Tag Archives: ECB

The EU is Becoming Toxic

Central Banks, like the Federal Reserve in US and the Bank of England in the UK are there to come to the assistance of our private banks when they have a cash flow problem. They do this as an essential part of maintaining the trust of the public in our global banking system. We allow our money to flow unhindered across the planet because we trust the system.

Then the European Central Bank (ECB) came into being and it appears the ball game has now changed. The ECB came about to facilitate ‘European Monetary Union’ and implement monetary policy in the Eurozone.

This includes many of the tasks that were previously carried out by our national banks, as well as running the euro currency system. Its owners and shareholders are the central banks of the member states and its president is a former managing director of Goldman Sachs.

So at the heart of the European Union there is a private company controlling the financial requirements of the member states, as well as many aspects of their banks. As a private company it is only accountable to its shareholders and is run by unelected technocrats.

When things get difficult, as I mentioned earlier, the ECB should be there to offer aid and assistance to a troubled bank in preserving trust. In the case of Greece however something very sinister has occurred, resulting in not so much an example of monetary union but the emergence of a sinister controlling device.

When the democratic Greek elections produced a left wing government the ECB turned nasty. The fact that the government was seeking to ease the lot of the Greek people, in their negotiations with their creditors, was irrelevant. The ECB sought to stop the financial support that is always available for the stability of the banking system and thereby close down the Greek banks.

It was the tool by which the Troika finally brought Alex Tsipras to his knees and caused his now infamous U-turn. Trust in this traditional and essential global banking function was broken with the threatened withdrawal of this support and he had no option but to capitulate to the ferocious demands of creditors.

It is also now reported that the Troika have taken control of the country’s tax collection mechanism, although vigorously denied by Brussels . . . Would they actually admit to it I ask myself? This ensures that payments of interest get priority over the normal use of taxpayer money to run the country. Such flagrant autocratic action has reduced the power of the democratically elected government to nil!

What is truly worrying is that the ECB have been guilty of this brutal breach of trust before in the case of Cyprus in 2013, when they forced the government to accept a controversial bailout programme and before that, a similar enforcement in Ireland in 2010. And it was only set up in 1998!

What we have is unelected technocrats exerting their will over that of democratically elected governments. Indeed our own chancellor in the UK, having been told to implement ‘austerity’ measures by the IMF, was then told to ease up because they knew they had got it wrong!

This is raw unelected power being exercised in a manner that is causing human tragedy on a growing scale. In Greece these ‘Austerity’ measures (that the IMF admit don’t work) have caused a suicide every day since 2010. It gets worse as the situation deteriorates, seeing a 35% escalation in suicide rates over the last 2 years, with a particular emphasis upon the unemployed. Source: George Rachiotis MD PhD at the University of Thessaly in Greece.

As I survey the debris from the financial violence taking place in Greece I find myself asking where Brussels is in all of this. There is a deathly hush in the corridors of (power?) where our distant and unaccountable MEP’s are supposed to function. They too are our democratically elected representatives, charged with running the EU for the benefit of the people, by managing our resources for the common good . . . but their silence now is deafening.

This silence and their secrecy over the now infamous TTIP and TPP trade agreements has become untenable to my mind and the antithesis of what trust is all about. I can see no purpose to the EU in what was originally sold to us as a political ‘union’. It is becoming increasingly obvious that it is nothing more than a ‘multi country control mechanism’ that needs to be dismantled at the first opportunity . . . Let’s have a European Referendum Season!!!

Once again I find myself offering a huge debt of gratitude to the Greek government and Greek people for lifting the veils upon the sinister forces that rule our lives. The price they are currently paying can only be justified if we understand and learn from their horrendous experience and  vow to rid ourselves of this toxic cancer of growing abuse.


Until the next time


Thinking from his Book: Global Magna Carta. Returning Power to the 99% . . . If They Want It! By J T Coombes


My Admiration for Alex Tsipras Just Grows

After a landslide victory in January Alex Tsipras landed running on the world political stage and straight into the massed baseball bats of Brussels and the Troika. What a baptism of financial and political fire to be introduced to in your first days in power.

His intentions were honourable and with the best interests of the people at heart, except he was totally at odds with the policies of Greek creditors. Easing the financial position of the Greek people had never been a consideration, as poverty and suicide continued hand in glove.

However, the political dexterity of the Greek Prime Minister was admirable, as he ducked and dived around the conference tables of Europe. He successfully outflanked his creditors with a bewildering array of tactics, concluding with a referendum that showed the world just how determined he was to ignore intense pressure not to involve the support his people.

This has resulted in both Brussels and the Troika showing their hand to the world in just how opposed they are to such democratic involvement and support, a warning to all of us. Not only that but the subsequent ferocity of their unrelenting demands to hamstring the Greek people with more debt, as well as helping themselves to 50 billion euros worth of national assets, throws another spotlight upon the thinking and intentions of the new European Central Bank.

Its unelected representatives have been imbued with a power over the 28 member states banks that has all but removed any financial autonomy from those countries, illustrating their total commitment to neoliberalism. This newly declared power will now be directed at regime change in Greece, as they seek a ‘MacDonald’s’ government in each member state to acquiesce to their dictates.

This is NOT what Mr Tsipras has any intention of giving them! He has fought a very lonely battle, whilst undergoing an intense learning curve (haven’t we all!) on the new realities of European politics. What he is fighting is a bureaucracy with a contempt for the people whose countries they now have increasing power over. Democracy is being replaced by indebtedness and austerity that will also support the confiscation of national assets.

On this latter point Greece is a ‘magnetic’ tourist destination with much undeveloped land, both on the mainland and its beautiful islands. With austerity, land can now be bought up at a fraction of its true worth to be developed into attractive holiday accommodation. And the necessary cheap labour to look after those holiday makers will be readily available from an already indentured Greek population.

As the actions of Mr Tsipras lift the veil on the attempted birthing of a NWO I cannot go along with a consensus that is castigating him for a supposed U-turn. Here in the UK we are used to the “I-turn . . . U-turn . . . We all turn together” policies of Cameron’s government and so it is understandable to react when we see something similar elsewhere but I am not so sure. There is a difference between a U-turn and a tactical withdrawal.

I cannot believe that a man who has fought valiantly for his people against insurmountable odds is simply reneging on his deep felt political convictions, just to hold on to power.  Of course he was naïve about the intentions of Brussels and the Troika, weren’t we all!

Neither do I believe he is forfeiting his soul, as previous leaders have done, but simply doing whatever is necessary to refinance his country, albeit with more odious debt, in order to regroup and find more time in which to bring about the socialist changes he is seeking.

In identifying the ‘odious’ nature of much of Greece’s Public Debt, any new debt can only exacerbate this illegal situation and suggests a possible insight into thinking about a longer term plan for the good of his country. That takes courage and commitment, given that his opponents have now taken their gloves off in front of the whole world!

There is an election coming up in September and the Greek people are looking for leadership. Mr Tsipras has acted with integrity towards his people and held firm in his political beliefs, in spite of political colleagues leaving the ‘sinking ship’ and demonstrations opposing what he is doing.

What he is standing up for has touched a nerve in all of us. We know that what is happening to Greece is both unjust and wrong! We also know that we can expect the same treatment, if we too defy the abuse of austerity whilst watching our assets being stripped from us.

The time has come for a new breed of politician with the mettle of Alex Tsipras and entrenched socialist beliefs that can return us to a Society again and away from the Economy we are being forced into.


Until the next time


Thinking from his Book: Global Magna Carta. Returning Power to the 99% . . . If They Want It! By J T Coombes