With the minimum of fuss and very little attention in the media, an unelected central banker just performed a spectacular manoeuvre allowing himself to quite literally raid the earnings and savings of 317 million people in Europe with no further recourse than demanding that by doing so, he will save the Euro as a currency.
A little background perhaps.
Mario Draghi, an ex World Bank and Goldman Sachs Managing Director was appointed by the Council of the European Union (did you ever vote for any of these?) to the second most powerful banking position in the world – head of the European Central Bank. Yesterday, he quietly announced that he would do “whatever it takes” to save the Glorious Euro and in turn, the careers and pensions of a raft of corrupt European Politicians and Bankers. He isn’t joking either. This is a man who can issue bonds, demand funding, control interest rates and lean on the democratically elected leaders of every country in the Eurozone to do as HE says.
Moreover, he can access the tax regimes of any Eurozone state, issue or deny credit. If the Germans or the Finns decide that enough is enough and Greece should receive no further handouts from the hard pressed taxpayers, he can simply roll his Trojan horse through the lot of them and issue credit to the Greeks via the European Central Bank bonds – without any recourse to democracy or European law. He can, in effect, help himself to whatever financial resources he feels he needs and there is no one on the planet that can stop him.
A massive rise in European stocks yesterday showed that Corporate Europe likes the idea of a population of 300 million who will not be allowed to go bust, no matter how badly or corruptly they run their economies. Big business loves the idea of being able to rely on a central bank that will never run out of other people’s money. Hedge funds and speculators have been shown that no matter how big, corrupt or outright incompetent, no European bank will be allowed to fail, the printing of worthless money can continue and in the background, the taxpayer will always be frogmarched to cashpoints all over Europe to pay for it.
Earlier this week, I warned of the creation of a perfect “banking State” whereby an unelected banker could force elected politicians and their electorates to dance for his pleasure or kneel before him in servitude. Guess what? It’s just arrived. Put away your party politics, your banners, your candidates and your political campaigns, the European Central Bank has achieved what 200 years of war could not. Total dominance over the wealth of the people. The European Central Bank has nothing more to do with stability or principles or solidarity of a monetary union designed to serve the people, it is merely a brutal instrument to redistribute your wealth as and when it sees fit and there is nothing you or I can do about it.
Dear Eurozone. You may think you live in a democracy, but every penny you will ever own now belongs to Mario Draghi. Don't say you weren't warned