg

anyone thought the bad blood between Germany and the rest of the insolvent proletariat, aka the part of the Eurozone which is out of money (most of it), and which has been now confirmed will be supporting Obama (one wonders what the quid for that particular quo is, although we are certain we will find out as soon as December), complete collapse of the Greek neo-vassal state of the globalist agenda notwithstanding, had gone away, here comes former ECB chief economist Juergen Stark to dispel such illusions. In an interview with Austrian Die Presse, the former banker said what everyone without a PhD understands quite well: "The break came in 2010. Until then everything went well..."Then the ECB began to take on a new role, to fall into panic.... Together with other central banks, the ECB is flooding the market, posing the question not only about how the ECB will get its money back, but also how the excess liquidity created can be absorbed globally. "It can't be solved by pressing a button. If the global economy stabilises, the potential for inflation has grown enormously... It gave in to outside pressure ... pressure from outside Europe" Why, whichever bank headquartered at 200 West, NY, NY might he be referring to?

From Telegraph:

He added that "panic" about the eurozone breaking up was "nonsense" but that the only way to end the crisis was for member states to bring down their debts and implement structural reforms to boost economic growth.

"Governments have recognised that returning to budgetary discipline is indispensable. Markets focus much more on whether states will be able to service their debts in five years' time," he said.

Mr Stark quit in late 2011, following in the footsteps of former Bundesbank head Axel Weber, who stepped down earlier in the year from Germany's central bank because of unease about the ECB's policies.

Mr Weber's successor Jens Weidmann was the only member of the ECB's policy-setting governing council to vote against the bank's new programme earlier this month.

"Weidmann's arguments ... should not be made light of," Mr Stark told Die Presse. "The way in which his position has been publicly commented upon by the ECB leadership has crossed the line of fairness."

And speaking of continuing takeover of the world by a few not so good banks, a loud warning that the advent of globalist influences (i.e., bankers) is taking over Europe and that the "destruction of Europe's democracy is in its final phase" comes not from some European (or American... or Zimbabwean) fringe blog, but from the 71 year old president of the Czech Republic, someone who certainly knows about the difference between communism and democracy, Vaclav Klaus. In an interview with The Sunday Telegraph, "Václav Klaus warns that "two-faced" politicians, including the Conservatives, have opened the door to an EU superstate by giving up on democracy, in a flight from accountability and responsibility to their voters. "We need to think about how to restore our statehood and our sovereignty. That is impossible in a federation. The EU should move in an opposite direction," he said."

Alas, what also is impossible in a Federation is for a banker-controlled entity to provide money out of thin air, i.e., public debt, which dilutes the "common currency" in the process preserving the illusion that credit-fueled growth (the only kinds the world has seen since the advent of the Federal Reserve) can continue for ever, when in reality all that is happening is the ongoing dilution of sovereignty alongside the destruction of individual currencies. This is precisely what the status quo, i.e., the abovementioned company headquartered at 200 West, wants.

And what the status quo wants it always gets, absent a revolution.

Back to Klaus:

Speaking in Hradcany Castle, a complex of majestic buildings that soars above Prague, and is a symbol of Czech national identity, Mr Klaus described Mr Barroso's call for a federation, quickly followed by the German-led intervention, as an important turning point.

"This is the first time he has acknowledged the real ambitions of today's protagonists of a further deepening of European integration. Until today, people, like Mr Barroso, held these ambitions in secret from the European public," he said. "I'm afraid that Barroso has the feeling that the time is right to announce such an absolutely wrong development.

"They think they are finalising the concept of Europe, but in my understanding they are destroying it."

President Klaus, 71, is one of Europe's most experienced conservative politicians; he has served as his country's prime minister twice after winning national elections and will complete his second term as Czech President next year.

Frequently referred to as the "Margaret Thatcher of Central Europe", Mr Klaus was born in Nazi-occupied Prague, played a key role in the 1989 Velvet Revolution that overthrew Communism and became founder of the Czech Civic Democratic Party, which has remained in government for most of the Czech Republic's independence.

He reluctantly recommended Czech Republic membership of the EU in 2004 and five years later was the last European head of state to sign the Lisbon Treaty, delaying signature, under intense international pressure, until all legal and constitutional appeals had been exhausted against it in his country. "We were entering the EU, not a federation in which we would become a meaningless province," he said.

...

"When it comes to the political elites at the top of the countries, it is true, I am isolated," he said. "Especially after our Communist experience, we know, very strongly and possibly more than people in Western Europe, that the process of democracy is more important than the outcome.

"It is an irony of history, I would never have assumed in 1989, that I would be doing this now: that it would be my role to preach the value of democracy."

Even more ironic than the return of corporation-controlled statism under the guise of socialism, will be the return of fascism, whose neo-variants are already exhibiting themselves in countries like Greece.

But more on that in a few months, when other European countries get sick and tired of the banker oligarchy and realize that there is really no party that represents the people in a world in which democracy is merely a mirage.

And so, once again, the most horrific aspects of humankind history will repeat themselves, only this time with far more potent and destructive weapons to enforce one's ideological superiority, or in this case to preserve an global equity tranche where the legacy wealth is preserved, and which in any normal parallel universe would have long since been wiped out. Just as soon as the "Democratic" emperor is exposed as having no clothes by more than just those who still are not afraid to tell the truth.


TOPICS: Business/Economy; Government; Politics/Elections
KEYWORDS: eucrisis; vaclavklaus

1 posted on 09/22/2012 7:57:49 PM PDT by Perdogg
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To: blam; Kartographer; Graewoulf; TigerLikesRooster

ping


2 posted on 09/22/2012 8:00:13 PM PDT by Perdogg
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To: Perdogg

Repeating history lessons!


3 posted on 09/22/2012 8:22:42 PM PDT by Domestic Church (AMDG ... there is no such thing as coincidence)
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To: Perdogg

70 years ago it took the lean hard men of the Wehrmacht to conquer Greece. It looks like it won’t be long before today’s Greek basket case is conquered by the fat bankers of Bonn.


4 posted on 09/22/2012 8:27:00 PM PDT by JG52blackman
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To: Perdogg

70 years ago it took the lean hard men of the Wehrmacht to conquer Greece. It looks like it won’t be long before today’s Greek basket case is conquered by the fat bankers of Bonn.


5 posted on 09/22/2012 8:27:10 PM PDT by JG52blackman
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To: JG52blackman

And much easier.......


6 posted on 09/22/2012 8:37:55 PM PDT by Red Badger (Anyone who thinks wisdom comes with age is either too young or too stupid to know the difference....)
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To: Perdogg; All

Thanks for posting from zerohedge, Perdogg. Very interesting.

scrolling down their site, the article right below the one you posted...

http://www.zerohedge.com/news/2012-09-22/guest-post-draghis-coup-detat-and-why-omt-illegal

A couple of very good posts...

from zh poster AUD...

I refute “capital key”. There is no capital, so losses cannot be distributed. You’re not seeing the forest for the trees. It isn’t OMT that’s the sham, it’s the entire ‘monetary’ system.

followed by zh poster Radical Marijuana...

YES!!!

It is the basic privatization of the ability to make money out of nothing as a debt that is THE SHAM!!! All the rest were just frills added to that skirt. And ALL of “economics” is now hiding behind that skirt.

The whole world has a fundamentally fraudulent financial accounting system, and it is automatically becoming more and more psychotic. It was REALLY based on the sovereign powers to tax, and define legal tender, and back that up with violence. However, it has been able to baffle gab and bullshit its way out of that REALITY. Thereby, it became a money/murder system where everything was displaced, so that the money is based on NOTHING, while the supreme lies about how the murders were done to back that up were buried in the subconsciousness.

Of course, on another level, the even GREATER SHAM is the idea that somehow money could ever be based on anything but murder. Due to the total failure and refusal to face that FACT, civilization has been driven to split apart.

There is a very tiny group that effectively controls the government, through funding the political processes, and through professional brainwashing via the mas media that that small group dominated. That tiny group has practical IMPUNITY to murder and to defraud, without consequences. They are effectively the new royalty, to whom the rule of law does NOT apply, because they effectively control the governments, to make sure there are no investigations or prosecutions of their crimes. Metaphorically, those are the vicious wolves.

Then there is a very large group, that are bound by the law, and can not murder or defraud with impunity. Metaphorically, those are the incompetent sheep. Thus, the balancing of the social rates of robbery has broken down, and has become a runaway insanity, with an apparently breakaway part of civilization run by the vicious wolves, that are able to get away with more and more and more frauds and murders of the sheep.

THE SHAM IS PRIVATIZED FIAT MONEY.

The reason that exists and is still triumphant is that the applications of the methods of organized crime were able to eventually capture the powers of sovereign governments, and thereby, to practically more than 99% privatize those powers!

Thus, the power to rob and kill, that is theoretically the channelling of the will of We the People, has effectively been taken over by a tiny group, who have gotten to the point where they OWN the rule of law, as a weapon to be used against everyone else, except themselves.

Since it is socially taboo to point out the basic facts that money is based on murder, the reality of the money system has been able to become a runaway fraud, without any checks or balances left to serve the “public good.” The supreme paradox of triumphant militarism, or the principles of organized crime, have been able to boost itself over the dark side of the moon, where the vast majority of incompetent sheep can not see that, and where the vicious wolves have also contracted mass sheep diseases.

There are almost ZERO realistic chances that any of that kind of radical truth will be admitted into public debates, in any significant way in the foreseeable future. Instead, one expects the breakaway part of civilization, that has IMPUNITY TO MURDER AND DEFRAUD, to escalate their mass murder of the sheep. Since the sheep are being fleeced and fleeced, the end game is far more probably going to be most of them being slaughtered, rather than any other outcome. That is especially true since almost all the opposition is controlled to keep on spouting the same old-fashioned bullshit “solutions” ... without the slightest shred of saner scientific understanding.


7 posted on 09/22/2012 9:39:45 PM PDT by PGalt
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To: Perdogg; All

Thanks for posting from zerohedge, Perdogg. Very interesting.

scrolling down their site, the article right below the one you posted...

http://www.zerohedge.com/news/2012-09-22/guest-post-draghis-coup-detat-and-why-omt-illegal

A couple of very good posts...

from zh poster AUD...

I refute “capital key”. There is no capital, so losses cannot be distributed. You’re not seeing the forest for the trees. It isn’t OMT that’s the sham, it’s the entire ‘monetary’ system.

followed by zh poster Radical Marijuana...

YES!!!

It is the basic privatization of the ability to make money out of nothing as a debt that is THE SHAM!!! All the rest were just frills added to that skirt. And ALL of “economics” is now hiding behind that skirt.

The whole world has a fundamentally fraudulent financial accounting system, and it is automatically becoming more and more psychotic. It was REALLY based on the sovereign powers to tax, and define legal tender, and back that up with violence. However, it has been able to baffle gab and bullshit its way out of that REALITY. Thereby, it became a money/murder system where everything was displaced, so that the money is based on NOTHING, while the supreme lies about how the murders were done to back that up were buried in the subconsciousness.

Of course, on another level, the even GREATER SHAM is the idea that somehow money could ever be based on anything but murder. Due to the total failure and refusal to face that FACT, civilization has been driven to split apart.

There is a very tiny group that effectively controls the government, through funding the political processes, and through professional brainwashing via the mas media that that small group dominated. That tiny group has practical IMPUNITY to murder and to defraud, without consequences. They are effectively the new royalty, to whom the rule of law does NOT apply, because they effectively control the governments, to make sure there are no investigations or prosecutions of their crimes. Metaphorically, those are the vicious wolves.

Then there is a very large group, that are bound by the law, and can not murder or defraud with impunity. Metaphorically, those are the incompetent sheep. Thus, the balancing of the social rates of robbery has broken down, and has become a runaway insanity, with an apparently breakaway part of civilization run by the vicious wolves, that are able to get away with more and more and more frauds and murders of the sheep.

THE SHAM IS PRIVATIZED FIAT MONEY.

The reason that exists and is still triumphant is that the applications of the methods of organized crime were able to eventually capture the powers of sovereign governments, and thereby, to practically more than 99% privatize those powers!

Thus, the power to rob and kill, that is theoretically the channelling of the will of We the People, has effectively been taken over by a tiny group, who have gotten to the point where they OWN the rule of law, as a weapon to be used against everyone else, except themselves.

Since it is socially taboo to point out the basic facts that money is based on murder, the reality of the money system has been able to become a runaway fraud, without any checks or balances left to serve the “public good.” The supreme paradox of triumphant militarism, or the principles of organized crime, have been able to boost itself over the dark side of the moon, where the vast majority of incompetent sheep can not see that, and where the vicious wolves have also contracted mass sheep diseases.

There are almost ZERO realistic chances that any of that kind of radical truth will be admitted into public debates, in any significant way in the foreseeable future. Instead, one expects the breakaway part of civilization, that has IMPUNITY TO MURDER AND DEFRAUD, to escalate their mass murder of the sheep. Since the sheep are being fleeced and fleeced, the end game is far more probably going to be most of them being slaughtered, rather than any other outcome. That is especially true since almost all the opposition is controlled to keep on spouting the same old-fashioned bullshit “solutions” ... without the slightest shred of saner scientific understanding.


8 posted on 09/22/2012 9:39:50 PM PDT by PGalt
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To: Perdogg
Catalonia Cries for Independence, Spain Might Break Apart, And Its Military Threatens To “Crush” The “Vultures”
9 posted on 09/23/2012 6:03:42 AM PDT by blam
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