Did any see the whole page article in the Independent last week concerning the truths and falsehoods of the proposed EU constitution. It was presented as a ´OK boys and girls let Uncle Independent resolve these issues and put your pretty little heads at rest. ´ No bananas and cucumbers won´t be like this and yes condoms will be like that but it doesn´t matter, and oh! tax, well sure but there isn´t much difference now anyhow. The one and most important issue the Índependent´didn´t-that is couldn´t cover was interest rates-the very heart of capitalist economics-money only exists so that money lending can-why use it otherwise instead of say Gold.
The truth is that the system for setting Interest rates in the EU Central bank is and will be entirely anti-democratic. You can view the Bank´s own web site but you won´t find much info their-very democratic- I eventually found some info on the Telegraphs archive-after much digging!
The board that will set the rate will be made up of the 12 Finance ministers plus 8 bueaucrats each with one vote. This means that all we need is 11 out of the 12 ministers to be centre left and we´re home and dry you think!!!
But oh no, my pretty little heads becouse the EU Bank´s constitution will prohibit the lowering of interest rates to stimulate the economy and reduce unemployment- rates can only be adjusted to lower inflation, in short institutionalised Thatcherism- and you thought you had seen the last of her.
Even Browns current policy of leaving micro adjustments to the Bank of England under the auspices of a macro policy to lower unemployment will be prohibited.
So here we are not the End of History but the end capitalist democracy-and all under the noses of our revered national corporate column writers who are to spineless to tackle the issue!
The truth is that the system for setting Interest rates in the EU Central bank is and will be entirely anti-democratic. You can view the Bank´s own web site but you won´t find much info their-very democratic- I eventually found some info on the Telegraphs archive-after much digging!
The board that will set the rate will be made up of the 12 Finance ministers plus 8 bueaucrats each with one vote. This means that all we need is 11 out of the 12 ministers to be centre left and we´re home and dry you think!!!
But oh no, my pretty little heads becouse the EU Bank´s constitution will prohibit the lowering of interest rates to stimulate the economy and reduce unemployment- rates can only be adjusted to lower inflation, in short institutionalised Thatcherism- and you thought you had seen the last of her.
Even Browns current policy of leaving micro adjustments to the Bank of England under the auspices of a macro policy to lower unemployment will be prohibited.
So here we are not the End of History but the end capitalist democracy-and all under the noses of our revered national corporate column writers who are to spineless to tackle the issue!
Comments
Hide the following comment
Campaign Against Euro Federalism - web link
30.03.2004 16:36
Kai Andersen
e-mail:
aokai@tiscali.co.uk