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Bankers, Economists: Mass Centralization At Heart Of
Euro Bailout
Huge Euro rescue is latest step on the road
toward a monolithic globalist federal union
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Related:
Bankers Destroy Global Economy by Design to Consolidate Power
The unprecedented €750bn EU bailout represents part of
an ongoing program of mass centralization of governance in Europe
according to the world's leading bankers and economists.
Under the headline "Towards a United States of Europe"
the Financial Times quotes key players who conclude
that the bailout is part of an overall consolidation in Europe
and represents a giant step toward a fiscal union in the eurozone.
Morgan
Stanley’s European Chief Economist, Elga
Bartsch notes:
Like the ERM crisis in the early 1990s spurred on political
initiatives to bring about the long-planned monetary union
in Europe, it seems that the sovereign debt crisis could be
acting as a catalyst for an ever closer union of European
countries. The decisions taken this weekend first by European
leaders and then by finance ministers mark a big leap towards
a fiscal union in the euro area, we think.
Not only have countries agreed to stand in for each other
in an unprecedented extent, they have also agreed to foregoing
some of their fiscal sovereignty and submit to rigorous fiscal
consolidation programmes should they require financial assistance.
In other words, European states are literally signing over
their independence to a monolithic centralized system under
the threat of economic obliteration.
Marco Annunziata, chief economist of Italian megabank UniCredit
concurs with this analysis:
The new stabilization fund represents another step towards
“passive” fiscal integration, that is member countries
explicitly assuming joint responsibility for each other’s
obligation. To avoid the risk of violating the no-bailout
clause, this is done in the form of a pooling of resources
to rescue member countries in stress and not formally shouldering
their existing debt obligations; moreover, financial support
would be extended only based on tough conditionality on adjustment
measures. However, the substance is the same: member countries
have to jointly put their resources at stake to support the
weaker members.
Annunziata also states that the IMF's contribution to the bailout
fund indicates a "depressing confirmation that at this
stage that the EU is unable to design and enforce conditionality
on its own."
"The true decisions needed for the longer-term survival
of the Eurozone still need to be taken." Annunziata adds,
echoing
German premier Angela Merkel's call to "address
the root of the problem"
"We have to fight the causes of the difficulties, so budget
consolidation in all member states is increasingly important,"
Merkel said. "The access to the guarantees ... will be
linked to countries presenting budget consolidation programs
to the IMF and the EU, which will then be regularly inspected."
Financial commentator Gregory
White of The Business Insider further explains
how the Euro rescue represents a move towards a Federal European
setup:
Like the United States prior to revolution and under the
Articles of Confederation, the eurozone exists within the
context of a weak, decentralized government. Policies of taxation
and budgets are primarily controlled at state level. But other
key issues, like price stability and inflation, are controlled
by the European Central Bank. There is therefore a divergence
of interests that needs to be rectified.
Bailing out its fringe repeatedly is not a long-term solution
to this problem. Forming a eurozone treasury, which can issue
its own debt to support the area and manage the budgets of
its member states, is.
In other words, the sovereign nation state as viable economic
entity is being jettisoned in favour of a vastly empowered European
Central Bank and European Union.
Of course, this
has been the idea all along, we were presented
with the problem, for the past 3 years we have witnessed a reaction
of great destabilization and now we are being presented with
the solution - more mass centralization in the name of stability.
Americans should prepare for the same thing to happen to state
independence as soon as the crisis really hits on their side
of the pond.
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