Friday, August 10, 2012

The European Central Bank Evades the Law to Print Euros for Greece

Dr. Philipp Bagus of King Juan Carlos University, Madrid, has previously revealed this backdoor evasion of the law by the European System of Central Banks. This blatant disregard for the law is a trend that we see by governments and governmental institutions everywhere.

Here is the key section from the Speigel online report:

"...the central bank is prohibited from financing governments directly...The ECB has chosen a detour via the Greek central bank...The Greek central bank will accept the dodgy bonds as collateral, and will provide the country's equally troubled commercial banks with freshly printed euros -- which ultimately come from the ECB."

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