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The Birth of the European Central Bank: Its Real Agenda_on Guns & Butter

This show was broadcast March 10, 2013.
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No to Euro Austerity

GUNS AND BUTTER with Bonnie Faulkner
The Birth of the European Central Bank: Its Real Agenda — Alain Parquez
GUNS AND BUTTER — “Real wages will collapse. And what we have in mind is a total collapse of the share of labour income in the French society and how to get that by the Treaty of Maastricht and the creation of the euro system.” — Dr. Alain Parquez

“I’m Bonnie Faulkner. Today on Guns and Butter: Alain Parquez. Today’s show: The Birth of the European Central Bank: Its Real Agenda. Alain Parquez is Emeritus Professor of Economics, Ist Class, Université de Franche-Comte at Besancon, France; Faculty of Law, Economics and Political Science. He has written extensively on monetary policy, crisis theory, and economic policy, including articles and books on the impact of austerity measures, which he believes are the cause of the world crisis. He is currently writing a book on the general theory of the monetary circuit and its economic policy implications.

“Today’s show features introductory remarks by Alain Parquez at the first Italian grassroots economic Summit on Modern Money Theory in Rimini, Italy, February 2012, produced by Italian journalist Paolo Barnard. The five speakers were Stephanie Kelton, William Black, Alain Parquez, Michael Hudson, and Marshall Auerback.”

Dr. Alain Parquez (c. 2:00): “Yes, when I look at this audience, I am ashamed to be French because such an event would be impossible in my own country for two reasons. The government would have tried to forbid it. And the economy and society is in such a state of total disaster that people, even young people, are completely despaired. So, again, Italians are the sole hope of Europe. [Applause]

“Contrary to what happens in France, you try to fight the total coup d’état which has been planned a very long time ago, and enshrined into the European monetary union. I shall try to explain that the so-called ‘sovereign crisis’ of sovereign debt is a lie. [Applause] But it has been carefully planned by those who build the European system. What they had in mind was the creation of a new totalitarian social order destroying democracy, all kind of social legislation. And now the new treaty imposed by our French president, who makes Berlusconi a saint, deprived the states of any kind of sovereignty, imposed permanent deflation. So, yes, my colleague was right. You are what the European ruling-class is afraid of—mobilisation of the people. They want to rule by fear and ignorance. And, at least, thanks to Paolo and thanks to you, there is hope that fear and ignorance will defeat what should be deemed techno-fascism, which is the existing tradition of the European monetary union. So, thank you and hail Italy. [Applause] See rest of the transcript here.


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