Tarpley om storbanker

Artikeln för dagen att läsa – Webster Tarpley – Criminal banking cartel dominates US, British governments

A series of enormous financial scandals over the past few months provides new proof of the existence of an international banking cartel in the form of an ongoing criminal enterprise devoted to market manipulation, money laundering and embezzlement, and enjoying the collusion of the US and British governments at the highest level.
The LIBOR scandal may well represent the biggest corruption case in the history of the world.

The central banks and government agencies, which are supposed to act as regulators, have all been captured and put into the service of the banks they are supposed to be overseeing.

With these revelations, a final and conclusive case emerges that the US and British banking systems are indeed parasitical criminal enterprises which serve no positive social purpose, but which absorb government and other resources in such a way as to make economic recovery in their respective nations impossible.

Och det här då… theeconomiccollapseblog.com – Spain And Italy Are Toast Unless Germany Allows The ECB To Print Trillions Of Euros

The financial chess game in Europe is still being played out, but in the end it is going to boil down to one very fundamental decision. Is Germany going to allow the ECB to print up trillions of euros and use those euros to buy up the sovereign debt of troubled eurozone members such as Spain and Italy or not? Nothing short of this is going to solve the problems in Europe. You can forget the ESM and the EFSF. Anyone that thinks they are going to solve the problems in Europe is someone that would also take a water pistol to fight a raging wildfire.

No, the only thing that is going to keep Spain and Italy from collapsing under the weight of a mountain of debt is a financial nuke. The ECB needs to have the power to print up trillions of euros and use that money to buy up massive amounts of sovereign debt in order to guarantee that Spain and Italy will be able to borrow lots more money at very low interest rates. In fact, this is probably what European Central Bank President Mario Draghi has in mind when he says that he is going to ”do whatever it takes to preserve the euro”. However, there is one giant problem. The ECB is not going to be able to do this unless Germany allows them to. And after enduring the horror of hyperinflation under the Weimar Republic, Germany is not too keen on introducing trillions upon trillions of new euros into the European economy. If Germany allows the ECB to go down this path, Germany will end up experiencing tremendous inflation and the only benefit for Germany will be that the eurozone was kept together. That doesn’t sound like a very good deal for Germany.

So what happens if Germany does not allow the ECB to print up trillions of new euros?

Financial journalist Ambrose Evans-Pritchard recently described what is at stake in all of this….

Failure to halt a full-blown debt debacle in Spain and Italy at this delicate juncture – with China, India and Brazil by now in the grip of a broken credit cycle and the US on the cusp of fresh recession even before the “fiscal cliff” hits – would tip the entire global system into a downward spin, triggering the sort of feedback loop that caused such havoc in late 2008.

As I have written about so frequently, time is running out for the global financial system.


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