On the matter of capital controls in Cyprus, this morning I was drawn (as usual) to Tyler Durden over at ‘Zero Hedge’ (link below). Tyler referred us to the Nobel Prize winning economist Friedrich Hayek’s 1944 classic ‘The Road to Serfdom’ in which, on the subject of capital controls, Hayek had this to say:
“The extent of the control over all life that economic control confers is nowhere better illustrated than in the field of foreign exchanges. Nothing would at first seem to affect private life less than a state control of the dealings in foreign exchange, and most people will regard its introduction with complete indifference. Yet the experience of most Continental countries has taught thoughtful people to regard this step as the decisive advance on the path to totalitarianism and the suppression of individual liberty. It is, in fact, the complete delivery of the individual to the tyranny of the state, the final suppression of all means of escape – not merely for the rich but for everybody.”
I maintain, with an ever growing conviction these days, that the European Union is really nothing short of being a barely disguised Evil Empire, manifested as it is by the so-called ‘Troika’ (the unelected European Commission, the unelected European Central Bank and the unelected International Monetary Fund)
So then, ‘The Troika’ – a group of unelected, unaccountable, fantastically well-paid and cosseted bureaucrats and bankers – is now dictating, literally dictating, how once-sovereign societies are to live their lives; even down to how much money a citizen can draw from his bank account each day. And if anybody argues that these capital controls are temporary, then they’re probably on the dictatorship’s payroll.
For how much longer will the ordinary people of the Evil Empire European Union put up with this?
What sickens me is the deafening silence from the British political class; if our politicos say anything at all, they condone the actions of ‘The Troika’. It’s utterly shameful, but moreover it makes me ask “Why? Why are our politicians backing the economic crushing of sovereign states in this way?”.
Furthermore, the situation in the UK, in terms of public understanding and opinion of all this is, as always, exacerbated by the pernicious effects of the BBC’s love affair with the European Union and the euro currency. The BBC just cannot get its head around what’s happening in Europe. The BBC cannot comprehend the profound nature of the outright socio-economic warfare that European politico-banking and politico-bureaucratic elites are now waging on the peoples of Europe, on their ‘own’ (ha!) people.
Nigel Farage needs to step in to the nearest telephone booth and pull his underpants over his trousers pretty quickly as far as I can tell.
PS By the way, in none of my comments on British and European politics have I ever shouted ‘Vote UKIP!’ However, my view of UKIP is that, right now, we need someone, anyone, to challenge, to embarrass, to frustrate, to unsettle, to upturn, to spike the British political status quo. And to do all of that to the unmitigated madness that is the European Union at the same time. I can’t see any politician or political party, apart from Farage/UKIP, in a position to break the appalling, complacent, homogenous, deadlock that now characterises British politics and so locks us in to the grotesque unfolding of events within the European Union. So, whilst I support the Farage/UKIP anarchy, I’m under no illusions about the fundamental, long-term strengths and weaknesses of Farage/UKIP. However, unless somebody stirs things up in Westminster and Brussels, and fast, then we really are on the road to serfdom.
‘Hayek vs Krugman – Cyprus’ Capital Controls’: http://tinyurl.com/c4fl9su
PPS Hat tip to O’Reilly of the Hip Flask (see the ‘Declaration of Arbroath’ post) for steering us all to this tour de force …