Economist Dr.

Alain Parguez at Italian MMT Summit 2012
March 15, 2012

MEDIA ROOTS — Recently, Max Keiser discussed on RT the MF Global pillaging scandal, the USA’s eighth largest bankruptcy, and how the Occupy Movement has remained largely silent on the potential rallying-call issue due to a lack of financial literacy. Fortunately, Max Keiser, Dr. Michael Hudson, Dr. Richard Wolff, and others have been speaking at Occupy Movement convergences. Perhaps, in the USA, we may learn to head off the banker fascism austerity now looming over the Eurozone. Media Roots considers the benefits of our increased collective interest in the dynamics of political economy and international relations, impacting our global regions. In this spirit, we present the second broadcast from Pacifica Radio’s Guns and Butter, featuring excerpts of the introductory remarks from radical economist Dr. Alain Parquez at the recent Italian Modern Monetary Theory Summit in Rimini, Italy, February 2012. Messina *** GUNS AND BUTTER — “Real wages will collapse. And what we have in mind is a total collapse of the share of labour income in the French society and how to get that by the Treaty of Maastricht and the creation of the euro system.” — Dr. Alain Parquez “I’m Bonnie Faulkner. Today on Guns and Butter: Alain Parquez. Today’s show: The Birth of the European Central Bank: Its Real Agenda. Alain Parquez is Emeritus Professor of Economics, Ist Class, Université de Franche-Comte at Besancon, France; Faculty of Law, Economics and Political Science. He has written extensively on monetary policy, crisis theory, and economic policy, including articles and books on the impact of austerity measures, which he believes are the cause of the world crisis. He is currently writing a book on the general theory of the monetary circuit and its economic policy implications.

is a monk of the Order of Santo Benedict and the Chief of the French Opus Dei. I was told that in your country. [Applause] “Contrary to what happens in France. poverty. imposed permanent deflation. you should understand why the European system exists. the true amount of unemployment is around 60% of the active people. you try to fight the total coup d’état which has been planned a very long time ago. yes.” Dr. So. Alain Parquez. Italians are the sole hope of Europe.’ And it will be the core of my intervention. forever. 9:38): “So. we don’t have full employment and we don’t have price stability. ‘Professor. 6:23): “Well. produced by Italian journalist Paolo Barnard. some short data on France because the French invented and imposed the Eurosystem a very long time ago. ‘Yes! The French economy is dead. 2:00): “Yes.“Today’s show features introductory remarks by Alain Parquez at the first Italian grassroots economic Summit on Modern Money Theory in Rimini. but not enough.’ He told me. And. What we want is to destroy. by the Opus Dei. I am here to speak of a very dark and tragic story. modern economy. And now the new treaty imposed by our French president. We want. But the real economy in the Eurozone is already in the state of Zimbabwe. accepting sufferance. You are what the European ruling-class is afraid of—mobilisation of the people. He told me. So. my colleague was right. I am ashamed to be French because such an event would be impossible in my own country for two reasons. Alain Parquez (c. [Applause] But it has been carefully planned by those who build the European system. Michael Hudson. deprived the states of any kind of sovereignty. when I look at this audience. like the French government. So. thanks to Paolo and thanks to you. and Marshall Auerback. They want to rule by fear and ignorance. Italy or France should be back to the state of the poorest part of Africa—Zimbabwe. who makes Berlusconi a saint. You already understood that the euro is a monster. The government would have tried to forbid it. So. . some people believe that if we get rid of the euro. contradicting all the rules of both modern money. I try to discuss with him. the people. It means that all official data in Europe are lies. like in mine. there is hope that fear and ignorance will defeat what should be deemed techno-fascism. [Applause] (c. And we have a true rate of inflation of 7% or 8%. the problem is why is such an absurd system exists at all. and enshrined into the European monetary union. thank you and hail Italy. Italy. So. forever. William Black. are completely despaired. The five speakers were Stephanie Kelton. even young people. What they had in mind was the creation of a new totalitarian social order destroying democracy. I shall start my true speech by a quotation from the Chief Executive of the French Ministry of Finance—by the way. at least. to create a new kind of European people. (c. February 2012. For instance. which is obviously enormous. and by the way the European Commission is entirely controlled. I shall try to explain that the so-called ‘sovereign crisis’ of sovereign debt is a lie. again. all kind of social legislation. And the economy and society is in such a state of total disaster that people. In France. which could accept wages lower than in China. So. which is the existing tradition of the European monetary union.

In the new order. I must say. What you think that even for the leader of the French Socialist Party. what is the euro? A new totalitarian social order.” Bonnie Faulkner (c. The state has to vanish. It’s obvious that the state being forced to borrow money. I shall try briefly to explain the story of the planning European monetary union. at least the state rooted into democracy. only. In the new order there will be no more sovereign state. it destroyed the real economy. 18:37): “In [the] last part. The neoliberal economics. So. the very one who accused Mussolini of being too soft to the people and who accused Adolf Hitler of being too soft on poor people. briefly. it’s as I wrote. parliament. American style.” Dr. republic. And since they believed that the state. So. Schuman wrote that in 1927 we need to . This is Guns and Butter. traditionalist. “In a second part. [] is for five or six years in France minus 3% or 4% a year. I’m Bonnie Faulkner. which was planned a long time ago in the interwar period and completed by the regime of Francois Mitterrand. Today’s show: The Birth of the European Central Bank: Its Real Agenda. in the first part of my interventions. It was not even planned as a neoliberal agenda. Julius Evola. So. thereby. And the second stage. on false money. (c. the masterwork of the regime of Francois Mitterrand. Jean Monnet. But first let us. I shall try to explain that the so-called sovereign debt crisis is obviously an event who never happened in history. the achievement of the system was. indeed. European capitalism is dying. power should be entirely transferred to those who deserve it. which means some elite capitalist class technocrats enjoying absolute power of control. There are two stages into the planning of the Eurosystem. any kind of intervention of the European Central Bank. It started in the interwar period in the most reactionary. President Obama is a Marxist. if those interventions aim at increasing the banks’ wealth.“The Eurosystem was never planned to be a monetary union. indeed. which is exactly what is happening now. A long time ago. Especially. The private sector. the state debt should be looked at as bad debts and. in Europe is now dead. What they had in mind was to privatise the state. To quote Michael Hudson. [the few public] leaders of the capitalist sector are no more interested into the real economy. I wrote an article ‘False Money Against the Real Economy. “So. Thanks to an invitation by my colleague Stephanie Kelton. 14:49): “You’re listening to economics professor and author Alain Parguez at the Summit on Modern Money Theory in Rimini. was and is still completely ignored by the ruling European elite. the sole possibility of saving the European society is to get rid of that system. Italy. 21:12): “As for the euro.’ And. the state should be completely enslaved to the so-called bonds market. They are rentiers. But such a crisis has been carefully planned by the architects of the European system. part of the French ruling-class with some support from an Italian philosopher. explain the origin of such an absurd system. which people like Schuman. capitalist sector. The first in the interwar period and during 1940-1943. (c. Alain Parquez: “And. at least the state with democracy was always wasting real wealth. we start in the mid-‘30s. I shall try to prove that there is not the least way of amending the system because as a social order it has its logic in those who control the system will never accept any kind of change.

Indeed. It could help to transfer the power to a super class of technocrats on a supranational scale. And now it is exactly the same. I’m Bonnie Faulkner. They were absolutely explicit on this problem. the Prime Minister of France. But they had in mind the same vision: We must destroy shopping malls. it was a first stage. ‘I hate the poor.S. Protestants.” Dr. etcetera. who by the way was a fanatical right-winger hating the modern world. what meaned Europe? It mean a condominium between France/Germany and a colonial empire.’ So. revolution.R. And the new treaty. free access to health and education. But. “So. including Southern Europe and Eastern Europe. abortions. 28:35): “You’re listening to economics professor and author Alain Parguez at the Summit on Modern Money Theory in Rimini. Europe should rely on a supranational currency. turned to supporters of the new regime of drafting more sustainable version of the Eurosystem. for them. what was required to build Europe. Decadence for the poor Europeans means socialism. who said. etcetera. consumption. Jews. I could speak on this question because I had been conscripted by the Chief Advisor of Francois Mitterrand. All of them were fanatical followers of Friedrich Hayek. So.create Europe as a new order rooted into tradition saving Europe from decadence. People should accept to be poor. a pure infamy. was written by a French economist François Perroux in 1943 with the full support of a treaty passed between the [] government and the French [] regime of that time. the most right-wing Austrian economist of that time. But for those early Europeans. And Attali was in charge with a lot of former Marxists. Shopping malls were. Jacques Attali was. a monarchist. Italy. (c. which has been decided by President Sarkozy and Madame Merkel. we had to wait. . And the Europe elite was more hating the United States society of consumption shopping malls than they hated U. So. “Those people were against the traditional gold standard because they believed that the gold standard had not allowed a total abolition of the power of the state to spend. Alain Parquez: “Of the Treaty of Maastricht. there finally was which Bonnie Faulkner (c. hating the United States. homosexuality. de facto. entirely controlled by a sovereign central bank enjoying absolute power to ration the state. This is Guns and Butter. is exactly the blueprint of François Perroux 1943. to abolish the state.S. Today’s show: The Birth of the European Central Bank: Its Real Agenda. The regime of Francois Mitterrand. “But how could we suppress the state? By depriving the State of any power on money. to force a permanent deflation by squeezing and squeezing public expenditures. and Marxism. 24:20) “And which is extremely interesting for the early poor Europeans was which was a system completely opposed to the United States society they hated. the European project was maybe in the backwards because all his supporters were more Hitlerian than Adolf Hitler himself. for some time. So. So. Europe should be a super gold standard.

indeed. the State will be completely enslaved to private banks. Official economists in Germany. finally endorsed—a total abdication of states. the state. Oh. I would say modern money programme. what is happening now sought to the new treaty is—if it is.” . second point. To be brief. now. [Applause]" Bonnie Faulkner (c. by French and German banks. Francois Mitterrand during the sole debate on the Treaty of Maastricht dared to say. And. And. as soon as we could we will destroy. And what we have in mind is a total collapse of the share of labour income in the French society. But we never gave you money to get a programme of full employment. 90% of the Greek debt is held. France had a communist party. Francois lies so well that it could [be] believe[d] that he is for the people. some boyfriend of my mother before the war. the Treaty of Maastricht and the following Growth and Stability Pact. not because of state debt. the true words I had in mind was that. Today’s show: The Birth of the European Central Bank: Its Real Agenda. So. finally. most European countries. The core principle of the European treaties was the privatisation of the state. My mother told me. so. So. are completely corrupt. now. I can swear there is not the least independent central bank in the Treaty of Maastricht. the share of state debt is the assets of major French/German banks is below 5%. they never debate the infamy and collapse of European system. of fiscal policy. So. France. So. answering a question from a student. Italy. Real wages will collapse. Mitterrand had to win the support of the then-Party Communist. lies continue. I have the commitment of our dear future president. like any corporation. no more. And how to get that? By the Treaty of Maastricht and the creation of the Eurosystem. I am horrified when people say. indeed. 43:47): “You’re listening to economics professor and author Alain Parguez at the Summit on Modern Money Theory in Rimini. He was some long time ago. 33:18) “I remember debates at the secret commission who was in charge of the campaign of Mitterrand. Thank you. I was charged to write some modest [condition]. (c. If I dare say they are official prostitutes financed by grants of institutions. 40:50) “And. finally. And it is exactly what happened. and any kind of social policy. “The second point. poor banks. but a corporation with a very pure reputation had to beg money to banks at the rates of interest decreed by banks. of this. But it is absurd. Attali said. It happened that I was quiet close to Francois Mitterrand. by the way. Banks are losing money. so. finally. “So. And. So. So. I’m Bonnie Faulkner. the problem of rulers of the system is how to maintain the control of society. but because of the total collapse of the real economy. And. was to oblige the state to borrow money by selling bonds to private banks. everybody knew. This is Guns and Butter. The true name should have been Destruction and Instability Pact. like the Italian. But Attali was asked by those who funded Mitterrand campaign and who was the major funders [of] the Chase Manhattan Bank and two other American banks. a very weird name. the dream of the new order will be achieved. they are afraid because there is no debate. we will cut. everybody was aware of the true state of the Greek economy. we will deflate the economy. “I shall end this intervention by emphasising first the lies. will be obliged to cut and cut and cut expenditures.(c. The Greek government lied.

But now in most parts of France. like France. and support of the new axis ruling in Europe—Paris/Berlin. And. the euro can’t survive. and your prime minister was asked to prevent it. the share of labour income collapsed by at least 30% or 40% percent. reconstruct the economy. so. So. I do think that what is at stake is to impose a change of politics. Thereby. People who are still employed are living in firms who are more and more acting as some kind of Soviet forced labour concentration. So. (c. And this is a scandal we must try to make the people know the truth. So.Dr. more and more people are committing suicide in France because of labour conditions. . only if Italy decides to remain in the system. for a while. The euro rate of exchange is maintained by a lot of artefacts. Without the euro. 47:25) “I was told that this event is for the chair of European commission and abomination. Even if the European Central Bank decided to finance state expenditures. Italy was a highly competitive country. the European Central Bank and banks because ultimately who has created the ECB? Who is imposing the European Central Bank policy? The states themselves. the shopping malls are empty. people accepting—as learned audience—are living in a world of lies. Never have people been so productive. So. real wages collapsed and people are not aware of this scandal. the real value of the euro is absolutely nothing. the effect could be a benefit for Italy if it retains its monetary sovereignty. let me [now]. in the span of 20 years. A large part of the country is going back to some kind of middle age. They absolutely are rejecting any kind of policy of saving the economy. it is exactly the same for banks. [Applause] (c. including pensions in France/Germany is at its lowest level since the interwar period or the Nazi period. Give back full monetary sovereignty to the states. consent. if I could assure you that Stephanie was right. 44:08): “You see. [two different]. some thought of France and Germany to get an inflow of dollars from Saudi Arabia and even China. an item for Germany. as Marshall said. one of the highest in the world. the share of labour income. The productivity in France/Germany [and] is in Italy. it is much more than a job guarantee programme when the majority of the population is forever unemployed. always survived and prospered in a global environment. Italy. “Second point. And you are absolutely right. 45:14) “First. Everybody knows that the euro is grossly over-and-overvalued. All major banks in France and Germany are already trying to compute the effect of the end of the euro system. There is no other way. including permanent swaps with the Federal Reserve System. the French Government and the German Government will say no. Alain Parquez (c. At least the luck for Italy is that you have a weak state. whereas in France we have a very strong state. Everybody knows that. It is a dying system. But everybody also knows that the central banks of France and Germany never do anything without the full advice. And now the economy is in such a state of disaster that we need an enormous increase in expenditures. at the same time. to oblige the media to reveal the true situation. governments from France and Germany imposed policies of detritions all over Europe. (c. 51:49) “And now. yes. the European Central Bank is a weak oligarchy of 17 central banks de facto ruled by the French Central Bank and by the German Central Bank. But. In France. After all. my solution is let us support any movement to get rid of the euro. And.

And. 54:08) “The very option of the United States of Europe had been rejected since the start because those who intended to abolish the state at the national level did not intend to create a state at the European level. Today’s show has been: The Birth of the European Central Bank: Its Real Agenda. Visit our website at We’ve reached a state of the society where the sole option is to leave the system.neties.(c. His main academic title is that of Docteur d’Etat Es Sciences Economiques. Principles of Université de Franche-Comté at Besancon (France). Economics and Political Science. Courses he has taught during the last eight years include. Faculty of Law. Or google: Alain Parquez. Visit the website for the first Italian Summit on Modern Money Theory at www. and mainly the French. the system would collapse. Financial Economy. “Guns & Butter is produced and edited by Bonnie Faulkner and Yara Mako. And it is a fact that France and Germany. by the way. International Economic . He is a member of the Eastern Economic Association in the United States. and Theory of Visit his website at www. 55:55): “You’ve been listening to economics professor and author Alain Parguez. Alain Parquez is Emeritus Professor of Economics Ist Class. To leave comments or order copies of shows. banks do not want to be reimbursed. email us at blfaulkner@yahoo. Theory of Economic Policy. The real value of the euro is nothing. installing some kind of eternal debt for European people. Université de Paris 1.” Bonnie Faulkner (c. What banks want is income. And if Italy decided to leave the Euro.” Transcript by Felipe Messina for Media Roots and Pacifica Radio's Guns and Butter *** . It is a point I should address more. The French and the Germans created a system. are afraid of this point.

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