Audit The European Central Bank

Audit The European Central Bank

To: European Commission

AUDIT THE ECB AND NATIONAL PARTNERS!

We ask for the auditing of the European Central Bank, following similar initiatives occurring in the US, like the proposal of the acts HR1207 and S604. The so-called Public Debt is incurred because the European states surrendered the sovereign right to issue their own money to private corporations that lend it at interest. So instead of paying for the paper and ink costs of banknotes we have to raise taxes to fulfill the megalomaniac and sociopathic ego of private bankers.
Restore monetary sovereignty and give back the monetary rent (at least the 7% of the GDP) to the nations! China is doing exactly like that and this is why they will EVER outperform us! Protect the destiny of our children. Stop the crazy money-machine NOW!

Sincerely,

The Undersigned (478 as of March 26, 2010)
http://www.petitiononline.com/auditecb/petition.html

See this document from Willem H. Buiter (London School of Economics) at page 20:
"Seigniorage", economics - The Open-Access, Open-Assessment E-Journal, 2007-10
http://www.economics-ejournal.org/economics/journalarticles/2007-10

"The solvency constraint of the Central Bank only requires that the present discounted value of its net non-monetary liabilities be non-positive in the long run. Its monetary liabilities are liabilities only in name, as they are irredeemable: the holder of base money cannot insist at any time on the redemption of a given amount of base money into anything else other than the same amount of itself (base money)."
p. 20