Why pay off our public debt?
by Eric Toussaint
“Here in Europe, the European Central Bank is not allowed to lend money to member States, so the monopoly for lending money to the public powers in the Euro zone is left in the hands of the private bankers who take full advantage of this in order to set the kind of interest rates that benefit them the most. In other words, they currently lend money to the BCE at 0.25% and then proceed to lend Italy money at 4%. When things are going badly for Italy, they lend us money at 6-7%. The citizens have to take the initiative when it comes to conducting a “debt audit”, asking the right questions and coming up with the answers themselves, without being too concerned about the fact that there is a major economics and finance expert.” Éric Toussaint