Forum Post: Irish Journalist Vincent Browne Vs. The ECB: "Explain Why The Irish People Have To Bailout Billionaire Bondholders" /// How Europe Has Evolved From A Democracy To A Bankocracy And Why Austerity Will Lead To Chaos
Posted 5 years ago on Feb. 5, 2012, 5:02 p.m. EST by MonetizingDiscontent
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Irish Journalist Vincent Browne Vs. The ECB: "Explain Why The Irish People Have To Bailout Billionaire Bondholders"
(European Central Bank Press Conference in Ireland):
-Uploaded on Jan 19, 2012-
~This is excellent~
If you're in a hurry just watch the final 2 minutes. Irish Journalist Vincent Browne shows the ECB how they roll in Eirinn. The ECB's Klaus Masuch gets a well-deserved earful.
Memo to Erin Burnett - This is how one demonstrates journalistic integrity.
How Europe Has Evolved From A Democracy To A Bankocracy And Why Austerity Will Lead To Chaos
In one of the clearest (and most optically pleasing) discussions of recent months, David McWiliams (of Punk Economics) succinctly explains how Europe has evolved from a democracy to a bankocracy, the implications of which lead to austerity for the people and a Franco-German imposition (the 'fiscal compact') that can only lead to social unrest and chaos.
In this brief (and expertly illustrated) video: http://www.davidmcwilliams.ie/2012/01/30/punk-economics ...the Irish economist clarifies Europe's 'dirty little secret' where economic policy is being run almost exclusively for the banks which, as we see in Greece and Ireland, means the political elite are becoming more and more detached from the people.
The terror of the r-word (referendum) looms large as McWilliams analogizes the two ways out of a debt crisis (squeeze the debtor or forgive the debtor) with the catholic and protestant perspectives on sin and forgiveness.
While falling short of calling for governments to go full-Keynesian (everyone knows you never go full-Keynesian), he (focusing on the problems of the current hopeful solution) summarizes the fiscal union as envisaged by France and Germany (which actually penalizes countries that are in trouble, rather than help them) as not a friendly-union but a vindictive strait-jacket put in place to help banks, not countries.
It comes as no surprise to him that the price of Gold (and Bunds) is firm as the 'example' that Greece is likely to set (or face extreme social upheaval) will domino-like stumble across the other troubled nations and as he points "we have been warned".
Our view remains that austerity works if countries manage to cut expenses while keeping a balance. Alas, the balance is out of skew due to 30 years of runaway full-Keynesianism, which leads indeed to the problems that McWilliams so well espouses.
PUNK Economics - Lesson 1:
(((PUNK Economics -Video-))): http://www.youtube.com/watch?v=oAR0VRLRGHE&feature=player_embedded
Nigel Farage: 'For Greece It's Diplomacy At Gunpoint, And Portugal Is Next'
Video - Nigel Farage - Feb. 1, 2012
Angry Youths Attack House Of Greek President Papoulias; Hurl Rocks, Molotov Cocktails
Instead of defaulting a long time ago (when we first suggested it should): http://www.zerohedge.com/article/greece-beginning-consider-strategic-default ...when it could have pulled an Iceland, taken a bitter pill, hyperinflated the drachma and in the process delevered overnight, if at a big social cost of losing its welfare safety net (which it is about to lose anyway courtesy of the PSI and OSI), and not be held captive to bigger geopolitical interests, and hostage to the banker superclass, Greece very likely could have been on the road to recovery now, granted with a totally different political regime.
Instead, the political regime is the same, Greece is more in debt than ever before, the economy is in shambles, the banks have seen two straight years of bank runs, and most importantly the people now are poorer and more disenchanted than ever, and as the following story indicates, about to get far angrier than any Syntagma square riot cam (which is about to come back with a PayPerView vengeance) has shown to date.
According to Kathimerini... http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_15449_04/02/2012_426098 ...late on Saturday evening, "A group of between 30 and 50 youngsters attacked the house of President Karolos Papoulias."
"The result of the attack was some minor damage to the entrance of the house at Asklipiou Street in central Athens and to the car that Papoulias uses. The hooded youngsters, who arrived by motorbike and on foot just after 8 p.m, hurled a Molotov cocktail, rocks and paint at the house but stopped short of attacking the two guards at the President’s house. Papoulias was inside at the time of the attack. Police is searching for those responsible for the unexpected attack."
And while the fact that discontented Greeks are willing to attack the most porminent political figure is in itself not shocking, the fact that it is being publicly announced is quite disturbing, as it opens up the population to the realization that one can express anger and hostility at one's rulers - an oppressive regime that has been benefitting the banking oligarchical superclass at the expense of the general population.
Consider it yet another "Sparatcus" moment. How many more of these before the Athens parliament is overrun? Or how much longer before the people realize they have notthing to lose?
( ( ( ( ( P o w e r to the P e a c e f u l ) ) ) ) )