Skip to main content

The head of the ECB “shadow council” confirms that eurozone is a financial dictatorship!

globinfo freexchange

In November, 2002, two of the most significant flagships of the financial press, the German Handelsblatt and the American Wall Street Journal, had a brilliant idea: we will create, they said, a "shadow council", consisted of some of the most important academic economists, but also economists from the private sector. The council will conduct monthly meetings prior to the ECB board of directors, for the purpose to suggest whether the base interest rate should be increased, reduced, or, remain stable.

Despite the fact that this council has no institutional characteristics, its existence as a consulting tool was planned by the Maastricht Treaty. Soon, it was transformed into an informal "institution", the decisions of which are reaching the headquarters of the ECB in Frankfurt.

Essentially, the target of this shadow council, as was mentioned sometime by Wall Street Journal, was to build a bridge for the big gap between the British central bank and the German Bundesbank.

From the first day, Handelsblatt's Norbert Häring, has been set the president and coordinator of the council. He participates in every meeting, without the right of voting. When I met him a few days ago in Brussels for the filming of the documentary This is not a coup, I was prepared to face another passionate supporter of the European institutions. Speaking at phone, however, he warned me that his view does not express the decisions of the shadow council. But there was nothing that could prepare me for the "bombs" he would attempt to plant at the euro-system foundations.

At the start of the interview, he told me that It is scandalous the fact that a central banker, like Stournaras, can state publicly that he had blocked the attempt of the [Greek] government to create a parallel currency, without ending in prison.” He also said that “This time, we don't have a silent coup”, like in the case of Cyprus, Italy, or, Ireland, “but a real coup that violates the responsibilities of the central bank and interferes to the political life of a country.

According to Häring, the ECB has been transformed now into a powerful player who speaks directly with the biggest banks of the planet without being controlled neither by the institutional tools of the EU. He explains to me that “The so-called independence of the ECB and of national banks is iconic. The fact that the elected governments are not able to affect ECB's decisions means that the influence of other players increases. I refer of course to the big financial institutions. ECB always lies on the side of the big banks.

According to Häring, ECB is able now to decide whether will sustain a government in power, or, will let this government collapse under the pressure of the markets - and that's exactly what happened with Berlusconi administration in Italy.

He says that “The national central banks consist part of the ECB system and have a terrifying ability to blackmail governments.” Through the exchange of big bond packages, they provoke big interest rate fluctuations, forcing governments to give them anything they want in return. At the same time, “they continuously give information to the ECB, through which it can blackmail the governments.

Häring's words appear to verify those who were considering the central banker as the "fifth column" of the ECB. The question now is whether there were indeed some people who believed that a government would be in position to exercise independent policy next to an "independent" central bank.

Key part from the article by Aris Chatzistefanou under the title “Stournaras should be in prison” translated from the original source :


With this confession, the term European Financial Dictatorship (EFD), that is used by this blog to refer to the eurozone, is absolutely confirmed and justified.

Related:





Comments

Popular posts from this blog

The real reason Zionists and their US-Western imperialist buddies are slaughtering Palestinian children in Gaza

globinfo freexchange   Gaza is gas-rich. At least 1.4 trillion cubic feet rich. Geologists and natural resources economists have confirmed that the occupied Palestinian territory lies above sizeable reservoirs of oil and natural gas wealth, in area C of the occupied West Bank and the Mediterranean coast off the Gaza Strip. Back in 1999, the Palestinian authority signed a deal with British Gas. Just off the Gaza coast two wells were drilled. It was a multi-billion dollar gift from God and economic boom for both home and abroad.    In 2007, Hamas came to power and Israel launched an offensive on Gaza Strip, leaving behind 1,400 dead Palestinians, but taking with it the gas fields. Within a year, Israel announced the discovery of the Leviathan natural gas field, which did include Gaza's riches, valued at 453 billion dollars. But Gazans have been denied around 47 billion dollars in revenue. As for Tel Aviv, it's gunning to become a new hub.   As Andy Rowell of priceofoil.org repo

Roger Waters & Abby Martin on Gaza Genocide

Empire Files   Legendary Pink Floyd musician Roger Waters joins Empire Files to discuss his longtime advocacy for Palestine and the crisis in Gaza.       

The BANNED Video Israel Doesn't' Want You To See

Double Down News   Is this what they don't want you to know? 

Time for the anti-imperialist powers to take the keys of the planet from the declining and morally bankrupt West

It's time for China, Russia, the Global South and the Arab World to form a robust coalition with the mission to make sure that international law will truly apply to everyone   by system failure   We are witnessing a genocide in real-time. Israeli Apartheid state has launched another ethnic cleansing operation against Palestinians, not only in Gaza, but in the West Bank too. And the level of brutality of this operation shows that the Zionists of Netanyahu regime are absolutely determined this time to complete what the Israel is trying to do for decades: wipe out Palestinians from their land.   Therefore, in essence, this is just the culmination of an ongoing ethnic cleansing operation against Palestinians that is going on since 1948.   However, there are some new facts in this re-boosted cycle of violence this time, apart from the level of brutality against Palestinian civilians. One, is the fact that the US-Israeli propaganda doesn't seem to be very effective, despit

Who controls agricultural land in Ukraine?

The total amount of land controlled by oligarchs, corrupt individuals, and large agribusinesses is thus over nine million hectares, exceeding 28 percent of the country’s arable land. The rest is used by over eight million Ukrainian farmers.   Part 9 - How will the post-war reconstruction plans proposed by international financial institutions affect the agricultural sector?   Ukraine’s staggering and growing foreign debt – estimated at US$132 billion in 2020 – makes it likely that reconstruction will be dictated by international financial institutions and foreign interests, which have already indicated that they will use their leverage to further privatize numerous sectors, including agriculture.    For instance, the World Bank has asserted that Ukraine’s reconstruction must be accompanied by “ further liberalization of the agricultural land market, ” while the Ukraine Reform Tracker, presented at the Ukraine Recovery Conference in July 2022, states that the post-war moment presents th

US greenlights potential war with Iran

globinfo freexchange   Krystal Ball and Kyle Kulinski of Secular Talk , reveal how the bloodthirsty neocons in Washington DC are pushing for a war with Iran. They are rushing to blame Iran for supporting Hezbollah against Israel, while its Zionist state is carry on with the ethnic cleansing of Palestinians in Gaza and West Bank. They are just looking for a pretext to do what they always wanted for decades: invade and destroy Iran.  

How US media legitimise Israel's barbarism against the Palestinians

By presenting Israel's terror campaign against Palestinians as if it were defensible, the US media are doing their part to help it continue   by Gregory Shupak   Part 4 - An ethical veneer Similarly, The Los Angeles Times declared that " Israel has every right to use military force to prevent " attacks like the ones that Hamas carried out on 7 October and that Israel " must stay true to its values by doing everything possible to minimize the suffering of innocent Palestinian residents of Gaza. " The piece applauds Biden for saying he will ask Congress for " an unprecedented support package for Israel's defense " and for vaguely suggesting that Israel reflect on whether killing thousands of Palestinians will help it " achieve [its] objectives ". The editorial then asserts: " That Israel does not target civilians is small comfort for the families of those killed or wounded. " Perhaps the authors think it magnanimous to mention th

Gaza 'Textbook Case of GENOCIDE' - Holocaust Scholar

Owen Jones   Raz Segal - an Israeli associate professor of Holocaust and genocide studies at Stockton University in the US - is someone you need to listen to. When he uses the term 'genocide', it is not done lightly - it is with precision. Here he sets out the case that the Israeli state is committing an ongoing genocide in Gaza - and questions of intent, incitement, prevention and accountability.  

October 7 testimonies reveal Israel’s military ‘shelling’ Israeli citizens with tanks, missiles

Israel’s military received orders to shell Israeli homes and even their own bases as they were overwhelmed by Hamas militants on October 7. How many Israeli citizens said to have been “burned alive” were actually killed by friendly fire?   by Max Blumenthal   Part 2 - Israel bombs its own base, nerve center of the Gaza siege   Hamas and Palestinian Islamic Jihad (PIJ) launched Operation Al-Aqsa Flood at 6 AM on October 7, quickly overwhelming the military bases from which Israel maintain its siege of the Gaza Strip. Chief among the objectives outlined by Hamas and PIJ was the release of Palestinians imprisoned by Israel, including as many as 700 children passing through the system each year along with 1264 Palestinians currently being held without charges. The 2011 swap for Gilad Shalit, an Israeli soldier captured five years prior and released in exchange for 1027 prisoners, provided clear inspiration for Al-Aqsa Flood. By storming military bases and kibbutzes, the Palestinian militan

Zionist anti-Palestine censorship is surging

The Real News Network   Dylan Saba, a lawyer for Palestine Legal, was asked to write a piece on the silencing of pro-Palestine voices by The Guardian —only to then be informed at the last minute that his piece had been killed. Saba joins countless pro-Palestine activists and voices who have been targeted with termination, doxxing, harassment, censorship, and even death threats. Saba joins The Chris Hedges Report to discuss the intensifying war on civil liberties unfolding as public revulsion at Israel's crimes in Gaza grows.