Newsletter January 2015, "Who is saving whom?" Premiere on February 11, 2015
„Who is saving whom?" premieres on February 11, 2015! It will be celebrated in many European cities on the very same day! With this we also want to toast you all, who accompanied us so continuously/perseveringly since 2012! It will be a real European celebration. Versions of the film in German, Spanish, Greek, French, English and Italian are fixed/confirmed.
You can plan and prepare for this big day of action already now - together with us! All who helped to make this film a reality will receive a DVD in due time so that everyone can/should host his/her non-commercial premiere. Cinemas should be approached early. We can assist the arrangements. Look at this map to see if an event is scheduled at a place near you yet.
News September 2014: The Film "Who's Saving Whom?" - Gigantic bailout fully up to date
Bank rescue, financial crisis – old news? Not at all! Only last week, Mario Draghi, the former vice president of Goldman Sachs International and current president of the European Central Bank (ECB), announced a new gigantic bank saving scheme: The ECB intends to buy unsellable loan securitization from European banks – up to an amount of 500 to 685 billion. €!! This means that we, the tax payers, make the banks a gift worth just about four EU budgets. The amount that the banks are given would cover all EU expenses for four years, and the EU could wave four years of tax income.
Unlimited credit with minimal equity
And all this simply because in the last crisis, those loan obligations became an issue. These so-called asset backed securities (ABS) exist since about the year 2000; they insure loans. In the times before the ABS, the banks had to wait until a loan was reimbursed before they could make a new one. Now, with ABS, loans can be insured right away, and the bank is able to give out new loans immediately. These are then insured again. This enabled the banks to practically award unlimited loans with minimal equity. Draghi longs to return to these times of exploding loans like in the years between 2000 und 2007/2008; also because the banks are sitting on unsellable ABS worth 684 billion Euros. This is why Draghi asked the world's biggest hedge fund „Blackrock" to develop a concept in order to reinstate the trust into loan securitization. And the solution of the hedge funds obviously is optimal for the banks: tax payers have to take over the unsellable derivatives!
News June 2014: Premiere of the film "Who is saving Whom?" / Victory of the nationalists at the EU parliamentary elections - a reply
After the elections to the European parliament, the media briefly discussed the scare caused by the performance of the right wing parties and nationalists. But only for a short time. However, the victory of political parties in France (Front National), the UK (UK independence party) and Denmark (Danish people's party), which service nationalistic and racist prejudices would give enough grounds for a sense of alarm within the EU.
Nationalists take advantage of the antipathy evoked against the EU and the EURO
The common currency brought many countries of the so-called EU-periphery in a situation of economic defensive. Even a country like France faces these kinds of dangers vis-à-vis the German export industry. Previously, these country simply could devaluate their currency, resulting in the German imported good being more expensive and the local products relatively more affordable. The EURO now makes this impossible. During interviews for the film „Who is saving whom?" we heard this argument over and over, and not only from nationalists. Everywhere the bottom is falling out of local industries due to the pressure of competition. All over Europe, the scissors between rich and poor are opening faster and faster. Add to this the catastrophic austerity policy prescribed by the German government.In such an environment, the slogans of the nationalists fall on fertile ground. Xenophobia and rejection of the common currency are going hand in hand and are straightforward answers.
How can democrats counter such a disaster?
People that were hoping that a unified Europe would bring the peaceful co-existence of different nations and cultures? What can our answer be? Is the Euro only half as bad?
News April 2014: Public Eye Award delivered to Goldman Sachs
We are proud to announce that at last on 4/21/2014 the Public Eye Award was delivered to the so awarded investment bank Goldman Sachs. This renowned dishonor, that was voted by the Public Eye Award Jury to single out the most irresponsible institution in economics and finance, was previously announced in Davos in the neighborhood of the World Economic Forum 2013. The most amazing was that a member of the Goldman Sachs executive board accepted the award and thanked for it expressly.
This award was primarily earned by Goldman Sachs through its work in Greece: a commitment that we and the rest of the world believes should stand as an archetypical example of the work of Goldman Sachs around the world. Goldman's derivative deals, which fudged Greece's way into the Eurozone, pawned the future of the Greek people. Moreover, the managers of Goldman Sachs are masters of the revolving door: they secure the bank tomorrow's business via changes in political and public offices.
Because of this Goldman Sachs now received 2013 the famous Public Eye Award, the award of shame for the most irresponsible company of the year in finance and economics. And the representatives of Goldman Sachs, who accepted the award said, thank you for this!
News March 2014: Speculating on food is murder
Before the latest elections for the German Bundestag (House of Representatives) the minister of finances (Mr. Schäuble) had promised strict regulations to prevent speculation on foodstuff. These (regulations) have now been presented to the public in Brussels: Every EU-country shall decide for itself how it intends to take action against speculation on foodstuffs. That guarantees the ineffectiveness of any barriers. The country that regulates least will be best positioned economically. All speculative contracts on foodstuffs will be transacted on its stock exchanges. The Deutsche Bank is already the largest player worldwide in this dirty business. The NGO Foodwatch comments on this: It is not Wolfgang Schäuble, but much rather the management boards of the Deutsche Bank and other financial institutions which decide on the way forward.
Politicians promise, financial corporations decide
That was already visible in 2011. The French president Nicolas Sarkozy appeared on the evening news of the 8th of October and said: At the next G20-Summit in Cannes, France will demand that financial speculation on basic foodstuffs shall be forbidden. Then, three and a half weeks later at the G20-Summit not a word about it in the final communique. France had withdrawn its proposition. In the interval after Sarkozy's announcement the hedge funds had mobilized their resources. The large corporations presented themselves to the Bundeskanzleramt (Federal Chancellery) in Berlin, to Downing Street in London, to the White House in Washington, to the Elysee Palace in Paris and said: "What were you thinking about? This is about the free market, we will not tolerate any intervention in the free market." And the G20.States cowed down to them.