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mother earth

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1. Part 2, The ECB's Trillion Euro Plan to Keep The Banks Afloat
Fri Mar 20, 2015, 04:03 PM
Mar 2015

The European Central Bank's Trillion Euro plan to make the economy grow will only help keep the banks afloat - March 11, 2015



http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=13405
Taken from full interview at above:
So, in that sense quantitative easing and the refusal of central banks to fund governments, but only to fund commercial banks, is a new kind of class war. And it's not the old kind of class war, which was simply between employers and their workforce over what wages will be. It's by the financial sector trying to take over the economy, and especially to take over the public sector, to take over the public domain, to take over public utilities, to take over whatever assets a government has, and to force governments to--essentially, if governments cannot borrow from central banks, they have to begin selling off property.
PERIES: Michael, this is exactly what's happening in Greece right now. The SYRIZA government is somewhat forced to continue privatization as a part of the agreement of the loans that they have been given by European banks. What could they do in this situation?
HUDSON: Well, this is really a scandal, because most privatizations are corrupt. In Greece, they're almost as corrupt as they are the United States--well, nothing could be that corrupt. But the SYRIZA Party coming in said, wait a minute, the privatizations that have been done are by a governmental people to their own cronies at a giveaway price. How can we balance the budget if we're giving away the public utilities instead of getting a fair price for them? The European Central Bank said, no, no, you have to give away privatization to cronies at pennies on the dollar just like Russia did under Yeltsin, just like the United States did with the railroad giveaways of the 19th century.
And remember, the American privatization [incompr.] cronies created essentially the ruling class of the 20th century. It created the stock market. Well, the same thing's happening in Greece. It's told, create a new oligarchy, endow a new kind of a feudal lord--although in the case of some monopoly lord, by giving them away, these privatization giveaways--and if you don't do that, we're going to bankrupt the banking system. Well, Varoufakis went back to the party congress in Parliament and said, will you approve this? Well, so far, the left wing in Greece has said, no, we won't approve the giveaways. This is crazy. The pretense is that privatization is to make money. But the European central bank is really saying, no, no, you can't make money; you have to give it away to your cronies, who are our cronies, and it's all one happy financial family. This is escalating financial warfare.

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