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Revolution Blog

Gold and German fetishes

Published on 2011-11-23
A Modest Proposal

Someone in the UK is floating a trial balloon concerning cannibalizing the gold reserves of Euroland nations in order to give credibility to their future bond issuance:

Could gold-backed bonds be the answer to the eurozone crisis?(external link)

The interesting bit here is that gold is explicitly recognized as the "asset of last resort," something the mainstream has been reluctant to do up to this point. Remember Fed Chairman Bernanke's testimony that he did not consider gold to be money? He did however reluctantly admit that it was still considered a reserve asset, and that notion is resurfacing here.

Actually it's not surprising that the credibility of gold would be invoked to bolster efforts to salvage the crumbling euro. Whatever it takes to reduce opposition as the United States of Europe is rammed down the throats of the public. Here's an article describing what's going on, and admitting just how frankly undemocratic the whole thing is:

Eurozone crisis: European Union prepares for the 'great leap forward'(external link)

Quite apart from the Maoist connotations of a 'great leap forward,' Lucas Papademos is an ex-GSax guy who was responsible for leading Greece into the euro to begin with (or more accurately, sneaking it in after GSax helped them cook the books). Mario "Full" Monti is another GSax alum who, according to the article, hasn't bothered to include a single elected official in his new Italian cabinet. Whose interests should we suppose they are serving?

An unnamed "senior EU official" (probably someone like Hugh Jim Bissel) actually offered up this very revealing bit of tripe:

"We have seen democracies outstripped by the markets, which have forced decisions on elected governments. So that democratic freedom has been curtailed. How do you respond? Do you let that continue, or do you move towards stronger economic governance? And which is more legitimate, the rule of the markets or economic governance by representative institutions in which governments have a say?"

Well there you have it, folks. Markets and democracy are antagonists, and by golly he wants "democratic freedom" to come out on top. No amount of regulation or power-grabbing or pillaging is off limits to make that happen. Funny how his prescribed solution leaves no room for popular approval, though. It's quite ironic that occupation by the Soviets is invoked by EU technocrat José Manuel Barroso as a ghost bogey for comparison purposes.

Here's hoping the globalists in Brussels don't manage to parlay the current crisis into more power for themselves. They understand clearly that crisis equals opportunity. Consider these quotes from EU "founding fathers":

"The size of the solution has to be in proportion to the problem we're solving." — Robert Schuman

"People are ready to change when they understand there is no alternative." — Jean Monnet

That, of course, is what they want everyone to think. Redistribute a letter 'n' from one of these gentlemen to the other, and you'd have two genuinely creative geniuses.

Meanwhile across the Atlantic, Germany is being pressured to give up its bleating resistance to mortgaging its economy in order to save the euro:

Germany's Inflation Fetish Is A Major Global Economic Threat(external link)

Germans apparently have a hangup — derided as a "fetish" — about inflation, which is making Germany more dangerous to global stability than Iran or North Korea. Incredible language, replete with semantic bludgeons! Of course, the politicians who borrowed and spent their way into debts that whole future generations of serfs couldn't possibly pay off, deserve no portion of responsibility for the fact that their interest rates are now going up. It's all the fault of those damned bond traders, and recalcitrant politicians with hangups who just don't get it. Reason and reality are whipped together from the temple.