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To whom is the WORLD indebted?
by czar Saturday, Apr 21 2012, 10:36am
international / imperialism / commentary

The Absurdity of Sovereign Debt

Consider the material very carefully and resist the urge to dismiss, refute or denounce. The subheading is as accurate as anything ever written, indeed it is UNDERSTATEMENT!

It is widely known that nations are indebted to other nations that are in turn indebted to the Global Reserve Banking System, which is a privately owned network of Banks that control the world's supply of money.

Debtor nations, in exchange for (worthless) unpegged paper money, are forced to repay loans in real assets or valuable resources.

The world is asked/coerced to service loans in REAL ASSETS to this private cartel, which creates worthless paper money from thin air -- I kid you not. This is not a chapter from Alice in Wonderland its far more fantastic!

The euphemistic term "Quantitative Easing," which is temporarily sustaining a dead global economy, translated into real English, simply means that Reserve Banks print off any amount of paper money they require!

Creating money from nothing or 'thin air' and then forcing nations to exchange their REAL ASSETS and valuable RESOURCES for this worthless toilet paper is quite simply the CON of the millennium!

How or WHY global populations allow themselves to be enslaved in this way is beyond comprehension, but they do, all your financial debts originate from this fraudulent criminal CON-game run by a few elite Banking families, foremost among them, the Rothschilds and Rockefellers.

But I'm happy to report that this criminal rort has had its day and the game is over.

The greenback, as unpegged, FIAT global currency is not worth the paper it's printed on; its 'value' is derived from fraudulent activities and/or international subscription/support, which can be withdrawn at ANY TIME leaving holders of this dream currency counting their losses. The only currencies that are worth anything are those that are pegged to internationally accepted mediums/commodities such as gold or are backed by national governments not private banking concerns.

It remains to be seen how long the people of Greece, Spain, Ireland, Portugal, Italy, indeed the WORLD, allow themselves to be duped and enslaved by nefarious, parasitic banking interests.

If national leaders continue to kowtow to private banking interests in any way whatsoever, including ETS or Carbon Tax schemes, they do so at their own very great risk, the people have had enough!

It is appropriate therefore that nations crippled by sovereign debt, default immediately and confer with other nations regarding establishing a new international medium of exchange; one not controlled by the nefarious private interests that own the Global Reserve Banking System.

A final note:
The only austerity measures that should be applied are to the banking families and criminal cartels that have stolen the wealth of nations. All assets and horded wealth should be seized and returned to the people or national coffers.



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Czechs Stage Massive Anti-Austerity Rally
by staff report via stele - CommonDreams Saturday, Apr 21 2012, 11:26pm

As many as 100,000 Czechs have been protesting today in Prague against the government's austerity measures.

Union leader Jaroslav Zavadil said the cabinet was "humiliating the powerless with its anti-social reforms."

* * *
BBC News: Czechs stage huge anti-government rally in Prague

Anti-government demonstrators in the Czech Republic have staged what they describe as the biggest rally since the fall of communism in 1989.

They say 120,000 people packed the capital Prague, protesting against austerity measures and corruption. Police put the numbers at 90,000.

Echoing 1989, people jangled their keys - a signal to the centre-right coalition cabinet to lock up and leave.

The government has recently been rocked by splits and defections.

* * *
Agence France-Presse: Tens of thousands rally against Czech government

PRAGUE — Tens of thousands of protesters gathered for an anti-government rally in Prague's central Wenceslas Square on Saturday as the centre-right ruling coalition was teetering on the verge of collapse.

Unions, pensioners, student associations and others angered by austerity cuts and graft scandals teamed up for what they said would be the biggest protest yet against the cabinet of right-wing leader Petr Necas.

"The police estimate about 80-90,000 people are in Wenceslas Square right now," Prague police spokeswoman Eva Kropacova told AFP.

Union leader Jaroslav Zavadil put the number of protesters at 120,000 before lambasting the cabinet for "humiliating the powerless with its anti-social reforms."

"They promised budgetary responsibility but instead the government debt is growing. They promised to fight graft but corruption has gripped their parties and the entire society," he told the crowd.

[Enough is enough -- hang criminal bankers!]

by fred Sunday, Apr 22 2012, 5:00pm

in late 2010 an Irish comedian, commenting on the staggering debt of his nation to international banking cartels, suggested that it would be far more expedient to kill those to whom we owe the money rather than repay it! Sometimes the best solutions are SIMPLE.

Austerity Revolt Felt Across Europe
by staff report via gan - CommonDreams Monday, Apr 23 2012, 12:34pm

A full 60 percent of French voters who turned out for the first round of presidential elections on Sunday -- whether on the right, the center-left, or the far left -- agreed on one thing: more austerity is not the direction they desire for France. Nicolas Sarkozy, the staunchly pro-austerity candidate and sitting president, received less than 27 percent of the vote, and if he loses the presidency in a run-off with Socialist Francois Hollande it will speak loudly about about the growing backlash against austerity taking place across the Eurozone.

In the Netherlands over the weekend, the Dutch government cracked over disputes over proposed budget cuts. Meanwhile, deepening economic downturns in Spain and Italy are adding fuel to opposition against the German-driven campaign to remedy the crisis with massive cuts in government spending aimed at reducing deficits. Large austerity protests took place in the Czech Republic over the weekend, where tens of thousands marched in the streets in Prague calling for the end of austerity proposals and government corruption.

In the UK, a new report put out by the Scottish Trades Union Congress (STUC) shows dismal performance by the coalition government's economic austerity policies since it took office two years ago. The report showed growth forecasts have been continually revised down and the private sector has been unable to counterbalance the large-scale job losses in the public sector, according to STV in Scotland.

And in Ireland, two of the nation's largest trade unions - Unite and engineering and electrical union TEEU - are urging their members to vote against the European fiscal compact treaty -- pushed by Angela Merkel in Germany, Sarkozy's France, and the ECB -- in an upcoming referendum. TEEU general secretary Eamon Devoy defended their position to the Irish Times, saying, "it is becoming increasingly obvious that austerity is not working.” And continued, “The right-wing agenda of Chancellor Merkel might make sense in Germany but it is a death sentence for our economy and people.”

Bloomberg reports this morning: "Together with anti-austerity rumblings in a campaign for elections in Greece, the shift in grass-roots sentiment at the heart of Europe generated fresh doubts about the German-driven strategy for getting to grips with the two-year-old crisis." And US economist Robert Kuttner writes, "Deflating your way to prosperity is a fool's errand. It depresses the real economy, and there is no reward from the speculators of the private money markets no matter how much austerity you pursue."

* * *

Europe’s backlash against austerity gained momentum, in a challenge to German Chancellor Angela Merkel’s budget-cutting prescriptions for resolving the debt crisis.

French President Nicolas Sarkozy lost the first round of his re-election bid and a revolt against extra spending cuts in the traditionally budget-conscious Netherlands propelled Prime Minister Mark Rutte’s coalition toward an early breakup.

Together with anti-austerity rumblings in a campaign for elections in Greece, the shift in grass-roots sentiment at the heart of Europe generated fresh doubts about the German-driven strategy for getting to grips with the two-year-old crisis. [...]

The euro fell as bond investors moved money into Germany and out of the Netherlands, Belgium, Spain and Italy amid concern that a consensus over the crisis response is fraying. The yield on Germany’s five-year bond fell to a euro-era low of 0.62 percent while the premium that investors demand to hold Dutch bonds over bunds rose to the highest since 2009.

Reuters: Dutch coalition offers to resign in budget cuts row

Dutch Prime Minister Mark Rutte tendered his government's resignation on Monday in a crisis over budget cuts, creating a political vacuum in a country which strongly backed an EU fiscal treaty and lectured Greece on getting its finances in order.

Rutte said he had offered his minority coalition's resignation to Queen Beatrix after a split with the populist Freedom Party, which had backed his government for the past 18 months, opening the way for elections possibly as early as June.

Turmoil in what is traditionally one of the euro zone's most stable and prosperous members jolted financial markets, already worried that the Socialist frontrunner in French elections has pledged to renegotiate the agreement to ensure fiscal stability if he wins the presidency next month.

Markets have punished Spain by pushing up its borrowing costs sharply after Madrid relaxed its targets for cutting the budget deficit.

* * *

The Irish Times: Unions say 'No' to Euro Austerity Pact

Two of Ireland's largest trade unions - Unite and engineering and electrical union TEEU - have urged their members to vote No in the forthcoming referendum on the European fiscal compact treaty.

The TEEU has taken the decision because "it is becoming increasingly obvious that austerity is not working”, according to general secretary Eamon Devoy.

“The right-wing agenda of Chancellor Merkel might make sense in Germany but it is a death sentence for our economy and people,” he said.

“The backlash against austerity is no longer limited to small peripheral economies such as Greece and Ireland. The first round of the French elections shows that citizens in major, core economies of Europe are increasingly opposed to this policy.”

Mr Devoy said embedding the “draconian” treaty in the constitution “would condemn Irish working families to decades of financial servitude" to the banks. “To hold a referendum when France may well change its stance makes no sense whatsoever. If the Irish Government cannot adequately defend its citizens they must defend themselves.," he said.

* * *

STV in Scotland: Report claims austerity will make UK poorer

The Scottish Trades Union Congress (STUC) has published a report on the coalition government's performance since it took office two years ago.

It finds growth forecasts have been continually revised down and the private sector has been unable to counterbalance the large-scale job losses in the public sector.

It also claimed that measures such as the cut in the 50p top tax rate gave the lie to the Conservatives' slogan "we're all in this together".

The report, titled "Yes, the time has come to say 'we told you so'", reflects on the progress made in a range of economic and social policies.

It argues forcefully for a return to Keynesian economics, claiming that public investment is needed to stimulate the economy at times of low growth.

The report says: "Growth forecasts have been consistently revised down. Private sector jobs growth has been weaker, public sector job losses higher and business investment much lower than anticipated.

"Ministers might seek to blame this appalling story on external factors but the facts suggest that they must look much closer to home to identify the problem."

The report also finds that jobs growth in the private sector had been "nowhere near sufficient" to compensate for job losses in the public sector.

A spokesman for the STUC said: "We believed the decision to force rapid austerity on a weak economy was unnecessary and irresponsible.

"We argued that the lessons of economic history are unequivocal: when unemployment is high, the output gap large and interest rates already close to zero, public investment is required to grow the economy and get people back to work.

"Austerity would undermine recovery in the private sector directly through the loss of Government contracts and indirectly as jobs were lost and wages squeezed.

"Unemployment would remain higher for longer than necessary and the human, social and economic costs would weigh on society for decades. Society's most vulnerable would be hit hardest as benefits and services were lost or cut."

* * *

Robert Kuttner, senior fellow at Demos, a progressive US think tank:

It should be clear by now from the Greek experience that this strategy backfires. The latest case in point is Spain. The new Spanish conservative government is dutifully cutting Spain's budget. This only reduces the projected growth rate, widens the projected deficit, spooks money markets, and increases the interest costs Spain has to pay to finance its debt. Spain chases its tail, and chases the economy downward.

Deflating your way to prosperity is a fool's errand. It depresses the real economy, and there is no reward from the speculators of the private money markets no matter how much austerity you pursue.

* * *

Peter Hartcher in the Sydney Morning Herald: French fired up for new revolution on austerity

... the larger meaning of the [French] election was that it was anti-austerity. This was the strand running through the support for Hollande with 28.6 per cent, Le Pen with 18 per cent, Melenchon with 11.1 per cent and the Greens' Eva Joly with 2.3 per cent - a combined 60 per cent of votes cast. They all reject the fiscal austerity pact as one of their central policies. The pro-austerity Sarkozy won 27.1 per cent.

If Sarkozy loses, he will become the 11th leader of a eurozone nation to be thrown out since the European debt crisis took hold in 2009.


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