It's not just disgruntled CIA officials that have decided the best way to stage a coup is by way of "whistleblowing" - former central bankers are using a similar approach when it comes to the root cause of all of society's ills: failed central bank policies, and nowhere more so than at the European Central Bank.

On Friday, a group of former senior European central bankers published a memo attacking the unhinged monetary policy of the European Central Bank, which they claim is "based on the wrong diagnosis" and risks ending its independence. Their criticism is in response to a package of massive easing measures announced by the ECB last month, including "open-ended QE" that triggered unprecedented opposition within the top echelons of the central bank, and set up a "resistance" faction within the ECB itself spearheaded by Germany, France and the Netherlands, as it has now emerged that all along Mario Draghi was the central banker of Europe's insolvent periphery, even as his NIRP policies crushed Europe's legacy banking system.

The rare public attack on the ECB - in the eyes of the FT - underlined how Christine Lagarde could have a fight on her hands after she takes over from Mario Draghi as president of the bank at the end of this month, when - not if - she decides to loosen monetary policy even more in the face of the eurozone’s mounting economic slowdown.

Commenting on the unprecedented mutiny against the former Goldmanite Mario Draghi, whom the extremely confused socialist elements - desperate for acceptance by some, any echo chamber - have called "legendary" even though it is his policies that have crushed Europe's working classes, One River CIO Eric Peters said it is nothing short of a "whistleblower's" attempt at seeking salvation just before the end which they describe that "like other central banks the ECB is threatened with the end of its control over the creation of money."

We republish from Peters' latest note below:

It took courage. Patriotism. Operating in the shadows, they examined the facts, triangulated various conversations, the text exchanges, the patterns of behavior they’d observed in their official and unofficial capacities, the attempts to conceal, obscure. They searched for precedent, reflecting on the history of the key institutions, their mandates, the systems of checks and balances. Then they wrote the letter. Of course, they expected the public’s resistance and an institutional counterattack. All whistleblowers do. No matter how compelling the evidence, people see what they want to see, hear what they want to hear, believe what they want to believe. But through the ages, the whistleblower is foremost an optimist, willing to defy power, public opinion, and face the consequences, knowing that transparency is a pre-condition for salvation. “As former central bankers and as European citizens, we are witnessing the ECB’s ongoing crisis mode with growing concern,” wrote the six former European Central bankers in a memo published Friday. “Our concern relates in particular to the following aspects of monetary policy,” they continued, and went on to explain various ways the ECB’s well-intended actions have undermined the public interest, violated the public trust. “In the past few years, the ECB has de facto altered the initial definition of price stability by considering an inflation rate for example of 1.5% as unacceptable,” wrote the whistleblowers, alarmed that by altering the mandate set for them by the societies they are meant to serve not lead, these unelected central bankers threaten Europe. From there, the whistleblowers detailed the unintended consequences of the ECBs actions, which have ultimately weakened Europe’s economy, eroding corporate dynamism, productivity, equality, society. “These developments imply a high risk for central bank independence – de jure or de facto,” concluded the whistleblowers in the memo, bracing themselves for a counterattack, hoping to save an institution that has lost its way.

To this, we have nothing more to add.

The full memo, first published by Bloomberg, is below:

The following is a memorandum on the European Central Bank’s monetary policy published on Friday and signed by the people below. Jacques de Larosiere, a former governor of the Bank of France, shared their judgment. The text is reproduced in the original format of their statement.

Herve Hannoun , former first deputy governor of the Bank of France

, former first deputy governor of the Bank of France Otmar Issing , former member of the ECB’s Executive Board

, former member of the ECB’s Executive Board Klaus Liebscher , former governor of the Austrian central bank

, former governor of the Austrian central bank Helmut Schlesinger , former president of Germany’s Bundesbank

, former president of Germany’s Bundesbank Juergen Stark , former member of the ECB’s Executive Board

, former member of the ECB’s Executive Board Nout Wellink, former governor of the Dutch central bank

As former central bankers and as European citizens, we are witnessing the ECB’s ongoing crisis mode with growing concern. The ECB has pursued an extremely accommodative policy for years of economic growth and price stability. The recent slowdown in economic activity, although regarded as temporary by the ECB itself, and risks due to Brexit and the trade war, have prompted the ECB to resume net asset purchases and further reduce the already negative deposit rate. Moreover, the ECB has committed itself to pursuing this extremely accommodative path for quite some time yet.

Our concern relates in particular to the following aspects of monetary policy.