Tuesday, 9 August 2011

A Miserable Echo

This article from Jean Marc Vittori at 'Les Echos' confirms what we argued below about the Fed: - that it has become the sole "government" of the US even though it is not elected. And it has done so by using the one instrument that almost by law it is not allowed to use: - printing money!

If you look through our posts, you will see how we have argued about the "inevitability" of this development: for the State to be able to save capitalism, it has "to intervene" on an expanding scale until we can all see through the "fiction" of "private enterprise" and of "the competitve market"!

That is precisely what Vittori says too! But because he is a total bourgeois pig he also hastens to threaten that "after the crisis" the statute of central banks will have to be reviewed. Reviewed!!?? Yes indeed: to ensure that governments are more rresponsible with their fiscal policies, by expanding in times of crisis so as not to force central bankers to take the decisions that politicians are supposed to take!!

Here is the article: http://www.lesechos.fr/opinions/edito/0201559379789-banque-plus-centrale-que-jamais-204523.php

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