Surviving Capitalism (Not) : The ECB and the Fed at the service of the major private banks

We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up

Tuesday, December 11, 2012

The ECB and the Fed at the service of the major private banks

Click here to access article by Eric Toussaint from Committee for the Abolition of Third World Debt.

There was more detail here than I wanted to know, but the main point (for me) was well developed:

“Is it normal in a crisis for the private banks, who are usually financed at 1% by the Central Banks, to benefit from a rate of 0.01%, when in times of crisis certain States are obliged to pay rates 600 or 800 times higher?”

Given that the "central banks" are privately owned by the reigning One Percents, these differential interest rates and the resulting debts (owed to the One Percents) being piled onto nations' citizens is a prime illustration of the current class war in the West. What is so sad, even tragic, about this is that most people are unaware of its nature, particularly here in the US. This situation also illustrates the brilliant success of the One Percents' indoctrination programs and their management of media coverage.