Don’t be a sucker and fall for Joan’s new EU “anti austerity” spin


A gaggle of double talking  EUrocrats published a phony op ed in the Guardian on Tuesday, 28 May.Since one of the signers was Joan Burton the Irish press went mad over this seemingly new initiative. Joan Burton is just a dupe or a dope based on the eurocratic company she keeps.

The article is headlined” Austerity could only ever bring Europe so far “.
In the months since the Cyprus bail out, the Troika has supposedly changed its tune and is now supporting , they say, jobs and growth instead of austerity.
This op ed signed by,László Andor, Pervenche Berès, Joan  Burton, Yves Leterme and Henri Malosse, proves that the “new policy” is nothing but the genocidal bail in – rushing toward the European Banking Union in the eurozone. The op ed makes that clear as the focus of it reads

In the past year the EU policy debate has rightly shifted towards growth, as opposed to “austerity only”. But we still lack a robust recovery strategy worthy of the name. Such a strategy would require a new policy mix based on the following elements.First, we must urgently set up an EU-level banking union to restructure or close down failed banks. ”

The duplicitous authors even say; ” Europe should convene a Bretton Woods-type conference to put in place an economic and monetary arrangement for the coming decades.”

There is no” Bretton Woods type of conference”. It’s FDR or nothing. There will be nothing left if these EU flunkies get their way. Ramming Glass-Steagall through and destroying Dodd-Frank in the U.S. will stop their looting schemes in Europe.

This morning we can see that Joan and her Troika – mates were just stalking horses for the new “structural reform” policy the European Commission is introducing  in Brussels. RTE’s coverage was at least honest enough to tell the partial truth in their last paragraph:”The reality is, however, that Europe simply does not have the money or means for a massive stimulus package – so the emphasis will be on trying to restore growth through structural reform”.

What does that mean?  EIR estimates that the total amount of derivatives
outstanding internationally is actually about $1.4 quadrillion
today — about double the amount that the banks have confessed to
holding and which the BIS admits to. There is an additional $200
trillion or so in global stocks, bonds and other financial
instruments, bringing the total global financial aggregates to
about $1.6 quadrillion. So derivatives make up almost 90% of all
global financial aggregates.
Since Dodd-Frank and other legislation in the U.S. and
Europe places these derivatives at the {front} of the line for
payment under a meltdown, consider the implications.
The total cumulative amount of Quantitative Easing issued by
trans-Atlantic central banks through the end of 2012, came to
some $4.5 trillion. At the current rate of additional QE coming
from the U.S., the U.K., the European Union and Japan, the total
will rise to some $11 trillion by the end of 2014. In addition to
that, the “Cyprus template” form of bail-in would provide for
stealing an additional $7 trillion or so from depositors (aka
“unsecured creditors”) across the trans-Atlantic sector. The
combined total would therefore be some $18 trillion.
{That is just over 1% of the total global speculative
bubble!} Do you really think that $18 trillion in theft has a
prayer of propping up a bubble that is 100 times that size? Of
course not.
But what that level of looting {can} do, and most
efficiently, is to kill off the population and the physical
economies of the United States, Europe, and most of the rest of
the world. Already, just in the 2008-2012 period, youth
unemployment has effectively doubled on both sides of the
Atlantic, with everything that means for the future of those
nations. What will happen as the looting accelerates many-fold,
as per the British intention? Genocide.

Next time you get your knickers in a twit over one of Joan’s “new initiatives, just take a deep breath, calm down and be prepared to stop her Brutish lies.

This entry was posted in Austerity & Bank Bailouts, Economy, Glass Steagall and tagged , , , , , , , . Bookmark the permalink.

2 Responses to Don’t be a sucker and fall for Joan’s new EU “anti austerity” spin

  1. bonbon says:

    We all know now of grad student Herndon’s exposure of the fake maths behind austerity. Steven Colbert shows in a hilarious interview video Rogoff and Reinhart’s austerity maths incompetence.

    No laughing matter though, Joan Burton’s “anti” swindle as this derivative maths shows.

    The Troika is the gang that can’t add straight!

    • I never saw the Colbert interview before. It IS hilarious.
      Maybe we can get him to interview Joan on “structural reform”. She can yell at him and then he can tell her that bail-ins kill, but he can be funny about it..

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