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.