Slipping quietly onto the Telegraph’s website at 10.45 pm Thursday night was this potentially earth-shaking piece (the italics are mine): ‘EU agrees rules on bank rescues by bailout fund: using the €500bn rescue fund to shore up struggling banks directly is a pillar of Europe’s so-called banking union, which seeks to hand European institutions the job of supervision and rescue rather than leaving weaker member states to fend for themselves.’ It came to nine lines in total, attracted six comments, and has now been reduced to a tiny sub-head 75% of the way down the Finance page.
History will come to see this as perhaps the outstanding media miss of the entire eurozone crisis.
It’s entirely contrary to the Lisbon Treaty of course – but let’s not worry about that: Gordon Brown never wanted to sign the bloody thing anyway. The more important point to make here is that the steam coming out of Bundesbank President Jens Weidmann’s ears yesterday will have been enough to power the Frankfurt U-Bahn for a year at least.
“Central banks in recent years have been pulled into the role of a crisis manager,” Herr Weidmann told Finnish newspaper Helsingin Sanomat in an interview four months ago, “Some think that central banks are the only able ones. I consider this thinking wrong and dangerous”. A consistent anti-ECB direct aid hawk, Weidmann is one of the few German élite members who talks consistent sense….and, privately, has come to realise that Chancellor Merkel is an unbalanced egomaniac.
But it’s beginning to look like the Anti-ECB Hawkeyes are being stitched up by Berlin.
What we’re seeing here is the megastate technocrats of Berlin-am-Brussels handing absolute power to the unelected….at the expense of the citizen. Merkel and Schäuble may dislike what the Demon Draghi has achieved at their expense, but that’s a tiff about power, not principles. The very fact that we are getting the direct ESM usage with no sign of Fiskalunion (which wasn’t what last year’s summit agreed) means that all the power now resides in the hands of the man with the printing machine: Mario Draghi.
The Merkeschäuble would prefer that power to lie with them, but they’re on the same mission as the Italian Machiavelli from Goldman Sachs.
Take the Karlsruhe ‘decision’ on the Constitutional or otherwise nature of the German Government partaking in eurozone OMT. The facts surrounding the case are beginning to suggest Merkeschäuble political interference on a grand scale. While the Court was meeting earlier this month, I was under the distinct impression that Karlsruhe would give a decision by the Friday of that week. Contacts across Europe and the US were of the same opinion.
So too were the German media.
This from Spiegel June 10th last: ‘alarm bells are again ringing inside the ECB tower — only this time it’s no drill. On Tuesday and Wednesday of this week, Germany’s Constitutional Court in Karlsruhe will rule on the euro crisis aid measure that Draghi announced last fall. As Draghi and his monetary experts on the executive floor of the bank were told by their constitutional experts long ago, this court decision could have an enormous impact on the bank’s policies — and potentially spell the end of the euro.’
But then three days later – the day before the decision was due – the June 13th, Time Magazine was saying, ‘The court will deliver its ruling in the fall, probably not before the German parliamentary elections on September 22.’
Very handy, that. Especially as it was widely known in German élite circles that the decision was on a knife-edge: Wolfgang Schäuble was briefing and spinning like an overactive Dervish for the entire week. He obviously didn’t think the portents were good.
Now the shroud around all this is getting increasingly diaphanous.
This is what it says on the Federal Court’s website today: “We regret not to be able to present to you the decisions of the Federal Court of Justice in English language. The court has no staff, capacity or equipment to do so.”
Sorry folks, but LOL or what?
Leading German anti-OTM camapaigner and eurosceptic Peter Gauweiler has led the Karlsruhe suit from day one. He seems able to afford English translation of his views….but not Germany’s Federal Court.
When I rang the Bundesbank press office this morning, they declined to comment. Funnily enough, so did the ECB.
We need to take this on board in a big way – even if the mainstream media are half-asleep on the EU’s fascist illegality, and Berlin’s willingness to ride roughshod over its Constitution.
We still await the ECB capital flight data. It was due for publication on June 17th. It’s now June 21st: where is it?
Get real, people: Mario Draghi is the most powerful human being in Europe, and he is a crook. He is subverting European democracy and breaking any law that gets in his way.
Mario Draghi is a former senior manager at Goldman Sachs. He recently gave a presentation to EuroFinMins openly encouraging a policy of reducing citizen incomes to cut production costs: that is antithetical to Article 3 of the Lisbon Treaty. He has now been given carte blanche to supply money direct to any eurozone institution, thus bypassing all democratically elected Assemblies in the region. This too is forbidden under the Lisbon Treaty. Mario Draghi is completely unaccountable to any body or institution – elected or otherwise. Under the ECB’s Constitution guaranteed by the European Commission he is totally immune from prosecution. He cannot be removed from his position. He is obviously censoring any and all information that might reveal the true situation in the eurozone. He illegally subordinated an entire class of bondholders over the second Greek bailout. He managed and spearheaded an overt heist to steal the banking expertise and economic wellbeing of Cyprus, and in so doing committed an act of grand larceny against innocent depositors in the Island’s banks.
As of today – following the FinMins’ disgracefully amoral decision of yesterday – Mario Draghi has more power than Hjalmar Schacht and Josef Goebbels combined in 1941. And he is a far better political strategist than Adolf Hitler. Slugging it out with this gargoyle to be the EU’s top money manager is Wolfgang Schäuble: a lying humbug and former Spook enjoying the political protection of a former DDR Communist Youth leader – a Stalinist hardliner who speaks fluent Russian….Angela Merkel.
This is not a queue for the showers, European nations. It is the line heading directly to the extermination of your democratic rights, individual liberties, and personal wealth. There may be 27 of you and only one Draghi; but your divisions just make his job far easier. Step in the way of the Beasts now, or you will have a jackboot stepping on your face forever.
I try as much as possible to keep these appeals to a minimum, but I am asking anyone interested enough to please email, share, tweet, text, reblog, and otherwise give this piece a maximum chance of viral epidemiology. The mainstream media are obsessed with superficial news, gossip and settling political scores, but in giving this decision a low profile they are in complete dereliction of their duty.