Anglo-American financiers planned attack against Europe

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“In the 20th century, Europe managed to commit collective suicide not once, but twice – in 1914, and again starting in 1939. Have the European elites learned absolutely nothing? Has the European public learned absolutely nothing? Is a third collective suicide – this time by a failure to prevent the catastrophic and chaotic breakup of the euro under Anglo-American speculative attack– really inevitable?”

“Those who advocate the demolition of the euro must explain why they insist on surrendering to the brazen aggression of London and New York. Why are they determined to appease Goldman Sachs, Barclays Bank, J.P. Morgan Chase, and the rest of the Anglo-American wolfpack?”  Webster G. Tarpley, Ph.D.   

Europe Must Fight Back Against US-UK Speculative Attacks

By Webster G. Tarpley, Ph.D.

October 1, 2011

The speculative attack by Wall Street and City of London banks and hedge funds against European countries, European banks, and the euro is now reaching a crescendo. The current European crisis does not derive primarily from economic fundamentals, but rather represents a cynically planned assault carried out by Anglo-American financiers, whose philosophy is the traditional Beggar My Neighbor. The goal is to shift the epicenter of the world economic and financial depression from London and New York onto the continent of Europe, and this operation has already partially succeeded. London and New York are exporting their own derivatives depression into the EU, using credit default swaps, corrupt credit ratings agencies, and their entire panoply of financial dirty tricks. We are not dealing here with the normal functioning of markets; we are dealing with all-out economic warfare.

The Wall Street zombie bankers are aiming at a chaotic breakup of the euro with the intention of buying up the old continent at bargain-basement prices. The jackals of the City of London are seeking to smash the euro as a means of breathing new life into the moribund British pound, thereby masking the fact that Britain is more bankrupt than the vast majority of EU member states. The Anglo Americans are also acting to destroy the euro as a possible competitor for the dollar in the role of world reserve currency for the pricing of oil, the activities of international lending institutions, and other functions. The dollar is now so weak and unstable that it can only survive through the downfall of all the alternative currencies.

Because of the arrogance and stupidity of the Eurocrats and Eurogarchs who are running Brussels today, and especially because of the monetarist incompetence of Trichet and the other officials of the European Central Bank, resentment against the euro and the ECB is rising in a number of European states. But those who are being swept up in the anti-Euro hysteria need to ask themselves why they have chosen to advance the destruction of the euro, when this project coincides so totally with the intentions of the Anglo-American financiers, who are clearly the biggest enemies of Europe and of civilized humanity in general. Many of the anti-Euro agitators have not thought concretely about where the successful accomplishment of their current campaign would actually leave them. It is certainly reckless and irresponsible to propose the destruction of the euro without having a viable and concrete alternative in mind.

The Euro’s Raison D’etre in Self-Defense Against Speculative Attacks

By the time of the international monetary crises of the late 1960s that eventually destroyed the Bretton Woods system, it was clear that the economic integration of western Europe had become so advanced that wild fluctuations in the currency exchange rates among European countries would severely disrupt manufacturing and trade. Between 1971 and 1973, as the fixed parities of the Bretton Woods system were breaking up (with the active complicity of Nixon, Kissinger, and Milton Friedman), a number of European states grouped around West Germany established and defended fixed parities among their currencies. This was the old Europeans snake, which became a snake in a tunnel when some other countries became more loosely associated with it. This evolved into a European currency grid, and into the European Rate Mechanism attacked by Soros with some success in September 1992. Out of the ERM grew the euro.

The basic problem faced by Germany and its neighbors was that even 40 years ago, individual European currencies were destined to be mercilessly attacked by Anglo-American speculators. The German mark was constantly attacked by speculators going long, placing bets à la hausse, assuming that D-Mark would rise. This always tended to make the D-Mark so astronomically expensive that German exports would be priced out of the world market, causing domestic depression and social chaos. The other currencies, be they the French franc, the Italian lira, the Benelux franc, the Greek drachma, the Spanish peseta, and others were all candidates to be sold short by speculators betting à la baisse. As long as they stood alone, these currencies were sure to be pounded into dust, reduced to minimal values, thus creating runaway inflation and a catastrophic decline in the standard of living in the states. All this was long before the age of credit default swaps, when the arms available to speculators were relatively primitive compared to the present-day weapons of financial mass destruction, modern derivatives.

One of the basic motors of European integration was therefore the idea that any stand-alone European currency, whether weak or strong, would inevitably be massacred by Anglo-American speculation. It was only by joining together that these currencies could hope to put up a common front against the speculative predators. Individual fingers can be easily broken, but a fist is harder to fracture. There were many reasons for the creation of the euro, some of which were and are totally spurious, but the hope of joining together for common defense against international hot money speculation must be seen as one of the rational and valid purposes for a common European currency.

In 2008-2009, the Bank of England, the Federal Reserve, the British Exchequer, and the US Treasury began flooding the world with easy money being lent at virtual 0% interest to banks, hedge funds, money market funds, credit card companies, and other troubled financial institutions. This policy soon generated something approaching $20 trillion of hot money, which promptly fled the dollar and the pound to seek windfall returns in the hottest speculative markets of the world. Since so many dollars and pounds were being sold, a downward pressure emerged against these currencies no later than the summer of 2009.      COMPLETE ARTICLE HERE

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Related article:
Global systemic crisis : Implosive fusion of global financial assets

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