Europe’s Fascist Drift Will Only Benefit Bankers and the Elites

Wayne Madsen

A sticker saying "No Thanks" is posted on a controversial pla-
card that was used by supporters of Switzerland's campaign to
ban minarets.
(Photo: Associated Press / Der Spiegel)

Europe’s anti-austerity popular revolt is not benefitting the political parties of the authentic left that should be reaping electoral support from disaffected workers, pensioners, and students. Instead, the parties of the far-right, which are in lockstep with the corporate-fascist goals of multinational banks and corporations, are gaining in strength. The parties of the far right stand to upend Europe’s bourgeois supranational infrastructures in favor of a group of nationalist governments that will continue to take their orders from the international mega-corporations and banks that have always been more favorably disposed toward fascist regimes than democratic conservative or even bourgeois socialist governments.

It is ironic that many nations are drifting toward fascism as a result of severe austerity measures imposed by the International Monetary Fund (IMF) and, in the case of Europe, the European Central Bank. The corporate-owned media provides fascist parties like Jobbik in Hungary and Golden Dawn in Greece with massive coverage while actual left-progressive parties like SYRIZA in Greece receive minimal coverage. In fact, SYRIZA’s leader, Alexis Tsipras, was criticized by much of the corporate media for attending the funeral of Venezuela’s socialist president Hugo Chavez. While the corporate media expresses doubt that Tsipras could ever become a Greek Chavez -- a leftist leader willing to kick out NATO once and for all and move Greece into a progressive socialist camp where the ultra-wealthy are forced to give back what they have stolen from the Greek people -- the fascist Golden Dawn is given more of a chance of achieving political power. And that would be fine for the tax-avoiding Greek billionaires who have hidden their wealth abroad while Greek workers, pensioners, the disabled, and students have been forced into penury by the dictates from the bankers in Frankfurt, London, Brussels, and Washington.

Media rush to judgment in Boston Marathon bombing

Barry Grey

A critical attitude and avoiding falling prey to media manipulation is useful...

The explosion of two bombs Monday afternoon at the Boston Marathon has been accompanied by a rush to judgment by the media, in which claims of a broad new terror attack are being made without any factual substantiation.

The bombs exploded near the finish line of the marathon in the heart of the city's downtown area. According to media reports, at least three people were killed and 144 wounded, including 15 with critical injuries. Witnesses on the scene and at hospitals have reported that the injuries include amputated lower limbs.

The explosions took place within about 20 seconds of one another and 50-100 yards apart, while thousands of marathoners were still running and many thousands of spectators were lined up along the route. The blasts shattered storefront windows, sending shards of glass and other debris into the crowd.

No individual or organization has as yet claimed responsibility for this brutal and criminal act.

Assault On Gold - Update

Paul Craig Roberts

The Assault On Gold
Update to the Update: The Attack on Gold

NOTE: Readers point out that gold weights are based on metric tons and Troy ounces. 500 metric tons of gold would be 16,075,000 troy ounces. This changes the arithmetic slightly but not the point.

I was the first to point out that the Federal Reserve was rigging all markets, not merely bond prices and interest rates, and that the Fed is rigging the bullion market in order to protect the US dollar’s exchange value, which is threatened by the Fed’s quantitative easing. With the Fed adding to the supply of dollars faster than the demand for dollars is increasing, the price or exchange value of the dollar is set up to fall.

A fall in the dollar’s exchange rate would push up import prices and, thereby, domestic inflation, and the Fed would lose control over interest rates. The bond market would collapse and with it the values of debt-related derivatives on the “banks too big too fail” balance sheets. The financial system would be in turmoil, and panic would reign.

Rapidly rising bullion prices were an indication of loss of confidence in the dollar and were signaling a drop in the dollar’s exchange rate. The Fed used naked shorts in the paper gold market to offset the price effect of a rising demand for bullion possession. Short sales that drive down the price trigger stop-loss orders that automatically lead to individual sales of bullion holdings once their loss limits are reached.

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