I keep reading how the European Central Bank lacks the power the Fed does, which amounts to the power to create any amount of money from nothing, and gift it to any corporation, nation, or even individual it wants to.
As I read the eurozone situation, it seems clear that in some short timeframe the demand is going to be made that the powers of the ECB be increased, obviously in the “public interest”.
Now, to be clear, the primary dichotomy with which we are presented is the eurozone tightening, and in which the fiscal decisions of all member states are subject to the veto of Brussels; and the European Union splitting, in which member nations become sovereign once again.
How attractive will it not prove to be to “monetize” the debt of the PIIGS? As I understand it, this amounts to a much smaller implementation of my basic idea, in which money is CREATED to pay the bills of profligate nations, and in exchange for which NO hard decisions have to be made.
Oh, in the end, none of this is so complicated that an actually DEDICATED journalist could not sort it out. Where the fuck are you pieces of shit? What the hell are you doing, that you are not making all of this so clear that nobody anywhere can fail to grasp that the power elite are taking care of their own? Socialist, conservative: I don’t care–if a power elite is taking money from the rest of us, shouldn’t you care?
To be clear, the Federal Reserve in the United States has on my score card four major episodes. Panic of 1908 (or so): creates plausible cause for Fed, which is soon exploited by a power elite. Great Depression: created by inflationary/deflationary Fed policy, and used to get seperation from the Treasury Secretary, who for the first 22 years or so had final say.
Inflation of 1970’s: created by Fed, and in the end used as argument to allow them to buy any type of security through Open Market Operations, supposedly as a tool to “fight inflation”.
2008: Discount Window reinvented to allow the Fed to loan any amount of money to anyone–foreign or domestic–for any period of time.
Now let me be clear: the situation, as it exists today, is that the Fed can create any amount of money from nothing, grant it to anyone it wishes, for any amount of time, and no Congressional oversight exists, and no legal limits exist.
Let us just suppose, in the spirit of adventure, that of the billions of people living on Earth today, not all are honest. If you were not honest, can you imagine ways to use the money of the Fed, unmonitored, created ex nihilo, and gifted just to you for any purpose you want to pursue?
This is what the European Central Bank will be asking for shortly. It will be proposed as the only solution to the “crisis”. Me: I am tired of pointing out the tediously and painfully obvious. Where are you fucking assholes that do journalism for a living and put up with this patent bullshit?
Edit: I was listening to some father crying tonight about the conditions of his custody. I thought to myself that if life were much easier–as it should be–all these fucking dramas, that the kids all hear, remember, internalize, and react to years later, would reduce greatly.
If it was not profane to put the word fuck on Enola Gay, it is surely not wrong to risk offense in discussing our disgusting status quo, the fucking suits who manipulate it, and the fucking stupidity that enables them to divide the left and right such that no matter who gets elected, nobody tells the truth.
I am no saint and have no desire to claim that status. If there is somebody out there who feels acute guilt and would benefit from a kick in the nuts, I can help them out. Otherwise, I will tell the truth as I see it, and continue trying to spread it.