This is an update to an earlier diary. There is a link at the end to an article by investigative journalist Greg Palast where you can read the "rest of the story". Robert Alexander Mundell, CC (born October 24, 1932) is a Nobel Prize-winning Canadian economist. Mundell is a professor of economics at Columbia University and the Chinese University of Hong Kong.
Mundell is known as the "father"[2] of the euro, as he laid the groundwork for its introduction through this work and helped to start the movement known as supply-side economics aka Reagan’s trickle down (voo doo) economics. He served as an economic adviser to the UN, the IMF, the World Bank the EU, the Federal Reserve, the US.
If it were not for the real world results of his economic theories, I might find him quite respectable. I do wonder how in the world he achieved the distinguished honor of receiving the Nobel Prize because his economic theories has wreaked havoc on the ordinary citizens in the US and Europe. Unless, that’s how it was designed. In that case they were a huge success. I have learned today, but not validated, that the Euro model actually had a targeted goal of destroying Europe’s socialist programs, such as their versions of old age pensions like the US Social Security system, national healthcare and so forth. Since he was a key advisor to the IMF and other central banks including the Federal Reserve in the US, it comes as no surprise to me that they have been pushing this system of austerity as a supposed system to rebuild a nation’s economic system, which in fact has shown to accomplish the exact opposite. Of course we have been lied to for a very long time. This is much the same type of austerity that is contained in the budget put forth and passed by the republican Congress for 2016 and into 2017 and it would devastate our economy and roll back jobs growth.
In addition to the severe austerity imposed on the people in Greece, Spain, Ireland and elsewhere, we are facing yet more free trade agreements which in actuality are treaties which must be approved by 2/3 of our Senate and Congress is not involved. Fast Track authority was started under Nixon and is not constitutional but a keen way of getting around the 2/3 majority vote in the Senate by calling treaties trade deals instead. The “free” trade deals coming up in the next year or two will quite literally erode our sovereignty, which is what the European Union was designed to do. To render laws passed by our Congress and other world governments Parliaments all but worthless. I hope I am wrong, but fear I am not that we are looking at a global corporate takeover and if successful the vast majority of the world’s populations will be thrown back hundred’s of years into a state of Feudalism.
Sun Aug 09, 2015 at 11:23 AM PT: I suppose I should check in more often to view comments and messages regarding my diaries. I am new to this process and may get it wrong from time to time. I had a message from one person that I hope she is OK with me adding to this diary in that most of it is a repost as well from Greg Pallast's website where some of this information came from regarding Professor Mundell.
I think you will find Greg Palast's article http://www.gregpalast.com/.... very interesting. I find it curious that no one quotes Mundell's own description of his brainchild:
" As Mundell explained it, the euro is the way in which congresses and parliaments can be stripped of all power over monetary and fiscal policy. Bothersome democracy is removed from the economic system. “Without fiscal policy,” Mundell told me, “the only way nations can keep jobs is by the competitive reduction of rules on business.”"