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Related: About this forum'Blockupy' Anti-Austerity Protests Erupt Outside ECB in Frankfurt, Germany
RufusTFirefly
(8,812 posts)mother earth
(6,002 posts)norm, that it is in Germany is perhaps the news.
RufusTFirefly
(8,812 posts)The more people understand that these are injustices that transcend national boundaries, the better off all of us will be.
mother earth
(6,002 posts)only thing that keeps me hopeful, that we are all realizing how powerful we are as a global voice.
It is truly the only thing on my radar screen these days. Every other thing hinges on this, imo.
TY, RufusTFirefly,
RufusTFirefly
(8,812 posts)Love the Yanis bumper sticker.
Jackpine Radical
(45,274 posts)If it kicks off there, the game is definitely on.
mother earth
(6,002 posts)uhnope
(6,419 posts)It's not just that the 45-story ECB office tower is far from austere, plagued as it was by unfair tender scandals and cost overruns. The euro area's central bank, with its huge quantitative easing program, is now the world's biggest money printer and government bond buyer, contributing more to the demise of fiscal austerity in Europe than any single government, including the financially squeezed, powerless one in Greece.
By continuing to fund Greek banks, in fact, the ECB props up Syriza and prevents a total financial meltdown in Greece. The central bank is not yet buying Greek bonds as part of its QE program, but it will probably start to, as soon as Athens repays previous bonds that Greek banks have unloaded on the ECB. So far, according to ECB President Mario Draghi, the central bank has lent Greece the equivalent of 68 percent of its economic output.
Throughout Europe, the ECB is doing all it can to enable governments to spend more and companies to profit from euro devaluation. It's hard to imagine how it could be even more lax.
"As an EU institution that has played a central role throughout the crisis, the ECB has become a focal point for those frustrated with this situation," Dragi said at the opening of the new office. "This may not be a fair charge -- our action has been aimed precisely at cushioning the shocks suffered by the economy."
A more meaningful place for the leftist protesters to burn tires and cars would be outside the Bundesbank, whose president Jens Weidmann steadfastly opposed QE, or the German Finance Ministry, whose head Wolfgang Schaeuble has described QE as "not the solution, rather the cause" of economic problems. Weidmann and Schaeuble didn't get their way because they were democratically outvoted by other European central bankers on the ECB governing board.
"The alliance's chorus of 'Shame on you, ECB' is as bizarre as the scenes playing out in Ostend," Tim Bartz commented in Manager Magazin, referring to the neighborhood in Frankfurt where the new ECB building stands. "That the euro area still exists and Greece hasn't quite fallen to the level of a third world country is only thanks to ECB and Draghi."
To use a line from an old song, the Blockupy protesters are so far left they've been left behind. Austerity is no longer a popular buzzword among European politicians and policy makers. Draghi didn't use it in his speech Wednesday, but instead spoke of reconciling "those who feel left out, including many of the protesters gathered in Frankfurt this week.
http://www.chicagotribune.com/news/sns-wp-blm-news-bc-ecb-comment18-20150318-story.html
mother earth
(6,002 posts)they are.
mother earth
(6,002 posts)there is much info freely available.
I'm surprised you are not familiar with the issues, you told me once you follow Krugman & Stiglitz. They too have offered much info on the crisis and austerity measures.
fasttense
(17,301 posts)"The ECB is doing all it can to enable governments to spend more and companies to profit from euro devaluation." There in a nutshell is what is wrong.
Governments are NOT just Spending MORE, they are BORROWING MORE. Why borrow? Because for so long they have been cutting the amount of taxes collected from the uber rich and corporations. If they cut taxes to them, then they have to borrow. And guess who they are borrow from? Why the exact same people they gave the tax cuts to. So the uber rich with the help of the ECB, lend money to nations who should be collecting taxes from them instead.
And who is making the profit from the euro devaluation????? The profit is certainly NOT going to the people. It is going corporations, banksters and currency manipulators. It's NOT helping the real economy. There is no trickle down affect otherwise unemployment wouldn't be so out of control in Europe.
The ECB with it $1.6 billion new office building could have spent the exact same amount of money on welfare for the poor and it would have had a much better impact on the economy. Instead, it builds itself a castle.
Joe Shlabotnik
(5,604 posts)Enthusiast
(50,983 posts)We need that and more here in the U.S.