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European Central Banker Member Ducks EIR Questions


LaRouchePAC, November 12, 2009


November 12, 2009 (LPAC)—The European Parliament Special Committee on the Financial and Economic Crisis held its first hearing Nov. 10, with a series of European "experts." EIR News Service got a last-minute request from a Committee member to forward proposals for questions to one of the "experts," European Central Bank (ECB) Board member Jose Manuel Gonzalez-Paramo.

The questions, aimed at forcing out the state of ECB insolvency, were: 1. How much toxic waste (assets) has the ECB bought or accepted as collateral from banks? 2. Which banks have gotten money from the ECB so far, and how much? 3. Do those banks keep that money in the ECB?

The Committee member reported that Gonzalez-Paramo tried first not to answer the questions, and did so only after being additionally requested to do so by the Committee chairman. Looking uncomfortable, Gonzalez-Paramo actually ducked the issues, saying that some banks keep their deposits in the ECB, some not. There is an "excess of liquidity," he said, estimated at 150 billion euros, and the market is too "fragmented."

Sounds like the banks of the United States, which, while bathed in over $10 trillion in Federal Reserve bailouts, securities guarantees, and special loan facilities, have deposited $800 billion of "excess reserves" in 2009 back with—the Federal Reserve, which is paying them an interest rate it will not reveal.

The other "experts" heard were: Paul Jorion, Andre Sapir, Verena Ross, Fernando Fernandez Mendez de Andes, Carlo Vivaldi (Unicredit Austria), John Monks (European Trade Union Confederation), Jörgen Homlquist (EU Commission).

The Global Oil Scam: 50 Times Bigger Than Madoff

Seeking Alpha, November 11, 2009

It’s a number so large that, to put it in perspective, we will now begin measuring the damage done to the global economy in "Madoff Units" ($50Bn rip-offs).

That’s right - $2.5Tn is 50 TIMES the amount of money that Bernie Madoff scammed from investors in his lifetime, yet it is also LESS than the MONTHLY EXCESS price the global population is being manipulated into paying for a barrel of oil.

Where is the outrage? Where are the investigations?

UN Food Summit Fails Before It Begins

Daily Telegraph, November 12, 2009

The leaked World Food Summit draft declaration falls short of a UN goal of eradicating hunger by 2025. Instead, leaders are expected to to sign a watered down declaration in Rome next week that calls for vague increases in aid for farmers in poor countries but sets no targets or deadlines for action.

Leaders are expected to reaffirm their commitment to the UN's Millennium Development Goal of halving the number of hungry people by 2015 - a target that is unlikely to be reached.

The UN's Food and Agriculture Organisation (FAO), which is organising the three day conference, had hoped to win a clear promise from rich countries to increase the amount they give each year in agricultural aid from $7.9 billion (£4.8 billion) to $44 billion.

But a final draft declaration instead made only a commitment to "substantially increase the share of official development assistance devoted to agriculture and food security based on country-led requests".

"The declaration is just a rehash of old platitudes," said Francisco Sarmento, food rights coordinator for ActionAid.

Campaigners condemned the fact that the summit will be attended by only one G8 leader – Italy's prime minister, Silvio Berlusconi, who is hosting the gathering.

Britain will be represented by two junior ministers, Mike Foster, from the Department for International Development and Jim Fitzpatrick, of the Department for Environment, Food and Rural Affairs.

The US, the world's biggest food aid donor, will send the acting head of the US Agency for International Development.

More than 60 world leaders are expected, including Pope Benedict XVI, Col Gaddafi of Libya, Zimbabwe's President Robert Mugabe and Hugo Chavez of Venezuela.

"It's a tragedy that the world leaders are not going to attend the summit," said Daniel Berman of Medecins Sans Frontières .

Aid groups said the summit was a missed opportunity to tackle malnutrition, which kills a child every six seconds, despite the fact that the world produces a surplus of food. Cereal crops this year are expected to be the second largest ever, after a record harvest in 2008.

According to FAO, the number of hungry people rose this year to 1.02 billion people, as a result of the global economic crisis, high food and fuel prices, drought and conflict.

"This scourge is not just a moral outrage and economic absurdity, but also represents a threat for our peace and security," said FAO's director, Jacques Diouf, who will embark on a 24 hour fast on Saturday to show solidarity with the world's hungry.


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