June 29, 2011
By Paul Craig Roberts
The International Monetary Fund and the European Central Bank are violating their charters in order to bail out French, German, and Dutch private banks. The IMF is only empowered to make balance of payments loans, but is lending to the Greek government for prohibited budgetary reasons in order that the Greek government can pay the banks. The ECB is prohibited from bailing out member country overnments, but is doing so anyway in order that the banks can be paid. The German parliament approved the bailout, which violates provisions of the European Treaty and Germany’s own Basic Law. The case is in the German Constitutional Court, a fact unreported in the US media.
Author’s Bio: A complex, contradictory figure, Paul Craig Roberts was an editor of the Wall Street Journal and an Assistant Secretary of the U.S. Treasury under that arch-criminal phony, Ronald Reagan. His latest book, HOW THE ECONOMY WAS LOST, has just been published by CounterPunch/AK Pres
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It is clear that opposition must organise.Demonstrations in the street, by themselves, are pissing into the wind.
Until the lower depths percieve the sham and criminality which afflicts the world, we are chasing our tails. A real workers movement is needed, and nearly beyond the ability of the mob to achieve. I fear that the violent will, once again, take charge of the “revolt”, leading to yet another round of futile power politics and frustration.