Month: March 2013

Comment crée-t-on l’argent ?

Comment crée-t-on l’argent ?


Si le peuple comprenait notre système bancaire et monétaire, il y aurait une révolution avant demain. »-Henry Ford

La planche à billets ?

Pour la plupart des personnes, l’image ci-dessus représente la création d’argent. Les gens se disent que l’Etat, ou toute autre organisation, imprime des billets pour créer toute la monnaie nécessaire.

Il n’en est rien !
En fait, seulement 5% de la masse monétaire (tout l’argent sur terre) se trouvent être des pièces ou des billets. Les 95% restants sont des écritures informatiques, dit « argent scripturale ». Ces écritures, pour simplifier, disent par exemple : Mme X est à +10000€ sur son compte, le FC Barcelone est à -500 millions d’euros.

Vous avez déjà du entendre que si tout le monde retirait l’argent de son compte, le système s’effondrerait, en voici l’une des raisons : l’ensemble de l’argent n’existe pas matériellement !!!

Il est aussi facile de comprendre que, lorsque vous payez par carte bancaire au supermarché, votre compte sera débité de 150€ par exemple et que le compte du supermarché va passer de 300 000€ à 300 150€. Pourtant, aucun échange de billet ou de pièce n’a été effectué, seules les écritures informatiques ont changées. De même que vous ne recevez jamais votre salaire en billets et pièces (ce qui est plus pratique) et que de plus en plus de transactions s’informatisent (traites, virements bancaires…).

« FAIT N°1 : 95% de l’argent sur Terre est informatique. Les 5% restant sont les pièces et billets que nous connaissons tous. »

La création monétaire par le crédit

Voici la partie sûrement la plus difficile à comprendre. Il est impératif de bien en cerner les subtilités. Prenez votre temps pour lire ce qui suit. Si le phénomène reste encore flou après explication, nous vous encourageons à relire ce passage une fois de plus :

La plupart des personnes pense que les banques ne prêtent que l’argent qu’elles possèdent.

Il n’en est rien !
En fait, la loi permet aux banques de prêter plus que ce qu’elles ont dans leurs comptes. Les « réserves obligatoires » représentent la partie d’argent que la banque se doit de garder pour accorder un prêt plus important.

N.B. : vous n’y croyez peut-être pas, mais cela est un fait ! Dans l’Union Européenne par exemple, les banques doivent seulement garder 8€ pour pouvoir en prêter 100 ! (Taux de réserve de 8%, c’est la loi !) (more…)

It Can Happen Here: The Bank Confiscation Scheme for US and UK Depositors

By Ellen Brown

Global Research, March 29, 2013


Confiscating the customer deposits in Cyprus banks, it seems, was not a one-off, desperate idea of a few Eurozone “troika” officials scrambling to salvage their balance sheets. A joint paper by the US Federal Deposit Insurance Corporation and the Bank of England dated December 10, 2012, shows that these plans have been long in the making; that they originated with the G20 Financial Stability Board in Basel, Switzerland (discussed earlier here); and that the result will be to deliver clear title to the banks of depositor funds.  

New Zealand has a similar directive, discussed in my last articlehere, indicating that this isn’t just an emergency measure for troubled Eurozone countries. New Zealand’s Voxy reported on March 19th:

The National Government [is] pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts . . . .

Open Bank Resolution (OBR) is Finance Minister Bill English’s favoured option dealing with a major bank failure. If a bank fails under OBR, all depositors will have their savings reduced overnight to fund the bank’s bail out.

Can They Do That?

Although few depositors realize it, legally the bank owns the depositor’s funds as soon as they are put in the bank. Our money becomes the bank’s, and we become unsecured creditors holding IOUs or promises to pay. (See here and here.) But until now the bank has been obligated to pay the money back on demand in the form of cash. Under the FDIC-BOE plan, our IOUs will be converted into “bank equity.”  The bank will get the money and we will get stock in the bank. With any luck we may be able to sell the stock to someone else, but when and at what price? Most people keep a deposit account so they can have ready cash to pay the bills.

The 15-page FDIC-BOE document is called “Resolving Globally Active, Systemically Important, Financial Institutions.”  It begins by explaining that the 2008 banking crisis has made it clear that some other way besides taxpayer bailouts is needed to maintain “financial stability.” Evidently anticipating that the next financial collapse will be on a grander scale than either the taxpayers or Congress is willing to underwrite, the authors state: (more…)

Have The Russians Already Quietly Withdrawn All Their Cash From Cyprus?

Submitted by Tyler Durden on 03/25/2013

Yesterday, we first reported on something very disturbing (at least to Cyprus’ citizens): despite the closed banks (which will mostly reopen tomorrow, while the two biggest soon to be liquidated banks Laiki and BoC will be shuttered until Thursday) and the capital controls, the local financial system has been leaking cash. Lots and lots of cash.

Alas, we did not have much granularity or details on who or where these illegal transfers were conducted with. Today, courtesy of a follow up by Reuters, we do.

The result, at least for Europe, is quite scary because let’s recall that the primary political purpose of destroying the Cyprus financial system was simply to punish and humiliate Russian billionaire oligarchs who held tens of billions in “unsecured” deposits with the island nation’s two biggest banks.

As it turns out, these same oligrachs may have used the one week hiatus period of total chaos in the banking system to transfer the bulk of the cash they had deposited with one of the two main Cypriot banks, in the process making the whole punitive point of collapsing the Cyprus financial system entirely moot.

From Reuters:

While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money.

No one knows exactly how much money has left Cyprus’ banks, or where it has gone. The two banks at the centre of the crisis – Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus – have units in London which remained open throughout the week and placed no limits on withdrawalsBank of Cyprus also owns 80 percent of Russia’s Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks’ largest depositors.

So while one could not withdraw from Bank of Cyprus or Laiki, one could withdraw without limitations from subsidiary and OpCo banks, and other affiliates? (more…)

Cyprus: Savage Austerity Measures and Economic Dictatorship


By Jordan Shilton and Chris Marsden

Global Research, March 24, 2013

Cyprus’ fate illustrates how the European Union imposes the dictatorship of the global speculators, banks and corporations on the working class. The EU yesterday continued to demand massive austerity in Cyprus to raise €6 billion ($7.8 billion) in return for a €10 billion bank bailout.

The island country has been the centre of an escalating financial crisis, with its parliament voting Wednesday to reject proposals to raise the necessary funds by taking money from anyone with deposits in Cypriot banks.

A new vote on whether to impose a “haircut” on depositors was delayed until today. The EU and European Central Bank (ECB) dismissed proposals by Cypriot politicians—themselves wholly reactionary—to create a “solidarity fund” to raise the six billion demanded.

Cyprus’s aim was to preserve its financial relations with Russia and force workers to pay the price by nationalising pension funds to pay the debts of the super-rich. Other proposals included seeking contributions from the church and selling gold reserves—all in order to avoid levying a significant one-off levy on major depositors.

However, the EU bluntly dismissed these measures as insufficient. German Chancellor Angela Merkel declared baldly after a parliamentary meeting of the Christian Democratic Union (CDU), “We want Cyprus to remain in the euro zone”, but insisted that its “current business model is dead.”

The ECB has insisted that the levy on investors should be re-imposed—this time with a widely-anticipated penalty of 15 percent on depositors with balances over €100,000, as initially rejected by Nicosia. If not, it was made clear that proposals had been discussed to prepare for and limit the impact of a Cypriot exit from the euro zone. (more…)

Even the Police can’t stop the first signs of a European Spring

After months of preparation, the days of action organised by the coalition For a European Spring erupted into life last week. However, here in Brussels the police tried to stop it: first banning a peaceful demonstration and then arbitrarily arresting people after a peaceful occupation of the European Commission’s ‘Austerity HQ’. But despite their efforts, the seeds have now been sown, and the pan-European movement against undemocratic and destructive austerity policies is growing.

For a European Spring, Against Austerity

For a European Spring, a coalition of more than 30 groups from 13 countries, came together to reject the European Union’s consistent response to the economic crisis: austerity. In Northern and Southern Europe, we’re witnessing the dismantling of the welfare state, snowballing unemployment and rapidly falling living standards. That’s why the coalition felt that the EU Spring Summit, where political leaders gather to discuss further austerity measures, was the perfect opportunity to send a loud, clear message from the people of Europe that we reject the undemocratic imposition of austerity.

The coalition declared 13Th March as a day of decentralised action, with marches, seminars, general assemblies, and many other activities taking place across Europe while the 14th was a day of concentrated action in Brussels for all Europeans.

Come on a magical Austeritour

In unison with people in Spain, Italy, France, the UK, the Netherlands, Denmark, Poland, Germany, Austria, Slovenia and Greece, in Belgium we organised our own decentralised action: an Austerity Tour of the European institutions as well as the financial and industrial lobbies that have been at the heart of the austerity drive. Accompanied by a samba band and slogan-chanting, the tour weaved through Brussel’s EU quarter, beginning with an action at the International Swaps and Derivatives Association (whose activities were declared a risk to public health and the economy, and therefore quarantined – see pictures). After taking in the European Banking Federation, the Spanish Embassy, the repeatedly-bailed out Belfius Bank and the European Commission, the tour ended at Aquafed, the lobby responsible for pushing water privatisation on behalf of the big water corporates. A staged ‘tug-o-war’ for control of water – between the Troika (the IMF, the Commission and the European Central Bank) and the people – ended in favour of the people. But the real world battle is still far from one, although this short animated videoshows what great campaigning is currently ongoing. A secret ‘unannounced’ stop took everyone on the tour to Business Europe, the city’s biggest lobbying association. There we joined them in celebrating their unbridled success during these austere times. Their members are the main beneficiaries of the Troika’s enforced privatisation. (more…)


lc--280In the morning hours of March 16,2013 the Eurogroup issued its infamous statement which could precipitate the dissolution of the eurozone and perhaps of the EU. It starts with words of welcome. ”The Eurogroup welcomes the political agreement reached with the Cypriot authorities on the cornerstones of the policy conditionality underlying a future macroeconomic adjustment programme…………” It continues wth difficult to understand words with double meaning until it gives the coup de grace. ”These measures include the introduction of an upfront one-off stability  levy applicable to resident and non-resident depositors……”  With this sentence the Eurogroup put an end to economic stability in the EU since for the first time in its history, the EU steals money belonging to bank depositors, under the guise of a so-called stability levy. A tax would be imposed on accounts under 100.000 euros and a heavier tax for accounts over 100.000.

Two days later, Cypriot Parliament voted against this decision. Not one member of Parliament voted in favour. The banks closed for more than a week, as depositors were able to get some money from ATM machines. The population, rightfully angry, demonstrated and protested against state robbery, while one angry depositor tried to break in his bank with a tractor. The President of the Eurogroup, simply took note of the decision of the Parliament while Merkel said that she would respect the decision. The decision of Parliament gave courage to the people of Greece, which were quite disappointed with the docile position taken by its Parliament which adopted with a great ease, measures that were even violating the Greek Constitution. (more…)

Into Arcadia we go: Canadian companies digging for gold in South Eastern Europe *


Published on March 22nd 2013

By Barbara Van Haute 

Canada has a long reputation of following others in terms of international economic and military interventions. Where we did promote international intervention, the general record demonstrates that we did so with an underlying sense of caution and fairness. Lester Pearson’s development of the concept of peacekeeping to address the Suez Crisis of 1956 is a clear case in point. Economically speaking, our history demonstrates heavy reliance on the favour and acceptance of major foreign powers; specifically Great Britain and the United States. Seeking favour and acceptance includes developing policies and international agreements that are in sync with the expressed interests of those major foreign powers.

The goals and strategies of nation-states change over time. In 2006, Prime Minister Stephen Harper announced that Canada would be the ‘energy superpower’ of the 21st century. Few political pundits and analysts saw this as a potential reality. Their argument against this happening was that Canada did not have the population, resources and infrastructure to attain this stature. Based on 20th century history and statistics these negative assessments were accurate.

Within the last 6 years, however, some of those statistics are changing, as is our international reputation. Canada has become a more credible power in terms of influence at the international table. This increase in credibility stems from economic policies implemented prior to and throughout the Great Recession. These polices were focused on public fiscal restraint while at the same time ‘growing’ business and markets. Mark Carney’s (outgoing governor of the Bank of Canada) assumption of the governorship of the Bank of England stands as a symbol of increasing respect for Canada’s role in international political economics. According to The Guardian, Carney is enthusiastic about the US Federal Reserve’s tactic of “forward guidance”; which is just another way of promoting gradual and coordinated change in policy. This is similar to the moves undertaken by the Government of Canada under Stephen Harper. (more…)