The Daily World Affairs Report: The Daily WAR (12-11)

The Bank of England may have averted a catastrophe. If ever there was a time when this country needed its own monetary authorities – acting with wartime urgency – this is the moment.

Those nations with fossilised or timid central banks clinging to outdated ideologies are not so lucky.

Even less lucky are those such as Spain and Ireland that have surrendered policy to a body that is deaf to their pleas and constitutionally obliged to ignore the welfare of their particular societies. They face crucifixion.

The task at hand is to hold our societies together as best we can.

The ECB has cut rates to 1.5%. The Bundesbank is blocking any serious move towards quantitative easing.

Given that Germany's economy is imploding, one wonders if the Bundesbank would be less hawkish if the D-mark still existed.

So has monetary policy in euroland been paralysed by squabbles at a calamitous moment, blighting every member state? Almost certainly.

(And: OVERVALUED EURO SET TO PLUNGE "WITHIN MONTHS")

(Op-ed: 2 CENTRAL BANKS, ONLY 1 ANSWER)

[WAR: Ambrose brings up a good question about Buba and the D-mark. And I believe the answer is that they want the euro to collapse so that they can bring back the D-mark -- in order to regain sovereignty over their own economy

In an e-mail to Ambrose, I reminded him about how good Germany is at causing things to collapse to suit their own agenda -- like they did to the federal building in OKC (see The BND in OKC?!), which he eventually found out.]

Gloom 'n doom on east European economies

Austria, Luxembourg and Switzerland unite on bank secrecy

US taxpayer bails out Deutsche Bank

Quick thoughts for navigating a depression

...Americans are stockpiling for economic crisis

MISC

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* "If people intend to be informed, they must turn to foreign news broadcasts, to Internet sites, (or) to foreign newspapers available on the Internet. People ask me where they can get reliable information. I tell them that their goal cannot be reached without their commitment of time."

* "Here I have to reveal a trade secret, which punctures the mystique of intelligence analysis. Generally speaking, 80% of the information one needs to form judgments on key intelligence targets or issues is available in open media."

* "Former UN weapons inspector Scott Ritter told a packed crowd to stop whining about corporate media and become their own intelligence operatives. 'We the people have the same resources and tools that intelligence networks rely heavily on; it's called Google. As our own intelligence operatives we can't allow CNN, FOX, NBC, and ABC to edit and cherry pick information, but ask questions and find the answers ourselves.'"

* "Many apparently separate developing daily events don't make the slightest sense, if you don't look at them in their strategic context. In the face of Orwellian control of the media, it is even more necessary, to judge contemporary developments with the eye of an historian, who has not forgotten the lessons of [history]."

Monday

The Daily WAR (12-11)