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News

French to Police Facebook

According to the Wall Street Journal, France are granting regulators wide and sweeping powers to audit and fine large social media companies.

Le Monde has reported that Macron wants to ban the use of the term Police Violence

Macron says there is no such thing as police violence in a country which upholds the rule of law.

The cover up is worse than the crime. Russia highlighting police violence is now referred to as disinformation! It is now unpatriotic to decry police violence. Maybe it has always been this way, but now, its easier to just say it.

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News

Drop Austerity, Tighten Borders, EU told

Post-Brexit EU Reform

Two groups of EU countries are banding together to call for stricter internal and external border controls and an end to austerity at the first full post-Brexit EU meeting in Bratislava on Friday.

Screen Shot 2016-09-12 at 10.51.50

Club Med

Last Friday in Athens, the Club Med Countries told German Chancellor Angela Merkel that austerity is killing the EU and that they want stronger border control to deal with the ‘Migrant Crisis’.

French President Francois Hollande has joined the grouping but despite also facing severe austerity, Ireland isn’t in it.

I wonder why.

Tax-Avoidance-As-A-Service

Tax-avoidance-as-a-service (TAAAS) is Dublin’s most famous export.

The Irish government long ago designed Irish law to allow global corporations to split, funnel,and park their profits to avoid paying tax on most of their global profits.

Whoever pays the bills around Dublin likes things as they are.

Arbitration-as-a-Service

Holland aren’t in the group either.

Holland styles itself as a centre for global arbitration — often ruling in disputes between corporations and countries.

Yes, a country — as a customer — can be sued by a company.

In that sense Holland — like London — are a bit like a global bailiff.

They want corporations to go ‘treaty shopping’ and arrange their legal affairs to be able to sue countries from Amsterdam.

Visegrad Group

Meanwhile, the Visegrad Group are calling for further recognition of distinct national identities, borders, and Christianity in the face of the ‘migrant crisis’.

The very same neo-liberal rules under which citizens of Poland, Hungary, Czech Republic and Slovakia were allowed to leave their countries and work abroad are now being rebelled against by their own nationalist governments.

Having transitioned from Communism to the neo-liberal market state it looks like many are interested in revisiting the age before communism in which countries were grouped together as empires under a strong leader.

Andrew Marr wrote a piece about the Visegrad Group in the Sunday Times yesterday. All a bit scary!

 

EU but not as we know it

Where will all this lead? Neo-Liberalism is entering a new scary post-truth, post-Brexit, post-Trump, phase.

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News

What happened to that €1.1 trillion ?

stealing QE

Those whom the gods wish to destroy, they first make mad.

Handing €1.1 trillion of public money to ANONYMOUS bankers with no publicly available audit trail is an act so corrupt as to be beyond comprehension.

Yet that is what has happened to residents of that well known museum — the European Union.

Inventing Money

The European Central Bank, owner of the world’s third biggest money printing machine — behind the Federal Reserve’s and the People’s Bank of China’s — has already printed and distributed the best part of a trillion Euros to private financial institutions in exchange for various bonds over a two year period.

In November 2014 just as they started what became known as their Quantitative Easing (ECB QE) programme, I asked them to publicly state exactly which bonds they were printing money to buy.

Seeing as they were spending billions of euros of public money per month during a time of extreme austerity – it felt normal that EU citizens be told how the money was being spent.

Disclosure

The only information the public had been told at that time was that the ECB were buying repackaged bank loans (Covered Bonds) and Asset Backed Securities (ABSs) in order to stop deflation and maintain inflation at 2%.

Despite the simple nature of my request — I asked for a country by country, bank by bank, product by product breakdown including ‘ISIN’ Codes for what the ECB had been buying — the bank refused to disclose the full nature of its holdings.

Decision

This week, more than a year and a half after I originally asked them, the ECB — and the European Ombudsman — ruled against my appeal for transparency.

Click below for the link to the EU Ombudsman decision on the case:

www.ombudsman.europa.eu www.ombudsman.europa.eu

But the question remains: What happened to the money?

Groupthink

Bizarrely the woman who runs the European Ombudsman, Emily O’Reilly, has a reputation for being a fair-minded adjudicator.

This week the Irish papers portrayed O’Reilly as a friend of transparency who had rebuked the Irish Central Bank and the ECB for not publishing their correspondence during the Irish Bailouts of 2010.

If only those newspapers had known how O’Reilly has sided with commercial confidentiality and non-disclosure of the multibillion Euro QE recipients.

O’Reilly ruled in favour of the ECB without once consulting me — the complainant — to find out why I had brought the case or to let me challenge the groupthink logic of her flawed judgment.

Too little, too late

Ironically on the date of the ruling (18th July 2016) the ECB itself announced that another slice of its QE programme, the Corporate Bond Purchase Programme, would publish its ISIN codes.

This is a screenshot of the paywalled Financial Times story with the announcement about the new stance on ISIN codes.

ft ISINsHow funny that I had to wait 18 months to get a definitive ‘no’ on receiving the ISIN codes for the Covered Bond and ABS QE programme, only for the Corporate Bond Purchase Programme to publish its ISIN codes on the very same day.

A Pyrrhic Victory perhaps?

Time will Tell.

Corruptissima respublica, plurimae leges

The most corrupt state, the most laws – Tacitus

My feeling is that the ECB don’t want to the public to know how much they are protecting the very same German financiers that benefited from the ECB’s imposition of austerity, deregulation and privatisation policies in southern Europe.

I believe the worst offender is DePfa / Deutsche Pfandbriefe.

Just as the IRA and Baader Meinhoff are known for their politically inspired terror campaigns in the 1970s so has Deutsche Pfandbriefe exported financial terrorism throughout Europe from its tax avoiding, financial engineering Dublin Headquarters as of the early 2000’s when it re-domiciled to save cash.

ECB QE and commercial confidentiality for public money are the very definition of double standards and, in this case, perpetuate the myth that North Europeans are honest and that everyone else is corrupt.

I appreciate that this is not something many people are willing to accept – such is the scale of our programming.

Just as with PPP / PFI in the UK, commercial confidentiality and financial engineering remain the respectable face of corporate fascism and fraud.

For more adventures in Bazookanomics: