The European Union is a project under the towering influence of the ruling elites. According to their realy bad condition, the great underlying idea is in serious danger to be deeply brought into discredit by a lousy implementation. Indeed it becomes day by day more harder to believe, that those elites, that (especially in a country like Germany which according to his economic power plays a keyrole) proved to be riddled with a great deal of narrow-minded, sefish and intolerant power possessed, can meet the overwhelming desire of the ordinary people for social security, common welfare, peace and freedom. Sep 16
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The policy of the ruling elite
Insights from the History
Mario Draghi toed the German line obediently in his debut as ECB chief last week – whatever this MIT-trained student of Robert Solow really thinks -- saying bond purchases could be justified only if “temporary”, "limited in amount", and undertaken to restore “monetary transmission". It would be “pointless” for the ECB to try to bring down yields for any length of time.
The Enchanters came / Cold and old, Making day gray / And the age of gold Passed away, / For men fell Under their spell, / Were doomed to gloom. Joy fled, / There came instead, Grief, unbelief, / Lies, sighs, Lust, mistrust, / Guile, bile, Hearts grew unkind, / Minds blind, Glum and numb, / Without hope or scope. There was hate between states, A life of strife, / Gaols and wails, Don'ts, won'ts, / Chants, shants, No face with grace, / None glad, all sad. - WH Auden, The Golden Age We have, unfortunately, no post-modern version of Dante guided by Virgil to tell a startled world what is really happening in Europe in the wake of the recent Italian general election. On the surface, Italians voted an overwhelming "no": against austerity (imposed the German way), against more taxes, against budget cuts in theory designed to save the euro. There are four main characters in this morality/existential play worthy of the wackiest tradition of commedia dell'arte .
Das ist die Villa Dionisi in Cerea, einem kleinen Landstädtchen 25 Kilometer südlich von Verona. Wir alle kennen diese Region am Po aus den Filmen über Don Camillo und Peppone, ihre Armut in früheren Zeiten und den Willen der Menschen, für ihre Ideale zu kämpfen. Cerea ist ein klein wenig anders, denn hier war man gar nicht so schrecklich arm. 1928 wurde eine Kunstgewerbeschule eröffnet, die sich mit der Möbeltischlerei beschäftigte. Die Bewohner der umliegenden Dörfer mussten keinen Reis mehr anbauen, auch wenn der Reis hier ganz exzellent ist. Sie konnten auch in die Möbelherstellung wechseln. Die schönsten Stücke der Region sieht man in obiger Villa, die heute ein Museum beherbergt.
28. Oktober 2011 Die große Rettungsshow für den Euro lässt die Börsianer jetzt jubeln.
So last week European leaders announced a plan that, on the face of it, was pure nonsense. Faced with a crisis that is mainly about the balance of payments, with fiscal crisis as a secondary consequence, they supposedly committed everyone to severe fiscal austerity, which would guarantee a recession while leaving the real problem unaddressed. But all this was supposed to work, according to many observers — and, briefly, the market — because the pain would provide the cover the ECB needed to step in and buy lots of Italian and Spanish bonds.
Filmmaker: Sinead O'Shea Ireland has been one of the largest casualties in the global financial crisis, which began during the banking collapse of 2008 and has continued to impact markets and destabilise the developed world ever since.
Picture credit: may15internationalorganization.blogspot An Italian radio program's story about Iceland’s on-going revolution is a stunning example of how little our media tells us about the rest of the world.
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Financial markets are cheering the deal that emerged from Brussels early Thursday morning. Indeed, relative to what could have happened — an acrimonious failure to agree on anything — the fact that European leaders agreed on something, however vague the details and however inadequate it may prove, is a positive development. But it’s worth stepping back to look at the larger picture, namely the abject failure of an economic doctrine — a doctrine that has inflicted huge damage both in Europe and in the United States.
Last Friday (March 9, 2012), the Greek government effectively defaulted on its public debt after the required minimum of 75 per cent of private creditors agreed to the so-called “haircut” or debt swap.
Iceland Shows the Way Nobel prize winning economist Joe Stiglitz notes : What Iceland did was right. It would have been wrong to burden future generations with the mistakes of the financial system. Nobel prize winning economist Paul Krugman writes : What [Iceland's recovery] demonstrated was the … case for letting creditors of private banks gone wild eat the losses.
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