by system failure
The official declaration of the European hegemony of “bankcracy” with the signature of Mario Draghi, is now a fact. The European Central Bank, ECB, becomes the absolute dominant, through the unlimited purchase of government bonds in eurozone, and the Frankfurt bankers are preparing for their biggest party so far. As expected, the bank-occupied media rushed – once again – to crow.
In essence, the decision means that Europe passes into a hastily, coercive federalization, in terms that serve exclusively the destructive neoliberalism. The ECB is converted into an equivalent European Fed, which means, gaining complete control of the money flow through the whole eurozone.
The supposed Federal Central Bank of the US (Federal Reserve or briefly Fed), controls completely the monetary policy and the money flow in the country, while being under control of large private banks. It is characteristic, that one of the largest lenders of the US government is Fed, which holds a significant share of public debt. The debt of the Federal Government to Fed, is due to quantitative easing policies, i.e. mainly, printing new money.
Similarly, the ECB becomes a corresponding Fed in the European area, “serving” the problematic economies that are excluded from the bond markets, through the print of new money. Therefore, the problematic economies will be loaded with more and more debt which the ECB, i.e. the largest private European banks will hold.
Someone could argue that is not something new, since nations were facing huge debts in previous years, because they were indebted to banks through the excessive borrowing from the markets. But in this case, there is an important difference that makes things much worse: it is the cruel conditions imposed by the ECB to states that need to buy money. States that are excluded from markets, are now trapped within the neoliberal economic empire of the eurozone and will be forced to follow new austerity measures every time they need ECB to buy their bonds.
The media rushed also to present as “good news” the fact that the interest rate on 10-year Spanish bonds dropped below 6%, and the corresponding Italian (5.38%), while Ireland, being forced to accept the Memorandum, borrows at 5.85%. If we take a look at recent past, we will see many cases where markets were booming for a while and then dropping fast, playing with the economies of entire countries and serving speculation. Considering that there are channels which connect the rating agencies, the biggest banks and some hedge funds, the markets can function tuned, to serve specific speculative interests, or to blackmail towards specific policy decisions.
Thus, we should expect a new attack quite soon against the spreads of Spain and Italy, forcing these countries to turn to ECB permanently as the exclusive source of funding, which means that they will adopt new austerity measures and further dismantling of the social state and labor rights, as required by the banks and multinational cartels and as it happens again and again in Greece. Then, we should expect quite soon, a new organized attack in the heart of eurozone, in France, which facing problems already, leading to a definite and irreversible path of the preferable to the neoliberal doctrine conditions. The political union of Europe will be directed violently, but not under the humanitarian values that has invented and bequeathed, and which is ready to sacrifice on the altar of economic indexes, just to keep alive a failed economic model that only serves banks and speculative interests and eliminate the majority of citizens.
Therefore, the Draghi decision also means, the official surrender of the political institutions of the EU to the financial control mechanisms, such as the ECB and the European Financial Stability Fund, EFSF. The embarrassment that the decision caused through all levels of the German political scene is characteristic, and German politicians appeared to be found against pre-decided facts, although, it is clear that the political power was already co-ordinated with the German, mainly, banking interests and this is something that also comes from the Schaeuble statements, who appeared to be satisfied with the decision.
Specifically regarding Greece, the decision means the definite death of the only alternative that has left, i.e., the return to national currency, which some “heretics” dare – against the banking interests and the common propaganda of destruction – to propose, which means, repeated measures of internal devaluation, i.e., the same disastrous recipe of austerity measures and cuts. An internal devaluation, which will concern, of course, only cuts in wages and pensions and not prices of food, fuel and energy, which will be controlled increasingly by several cartels, in the name of the competition and the free market.
Unfortunately, the words of the British politician Nigel Farage, in a speech in the European Parliament, appear to be verified creepily: “Poor Greece, trapped inside the economic prison of the euro. Poor Greece, trapped inside the modern day Völkerkerker for which it appears there is no way out...”. Soon, the nightmare will be common for all the European people, unless they react dynamically and massively and show that they don't want a Europe of banking and speculative interests, but a Europe of humanitarian values which bequeathed to the world. A Europe, which has a sacred duty to preserve and enhance these humanitarian values, not to sacrifice them on the altar of economic indexes.