2 June 2013


Because euro-zone countries surrendered their ability to create their own money, they must borrow all their money from the ECB and IMF, and from investors who buy sovereign bonds.

Therefore most euro-zone countries keep going further into debt. To cope with the ever-increasing debt, they must have ever-increasing austerity, which causes an ever-worsening depression. It’s a death spiral, and there is absolutely no way out, as long as the euro currency remains. (Germany is an exception, since Germany enjoys a huge trade surplus, and therefore uses the euro currency to suck the other nations dry.)

Thus, the euro is killing the euro-zone.

Euro-zone politicians defend this killing, because they are on the payroll of the ECB, which issues euros from Frankfurt. Politicians claim that if their nations stop using the euro, it will be a disaster.



Politicians claim that any nation which dumps the euro (and therefore stops committing suicide) will be exiled and disgraced; an outcast pariah, isolated, cut off and alone. They claim that “public opinion polls” show that everyone wants to keep the euro.

So far, most people in the euro-zone have actually believed this garbage. (!!!!) They have believed that if they stop killing themselves, they will die. In their stupidity, they cannot understand why their economic depression and austerity keep getting worse, even though they have done everything the Troka demands.


Now comes a miracle in Portugal. Por que devemos abandonar o euro (Why We Should Leave the Euro) by João Ferreira do Amaral instantly became the best-selling book in Portugal.


In a recent interview, Mr. Amaral said Portugal “has no chance of growing fast within a monetary union with a currency this strong. Thankfully, this issue has stopped being taboo, and there is now a lot of discussion here and abroad.”

I have not read the book, since it is not available at Amazon, but at least the taboo has been broken, which is why I call it a miracle.


A shift in consciousness indeed. Most people live in mental straitjackets. Everything within the confines of the straitjacket are “truth” and “common sense.” Everything outside the straitjacket is absurd, or false, or impossible, or does not exist. The euro currency is a mental, political, and financial straitjacket for 333 million people. It is imposed by rich people, bankers, and euro-crats so they may increase their power.

Now Mr. Amaral says Portugal must break out. The book is in its fourth edition, selling more than 7,000 copies so far—a lot for an economics tract in the small Portuguese market.

Mr. Amaral is a classically trained economists, and therefore suffers from mental limitations. For exampole, he says Portugal is suffering because the euro is “too strong.” He says Portugal should dump the euro, and resume using the escudo, so the escudo can be “devalued.” He thinks this will let Portugal rise out of its depression.

Portugal would certainly recover if it dumped the euro (unless Portuguese politicians began imposing gratuitous austerity, like U.S. politicians ). However this has nothing to do with the “strength” of the euro, or with devaluation. Quite simply, Portugal must get back its computer keyboard, so that the Portuguese government can create money out of nothing, like most other sovereign governments.

However this is beyond the grasp of Mr. Amaral, who is merely an economist. Much of his viewpoint is based on simple nationalism.  For him, dumping the euro means stopping Portugal’s efforts to please Germany.

This past Thursday, at one of the many recent public debates on the euro. Mr. Amaral faced off against prominent “socialist” politician and euro supporter João Galamba, who said that, “Leaving the euro isn’t a solution, unless we want to isolate ourselves completely from the rest of the European Union, which would be a catastrophe.” (Standard excrement.)

Mr. Amaral responded, “The austerity policy isn’t working, despite all our efforts. The next step is for us to realize the euro simply isn’t sustainable for Portugal.”

In a televised debate, ex-Finance Minister João Salgueiro warned that even talk of leaving may harm Portugal. “All the investments that come in will be at a higher cost,” he said.


For years, Portuguese politicians have claimed that happy days are just around the corner. Just around the corner. Just around the corner.

Perhaps the Portuguese public has finally started to question the lies.




3 Responses to 2 June 2013

  1. Jerry B says:

    Thanks for the great info. I have a question. We are told that the money lent to banks, to GM, etc. during the economic crisis has mostly been paid back. What happens to the “paid back” money? does it vanish just like tax money?

  2. Steve says:

    Hi Jerry-good question. Yes, it vanishes ,just like tax $$$. I’ve included two url’s from this blog’s original mentor, Roger Malcolm Mitchell:



    Hopefully your host will not be too upset that I referred you off site.

    • quatloosx says:

      No Steve, it’s okay. I support Rodger. If it had not been for Rodger, I would not have started this blog, where I have fun with satirical images that I treat like political cartoons.

      And yes, the money that banks and corporations “pay back” to the US government vanishes, just like tax money.

      It HAS to, because of the fact that all money is purely digital.

      When a bank account is debited (i.e. the numbers are reduced), the digital money ceases to exist. It doesn’t “go” anywhere. This fact, is right on front of everyone’s nose, yet almost everyone voluntarily refuses to see it.

      On a related note, banks create loan money by digitally creating and crediting accounts. (Fractional reserve banking is long extinct.) On the rare occasion when the U.S. government imposes a fine on a too-big-to-fail bank, the penalty money is destroyed, of course, but where does the bank get the money to pay the fine?

      I suspect the bank simply creates it out of nothing, as the bank does with loans. It is easy for huge banks to conceal this.

      Thanks to both of you for stopping by and commenting. Please continue to do so.

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