Paul Craig Roberts: Freedom, Where Are You? Not in America or Europe The European Central Bank (ECN) chief Mario Draghi, who is a former Goldman Sachs executive, is running the printing press to print 720 Billion euros to make the stock-owning One Percent more rich. War, War, War, that is all Washington wants. It enriches the military/security complex, the largest component of the US GNP and the largest contributor, along with Wall Street and the Israel Lobby, to US political campaigns. The writer of the article Dr. Paul Craig Roberts was Assistant Secretary of the Treasury for Economic Policy during President Ronald Reagan and associate editor of the Wall Street Journal. He was columnist for Business Week. When Mario Draghi who runs the European Central Bank (ECB) announced that he was going to print 720 billion euros annually with which to purchase bad debts from the politically connected big banks, the euro sank and the stock market and Swiss franc shot up. As in the US, quantitative easing (QE) serves to enrich the already rich. It has no other purpose. The well-heeled financial institutions that bought up the troubled sovereign debt of Greece, Italy, Portugal, and Spain at low prices will now sell the bonds to the ECB for high prices. And despite depression level unemployment in most of Europe and austerity imposed on citizens, the stock market rose in anticipation that much of the 60 billion new euros that will be created each month will find its way into equity prices. Liquidity fuels the stock market. It goes to the rich One Percent
Posted on: Mon, 26 Jan 2015 12:03:20 +0000
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