It’s helpful to remember always that central banks are an international cartel. Their interests are not the same as the countries they allegedly represent.
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In its candid assessment of the failure of the IMF and its partners to rescue Greece from its own foolishness, the IMF staff fails to mention the main lesson: free people left to their own devices can solve problems better than governments ever could.
These are the brightest people on the planet, aren’t they? Aren’t they?
Theft is theft. Robbery is robbery. That it’s being done in broad daylight by an institution that is supposed to protect your money simply adds to the outrage. The email sent to Bank of Cyprus depositors is being received by every bank depositor in the world.
The details of the deal are ugly. But the real cost is the loss of national sovereignty. Cyprus is now ruled by the Eurogroup, and is now just a vassal state.
There are moments of clarity, when things all of a sudden come into focus. This is one of them.
It’s a game, a charade. Even if the central bank’s president lies through his teeth, his audience believes him anyway. Is there no one there to exclaim: “The emperor is naked!”?
Mario Draghi. Who? According to Matthew Lynn, writing at MarketWatch.com, “measured by what [he] can actually do, the most powerful person will soon be the president of the European Central Bank, the Italian banker Mario Draghi.” He explains: In the last few weeks, we have seen an extraordinary expansion of the European Central Bank’s powers. It can […]
It’s like pulling back a rug and discovering beetles and bugs crawling around underneath. You can’t put the rug back and tell yourself there aren’t bugs under there anymore. Once you see the scam –using the euro “crisis” as a front for total government – you can’t go back and say it’s only about the euro. There really are bugs under that rug.
Ambrose Evans-Pritchard: Deposit flight from Spanish banks smashes record in July Data from the European Central Bank shows that outflows from Spanish commercial banks reached [$92 billion] in July, twice the previous monthly record. This brings the total deposit loss over the past year to 10.9 percent [of deposits]… In any capitalist economy, bank deposits […]