paper money and fractional-reserve banking are natural disasters, says EU
Posted by Ivo Cerckel on May 9th, 2010
The present banking crisis is due to the fraudulent phenomena
of irredeemable, at least unbacked, paper money,
and of fractional-reserve banking. (1)
In order to provide more digital, not even paper, money to Greece,
the Masters of the European Union (EU), not just those of euroland,
will apply to Greece
a clause in the 2009 EU Lisbon treaty designed to provide cash for economies hit by natural disasters. (2)
This means that the EU Masters consider that,
due to the fact that they did not criminalise the phenomena of
irredeemable, at least unbacked, paper money, and of fractional-reserve banking,
these phenomena are natural disasters.
Wouldn’t it be more appropriate to consider the EU Masters to be unnatural disasters?
Ivo Cerckel
honestmoney@maktoob.com
http://twitter.com/ivocerckel/
NOTES
(1)
digital liquidity & fractional-reserve banking are fraudulent – Let the system collapse now!
Ivo Cerckel – December 2008
http://bphouse.com/honest_money/worthless-digital-liquidity-and-fractional-reserve-banking-are-fraudulent-%e2%80%93-let-the-system-collapse-now/
(2)
Alistair Darling trapped in euro deal
Alistair Darling has agreed to consult directly with George Osborne and Vince Cable as European leaders looked poised to push through a new multi-billion pound bail-out fund part-financed by British taxpayers.
By Edmund Conway and Bruno Waterfield
Published: 10:08PM BST 08 May 2010
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7697471/Alistair-Darling-trapped-in-euro-deal.html
SNIP
The proposal, tabled by Nicolas Sarkozy in an emergency meeting late on Friday night, will involve the creation of a €60bn “European stabilisation mechanism” designed to provide bail-out support for countries which may face similar strain to Greece in the coming months.
It is thought to be focused particularly on Spain and Portugal, both of whose leaders fear an assault by “bond vigilantes” in the market who have scented weakness within the eurozone. The plan will have fiscal implication for all European Union countries, including the UK. The key element is an extension of an existing bail-out package, already used to support Hungary and Latvia.
This involves extending an already-existing Lisbon Treaty clause originally designed to provide cash for economies hit by natural disasters. Under this, the European Commission will borrow directly from markets, with its own finances guaranteed by EU nations – something which would leave the UK public finances exposed if a country fails to repay the loan. It could also impact the UK’s credit rating.
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