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    Say No to Financial Stability

    Posted by Ivo Cerckel on October 9th, 2011

    The fact that the euro still exists, notwithstanding the fact that the Maastricht criteria of the Stability and Growth Pact have NEVER been met, is the result of the potency which the Marking to Market(-price) (MTM) of the Eurosystem’s gold reserves held in itself.

    1.
    UPDATE 2-Slovak coalition partners deadlocked over European Financial Stability Facility (EFSF) mandate
    Reuters, Sat Oct 8, 2011 10:13pm IST
    http://in.reuters.com/article/2011/10/08/eurozone-slovakia-efsf-idINL5E7L806G20111008
    SNIP
    Slovak ruling parties rejected a proposal by a junior partner on Saturday aimed at ending a dispute over the expansion of the euro zone’s EFSF rescue fund, forcing the dissenting party to suggest it may retreat before last-ditch talks next week.
    Euro zone minnows Slovakia and Malta are the last member states holding up an agreement to strengthen the European Financial Stability Facility (EFSF) mandate needed to fight a sovereign debt crisis undermining Europe’s banking sector, and which has already engulfed some of the bloc’s core economies such as Italy and Spain.

    2.
    Is there nobody over there who studied Ancient Greek philosophy?

    Nobody knows Aristotle’s notion of “potency” reconciling Parmenides with Heraclitus?

    HERACLITUS (5th century B.C.), the forerunner of relativism, maintained that reality is pure change (reality is in a pure STATE OF FLUX (everything is in flux – “panta rhei”)) or becoming, thereby denying the Principle of Non-Contradiction (PNC)
    For him, nothing is, everything changes.

    For his part, PARMENIDES (also 5th century B.C.) wanted to re-establish the truth of BEING,
    in opposition to the dissolution of reality wrought by Heraclitus.
    He formulated the famous statement: “Being is, non-being is not.”
    Nevertheless, by understanding this principle in a rigid, inflexible manner, he rejected every non-being, including RELATIVE non-being.
    Thus he said that all limitation, multiplicity and change are impossible.
    He concluded that reality is a single, homogeneous, immobile being.
    The stability criteria of Jacques Delors and his Maastricht freaks.

    However, it was ARISTOTLE (384 –322 B..C) who emphasised the real meaning of RELATIVE non-being found in things when he discovered a real principle of limitation, namely, POTENCY.
    Thus, he formulated in a more accurate way the principle of non-contradiction: “Something cannot be and not be at the same time and in the same sense. ”
    (Alvira, Clavell, and Melendo, “Metaphysics”, Manila, Sinag-Tala Publishers, 1991 (first published in 1982 by the Ediciones Universidad de Navarra in Pamplona), p. 39-40)

    This principle is only applicable to human thought, not, as many authors argue, to reality.
    (Fernand Van Steenberghen, (F-X De Guibert, éd.), Longueil, Québec, Editions du Préambule, 1989, p. 296 note)

    3.
    It may be that the Maastricht criteria of the Stability and Growth Pact are, IN the THINKING of the euroland Masters related to the euro.

    I am still waiting for a demonstration how the criteria are related IN REALITY to the euro.

    As I said, (“bis repetita placet”), those criteria are only related to the euro IN the THINKING of our Masters.

    Don’t forget that in the 13th century, Saint Thomas Aquinas transposed the philosophy of being from an essentialist to an existentialist philosophy, the “philosophy of being” thereby becoming Thomist rather than Aristotelian.
    (Daniel J. Sullivan, “An Introduction to Philosophy – The Perennial Principles of the Classical Realist Tradition”, Rockford (Illinois), Tan Books and Publishers, 1992, p. 264).

    The fact that the euro still exists, notwithstanding the fact that the Maastricht criteria have NEVER been met, means something.

    4.
    As to the British pound sterling,
    in 1999, chancellor of the exchequer (minister of finance) Gordon Brown sold half the Bank of England ’s gold reserves.

    The process of marking to market (MTM) the Eurosystem’s gold reserves since 1999 held in itself the potency to make “a” money out of the euro.
    It has resulted during the FIRST decade of the Freegold (ECB MTM FLOATING gold price) “experiment”, in gold rising from 30% to 60% of the Eurosystem’s (international liquidity) reserves.
    http://fofoa.blogspot.com/2010/07/gold-ultimate-wealth-consolidator.html

    Ideas result in actions,
    Actions [have the potency to] result in … changes.

    The fact that the euro still exists, notwithstanding the fact that the Maastricht criteria have NEVER been met, is the result of the potency which the MTM-ing of the Eurosystem’s gold reserves held in itself.

    Ivo Cerckel
    ivocerckel@siquijor.ws