George Soros, in an interview with the BBC yesterday (or thereabouts), makes the simple if important point that the problem with the Euro-zone countries is that they borrow in a currency that they don’t themselves individually issue or print, namely, in the Euro. Thus, the fiscal pressures are not able to be mediated by simply printing their own money – which countries that are not tied to this extraordinary kind of monetary structure, can arrange.
In the immediate earlier thread re ‘corporatism’ the issue is raised about the unique monopolistic modern form of capitalism that we all now have. Even when the Euro was started, a lot of people asked where was the drive to do it at all really coming from? Someone, now has the right to issue a new(-ish) currency (the Euro) and grasped the power to dictate to countries what their domestic economic agendas must also be. In one fell swoop they have taken over the whole of Europe; unelected, virtually unheralded, certainly unknown.
I see the media as the linchpin of all of this. And I agree with Soros that Fox/Rupert Murdoch is by far the most aggressive puppetmaster of it all. Of course there are people behind him – the chartered accountant bosses in Lucerne and Zurich, Kuwait and London, and their running dog ‘global’ banks. HSBC, Citibank, in particular.
Without the media’s complicity, there could not have been such blithe disregard of the principles of advanced modern civilization that endowed transparency and rights to citizens and removed the murky hand of dictators. But we have to go back and re-win those rights and depose the criminals.
I also point the finger directly at the ordinary judiciary of many countries – because they have not acted to draw a line on the encroachments of moneyed criminal interests against civil rights and fair financial transactions. The misleading of market transactions by a studied monetary policy that sweeps aside the open market and enacts deliberate low interest rates and structured-only borrowing to banks and others who follow the plan, means that shareholders can never achieve dividends from decent real earnings from real trade and industry. And that means there is no market.
In the end, there will be no tax receipts adequate to keep the racket going and total disaster will be visited on everyone – including the fools who pushed the whole foolish scheme to start with.
Calvin J. Bear