«A Tragédia do Euro» – II

Dinheiro verdadeiro, universalmente válido por ter correspondência num metal precioso.


Um vídeo colocado hoje no Espectador Interessado indignou-me. O criador do Liberty Dollar, considerado um terrorista pelo governo dos E.U.A., foi considerado culpado de falsificação de moeda. Para quem não sabe, a moeda que circula não tem valor intrínseco – é fiduciária, ou seja, vale pela confiança que temos na sua aceitação. O Liberty Dollar pretendia ser uma reserva de valor – como outrora foram as verdadeiras moedas, até ao final do padrão-ouro, e como tantas outras que ainda são emitidas por alguns países ou por privados – e o seu valor nominal correspondia ao mesmo valor em metais preciosos. No fundo, não é diferente de fundir lingotes de ouro ou emitir títulos sobre um determinado bem, coisas que qualquer pessoa pode fazer. Quem está a cometer alguma fraude são os Bancos Centrais e os bancos comerciais que emitem e multiplicam moeda a partir do nada!

Não resisto, aproveitando a oportunidade, a deixar algumas passagens de um livro que já aqui recomendei, sobre a absurda e falsa moeda que utilizamos no nosso quotidiano – o Euro:

«Competition on all levels is essential to the classical liberal vision. It leads to coherence, as product standards, factor prices, and especially wage rates tend to converge. Capital moves where wages are low, bidding them up; workers, on the other hand move where wage rates are high, bidding them down. Markets offer decentralized solutions for environmental problems based on private property. Political competition ensures the most important European value: liberty. Tax competition fosters lower tax rates and fiscal responsibility. People vote by foot, evading excessive tax rates, as do companies. Different national tax sovereignties are seen as the best protection against tyranny. Competition also prevails in the field of money. Different monetary authorities compete in offering currencies of high quality. Authorities offering more stable currencies exert pressure on other authorities to follow suit.»

 «The socialist vision provides no obvious geographical limits for the European state—in contrast to the Catholic-inspired classical liberal vision. Political competition is seen as an obstacle to the central state, which removes itself from public control. In this sense the central state in the socialist vision becomes less and less democratic as power is shifted to bureaucrats and technocrats. (An example is provided by the European Commission, the executive body of the European Union. The Commissioners are not elected but appointed by the member state governments.)»

« The deal was as follows: France builds its European empire and Germany gets its reunification. It was maintained that Germany would otherwise become too powerful and its sharpest weapon, the Deutschmark, had to be taken away—in other words, disarmament.»

 «In the current sovereign debt crisis, the Euro, the only means left for the socialists to strengthen their case and achieve their central state, is at stake. It is, therefore, far from the truth that the end of the Euro would mean the end of Europe or the European idea; it would be just the end of the socialist version of it.»

 «The manipulation of the quantity of money has only one aim: the financing of government policies. There is no other reason to manipulate the quantity of money.»

«Indeed, virtually any quantity of money is sufficient to fulfil money’s function as a medium of exchange. If there is more money, prices are higher; and if there is less, prices are lower. Imagine adding or subtracting zeros on fiat money notes. It would not disturb money’s function as a medium of exchange. Yet, changes in the quantity of money have distributional effects. The first receivers of new money can buy at the old, still low prices. When the money enters the economy, prices are pushed up. Later receivers of the new money see prices increase before their incomes increase. There is redistribution from the first receivers/producers of the new money to the last receivers of the new money—who become continually poorer.»

 «The Euro was advantageous to Latin countries in that its inflation could be conducted without any direct evidence of an appreciating Deutschmark. Inflation would go on, but would be more hidden. When prices start to rise, it is relatively easy to blame it on certain industries. Politicians may, for instance, say that oil prices increase because of peak oil. But if oil prices go up and there is devaluation, it is more difficult for politicians to blame oil for the price increase. Devaluations coupled with higher inflation could easily lead to losses in elections. Devaluations against the Deutschmark disappeared with the introduction of the Euro.»

 «The ruling class is exploitive, parasitic, unproductive, and has a strong class consciousness. It needs an ideology to justify its actions and prevent rebellion of the exploited class. The exploited class represents the majority, produces wealth, is indoctrinated into obedience to the ruling class, and has no special class consciousness.»

 «At the end of the day, the system is simple. A printing press produces huge temptations: being able to buy votes or fulfill political dreams, for example. By using the printing press, the redistribution favors the government and the first receivers of the new money—to the detriment of the rest. This scheme is providently concealed by the government by separating the money flows institutionally. The central bank is made “independent” but still buys government bonds and remits profits back to the government. Banks, in a franchise system, participate in the advantages of money production and in turn help to finance the government. While the connections are complicated, it boils down to nothing more than one individual having a printing press and using it for his own benefit.»

 «Yet the available free-market solutions to the banks’ solvency problems were set aside, and another option was chosen. Governments all over the world injected capital into banks while guaranteeing the liabilities of the banking system. Since taxes are unpopular, these government injections were financed by the less-unpopular increases in public debt. In other words, the malinvestments induced by the inflationary-banking system found an ultimate sponsor—the government—in the form of ballooning public debts.»

 «Monetary policy was the political means toward political union. Proponents of a socialist Europe saw the Euro as their trump against the defense of a classical liberal Europe that had been expanding in power and influence ever since the Berlin Wall came down. The single currency was seen as a step toward political integration and centralization. The logic of interventions propelled the Eurosystem toward a political unification under a central state in Brussels. As national states are abolished, the market place of Europe becomes a new soviet union.»

 «Moreover, under the gold standard, countries worldwide enjoyed a single currency. Goods traded internationally between rich and poor countries. The gold standard did not break down because participating countries had different structures. It was destroyed by governments who wanted to get rid of binding, golden chains and increase their own spending.»


António Gaito


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