European Central Banking Predators Impose Negative Interest Rates
It’s really no surprise the ECB has actually trashed cash with this week’s announcement. And, in the process, provided another bailout to the aristocracy on the backs of the poor and working class who will pay for the ECB’s criminal, non-democratic arrogance.
There are two factors that likely play a major role in this decision. By the way, a decision most European economists, keepers of the faith, expected. Why? Because the predatory status quo wanted it.
Those two factors are 1) massive amounts of American and European aristocratic, predatory renter capitalist money has flooded into distressed European markets and gobbled up assets, including stocks, in incredibly distressed places like Greece, Ireland and Spain. And 2) Europe is headed back into economic crisis. Germany’s manufacturing output is at a 7-month low, Austria at a 10-month low, France at a 4-month low and Greece & Italy are at 2-month lows. So, the ECB is pulling out all stops in an attempt to save private, class-based capital’s major investments. How do they do that? By imposing negative interest rates that they believe will encourage people to withdraw their money and spend it, thus re-igniting some level of growth and inflation. Or, at least staving off deflation. So the thinking goes.
What ails the United States is a European sickness. A sickness that has become very clear since 2008 as the European aristocracy is even more brutal than that of the U.S. in its exploitation of European citizens. Capitalism is a disease inherited from the European aristocracy. As is private banking. And socialism, another horrible disease of state control, is the supposed answer to the aristocracy’s diseased control of European society. All of these are European diseases that European American immigrants left en masse to come to this nation. Why? To be free of class and their use of state violence to enslave humanity.
Today in Europe all of these diseased systems of control are in various stages of terminal failure. And that is why the ECB’s new program of state violence is forcing people to pay for the privilege of putting their money in the hands of private banking criminals.