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JP Morgan Paper on how to fix Europe (hint: dictatorial government)


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#1 Floppin

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Posted 29 June 2013 - 07:44 PM

I'm going to go ahead and link the entire paper here. 

 

http://culturalibert...lfway-there.pdf

 

 

Now, it's 16 pages and I know that many of you lazy bastards won't read it, but I recommend that you do. It will give you amazing insight into how banks such as JP Morgan think and operate. I've tried to show you documents like this before, but this is a recent one.

 

For now I want to specifically focus on the section entitled "The Journey of National Political Reform". It starts on the bottom half of page 12. 

 

 

 

At the start of the crisis, it was generally assumed that the national legacy problems 
were economic in nature. But, as the crisis has evolved, it has become apparent that 
there are deep seated political problems in the periphery, which, in our view, need to 
change if EMU is going to function properly in the long run.
 
The political systems in the periphery were established in the aftermath of 
dictatorship, and were defined by that experience. Constitutions tend to show a 
strong socialist influence, reflecting the political strength that left wing parties gained 
after the defeat of fascism. Political systems around the periphery typically display
several of the following features: weak executives; weak central states relative to 
regions; constitutional protection of labor rights; consensus building systems which 
foster political clientalism; and the right to protest if unwelcome changes are made to 
the political status quo. The shortcomings of this political legacy have been revealed 
by the crisis. Countries around the periphery have only been partially successful in 
producing fiscal and economic reform agendas, with governments constrained by
constitutions (Portugal), powerful regions (Spain), and the rise of populist parties 
(Italy and Greece).
 
There is a growing recognition of the extent of this problem, both in the core and in 
the periphery. Change is beginning to take place. Spain took steps to address some of 
the contradictions of the post-Franco settlement with last year’s legislation enabling 
closer fiscal oversight of the regions. But, outside Spain little has happened thus far. 
The key test in the coming year will be in Italy, where the new government clearly 
has an opportunity to engage in meaningful political reform. But, in terms of the idea 
of a journey, the process of political reform has barely begun.

 

 

 

 

 

Now I want you to take a look at this little section and tell me what you think the overall suggestion is here?

 

a little bit later it's suggested that  a failure to reform the governments in the continent could have some precarious results. Of course these are prefaced as being "unlikely", but why even write these scenarios down if you deem them unlikely. Anyhow, here are the consequences of reform failure ie - failing to fall lockstep into authoritarianism 

 

 

The other trigger of a shift to a new narrative would be if social dislocation in the 
Euro area were judged to have passed some form of tipping point. At present this 
appears unlikely, but it is possible that reform fatigue could lead to i) the collapse of 
several reform minded governments in the European south, ii) a collapse in support 
for the Euro or the EU, iii) an outright electoral victory for radical anti-European 
parties somewhere in the region, or iv) the effective ungovernability of some 
Member States once social costs (particularly unemployment) pass a particular level. 
None of these developments look likely at the present time. But, the longer-term 
picture (beyond the next 18 months) is hard to predict, and a more pronounced 
backlash to the current approach to crisis management cannot be excluded.

 

 

 

 

Now the majority of the first 10 pages deals primarily with banking ideology, and is equally fascinating (if you want to call it that) to read. I suggest a total read of the paper. 

 

Anyhow, tootles. 



#2 Floppin

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Posted 29 June 2013 - 07:47 PM

 

 constitutional protection of labor rights; consensus building systems which 
foster political clientalism; and the right to protest if unwelcome changes are made to 
the political status quo.

 

 

 

 

I just wanted to paste this one more time for effect. JP Morgan deems these listed factors as "problematic" for europe. 



#3 GOOGLE RON PAUL

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Posted 30 June 2013 - 02:20 AM

it isn't just banks

 

large corporations constantly push for privatization and painful austerity ("structural adjustment") all around the world; not to "fix" these countries of course, but to exploit them. the whole "authoritarianism" bit comes from the fact that this type of restructuring tends to result in millions taking to the streets to protest. in order to make these "reforms" work (ie keep the riff raff from beheading the ppl responsible for the giving away of the entire country's resources to a corporation from another country), you need someone like pinochet; someone willing to straight up make anyone disappear (by disappear i mean thrown from aircraft into the open sea and by anyone i mean leftist students, union organizers, and hey even people who just happened to be in the wrong place at the wrong time)

 

you can read the shock doctrine by naomi klein or you can read this wiki on shock therapy or you can just ignore book learnin like virtually every other poster here, idc



#4 Kurb

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Posted 30 June 2013 - 06:35 AM

it isn't just banks

large corporations constantly push for privatization and painful austerity ("structural adjustment") all around the world; not to "fix" these countries of course, but to exploit them. the whole "authoritarianism" bit comes from the fact that this type of restructuring tends to result in millions taking to the streets to protest. in order to make these "reforms" work (ie keep the riff raff from beheading the ppl responsible for the giving away of the entire country's resources to a corporation from another country), you need someone like pinochet; someone willing to straight up make anyone disappear (by disappear i mean thrown from aircraft into the open sea and by anyone i mean leftist students, union organizers, and hey even people who just happened to be in the wrong place at the wrong time)

you can read the shock doctrine by naomi klein or you can read this wiki on shock therapy or you can just ignore book learnin like virtually every other poster here, idc


I will read that. Thanks for sharing.

#5 Davidson Deac II

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Posted 30 June 2013 - 08:05 AM

 It will give you amazing insight into how banks such as JP Morgan think and operate. I've tried to show you documents like this before, but this is a recent one.

 

 

Its an interesting paper.  But this statement is flawed.  The paper only shows how the authors of the paper think, not how the bank itself thinks.  Believe it or not, there are just as many varied opinions within a corporation or large organization is there are in the public at large.   



#6 Floppin

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Posted 30 June 2013 - 08:06 AM

it isn't just banks

large corporations constantly push for privatization and painful austerity ("structural adjustment") all around the world; not to "fix" these countries of course, but to exploit them. the whole "authoritarianism" bit comes from the fact that this type of restructuring tends to result in millions taking to the streets to protest. in order to make these "reforms" work (ie keep the riff raff from beheading the ppl responsible for the giving away of the entire country's resources to a corporation from another country), you need someone like pinochet; someone willing to straight up make anyone disappear (by disappear i mean thrown from aircraft into the open sea and by anyone i mean leftist students, union organizers, and hey even people who just happened to be in the wrong place at the wrong time)

you can read the shock doctrine by naomi klein or you can read this wiki on shock therapy or you can just ignore book learnin like virtually every other poster here, idc


Yeah. I've read it a few times actually. But that's largely my point. Its not just JP Morgan or just banks.

#7 Floppin

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Posted 30 June 2013 - 08:20 AM

Its an interesting paper. But this statement is flawed. The paper only shows how the authors of the paper think, not how the bank itself thinks. Believe it or not, there are just as many varied opinions within a corporation or large organization is there are in the public at large.


The 10 or 12 authors listed are those who advise and direct policy of this nature for JP Morgan. Now while actual implementation of the policy is a decision perhaps for other people the opinion listed in in the paper is the opinion of those associated with the bank who's job it is to form such opinions.

#8 Davidson Deac II

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Posted 30 June 2013 - 11:49 AM

The 10 or 12 authors listed are those who advise and direct policy of this nature for JP Morgan. Now while actual implementation of the policy is a decision perhaps for other people the opinion listed in in the paper is the opinion of those associated with the bank who's job it is to form such opinions.

 

Sure, and the CEO and others in the bank probably have to approve of the paper before it is published.  But I don't think that it can ever be said with anything approaching certainity that a corporation thinks a certain way consistently.  The paper is more of indication of what they think will happen or perhaps should happen in order to determine what approach the bank should take.  Their opinions could quickly change based on any number of events such as a change in leadership, or outside happenings.   And I would bet my last dollar that there are plenty within the organization that disagree with elements within the paper.



#9 Floppin

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Posted 30 June 2013 - 07:31 PM

it isn't just banks

 

large corporations constantly push for privatization and painful austerity ("structural adjustment") all around the world; not to "fix" these countries of course, but to exploit them. the whole "authoritarianism" bit comes from the fact that this type of restructuring tends to result in millions taking to the streets to protest. in order to make these "reforms" work (ie keep the riff raff from beheading the ppl responsible for the giving away of the entire country's resources to a corporation from another country), you need someone like pinochet; someone willing to straight up make anyone disappear (by disappear i mean thrown from aircraft into the open sea and by anyone i mean leftist students, union organizers, and hey even people who just happened to be in the wrong place at the wrong time)

 

 

Just to touch on this again. I figured that everything that you said was the assumed reason for their rationale. Maybe I vastly underestimate the cognitive powers of the TB populace. 



#10 GOOGLE RON PAUL

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Posted 30 June 2013 - 07:37 PM

nope in fact you'll find that most posters will simply eye-roll the thread title and move on because capitalism is the light, the one true way, how could jp morgan favor authoritarian rule and hey even if they do then they just aren't true capitalists



#11 pstall

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Posted 30 June 2013 - 08:15 PM

fixing something implies something is broken no? although Spain needs some serious help muy pronto.




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