Skip to main content

The head of the ECB “shadow council” confirms that eurozone is a financial dictatorship!

globinfo freexchange

In November, 2002, two of the most significant flagships of the financial press, the German Handelsblatt and the American Wall Street Journal, had a brilliant idea: we will create, they said, a "shadow council", consisted of some of the most important academic economists, but also economists from the private sector. The council will conduct monthly meetings prior to the ECB board of directors, for the purpose to suggest whether the base interest rate should be increased, reduced, or, remain stable.

Despite the fact that this council has no institutional characteristics, its existence as a consulting tool was planned by the Maastricht Treaty. Soon, it was transformed into an informal "institution", the decisions of which are reaching the headquarters of the ECB in Frankfurt.

Essentially, the target of this shadow council, as was mentioned sometime by Wall Street Journal, was to build a bridge for the big gap between the British central bank and the German Bundesbank.

From the first day, Handelsblatt's Norbert Häring, has been set the president and coordinator of the council. He participates in every meeting, without the right of voting. When I met him a few days ago in Brussels for the filming of the documentary This is not a coup, I was prepared to face another passionate supporter of the European institutions. Speaking at phone, however, he warned me that his view does not express the decisions of the shadow council. But there was nothing that could prepare me for the "bombs" he would attempt to plant at the euro-system foundations.

At the start of the interview, he told me that It is scandalous the fact that a central banker, like Stournaras, can state publicly that he had blocked the attempt of the [Greek] government to create a parallel currency, without ending in prison.” He also said that “This time, we don't have a silent coup”, like in the case of Cyprus, Italy, or, Ireland, “but a real coup that violates the responsibilities of the central bank and interferes to the political life of a country.

According to Häring, the ECB has been transformed now into a powerful player who speaks directly with the biggest banks of the planet without being controlled neither by the institutional tools of the EU. He explains to me that “The so-called independence of the ECB and of national banks is iconic. The fact that the elected governments are not able to affect ECB's decisions means that the influence of other players increases. I refer of course to the big financial institutions. ECB always lies on the side of the big banks.

According to Häring, ECB is able now to decide whether will sustain a government in power, or, will let this government collapse under the pressure of the markets - and that's exactly what happened with Berlusconi administration in Italy.

He says that “The national central banks consist part of the ECB system and have a terrifying ability to blackmail governments.” Through the exchange of big bond packages, they provoke big interest rate fluctuations, forcing governments to give them anything they want in return. At the same time, “they continuously give information to the ECB, through which it can blackmail the governments.

Häring's words appear to verify those who were considering the central banker as the "fifth column" of the ECB. The question now is whether there were indeed some people who believed that a government would be in position to exercise independent policy next to an "independent" central bank.

Key part from the article by Aris Chatzistefanou under the title “Stournaras should be in prison” translated from the original source :


With this confession, the term European Financial Dictatorship (EFD), that is used by this blog to refer to the eurozone, is absolutely confirmed and justified.

Related:





Comments

Popular posts from this blog

Protesters Stalk & Confront Israeli Minister Through NY Streets!

The Jimmy Dore Show   Israeli National Security Minister Itamar Ben-Gvir, who is also a convicted terrorist and Jewish supremacist, has been touring the US, speaking on college campuses and meeting with political groups, and he even traveled to Mar-a-Lago. His visit has been met with widespread protests, however. Ben Gvir was confronted by pro-Palestinian demonstrators in New Haven, Connecticut, following a speech he gave at Shabtai, a private Jewish society at Yale that’s not officially affiliated with the university. Jimmy Dore and Americans’ Comedian Kurt Metzger discuss how Ben-Gvir’s security detail was able to assault protesters with impunity — and that in fact police officers approach an assaulted protester to demand that he step away from Ben-Gvir’s group.

Deranged euroclowns want to revive a nazi-origin project!

globinfo freexchange   Behind the ridiculously cartoonish latest spot of the EU that gives "instructions" to the European citizens on how to deal with a major crisis during the first hours, lies a secret desire.    The deranged euroclowns of the crypto-fascist extreme center , are trying to build up a condition of consent inside the minds of Europeans, which is related to their biggest wet dream: an autonomous imperialist European army. The idea was not born suddenly because of Trump's hostile attitude against his own allies. From the early 50s, pan-European networks of neo-Nazis were created. In May 1951, the European Social Movement (MSE) was founded in Malmö, Sweden. Essentially, it was about projecting the ideology of the German SRP on a pan-European level. The MSE, which would remain active until the 1980s, proclaimed the need for Europe to emancipate itself from the divisive tutelage of the USA and the USSR, called for the defense of the “European race” against th...

Neoliberalism Needs To Go

Second Thought  

Το νέο ψευδοδίλημμα που κατασκεύασε το καθεστώς Μητσοτάκη για να κρατηθεί στην εξουσία

του system failure   Ένα από τα βασικά χαρακτηριστικά ενός καθεστώτος, είναι η έκδηλη αγωνία του να διατηρήσει την εξουσία. Ως απόρροια αυτής της προσπάθειας, είναι και ο σχεδόν απόλυτος έλεγχος της μαζικής (παρα)πληροφόρησης, δηλαδή, ότι ακριβώς κάνει το καθεστώς Μητσοτάκη.   Η αγωνία αυτή είναι φανερή και σε άλλους καθεστωτικούς μηχανισμούς, όπως οι εταιρίες δημοσκοπήσεων, που πασχίζουν να εμφανίσουν μια εικόνα ανάκαμψης για το καθεστώς, προκειμένου να διαμορφώσουν, ως συνήθως, το επιθυμητό κλίμα. Τελευταία, τα καθεστωτικά προπαγανδιστικά φερέφωνα, έχουν κατασκευάσει ένα νέο ψευδοδίλημμα, στοχεύοντας τον μέσο Έλληνα ψηφοφόρο και την ανάγκη του να νιώσει ασφάλεια, σε όλα τα επίπεδα.  Και για να συμβεί αυτό, έπρεπε προηγουμένως να κατασκευάσουν ένα ανερχόμενο αντίπαλο δέος απέναντι στον Μητσοτάκη, που όμως θα τρόμαζε τους, επιρρεπείς στις απότομες πολιτικές αλλαγές, "νοικοκυραίους". Και το βρήκαν στο πρόσωπο της Ζωης Κωνσταντοπούλου και την Πλεύση Ελευθερίας. Είναι σ...

US Official EXPOSES Truth About Gaza From The Inside

Owen Jones  

UN rapporteur Francesca Albanese: World is watching a live genocide in Gaza and doing nothing

The New Arab   As Israel’s war on Gaza enters its 19th month, UN Special Rapporteur Francesca Albanese is sounding the alarm louder than ever: the world is watching a live genocide — and doing nothing to stop it. In an exclusive interview with The New Arab , Albanese describes the devastation in Gaza as unparalleled since WWII. Entire neighbourhoods lie in ruins, tens of thousands are dead, and 91% of Gaza’s population is at risk of malnutrition. Over 60,000 children show signs of cognitive impairment due to starvation.  “This is not just war. This is genocide in real time,” she says. “What we are seeing now is the destruction of a people who refuse to leave.” Despite UN mandates and international law, Albanese says the global system is paralysed, and governments, corporations, and even universities are complicit. “If Palestine were a crime scene, it would bear all our fingerprints.”

Google Imports Ex Israeli Spies, The Genocide Resumes, Cruel Britannia

by Nate Bear   Part 3 - Cruel Britannia   The UK is moving ahead with large welfare cuts for disabled people, including those with cancer. On TV the other day, the UK’s health secretary Wes Streeting said that people with cancer should be in work, not at home resting. Alongside this, the government has said that to cut youth employment it will push young people to join the army. This, of course, is in the context of a massive expenditure on military weapons in the face of the Russian bogeyman.   What’s happening in the UK under a nominally centre-left Labour government is a good reminder that there is never a lesser evil if your leaders are neoliberals. Balancing the books on the backs of the poorest and most vulnerable in society is the north star of all neoliberals, whether they call themselves centrists, left wing or right wing. Cruelty is the policy and the point.    Yet the last few years have also been a good reminder that everything is a choice. Cov...

Every Day The Gaza Holocaust Continues, The Empire Tells The Truth About Itself

Caitlin Johnstone   We do not live in a free society that is guided by truth and morality. We live under the most murderous and tyrannical power structure on the face of this planet. And we should distrust everything about it. That's what they're showing us with the Gaza holocaust. More and more people are opening their eyes to it every day.      Related:   Time for the anti-imperialist powers to take the keys of the planet from the declining and morally bankrupt West

Israel Just CONFESSED

Owen Jones