The ECB is threatening to cut liquidity off to banks and wreck financial mayhem in the event that Greece defaults or restructures its debt. This in spite of the fact that Greece is set to run out of cash on July 18th and is sliding into lawlessness because of the very austerity measures which the ECB is advocating yet more of.
The time has come to call the ECB’s bluff. The ECB has much more to lose by a default and by cutting off liquidity to banks than the people of Greece or Europe. It would mean the moment when the criminal actions of the ECB — which has been hiding 100s of billions of euros of worthless loans on its books to milk taxpayers — would become apparent to everyone and so spell the political end of the ECB chiefs and the public-sector Ponzi scheme they have been running with the euro currency.
A change to the ECB’s operational rule to authorise the bank to give liquidity directly to governments and banks at no interest and without booking a corresponding debt n the balance sheet is all that is needed to resolve this eurozone debt crisis. Once the ECB chiefs are removed, the rebooting of the eurozone economy could start immediately. The Greek and other governments could be given liquidity from the ECB directly to allow managed insolvencies and fund a Marshall Plan for economic growth.
ECB chiefs appear to be terrified of a Greek default for purely personal reasons.
They know that if Greece defaults or restructures its debt, then hundreds of billions of euros of worthless loans that the ECB should never have made in the first place will have to be placed on its books and the tax payers of Europe will wake up to the fact they are the ones expected to pay, and there will be political mayhem. Their role in this crime puts them at the front of the firing line.
The ECB clearly hopes that it can keep up the illusion that it will get the money it loaned to Greece, Ireland and Portugal back and the country’s are illiquid and not insolvent until the new eurozone fund comes into place in 2013 to provide a mechanism to suck yet more money from the tax payers as part of this historical Ponzi scheme as Mario Blejer called it.
If the ECB has to put the losses onto its books before then, then the ECB debts will have to be paid up by national governments. Tax payers will feel the huge bill fast, and they will be very angry. Credit rating agencies could even start to downgrade Germany, the main paymaster, when it becomes clear that not even Germany can manage the outstanding ECB debt let alone the whole eurozone debt when this Ponzi scheme has run its course.
The turmoil caused by the ECB and banks wrecking financial mayhem now in the event of a Greek default when they can easily supply liquidity — making it absolutely clear that this is blackmail — will be far less than the total economic, financial, social and political breakdown of the eurozone in a year, and it will put an end to the Ponzi scheme once and for all.
The ECB is already the biggest holder of Greek souvereign debt but its share of worthless souvereign debt is growing all the time and it is set to take on Irish and Portuguese debt. No one seems to know just how much debt the ECB has put on the shoulders of tax payers.
The ECB has„”skeleton” risks on ECB’s balance sheet amounting to several hundreds of billions of euros, reported Der Spiegel this weekend.
ECB has been giving money to banks in return for collateral asset-backed securities that low or non-existent debt ratings, knowing the tax payer will have to pick up the huge bil.
The illusion that Greece can meet its debt obligations and is only illiquid would be destroyed as soon as the country defaults. Greece would have to be put into a managed insolvency as would Ireland and Portugal because they are also insolvent. It is clear that Grece is going to have to default very soon anyway.
A year after Greece got a €110-billion ($159-billion) bailout from its euro partners and the IMF, it is clear to everyone that the tax hikes, public spending cuts have pushed the country deeper into debt while the bailouts have generated astronomical profits for the banks.
The ECB has been lending the banks money to buy Greek bonds at 0% interest.
Thanks to the penal EU/IMF bailout interest rates, banks have seen a steady return of tax payer money of about 6% on those bonds that cost them nothing to buy – and so been able to loot hundreds of billions from tax payers with the complicity of the ECB and governments. The ECB’s role in triggering Greek souvereign debt crisis also needs to be examined.
The ECB is now demanding that the Greeks sell billions in state assets but it is clear to everyone that the country is completely broke and according to German media, Greece has only got enough money to pay ist bills until July 18th.
Simply taking over the country to force sales as Jean Claude Juncker advocates is unacceptable politically and will only postpone the inevitable default and make it worse.
The FT reports that even hospitals are no longer able to pay their medicines bills.
“The pharmaceutical industry says only 30 per cent of €1.2bn in payments owed by public hospitals since the start of last year have been made. Of debt due from the start of 2011, just 1 per cent has so far been paid.,” writes the FT.
http://www.ft.com/cms/s/0/a81b7130-8498-11e0-afcb-00144feabdc0.html?ftcamp=rss#axzz1NAjup1to
The army is set to be deployed in Athens for the first time since military rule ended in 1974, according to Greek media, as the country slides into lawlessness.
The country is already slipping into anarchy and civil war and a failure to stop this development will lead to a political emergency in the eurozone to match the financial crisis. The country is insolvent. The looting must be stopped. The ECB must be stopped.
http://info.kopp-verlag.de/hintergruende/europa/udo-ulfkotte/griechenland-athen-bereitet-armeeeinsatz-in-der-hauptstadt-vor.html
A default by Greece would force the ECB to acknowledge that it will never get the money back, and compell it to put the losses on its books. The euro “public sector” Ponzi scheme which is based on the narrative that Greece, Ireland and Portugal are only being loaned money by the ECB and the tax payers will never have to pay would come to a shuddering halt before more damage is done.
The ECB is behaving like a street criminal pulling out a switch knife to rob a victim by threatening to cut off liquidity to banks and create financial mayhem.
The ECB can give banks as much liquidity as they need – and it can also give governments as much liquidity as they need at no interest. It is profitable for the banks for the ECB to give them money to loan to governments. But it is ruinous for the people.
All that is needed to reboot the eurozone economy is a change in the operational rules to allow the ECB to give liquidity to governments and banks at zero interest rate and without booking a debt.
The gigantic euro debt crisis is an illusion, a swindle. There is no crisis. It is artificially created by the ECB and the banks and governments. It can be solved immediately by changing the liquidity rules to include governments.
The euro zone could switch over to the Chinese way of printing money without creating debt and enjoy a similar boom.
There is nothing to be gained by allowing this Ponzi scheme to continue. The ECB’s bluff should be called. Let it cut ff liquidity – and pay the political price, which will be the end of the ECB and the banker puppet masters.
It is unacceptable for the people of Europe to be looted by the ECB and a criminal underbelly in governments.
Is this what Europe is all about? Oppression under the bankers? Open looting and the jackboot?
Are the tanks going to be sent in to mow millions down?
The time is rapidly approaching when all of Europe will be engulfed in civil war. And there will not be enough tanks in the world to contain the anger of the people when the ECB and their politicians loot their last euro on behalf of the bankers.
Look at the anger Spain. Look at the anger in Ireland. Look at the anger in Greece.
The people have had enough.
They want a return to law and order. They want sound money and an end to the looting by bankers and complicit politicians, the finance ministers, central bankers.
The time to act is now. Greece has to go into default. If the ECB cuts off liquidity, then the chiefs are removed pending trial and the operational rules changed to reboot the liquidity including liquidity to governments.
The solution is crystal clear and very simple. All that is lacking is the political will.
We, the people, have the will to end this looting.
“Who controls the food supply controls the people; who controls the energy can control whole continents; who controls money can control the world.”
Henry Kissinger
In 1944, the Federal Reserve ponzi scheme was essentially extended to the rest of the world, at the barrel of a gun.
Towards the end of WWII, when Europe and much of the world had been beaten into submission through years of combat, poor and desperate, 44 nations sent delegates to Bretton Woods, New Hampshire to create an international monetary policy. The alleged rationale was that if all of these countries had their currencies linked, they couldn’t afford to go to war in the future, because it would be mutually destructive. They ended up deciding to make the US dollar the “reserve currency” of
the world. The central banks of other countries would be linked to the dollar, and would hold at least a quarter of their reserves in US dollars. This put the privately-owned Federal Reserve essentially in charge of the whole global economy.
The International Monetary Fund was created at this meeting. This is the corporate entity through which the currencies in
the international system are linked. The IMF forces loans upon needy countries, and if they can’t afford to make their interest payments on the IMF loans they’ve already got, the IMF loans them more money to make those payments. In exchange, of course, they demand complete control over the nation’s economy. This, in conjunction with the activities of the World
Trade Organization, also created at Bretton Woods, is largely responsible for turning the entire world into a giant slave labor camp that runs for the profit of a handful of banks and corporations. They dictate to all of the member countries what labor costs will be, what sort of exporting and resource development they will do, who will trade with whom and at what price.
If you wonder why all of the jobs and production have been exported overseas, bear in mind that the US no longer has any control over its own trade policy. The IMF literally has a mathematical formula that they use to calculate what the optimal level of trade is for each country and for each commodity. They use this to “balance” the values of different currencies.
And it has been their stated goal all along to try to “balance” the standard of living throughout the world so as to make currencies easier to control. Now let me give you a hint: they don’t intend to bring other countries up to our standard of living. It’s the other way around. So that is why, no matter who you elect, no matter how many letters you send and phone calls you make to your congressman, they will always pursue policies that inflate the dollar, suppress wages and export production. Because we have no control over our monetary policy or our trade policy. Since the dollar is a global currency the Fed considers the effects of their policies on global currency markets before it even thinks about how these policies affect the US economy.
Brzezinski’s book: THE GRAND CHESSBOARD – American Primacy And It’s Geostrategic Imperatives, is sublimely arrogant. While singing the praises of the IMF and the World Bank, which have economically terrorized nations on every continent, and while totally ignoring the worldwide terrorist actions of the U.S. government that have led to genocide; cluster bombings of civilian populations from Kosovo, to Laos, to Iraq, to Afghanistan; the development and battlefield use of both biological and chemical agents such as Sarin gas; and the financial rape of entire cultures, it would leave the reader believing that such actions are for the good of mankind.
“…To put it in a terminology that harkens back to the more brutal age of ancient empires, the three grand imperatives of imperial geostrategy are to prevent collusion and maintain security dependence among the vassals, to keep tributaries pliant and protected, and to keep the barbarians from coming together.” (p.40)
“Henceforth, the United States may have to determine how to cope with regional coalitions that seek to push America out of Eurasia, thereby threatening America’s status as a global power.” (p.55)
Dollar imperialism (capitalist terrorism) is currently attacking the Euro–and the European Union–through the soft
underbelly of Greece.
Prime Minister of Greece George Papandreou, speaking at the Brookings Institute on 3/8/2010, said: “Greece’s financial crisis is symptomatic of a bigger issue: the need for global capitalist powers to regulate predatory financial interests.”
“It has been evident for some time that the ongoing speculative attack on Greece, along with such other countries as Spain, Ireland, Portugal, and Italy, was not primarily a reflection of their economic fundamentals, nor yet a spontaneous movement of “the market,” but rather an orchestrated action of economic warfare. The dollar had been relentlessly falling through the late summer and autumn of 2009. It obviously occurred to various Anglo-American financiers that a diversionary attack on the euro, starting with some of the weaker Mediterranean or Southern European economies, would be an ideal means of relieving pressure on the battered US greenback.”
Webster Tarpley
Following World War II, the international cabal wanted to make sure its dollar would be the international currency
standard, so it created, among other processes, the Marshall Plan, named after Truman’s secretary of state, George
Marshall. The plan loaned American dollars to all the nations of Europe to “assist in the return of normal economic health in the world.
Stalin quite correctly saw the Plan as “dollar imperialism.”
An imperialistic regime extends its power and dominion over other nations through military, economic, and cultural
means. This involves the military acquisition of territory, gaining control over the political and economic life of subject groups, and imposing its money system on conquered nations.
http://www.hermes-press.com/dollar_imperialism.htm
Carlos. I like what you write. It’s however just the tip of the iceberg. The international banksters under the control of the City of London Corporation ie( the Queen of England)is actually behind all the financial ponzie schemes that is forcing every country into default. The prime agenda is to implement not only a Global financial collapse through usury , but to force everyone into a disease death spiral using the dictates of the WHO( World Homomcide organisation) codex allimentarius and the FDA (Federal Death advisory)into an immune destructive diet,blocking medicines and toxic vaccines that undermines every ones health and fertility. The UN agenda 21 genocidal policy also under the control of the International Banksters in London is well on track and hopes to deliver a Global death blow to billions soon. lets hope we can still stop it. Globalisation and the NWO are both designed to cause the masses to become destitute and self destruct.The Criminal Elite can then take over everything without firing a shot.
[...] The Time Has Come to Call the Ecb’s Bluff and End This Euro Ponzi Scheme (birdflu666.wordpress.com) [...]
Dear Everybody,
Few people are not aware of the plans of these nimrods. I keep hearing that they are on track etc., but their actions belie that fact. This is their fifth attempt at this same thing. They are not going to be successful with their global pandemic. The multiple layers of vaccination that they were counting on have not occurred. Too many people, after getting sick from the early vaccinations, stopped getting the annual vaccinations.
Many people have awakened to the cofactor plot which was filling food with all kinds of toxins intended to exacerbate the effects of the vaccines. Because many people have woken up, they are not eating the foods with the problematical contents.
THIS PLAN WILL NOT WORK. THE BANKSTERS ARE FIGHTING WITH EACH OTHER ACCORDING TO PEOPLE ON THE INSIDE. One of the Swiss Parties has sent a letter suggesting that permitting Bilderberger to meet there is not in the country’s strategic interests.
There are many economists now telling the truth about the fallacies of “free market” etc. The young people know that this faux policy and globalization are destroying their future and they are acting to counteract these things.
[...] THE TIME HAS COME TO CALL THE ECB’S BLUFF AND END THIS EURO PONZI SCHEME [...]
Fuck George Soros, Bush family, Rothschilds, and Rockefellers for starting world war 3. Death to the George Soros, Bush family, Rothschilds and Rockefellers. Kill the George Soros, Bush family, Rothschilds and Rockefellers with sword, explosives, and/or a gun. George Soros, Bush family, Rothschilds and Rockefellers use nukes they will be vaporised. No more of these assholes again.
You dont say…-
Who are you?
Some kind of
a slapstick
Josef Goebbels?
An excellent article! I made a “text to speech” mp3 file (so I could listen to it while working). You can download it from here if you want to spread this very important massage to lazy friends (like me
)
http://k002.kiwi6.com/hotlink/e0cmj0a2n0/The_ECB_is_threatening_to_cut_liquidity.mp3
Hope you don’t mind Jane!
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