GREECE AND SEIGNORAGE TO THE 3rd POWER

June 18, 2010 at 7:36 pm Leave a comment

by Giulietto Chiesa, Translated by Diego Traversa for Gulagnik

 

 

 

It has been called “Operation Bail-out” for Greece. Actually, the so-called “aid” from the IFM and the ECB is but another collective blow dealt against the Greeks. I say “another” since Greece wouldn’t have found itself in this situation if it hadn’t already lost its sovereignty. Undergoing blows from world financial markets, all the European States have already lost it. And the loss of sovereignty is embodied by handing over debt to international financial speculators.

Suffice it to say that, if the operation will “be successful”, Greece’s public debt-Gross Domestic Product ratio will be rising from the current 115% figure to 150%. As to say, we can already predict mathematically, that by 2013 the situation in Greece is going to be worse than it is today, with a country experiencing recession, with increasing unemployment and falling consumption.

Unless, in the meantime the popular uprisings will not have ended up in bloodshed and in forcing a “socialist” government to shoot at people. Then we’ll be seeing what’s going to happen to other two “socialist” governments like Spain and Portugal which are bringing forward steps so as to avoid ending up in the same situation as Greece. Yet, they are bringing them forward in keeping with the international financial elites’ instructions, which have been advocated by the European Union. Which means that their situation is in any case going to get worse and that the debt service, imposed by speculators, is about to get increasingly serious. Why? Simply put, because no solution can be worked out within the dynamics that have brought about the international financial disaster, the beginning of which (mind, beginning, not end) we are witnessing. The media will probably say that the Greeks, the Spanish, the Portuguese and the Italians must be held accountable for all this, since they have been living “far beyond their possibilities”. And gullible people will buy it, being deceived by economic pedlars of regime (nearly everyone) who have praise the fraud, widely earning advantages from it.

Obviously, the true story is different. It’s the story of the Empire of the past 20 years, which has imposed globalization upon the entire world. And, basically, what has this American globalization stood for? A trick the American financial elite has conceived (being protected and made stronger by the dollar being imposed all over the world as international reserve currency) in order to force the entire world to pay the US’s debit balance, both foreign and home. Putting it more brutally but even more exactly, a population, Americans (and the elites from both the rich and the poor countries) have become compulsive buyers to such an extent that today it does not know what savings are. The millionaire has turned into an unrepentant chronic borrower. And so with the middle class as well.

Everything has been carried out so as to keep a tight rein on them (us) through an uncontrolled level of consumption, that feeds an exorbitant debt. American home savings have been negative for some time (consumption exceeding income). Who will pay for this? The rest of the world will. How? Through so-called deregulation: the biggest and most daring hocus-pocus ever tried in history, except maybe for the building of pyramids.

How has this trick been performed? By handing over to the markets (to Wall Street, the primary stock exchange) the tools to determine, from outside, economic policies of single countries. How? By buying into public debts of those countries, then by selling them while fixing determined interest rates for their service. This is how, more or less, all the states have become debtors. That’s not all: debtors who can’t pay off their debts and who are forced to borrow more and more money from those very loan sharks. In order to achieve all this, yet, a preliminary trick was needed: to make Central Banks completely independent, through privatization, from their related governments. In such way, Central Banks have worked to force governments into the bitter humiliation of financial markets. That is: a handful of several hundred people who have never been appointed by anyone and who have tied a noose around peoples’ necks.

When these financial markets crashed by themselves, we could see this international gang rushing to help and bail out these cheating banks. With what? With public loans, financed by taxpayers, with interest rates adding up nearly to zero. And in spite of being bailed out, these cheating banks have not untied the knot by which they have kept and keep these former sovereign states hung up. States which, by now, are going broke one after the other. And which, in order to avoid bankruptcy, impose tragic limiting measures upon people’s incomes and cuts upon vital services. In other words: they make the lower classes grow even poorer in order to keep merciless speculation living, a speculation which all over the world brought about, in these last decades, a net transfer of wealth, from the poor to the rich, amounting to 20% of the world’s GDP.

Rather than on speculators, austerity is imposed on citizens.

A social treaty is being broken while conditions grow ripe for bursting conflicts, a situation from which these very people hope to get out of by means of imposing authoritarian solutions. All this is nothing but seigniorage raised to the third power. There’s only one solution (but we can’t hear unions, allegedly leftist parties and oppositions propose it). To nationalize the States’ public debt in order to subtract it from the stock markets. Both Japan and Argentina did it: they came off very well. The second necessary step is to nationalize Central Banks again. To refuse the European tack about markets strengthening their controls over the States.

Is all this about the end of Europe and the Euro? Not at all. It’s only the end of the fraud. At any rate, those who warn about these threats are supposed to know that this mechanism is already on the verge of collapsing and that even all the sacrifices being expected from innocent and deceived peoples won’t be able to save it. The Greeks are right in saying: “We won’t pay”. This is the answer that should resound in every European square.

Fonte in italiano: http://www.megachipdue.info/rubriche/34-giulietto-chiesa-cronache-marxziane/3894-la-grecia-e-il-signoraggio-al-cubo.html

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