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A Closer Fiscal Union Needs to be arranged before the ECB is granted more powers

A Closer Fiscal Union Needs to be arranged before the ECB is granted more powers

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"A Closer Fiscal Union" needs to be arranged before the ECB is granted more powers
"A Closer Fiscal Union" needs to be arranged before the ECB is granted more powers

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07/22/2012

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 A closer fiscal union needs to be arranged before theECB is granted more powers.
Bank secrecy masks a world of crime and destruction. Banks seem willing to exploit theloopholes found in tax havens and it's costing the British taxpayer dear" (source: the
guardian)…
If anybody has actually read any of my postings and comments, which is not at allcertain since I do not read other blogs, posts and comments, they will have seen how I havebeen advocating the end of Tax Havens and fancy avoidance schemes for years. I have beensaying we are in a world war: the 1% against the 99%. It was in my report sent to Governmentsin 2009: A MORAL PATH TO RECOVERY, which can still be read on my blog's archived posts, Imaintain that Wealth Management, offered by the big banks, is the code word for tax evasionon a massive scale. It has grown into a major industry of the rich for the rich, by the richactually sponsored by Governments which have allowed the privileged elite to avoid payingtaxes. And we wonder why our countries are in debt and the economies stagnating. The bankshave been exposed as virtually corrupt, fraudulent, criminal organizations and yet not onesingle banker has been brought to justice. The 13 trillion dollars hidden away as calculated bythe Tax Justice Network simply must be recovered if Europe and America are to survive asdemocracies. The 99% just cannot support any more austerity measures, cut backs andincreased taxes. That is the simple choice we face. The 1% know they cannot hold out for everbut they seem too shortsighted to understand that if the majority sinks they will go downtoo....Well, as long as we allow banks to hold a license to create money as debt, there will be nosolution to this or any of the other corrupt activities of banks. Take away their power to dosomething and they will buy it back with the stroke of a pen. Banks are masters of our universe- but ONLY because we allow them to create 97% of our money supply when they extend loans.Until we restore the utility of money to a public accountable body in the national interest thebankers (in collusion with the political power they can buy so easily) will do as they please.
 And so the ongoing financial analysis goes on
The EU elites, Barasso and Rumpy Pumpy included, will never give up on their giant corrupt
ponzi
scheme, their mega salaries and mind blowing pensions ; one way or the other the eurofall will be one of this biggest failure in modern history. It will end; when all the people from theausterity ridden countries rise up and topple their Governments. The EU will then collapse like a
 
pack of cards. Good riddance, can't wait for the day! And so this ongoing financial analysis goeson!
Stimulus, austerity or a combination of both? I can't see any of the above scenarios working.
Austerity and the “Western Engine of the world economy” (Germany) spirals into decline,taking the BRICS with it. Use “stimulus” and money printing and we end up like Zimbabwe.
There's no magical growth on the horizon to pull us out of this spiral, at least nowhere nearenough.Kicking the can ever further down the road won't work forever. One could save a lot of timeand effort and just tell us we're all in deep water. One day the world will move on, but therewill be a very different political and economic landscape. A New World Order: perhaps?? I thinkafter a couple of years of frustrated viewing we are starting to see the 'markets' (whoever the
people are that make up the “market” they seem to be extre
mely gullible).FINALLY, cottoning on to the fact that the pantry is bare and there is no solution to the Eurothat doesn't involve the end of the Euro. As the saying goes "you can't fool all of the people allof the time"; well the time of fooling everyone except themselves seems to be running out forthe EU elite and they are going to be eating humble pie sooner now I think, rather than later.Mind you, they do have a remarkable capacity for dragging this out while they feather theirown nests, but we do seem to be getting close to the end game, finally.
More verbiage, no real action - IMF calls on ECB to act 
The International Monetary Fund is pleading with the European Central Bank to do more to fixthe eurozone crisis. In a report released at 2pm, the IMF said the ECB could, and should, domore to prevent the euro unraveling, arguing: The ECB can provide further defenses against anescalation of the crisis.Its recommendations included :
• considering further interest rate cuts
 
• a "sizeable" quantit
ative easing package, to stimulate the eurozone economy
• giving the ECB full 'lender of last resort' powers
 
• restarting its Securities Markets Program (to buy up peripheral sovereign debt)
 Suggestions 2, 3 and 4 are unlikely to be welcomed by stronger members of the eurozone (thinkGermany, Austria, Finland...) who could also fear that lower interest rates would drive inflationup.

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