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Dec 29 2011

European Central Bank also giving big banks free money

It looks like Europe is following the lead of the US, with its equivalent of the Federal Reserve giving money to big banks at low interest rates and allowing them to buy government bonds at higher interest rates. So the European central bank is essentially borrowing back its own money, just like the Fed did here, the banks essentially risk-free easy profits.

If one wanted even more evidence of the power of the global financial oligarchy over governments, look at how they managed to oust the elected leaders of the government in Greece and Italy and replace them with unelected ‘technocrats’, i.e., people who would implement harsh austerity policies that squeeze the general public in order to pay back to the banks the risky loans that they gave out. Even Silvio Berlusconi, one of the most tenacious of politicians whose ability to cling on to the prime ministership was legendary, had to bow down to this superior power and resign.

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