Former ECB Chief Economist Says ECB Is In Panic
Sunday, September 23, 2012
If 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?
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.