The European Debt Crisis: The Creditors are America's "Too Big to Fail" Wall Street Banksters
by Bob Chapman, October 26, 2011
We address this European issue, because soon it will debut in the US. The comprehensive policy response, which we have been told existed, really doesn’t exist. We found that out last Friday. All the lies of the past two weeks by various European governments and bureaucrats, as well as Mr. Sarkozy and Mrs. Merkel, were just more delaying tactics to attempt to find a solution to Europe’s financial dilemma. As part of this display of smoke and mirrors, these hopeful signs, generated large gains in US and European stock markets, of course, with the assistance of the “President’s Working Group on Financial Markets.” At the same time as usual gold, silver and commodities markets were attacked viciously. This is how markets and economies are manipulated when in control of our corporatist fascist government.
Following the lead of the Federal Reserve two weeks ago both the Bank of England and the European Central Bank added more wood to the fire by expanding their issuance of money and credit. As we have previously pointed out the system cannot function without perpetual quantitative easing or stimulus. That is because no attempt has been made to solve the problems of the economy and unemployment. In the US, UK and Europe only the financial sectors and governments have been recapitalized. That is ongoing. This is the solution offered by the Fed and all others should follow such dictates. Policymakers may be energized with three conferences on tap, but that means little. Germany is the key, the German people, and they are not budging. They have had it. Being forced for 66 years to do as they have been told. That era of allied hegemony is over. While they are at it they should remove foreign troops from their soil.
Central banks are accommodators to keep their system going, because if the elitists lose control of the financial systems they lose their power and wealth. That in part is why no effort has been made to restore economies. These extraordinary measures have for the moment kept US, UK and European economies from falling off a cliff, but that game cannot be played indefinitely. One of the factors not mentioned and shunted aside is the penalty of inflation from unbridled monetary excesses. In the US we see 11.6%, in England 12.5% and in Europe 7%. What professionals do not want to recognize is that economies and the financial structure are fighting a losing battle.
Markets have discounted a perfect recovery for Europe and that is not going to happen. If they work it out it will take years to reach normality. If they purge the system it will take five years, which will produce great pain and deprive the bankers, Wall Street and the City of London of their power.
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