Ellen Brown: Government by the Banks, for the Banks: The ESM Coup D'Etat in Europe

In another bankers' coup last November, former Goldman Sachs executive Mario Draghi replaced Jean-Claude Trichet as head of the European Central Bank. The European Stability Mechanism quickly followed. It was a permanent rescue facility intended to replace certain temporary facilities as soon as the member states had ratified it, slated to occur by July 1, 2012. The ESM came to an initial vote in January 2012, when it was passed in the dead of night with barely a mention in the press.

Good points, though something is missing in Ellen's analysis later when she points out the Eurozone should just "print like the Fed" (monetize their own debt). This neglects the fact that the world has had to "tolerate" the Fed's printing (and not abandon the dollar and Treasuries) precisely because the euro does not present a viable alternative.

If the eurozone starts to monetize like the Fed, effectively underwriting eurozone bonds, the dollar (and Treasuries) will pay. And surely it will be seen that the only option that stands above the universally-monetized sovereign debt is the category of hard assets.