Spitfire List Web site and blog of anti-fascist researcher and radio personality Dave Emory.
The tag 'ECB' is associated with 20 posts.

Ghosts of World War II and the Greek Economic Crisis

In FTR #746 and FTR #788, we analyzed the Greek economic crisis, the EMU and “Clausewitzian Economics.” As Greece and Germany square off following the election of a left-wing coalition government in the former, the ghosts of World War II are materializing in frightening and dramatic fashion. The new Greek finance minister has noted the rise of Nazism in Greece as a result of the economic and social deprivation stemming from the austerity doctrine. There also remains the possibility of raising the specter of Germany’s unpaid World War II debt to Greece, thereby citing the economic and political dynamics inherent in the Bormann capital network, about which we speak so often. All of the contents of this website as of 12/19/2014–Dave Emory’s 35+ years of research and broadcasting–as well as hours of videotaped lectures are available on a 32GB flash drive. Dave offers his programs and articles for free–your support is very much appreciated.


Germany’s Debt is More than Double that of Greece’s!

A recent article in Forbes underscores the flawed accounting underlying the lethal fiscal policy imposed on the citizens of the “cradle of democracy.” An unconventional accounting method has been used to calculate that Greek debt is 175% of GDP, the statistical foundation for the crushing austerity that afflicts that country. In fact, it is 18%, when calculated using the standard “Ipsas” accounting method. Germany’s on the other hand, is 46%, when calculated under that standard! All of the contents of this website as of 12/19/2014–Dave Emory’s 35+ years of research and broadcasting–as well as hours of videotaped lectures are available on a 32GB flash drive. Dave offers his programs and articles for free–your support is very much appreciated.


The New World Ordoliberalism Part 5: The TLTRO and Waiting for Godot. And Sanity.

With European Union continuing its slow steady fall into deflation, the question of “what’s to be done?” has becoming a permanent fixture for European policy-makers. But for the eurozone, with it’s shared monetary system, the question is a much more complicated “what should we all be doing together?”. The answer to that latter question, unfortunately, has consistently been “not enough”, despite prior promises.

Still, the ECB hasn’t given up entirely in its attempts to reflate the eurozone. Back in June, the ECB decided to inject another 400 billion euros into the eurozone banking system in a two-phase loan program. And as we’ll see below, in both phases the eurozone banks wanted far less than what was offered while continuing to pay back their previous loans. In other words, while the ECB has been trying the expand the monetary base in the eurozone’s financial markets that monetary base has continued to shrink. As the excerpt below puts it, it’s like ‘Waiting for Godot‘. And as we’ll see at the end, it really IS like Waiting for Godot, theatrics and all.


Surprise! Merkel Just Vetoed the Presidential Vote. She Has Other Plans In Mind.

If you’ve been following the upcoming EU elections scheduled for later this month and the tight race for EU Commission President. And if you’ve been following that race closely, you’ve no doubt been bored out of your mind. But at least now, for the first time ever, EU voters will get to vote for their future collective president. Then again, maybe not. Either way, big changes could be coming. Soon. .


The New World Ordoliberalism Part 4: Meet the New Plan. Same as the Old Plan. Deregulated.

There have been quite a few developments in the eurozone recently with major possible policy changes announced in recent weeks. Things like buying bonds to shore up markets and stimulate the economy (“quantitative easing”) are now on the table. Quantitative easing is normal central bank stuff that has been effectively shoved off the table of ECB policy options by the Bundesbank’s unorthodox economic theories until now. Unfortunately, it’s looking like the quantitative easing is going to be unorthodox too. No ‘easing’ for the governments. Much ‘easing’ for the banks. And the austerity continues.


FTR #771 The Adventures of Eddie the Friendly Spook, Part 13: Beware of Libertarians Bearing Gifts (1934 Coup Attempt Redux)

Summing up his political outlook, Snow­den wrote that the elderly ‘wouldn’t be fuck­ing help­less if you weren’t send­ing them fuck­ing checks to sit on their ass and lay in hos­pi­tals all day.’ The forces for which he fronts are: ” . . . rooted in a the­ory that, in James Madison’s words, would “speed­ily put an end to the Union itself.”


FTR #770 Bit[coin]burg, Part 3: Fool’s Gold

Presented as an alternative to the existing monetary and fiscal paradigms, bitcoin is–in fact–as bad, or worse, than what it is designed to replace. Subject to a wide variety of crooked machinations, bitcoin also lends itself readily to concentration of ownership–get ready for the “bitcoin 1%.” The bitcoin milieu increasingly overlaps that of Eddie the Friendly Spook and “The Paulistinian Libertarian Organization.”


Neutralizing the New Deal? Destroying the United States? Neo-Secessionism and the Peach Fuzz Fascist

A right-wing libertarian political milieu is working to have states cut-off electricity to the NSA. As the authors of the story note: “The bill is rooted in a the­ory that, in James Madison’s words, would “speed­ily put an end to the Union itself.” More imme­di­ately, it could empower con­ser­v­a­tive state law­mak­ers to cut off Medicare, Med­ic­aid or Social Secu­rity, to frus­trate civil rights enforce­ment or even to pre­vent fed­eral law enforce­ment from inves­ti­gat­ing criminals.” The sponsor–the Tenth Amendment Center–heavily overlaps elements associated with the League of the South and the neo-Confederate movement, themselves inextricably linked with the Ludwig von Mises Institute, the “Paulistinian Libertarian Organization” and The Peach Fuzz Fascist himself [Snowden].


The Troika Knows That Confidence Fairies Don’t Want To Know. It Makes Them Uncomfortable

The eurozone troika recently eased market worries a bit by renegotiating part of Ireland’s massive bailout. But the public still wants answers on why the 2010 bailout happened in the first place and those answers could reignite the crisis. It isn’t easy being the ECB. Or the EU. Or the IMF.


Krugmenistan vs Austeria

There has been some chatter in recent weeks about Paul Krugman’s tiff with the nation of Estonia. It’s being referred to as “Krugmenistan vs Estonia“. It might seem like a small story about one man pissing off an entire country, but it’s actually part of something much bigger: Krugmenistan vs Austeria.