IMF presses Euro countries to hand over Sovereignty

By LUIS MIRANDA | THE REAL AGENDA | NOVEMBER 9, 2012

The International Monetary Fund (IMF) has urged countries that are under pressure from markets and high financing costs, including Spain, to seek the help of the European bailout funds to enable the debt purchase program created by the European Central Bank (ECB) to be initiated.

“Countries should implement plans to adjust and, if necessary, seek appropriate support from the EFSF / ESM. This would allow the ECB to intervene using the recently established program,” said an IMF document prepared for the meeting of Finance ministers and central bank governors of the G20 for the past 4 and 5 November.

In this regard, the organization stresses that although the ECB’s decision has removed some of the main risks for the eurozone, political and economic factors can cause these countries to not seek help from European partners and the ECB at the right time.

The institution led by Christine Lagarde said that although progress has been made, the resolution of the eurozone crisis will require “timely and decisive” policy implementation.

The IMF warns that access to finance at a reasonable cost is “essential to enable successful economies to adjust. While the economies of the periphery must continue to adjust their fiscal balances at a rate that they can afford in the current fragile environment, they should also adopt the right policies.” The document warned that changes that do not include a so-called rescue may not be sufficient to fully recover the confidence of the markets, especially risk implementation.

So, the supposed solution provided by the bankers is not only not effective, but also a double whammy. On top of keeping countries in debt, the bankers also want to deepen the crisis by issuing more debt so that more risk can be created and nothing will ever change. That is why the banks want to take complete control, micromanaging every single country’s fiscal and monetary policies, so that they can risk as much as they want with other people’s money without having to be accountable to anyone.

The IMF disingenuously stresses that measures adopted because of the crisis should be accompanied by a roadmap towards creating a banking union and greater fiscal integration to strengthen the monetary union. That is exactly the mechanism that would, once and for all, given them the complete control of all financial decisions in Europe. They also intend to export this to the rest of the world once the EU nations are fully absorbed.

In the opinion of the IMF, the union should be based on a unique mechanism of supervision — controlled by the banks who created the crisis –, a resolution mechanism at the level of the Euro zone, with support from all members and a scheme where all countries pitch in to have a deposit guarantee scheme for the entire currency union. That money will also be spent at the banker’s discretion and countries or banking institutions will be ‘rescued’ only if they agree to all terms in the contracts.

The IMF also stresses that continued implementation of financial, fiscal and structural reforms is “essential”, while acknowledging that several years will pass before all policies are fully implemented. This means that bankers, at least for now, do not intend to collapse the European financial system at once, as long as they can continue to postpone it by creating more debt and adding sovereign nations to their portfolio of debt slaves.

The bankers have smartly warned about using austerity as a way to curb out of control spending, and instead advocate for perpetual indebtedness. That is because this is the most efficient mechanism for them to get to control nations directly from the inside. The truth is however, that the IMF is one of the main pushers of austerity as a first step in the acquisition of indebted nations. Once government bureaucrats are no longer able to cut anything else, the bankers pose as saviors by lending fake money so the countries can begin another cycle of debt-based ‘development’.

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The crisis has reached Germany, warns ECB president

By LUIS MIRANDA | THE REAL AGENDA | NOVEMBER 8, 2012

Mario Draghi, the president of the European Central Bank (ECB), said Wednesday that the effects of the crisis are beginning to be felt in the German economy, which until now had remained largely untouched by the difficulties experienced by other European nations.

In a statement, Draghi said that Germany had remained somehow unaffected by the crisis and that many of the problems seen in other countries had not extended their tentacles to the country. The difficulties in the rest of the euro zone, especially in countries such as Spain, Greece, Italy and Portugal have been more visible, while Germany was seen as the ‘untouched one’.

“But recent data suggest that these events are beginning to affect the German economy,” Draghi said in a speech in Frankfurt on the eve of the meeting on interest rates from the ECB.

In this respect, the Italian banker said that given Germany’s openness, it is not a surprise that the country is affected by the slowdown in the rest of the euro zone, especially when 40% of GDP comes from direct trade between Germany and the rest of the region. Additionally, about 65% of foreign direct investment in the country comes from other euro countries.

“The financial events in Germany are the mirror image of the financial situation in the rest of the euro zone and this means that measures to ensure the stability of the euro zone as a whole will also benefit Germany,” he added. Draghi sought to justify recent austerity measures imposed by the Euro bankers on nations that requested bailouts for their banking system or the governments themselves.

The ECB president reiterated his defense of the decisions taken by the institution, particularly in the case of the direct purchase of debt from countries that formally request it. He said that this move “sent a clear signal to the markets that fears about the euro zone are baseless”. Draghi miss the point — most likely intentionally — regarding the actions taken by the government in Brussels. That is, none of the measures adopted so far have visibly accomplished anything.

Under the current policies neither Europe nor any other region or country in the world will be able to come out of the debt hole. This is even more true when countries and their governments are guaranteed that financial rescues are waiting for them as long as they follow economic and financial policies crafted by the unelected European technocrats. As mentioned here before, the bankers actions are comparable to combating a raging fire by pouring fuel over it.

Draghi then tried to emphasized that the purchases of debt, although unlimited, are not random. “It is important to emphasize that unlimited does not mean uncontrolled,” he said. Later Draghi stressed the indispensable condition that countries request the intervention of the ECB and that they fully accept the conditions offered through the European Stability Mechanism plan which conditions the so-called financial rescue to the intervention of the International Monetary Fund.

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International Banking Mafia Drools over ‘Spanish Prize’

By LUIS MIRANDA | THE REAL AGENDA | SEPTEMBER 19, 2012

The global banking cartel that almost daily proposes the destruction of the nations states is working harder than ever to once and for all conquer Spain. Even before the European Central Bank issued a statement about its openness to bail out Spain, technocrats in Europe were already proposing the looting of the country. Now that the ECB agreed to print million of euros to acquire the peninsular country, they are megaphoning louder than ever that Spain must immediately accept the bailout in order to solve its debt problem.

In previous reports, The Real Agenda reported how the unelected leaders in Brussels believe that Spain will not be able to comply with the conditions imposed by the bankers should Mariano Rajoy request the money from the European Stability Mechanism, which would turn such a request into an official hand over of the nation to the European bankers and nothing else. According to sources in Brussels, Spain does not have and will not have the capacity to cut its deficit by collecting taxes or reducing government spending. What these two actions would definitely do, is to harden even more the dire situation in which millions of Spanish people are now: unemployed, having to use their savings to pay for daily expenses and while looking at an uncertain future.

Proof of the tough conditions in Spain are two reports that circulated on the Spanish press yesterday. One news article on the newspaper La Vanguardia, told about how Spanish people withdrew over 30 billion euros from their bank accounts during the month of July alone. That is how much they trust their government to solve the economic and financial crisis. Those 30 billion euros added to the amount withdrawn last year for a total of 80 billion euros. The withdrawals include individual and business accounts.

The other report published on the newspaper El País describes how the conditions imposed on Spain — after the country requests the bailout — will be the toughest so far in the region. This comment did not come from a speculator, but from the president of the Eurogroup, Jean-Claude Juncker, who said that Spain will experience deep cuts in government spending, which most likely be applied to government services, pension system and entitlement programs. Juncker’s prediction contrasts the comments made last week by the Spanish Secretary of Economy, Luis de Guindos, who assured the nation that the measures adopted along with the bailout would not mean ‘further sacrifices’ in the 2013 government budget.

In summary, Spain will not be able to meet the conditions of the bankers. Those conditions will represent more sacrifices from the Spanish people, who do not have an ounce of trust on their government to take the nation from the debt hole where it is sitting now. However, the same government led by Mariano Rajoy is still considering requesting the bailout, perhaps being influenced by the European banking sharks who are calling for the immediate request of the funds by the Spanish bureaucrats.

“The announcement of the ECB was very brave on one hand, but will not help unless Spain or Italy request the support of an economic program of the EU and the IMF,” said Charles Dallara, the Director of the International Institute of Finances (IIF), while attempting to portray the bankers as the saviors of the European region. In this regard, he said that in the absence of a government negotiating a reform program that is supported by the European Commission, the “massive potential support” by the ECB will remain only potential and will not materialize.

Spain had already requested the bailout of its “too big to fail” banks, which were instructed to hoard the money to avoid the otherwise impending hyper-inflation. The same situation occurred in other countries of the Euro zone and the United States. This explains why despite government interventions through massive fiat money printing, nations on both sides of the Atlantic haven’t generated any significant economic activity. Neither small or medium size business have been able to request loans to run their businesses. Instead, the bankers have hid the money given in bailouts, or have used it to pay fat bonuses to their board members and most influential investors.

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Tokyo Injects Fiat Money while Beijing Talks about Bond Attack on Japan

By LUIS MIRANDA | THE REAL AGENDA | SEPTEMBER 19, 2012

The territorial conflict for the Senkaku/Diaoyu islands on the East China Sea have revealed two things in the last few days. First, China’s thirst to defeat its rivals in the region, despite American interventionism. Two, China will not necessarily use military weapons. Instead, it will use its economic might.

While the Japanese Central Bank announced it will follow on the steps of the American Federal Reserve and European Central Bank in flooding the market with money to keep its economy afloat, in Beijing the Communist Party led government is now considering attacking Japan by imposing sanctions on its main funding source: the sale of government bonds.

China is Japan’s main creditor today with holdings of over $230 billion in Japanese government issued bonds. This is China’s strongest weapon at the moment, or at least the one that the Chinese may use to obligate Japan to withdraw from the territorial dispute that has now called for the intervention of United States Defense Secretary Leon Panetta.

The most recent asset purchase program in Japan was extended by about 10 billion yen (€ 97,200 Mn), to 80 trillion yen (778 000 € Mn). In turn, the types of interest are maintained between 0 and 0.1%, a level at which they are since October 2010. The same policies are now being used by the United States Federal Reserve and the European Central Bank, which continue to facilitate funds to large financial institutions while denying loans to small and mid-size entrepreneurs.

The Bank of Japan opted, just like the Fed, to inflate its currency, by printing fiat money into the banking system in an attempt to revive the economy. As seen for the past 4 years, the insane policy of creating fiat money out of nothing does not work. In fact, it only prolongs the crisis because governments are not doing anything to kick start their economies.

The decision has favored the Nikkei, Japan’s stock market. Transactions closed with a rise of 1.19%. Stock markets are another tool in the rigged game that governments use to paint a colorful picture about otherwise dying economies, because they do not represent the actual state of those economies, but that of specific sectors. Stock prices, as in the case of Facebook, can be manipulated to show whatever the manipulators want to show.

The fake snowballing effect of the fiat money printing mechanism reached Europe, where the local markets received the news about the Japanese Bank injecting the worthless money into the economy as a good sign, which helped lift the markets.

In the meantime, in China, Jin Baisong, a member of the Chinese Academy of International Trade wrote on the China Daily newspaper that his government should “impose sanctions on Japan in the most effective manner” to bring Japan to its knees. He said China should consider invoke the security exception to punish Japan.

Other Chinese media such as the Hong Kong Economic Journal published an article about China’s plans to to cut off Japan’s supplies of rare earth metals which Japan needs to produce high tech consumer goods for local and international electronic giants. The considerations to punish Japan through credit lending, imposing cuts of raw materials and calling on international trade organizations to sanction Japan are three of the first steps China is considering to tame down the country’s intent to claim the Senkaku/Diaoyu islands as its property.

In the last two days, multiple protests exploded all over China against the Japanese which prompted many Japanese companies to close their doors for fear of retaliation.

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All Power to Brussels and the European Central Bank

By LUIS MIRANDA | THE REAL AGENDA | SEPTEMBER 12, 2012

A great complement to the decision to enable the European Stability Mechanism could materialize if the government in Brussels gets its way. The European government is now proposing that the European Central Bank should control all banking institutions in the EU. The European Commission wants the ECB to have the power to close or punish banks that do not abide by the rules issued in Brussels by the technocrats who now control the European banking system.

The European Commission proposed on Wednesday to empower the European Central Bank (ECB), that will oversee all eurozone banks beginning in 2014, to remove bank cards and punish non-compliant entities.

Brussels ignores Germany resistance to such power, which wants to limit the power of a single supervisor of larger systemic institutions. The initiative also collides with the reservations in the UK and the countries of Eastern Europe, which fear that the ECB will accumulate too much power while the nations are excluded in the decision making process.

In an attempt to allay these doubts, Brussels makes clear that the rules for the sector will be developed by the European Banking Authority, which lists the 27 member nations. In the first phase, starting in January 2013, the Central Bank will take over banks that have received state aid, thus opening the door for direct recapitalization, the EU plan says.

Then, the ECB will also monitor systemic institutions. By January 1, 2014 it will also be in charge of 6,000 entities that operate in the eurozone. The objective of this initiative, which was presented by the President of the Commission, José Manuel Barroso, in his State of the Union address in the Parliament, is to break the “vicious circle” between sovereign and financial debt and move towards a union bank. This has been the plan all along. The technocrats in Europe have always sought to erode national sovereignty — as explained in our report about the future of nation-states — so that the bankers can later consolidate power and resources, which is their ultimate goal.

“This new system, with the ECB in the center and involving national supervisors, restore confidence in the supervision of all banks in the euro zone,” said Barroso, who has called for a speedy adoption of the proposal so that it can be operational in early 2013. “In the future, the losses of bankers and debt will not become that of citizens, questioning the financial stability of entire countries,” he noted. That is difficult to believe, since the banks who are now posing as saviors were the ones who created most of the debt through fraudulent financial mechanisms.

The creation of a single banking supervisor in the EU is the condition imposed by Germany to allow the bank bailout of 100,000 million euros that the EU granted Spain. This bailout bypassed the state and was not computed as debt. Although n public Germany seems to not support more banker power grabs, in private Angela Merkel is indeed promoting the creation of a new European centralized entity.

The German finance minister, Wolfgang Schäuble, said in recent days that he wants the ECB to be limited to systemic institutions and intends to maintain control of its regional banks. However, the Commission contends that “as we have seen in recent years, even small banks can be systemic and cause financial turmoil,” as Northern Rock, Anglo Irish and Bankia.

The EU executive said his proposal is the “right balance” between the tasks of the ECB and the national supervisors. The ECB will have the final say in “key” decisions, while the daily work of supervision will remain with national authorities. This aspect is what the German minister of finance had opposed from the beginning. As proposed by Brussels, the ECB is responsible for granting new bank cards or withdrawing them if banks do not comply. Also, Brussels will evaluate major acquisitions and sales, and will require banks to increase their capital if it detects risks.

According to the proposal the EU will share power with the national authorities up until the moment when the EU’s authority for settlement is created. Then, it will be all up to the bankers. In order to perform the functions described above, Brussels will give new powers to the ECB, which may request information from entities and perform field inspections. In addition, it will be entitled to impose fines of up to 10% of its turnover. This last imposition is seen by skeptics as the mechanism for the ECB to fund its operations.

Do we or do we not work for the banks?

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