Thursday Sep 05, 201312:51 PM GMT
Troika of the IMF, EU and ECB open Pandora’s Box
Fri Mar 22, 2013 6:33PM
By Prof. Rodney Shakespeare
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Expect more currency devaluations, more riots in more countries and, at some point, money-printing, induced by government panic, probably resulting in uncontrollable inflation.

The Box has been opened, and the evils are with us.

Yet, as the evils coming out of the Box are increasingly revealed, so sensible people are also realizing that the time is coming for a straightforward challenge to the global financial elite. People are demanding that the troika should get lost and that there be a new European-wide financial and political settlement. "

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Pandora was a girl in ancient Greece who was given a Box and told never to open it. When she did, many uncontrollable evils were released.


Pandora did not realize what she was doing and so was forgiven. But the troika will not be forgiven. They have knowingly opened the Box because they arrogantly think they can do it and then control the consequences.

Besides, they say,it’s only a Cyprus Box and who cares about Cyprus? And what’s more, they giggle, Cyprus is also the haunt of wicked, over-rich, Russians! Russians are not Europeans, they titter, why not take their money?

So, deliberately and openly, the troika has released evil. Whereas every European citizen (and those Russians) handheld it to be an unbreakable agreement, an article of faith, that their governments would always protect the bank deposits of customers (to the amount of 100,000 euros),the troika has broken the agreement and traduced the faith.

In order to bail out the bankrupt Cyprus government and its bankrupt banks, the troika has demanded that bank depositors lose 7% to 10% of their savings. It is out-and-out confiscation and a piece of unthinkable treachery.

Or rather, it was unthinkable until now. Preferring not to put their money under a mattress, people have generally trusted the banks with their money and the governments have backed up that trust with deposit insurance. But now the insurance is worth nothing. Once the troika has demanded confiscation, nobody, nobody at all, has any reason to trust anything a government says, particularly where it concerns money.

Determined to maintain a corrupt, crumbling system dominated by a selfish elite, the troika (which had been talking of confiscation up to 40%) has decided on civil war. Yes, not content with cutting back jobs, loweringpensions, evaporating welfare benefits and pumping inflation, the troika has effectively given permissionto governments everywhere to attack their citizens.

The governments, of course, are not averse to that. Learning from discussion in the New Zealand Bank and the Bank of International Settlements, governments everywhere are now known to be considering the confiscation of people’s money.

However, fortunately, the Cypriot parliament, responding to voter fury, has had the courage to reject the confiscation. Perhaps taking courage from BeppeGrillo and his Five Star Movement in Italy, the parliament is refusing to surrender to the troika.

Furious at the refusal, the troika will impose extreme austerity on Cyrus and insist on the sale of its public assets. At all costs, the troika wants to make an example of Cyprus for being defiant.
At the same time, whatever vicious penalties are imposed upon Cyprus (and that includes the possibility of its pension funds being fully robbed), depositors in other European countries are becoming aware that their money, too, could be expropriated. So ‘bank runs’ (i.e., panicked customers rushing to withdraw all their money) have become much more likely. In addition, capital controls and withdrawal limits will start appearing in other countries.

Then there is Russia which is furious that the troika thought it could cunningly expropriate its citizens. Russia will exact a high political and financial price for being badly treated.
To which can be added the increasing possibility that Cyprus will be forced to leave the Euro perhaps precipitating the exit of other countries and even causing Germany, Austria and Finland to take the decision to leave first.

So-called ‘bank holidays’ will soon be a regular thing all over Europe and, indeed, confiscation all over the world is no longer inconceivable.

Expect more currency devaluations, more riots in more countries and, at some point, money-printing, induced by government panic, probably resulting in uncontrollable inflation.
The Box has been opened, and the evils are with us.

Yet, as the evils coming out of the Box are increasingly revealed, so sensible people are also realizing that the time is coming for a straightforward challenge to the global financial elite. People are demanding that the troika should get lost and that there be a new European-wide financial and political settlement.

Indeed, the time is coming for an intellectual, financial and economic revolution which firstly starts by resolving to control the commercial banks. It then opens up society’s money supply (from the national bank) for the purpose of spreading the real economy to every person in society rather than allowing the commercial banks to be a continual mechanism allowing the arrogant global 1%to suck up more and more wealth to itself.

Evil has been released but we are not beaten and must now strive to introduce the good.

RS/JR

Prof. Rodney Shakespeare is a visiting Professor of Binary Economics at Trisakti University, Jakarta, Indonesia. He is a Cambridge MA, a qualified UK Barrister, a co-founder of the Global Justice Movement www.globaljusticemovement.net, a member of the Christian Council for Monetary Justice. His main website is www.binaryeconomics.net. Shakespeare is also Chair of the Committee Against Torture in Bahrain. More articles by Rodney Shakespeare
The views expressed in this article are those of the author and not necessarily those of Press TV.
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