money

Good news ! (?)

Swiss citizens’ initiative collects 105,000 signatures, triggers referendum on Money Creation

The Swiss population will be the first in the world to vote on their banking and monetary system, thanks to the tireless efforts of a pro-Sovereign Money campaign.

The “Vollgeld Initiative” (Sovereign Money Initiative) has successfully managed to collect 100,000 signatures –  the number required to trigger a nationwide referendum on the issue. (more…)

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Final Countdown

Global inflation has begun : the elites tremble before the wrath of the dupes

Deutscher Text  /  Μετάφραση στα ελληνικά Italiano

The dramatic collapse of young economies in the world are the first signs announcing the crash of the world financial system. The debt tsunami is rolling . It will lead to an inflation of anger against those whose goal is the exploitation of the world. The end will be painful, says Marc Faber. Christine Lagarde speaks about the breaking of a dam, against which defense lines need to be built up. But the attackers act in self-defense;  millions of people are starting to rebel against the financial system. The situation is changing.

bastilli

Caption: Revolutions always break out when those in power believe that they can lever a piece of bread into a piece of cake ( leverage). The storming of the Bastille  in 1793 , Charles Thévenin .

The alchemists of the global financial system start getting nervous. (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Have The Russians Already Quietly Withdrawn All Their Cash From Cyprus?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…)

Euro, Bruxelles confirm: they are cheating us!

Twitter @francescofilini

Finally comes the reply to the parliamentary inquiry submitted by MEP Marco Scurria on the legal nature of ‘€ uro, and finally comes the confirmation: we are cheating. There have always cheated. First things first.

Marco Scurria asked for clarification on the answer given by the European Commission to the first parliamentary inquiry on the legal ownership of the euro presented by MP. Mario Borghezio, which said that during the issuing bank notes belong to the Eurosystem, while in the phase of the movement belong to the owner of the account on which they are charged.

Be careful because the words in official acts and in the techno-eurocratic  language must be well weighed. So the commissioner Olli Rehn answered Borghezio that  the ownership of paper notes (which are well imprinted in every language of EU the initials of the European Central Bank) is the Eurosystem.

But what is this Eurosystem?
“The Eurosystem comprises the ECB and the NCBs of those countries that have adopted the single currency. The Eurosystem and the ESCB will co-exist as long as there are EU Member States outside the euro area.” This is the definition that you read on the official website of the ECB.

So the national central banks print notes and take possession of their nominal value (eg whether to print a business card 100 has a physical cost for who coined by 0.20 cents – intrinsic value – NCBs are also appropriating of the value printed on the ticket).

Scurria asked what were the legal grounds on which it rested the statement of the Commissioner Olli Rehn:

Inquiry with written answer E-000302/2012
the Commission
Rule 117
Marco Scurria (EPP)

Subject: Legal status of ownership of the euro

In response to a written question on the same subject submitted by Mr. Borghezio provided June 16, 2011, the Commission informs his colleague that “on issue euro banknotes belongs to the Eurosystem and, once issued, both banknotes and euro coins belongs to the owner of the account on which are charged as a result. “
Can the Commission clarify the legal basis upon which is based this statement?

Comes the answer: (more…)

The EU Crisis Pocket Guide

2012 edition

6 November 2012

A useful pocket guide on how a crisis made in Wall Street was made worse by EU policies, how it has enriched the 1% to the detriment of the 99%, and outlining some possible solutions that prioritise people and the environment above corporate profits.

The EU Crisis Pocket Guide has been updated in English (November 2012)

Now also in Italian!

Click here for the Spanish version

Contents

  • How a private debt crisis was turned into a public debt crisis and an excuse for austerity
  • The way the rich and bankers benefited while the vast majority lost out
  • The devastating social consequences of austerity
  • The European Union’s response to the crisis: more austerity, more privatisation, less democracy
  • Map of resistance across the EU in 2012
  • Ten alternatives put forward by civil society groups to put people and the environment before corporate greed
  • Resources for further information

  (more…)