In the discussion thread: Payroll employment continues to edge up in June (+80,000); jobless rate unchanged (8.2%) [View all]
Response to Mayflower1 (Reply #24)
Fri Jul 6, 2012, 12:02 PM
stockholmer (3,751 posts)
27. Not all (Sweden, Finland, Denmark, etc are ok- for now) but many. In a nutshell here's some reasons:
1. The Euro was doomed from the beginning. You cannot have a single currency with 17 different fiscal policies and a myriad number of underlying macroeconomic subsystems. What works for one country will many times be a poison pill for another. IMHO it was designed to eventually fail to force political unification, aka the stripping of the individual nation-states sovereignty.
2. Massive systemic control fraud by the top 10 or so banks, who lied and cooked books to get nations like Greece into the Eurozone. These banksters then bet against the very nations they had set up to fail.
3. The inability for individual nations to print money, thus hamstringing the nations' abilities to expand and contract money supply as tailored to their own economic situation. Only the ECB can do this, and Germany basically runs the ECB. They have a hard-wired fear of inflation, dating back to the Wiemar hyperinflation of the mid 1920's.
4. Sustained, coordinated attacks by both the banks and the hedge fund hyenas on the individual nations bond markets. They can bring a nation like Greece or Portugal to its knees in just a few days via large increases in the cost of borrowing. In addition there was a tremendous amount of corruption in many of the southern EU countries, that led to traditional financial woes as well. This is drastically overplayed in the financial press, however.
5. The utter insistence that PRIVATE bank losses be NATIONALIZED and dumped onto the backs of the citizens. This huge debt transfer is then used as the principal rationale behind the calls for drastic austerity. This austerity then creates a negative feedback loop where the economies contract, thus bring in ever decreasing revenues to the national governments. Then the crisis is started all over again. Public infrastructure and public lands and resources are then snapped up at bargain-basement prices by the banksters.
Neo-feudalism, driven by corporate bankster fascism thus ensues. Eventually even the US (who escapes the immediate wrath by the Fed's ability to print trillions of dollars and still have the globe flee into its arms of dollars and debt) will succumb to this death spiral as well.
The other main thing (EU fear being the first) that is propping up the US dollar is that 87% of all global transactions (including the big one- oil) are still denominated in dollars. This creates a constant demand for more and more dollars, and allows the US to rack up trillions upon trillion in public debts that any other nation would have long ago went bankrupt from. This ponzi scheme is enforced by one main thing, the US military. This gunboat banking schema is the reason for 95% of the empiric wars that America is engaged in.
Saddam Hussein and Qaddafi were murderous despots, but both were supported with billions of US taxpayer-funded dollars until they each attempted to trade oil in non-dollar denominated methods or tried to nationalize their oil fields. At that point, the 'shock-and-awe' embrace of US death dealing began in earnest. The major nation now trading oil in non dollar ways is Iran. Thus the war drums beat for mullah blood.
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Replies to this discussion thread
|Firebrand Gary||Jul 2012||#5|
|Citizen Worker||Jul 2012||#40|
|Citizen Worker||Jul 2012||#39|
|Huey P. Long||Jul 2012||#26|
|Firebrand Gary||Jul 2012||#36|
Not all (Sweden, Finland, Denmark, etc are ok- for now) but many. In a nutshell here's some reasons:
|high density||Jul 2012||#50|
|4th law of robotics||Jul 2012||#57|
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