The ECB Is Ireland’s Seignior

The November Issue of the IrishLeftReview.org posted the article The €6 Billion Man which calls for repudiation of all debt hanging over the head of the Irish people, and the speech of The Honorable, Pervenche Berès, MEP, Chair of the Employment and Social Affairs Committee of the European Parliament, at the TASC conference on October 23, 2010, calling for A Different Recovery through application of global governance

A global bear stock market and bond market got fully underway the week ending November 12, 2010, as  world stocks, ACWI, fell 2.4%, and Ireland, EIRL, stocks, fell 5.3%, bringing an end to a global financial rally, that began with the announcement of the EFSF Monetary Authority in early June 2010, and which for many insightful investors carried insight that the US would come out with QE 2 in its November FOMC meeting.

The global bear stock market actually commenced on November 5, 2010, when World Shares, ACWI, fell from the November 4, 2010 rally high of 46.60 to the November 5, 2010 value of 46.51, on rising credit default swaps of European sovereign debt particularly that of  Ireland and Portugal; and as bond vigilantes, called the Interest Rate on the US Government  Debt, $TYX, above 4.0% as QE 2 constitutes monetization of debt. Currency traders then sold with major currencies, DBV, and the emerging market currencies, CEW, against the Yen, causing carry trades to unwind globally.

Peak stock wealth has been achieved, as stocks, ACWI, and bond, BND, values have fallen parabolically lower, for a full week.

As of the week ending November 12, 2010, the world passed from age of prosperity and growth, that came from the Japanese Central Bank’s ZIRP lending policy, and the neoliberal Free To Choose economic policies of Milton Friedman, and US Central Bank quantitative easing … and into ….. a new age of austerity and contraction,that comes from competitive currency deflation, at the hands of the bond vigilantes and the currency traders.

The interest rate on the Irish 10 Year Government debt had been creeping higher. Then this week as Bloomberg chart shows, it exploded higher, causing the Euro to tumble, and the bond vigilantes to sell world government debt, BWX, which in turn caused the currency traders to sell the major currencies, DBV, and the emerging market currencies, CEW, against the Yen, FXY, globally.

A nation, any nation, cannot pay the interest rate that Ireland is called to pay and survive.

No one, and no organization other than the ECB will buy Irish sovereign debt. The ECB is the fiscal sustainer of Ireland, Greece and Portugal and their people, as their governments have lost their seigniorage authority.

The ECB is the lender of first and last resort for the Irish people.

The ECB is Ireland’s Seignior.

As sovereign debt issues escalate in Europe and globally, I believe that in fulfillment of bible prophecy of Revelation Chapter 13, a Global Seignior and Global Sovereign will arise and institute unified regulation of banking globally, this as referred to, in the James Politi and Gillian Tett Financial Times article, NY Fed Chief In Push For Global Bank Framework, and that the Seignior will oversee all matters of debt and credit, and implement a universal currency system, that is a global currency system, that will likely first be used by Portugal, Italy, Ireland, Greece and Spain, as they will have lost their sovereign debt seigniorage and the ECB will have stopped buying their debt.

Perhaps Robert Rubin, Co-Chairman of the Council On Foreign Relation, the CFR, … or European Council President Herman Van Rompuy will rise to be the world’s Sovereign and institute global governance, as he said November 9, 2010:  ”We have together to fight the danger of a new euro-scepticism. … This is no longer the monopoly of a few countries. In every member state, there are people who believe their country can survive alone in the globalised world … It is more than an illusion: it is a lie!”, reports OpenEurope in November 10, 2010 Daily Briefing.

Consilium Europa provides Mr. Van Rompuy’s full statement.  And Mark Alexander provides reference to the Daily Telegraph report …. “Euroscepticism leads to war and a rising tide of nationalism is the European Union’s “biggest enemy”, Herman Van Rompuy, the president of Europe told a Berlin audience.

I hear the drums for global governance of Europe beat louder by the day …. do you?

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