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| French Finance Minister Christine Lugarde, IMF |
Run For Your Lives' ... Euro Zone Considers Solution of Last Resort: The ink on the most recent European Union
summit agreement was hardly dry before it became clear that it was
insufficient. With investors now increasingly wary of Italy, the
consensus is growing that the European Central Bank – and the IMF – will have to play an even greater role. But will it be enough? – Der Spiegel Online
Dominant Social Theme: We didn't want it. We didn't
mean to suggest it. We don't think it's a good idea. But it looks like
the European Central Bank and the International Monetary Fund will
simply have to take a bigger role in solving this terrible crisis.
Free-Market Analysis: It is all too predictable.
We've been writing for months on the possibility that the entire EU
crisis is a kind of contrived one and this article post at Der Spiegel
Online does nothing to discourage this supposition.
It's likely nothing more than a power elite dominant social theme, that the Euro-crisis is a deadly one and that the EU simply cannot figure out what to do. The meme is simple: Financial leaders with power and common sense must come to the rescue.
Isn't it obvious who the heroes are going to be? Why, the central
bankers, of course! These good, gray men with careful phraseology and
elliptical sentiments are the hope of mankind. When politicians dither
and markets act irrationally these mavens of monetary price-fixing will
get the job done.
A central banker is looking to lead the Greek unity government –
which is unified with the efficiency of a shotgun marriage – and now Der
Spiegel, Germany's leading elite mouthpiece, informs us that consensus
is "growing" to have the IMF and ECB "play a greater role." What a
coincidence.
And whose consensus is that? We guess Germans are standing on street
corners all stolidly agreeing that the IMF and ECB must have their way.
Considering that increased ECB involvement (and money printing) is
anathema to Germans, we wonder how the top men at Der Spiegel actually
know this. Here's some more from the article:
Half-Hearted and Half-Baked. Greece will keep the euro for the time being – that
much is certain. But it also seems clear that this is neither a
guarantee of economic health in Greece nor a secure future for the
common currency. On the contrary, there were growing doubts on financial
markets last week as to whether the resolutions reached at the
late-October European summit would be sufficient.
At that meeting, European leaders leveraged their bailout fund to
more than a trillion euros. But what was celebrated a week ago as a
"tour de force" and a "breakthrough" is now viewed as half-hearted and
half-baked. Hardly a politician or economic expert believes that Greece
can be rehabilitated under the more current plan from Brussels.
And now there are also growing concerns about Italy. Interest
rates for Italian treasury bonds reached a new record high last week,
and the managers of the European Financial Stability Facility (EFSF)
were unwilling to risk tapping the global financial markets. The planned
issue of a new EFSF bond was cancelled at the last minute.
Not surprisingly, the mood was grim among the leaders gathered
on the French Riviera last week for the G-20 summit. The conclusion,
after countless discussions about the crisis, was that much more radical
measures are needed. The International Monetary Fund (IMF) and the
European Central Bank (ECB) are to take over the management of the debt
crisis in the future, and Germany's currency reserves are no longer off
limits.
OK, now we understand. It is not the average German who wants more
involvement of the ECB or the IMF, but the G20 itself. This is
laughable. Here's a list of G20 countries: 1. Argentina 2. Australia 3.
Brazil 4. Canada 5. China 6. France 7. Germany 8. India 9. Indonesia
10. Italy 11. Japan 12. Mexico 13. Russia 14. Saudi Arabia 15. South
Africa 16. Republic of Korea 17. Turkey 18. United Kingdom 19. United
States of America.
See how this is manipulated? Who exactly is calling for more IMF and
ECB involvement? Argentina? The Argentineans kicked the IMF out not long
ago. China? What right do Chinese leaders have to advise on the
internal politics of the EU? It's not as if the ChiComs are doing such a
great job handling their own economy.
Indonesia? South Africa? Russia? ... These are examples of countries
that understand how to manage economies successfully? Don't think so.
How about the UK and the US? Well, let's see; neither was a full member
of the EU (including the currency zone) last time we checked.
In fact, the UK is so scared of a referendum on the matter it won't
let its citizens vote on whether or not to leave the EU. As for the US,
mention it and most will give a big yawn. This whole idea of a consensus
is just more of what we call directed history. The whole game is being
run by the Anglosphere power elite that wants to create world government and won't stand for anything less.
So here's what happened. A representative of these great central banking
families and their associates and enablers "dropped by" while the G20
was in session. A memorandum was passed round instructing the various
parties as to their "agreement." Lo and behold, everyone agreed! And
then a press release was drafted. It said there was "consensus." There
was no one to ask, of course. Most of the members were on the phone to
their bankers, checking to see if their Swiss accounts had been credited
yet.
Conclusion: As for the press release, it went
straight to Der Spiegel, which put their crack reporters on the case.
And now we've reported on what the magazine came up with. What a shock.
The idea that Europe needs the firm hand of the IMF and ECB is nothing
but a dominant social theme. The promotion unrolls; we'll see if in this
era of the Internet Reformation it unravels.
