Who owns the Euro?

I'm an average guy.

I have average intelligence, a passing-but-increasing interest in political and social affairs, and a respect for the truth.

The most important thing for me as a citizen, a father, and a tax-payer is the responsibility I have to really see what's going on around me; to know how the "system" affects me and my children; to speak my mind when there is something that doesn't sit with my own common sense.

I have no personal agenda. I just want what I say to be heard, analysed and responded to. I am totally prepared to be contradicted and corrected - it will only make me smarter.

The current financial turmoil at home and around the world is of great interest to me. This is the 21st century and it would have been reasonable to assume that the lessons we learned as a species over the past 100 years might have taught us enough to expect to be living in a pretty decent world. Instead we seem vehemently determined to ignore any lessons that history has to offer and to repeat the same mistakes which result in war, hunger, poverty, oppression, corruption, waste, suffering and grief.

So with Italy, Spain, Greece, Ireland and Portugal under the spectre of bankruptcy it seemed like a logical question to ask: who owns the Euro?

Simply put, if the problem is a shortage of money, why not print more?

Firstly, what is money? Money did not always exist. Skills, Produce and Services were originally traded - bartered - between farmers, labourers, tradesmen, craftsmen etc. The concept of money originated to fulfill the need for a mutually tradeable unit representing the value of all items and services. So if I have 2 goats that I can trade, but nobody wants goats, I can sell them for a value held in the form of money which I can then use to purchase a good, skill or service as I require.

Money therefore has NO VALUE in itself. It is a promissory note. So why can I not WRITE a promissory note?

Printed money is simply a promissory note in recognisable, standardised form. If I have something to sell, the value of it will rise and fall according to demand for the item or service. But the representation of this value amount in the form of money has nothing to do with the AVAILABILITY of printed money. And yet, the shortage of printed money seems to be causing a global crisis. How can this be?

Because money itself ..... ink on paper ..... has become a commodity, with controlled supply.

Who has control?

Most people think that the State controls the supply of money through the Central Bank. If the government needs money it gets the mint to print more. So why do governments have to borrow money? Who do they borrow from? And to whom do they pay the interest on this borrowed money?

The Central Bank is indeed the supplier of printed money. But the Central Bank is not a State institution. It is not owned or controlled by the State. It alone has the authority to print money (although who authorised this is an important question, as is "why doesn't the State take back this authorisation?").

So if the State doesn't own or control the Central Bank, who does?

As in the US, where most people believe that the "Federal" Reserve is some branch of government, The European Central Bank is not a State, Political or Governmental body. It is a PRIVATE BUSINESS with no ties to Brussels, Berlin or London. Not directly in any case.

As a PRIVATE BUSINESS, it is privately owned and is RUN FOR PROFIT.

If not only Ireland, Portugal or Greece, but Germany, France and any other Eurozone country needs money, it has to BORROW it from this private business. Where does this private business GET its money? It PRINTS IT! When it lends cash (or credit) to a nation in need, it simply PRINTS PAPER or WRITES A NUMBER IN A LEDGER. So it actually CREATES MONEY FROM NOTHING. More than 90% of all "money" doesn't physically exist....it is simply numbers on ledgers and in computer (virtual) files.

In 2008, instead of underwriting the virtual money that doesn't actually exist in the balance sheets of lenders such as Anglo Irish Bank, the Irish State should have walked away from the European Union.

We should have reverted to the PUNT. The value of which would be backed by our own natural resources and the goods we produce. But we had already given away much of this in gas and oil. Not sold it, or leased it ..... GIVEN IT AWAY!

Some people will say, but if we walked out of Europe and defaulted on our sovereign debt, who would trade with us?

As far as I can see, plenty of people would have traded with us. Who buys our goods and services? Companies do ... not governments ... Companies. The sovereign debt is ALL the gambling losses of speculators who do nothing to contribute to the wealth of the country or the people. If I go to Leopardstown, place a bet and lose, can I now go to Leinster House to get my money back?

The banking system is holding this country and most of Europe to ransom - to repay money that never existed, was created out of thin air, is inherently worthless anyway PLUS the interest (or PROFIT) which is the fee for supplying this non existent money.

Explain to me the logic?

The European Project has failed - but IT WAS DESIGNED TO FAIL.

The ingenious privately owned banking system was created not simply as a business to generate profits for its owners, but to engineer a scenario wherein entire countries and peoples would be enslaved by debt ... essentially OWNED!!, by the bankers.

Who owns the Euro? or for that matter the dollar, yen and any other currency?

The private bankers - the owners of the central banks who hold title to entire countries assets and citizens private properties and guarantee this enslavement in perpetuity by financing debt with debt and charging interest upon interest.

With no interest repayment requirement, your taxes would go directly back into the economy and public services instead of back to the private ownership of the money suppliers. How different would the country be in such a scenario?


I do not intend to over-edit these posts, but to publish them as they are..... stream of consciousness monologues offered openly for your consideration, comment, rebuttal and contradiction if only to wake up an apathetic nation.

Think I'm talking rubbish?
Read this article from 2010 Irish Independent.

Master of the Universe: Mohamed El-Erian
http://www.independent.ie/business/world/master-of-the-universe-mohamed-elerian-2457186.html

He has questioned the whole thrust of our fiscal policy and the viability of our future in the eurozone and must be listened to

Quote" HE is the man widely-tipped to be next boss of the IMF and believes that Ireland will have to leave the euro. As one of the most successful bond investors of his generation, it would be a brave or foolish investor who bet against Mohamed El-Erian."

Of course, the Irish Government (at the time and currently) ignore such people .... they're obviously stupid....... decide for yourself.