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Eurozone Bailout Deal - by Stephen Lendman
Wrecking economies to pay bankers.
One size fits all doesn't work. Uniting 17 dissimilar countries under rigid euro rules failed.
Membership means foregoing the right to devalue currencies to make exports more competitive, maintain money sovereignty to monetize debt freely, and legislate fiscal policy to stimulate growth.
Eurozone's obituary remains to be written. It's just a matter of time.
Maastricht criteria limit inflation, long-term interest rates, budget deficits, and government debt. Granting money power to a supranational authority flopped. Globalists want it anyway. Wrecking economies to enrich bankers matters most.
The euro's 1999 introduction prevented the European Central Bank (ECB) from financing government deficits. Eurozone members can't monetize credit. Their public sector is "dependent on commercial banks and bondholders," explains Michael Hudson.
It's a "bonanza for them, rolling back three centuries of attempts to create a mixed economy financially and industrially, by privatizing the credit creation monopoly as well as capital investment in public infrastructure monopolies now being pushed onto the sales block for bidders - on credit, with the winner being the one who promises to pay out the most interest to bankers to absorb the access fees (economic rent) that can be extracted."
As a result, nations were financialized and economies privatized. "Financial oligarchy" replaced democracy. Wealth more than ever is concentrated in private hands. Banker rules force selling off public land and enterprises.
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