Posted on 05/14/2010 6:02:17 AM PDT by blam
Europe's Fiscal Fascism Brings British Withdrawal Ever Closer
By Ambrose Evans-Pritchard Economics
Last updated: May 14th, 2010
Just when you thought the EU could not go any further down the road towards authoritarian excess, it gets worse.
The EU's monetary union is in tatters (Photo: Alamy)
The European Commission is calling for EU powers to vet budgets of the 27 member states before the draft laws have been presented to the House of Commons, the Tweede Kamer, the Folketing, the Bundestag, the Assemblee Nationale, or other national parliaments. It applies to Britain even though we are not in EMU.
Fonctionnaires and EU finance ministers will pass judgement on the British (or Dutch, or Danish, or French) budgets before the elected bodies of these ancient and sovereign nations have seen the proposals. Did we not we not fight the English Civil War and kill a king over such a prerogative?
Yet again we are discovering the trick played on our democracies by Europe’s insiders when they charged ahead with EMU, brushing aside warnings by their own staff economists that monetary union was unworkable without fiscal union. Jacques Delors knew perfectly well that this would lead inevitably to a crisis, but it would be the “beneficial crisis” that would force sovereign parliaments to submit to demands that they would never otherwise accept.
This is now playing out before our eyes. Club Med governments have built up €7 trillion sovereign debt under the cover of monetary union, which shut down the warning signals for borrowers and creditors alike. We are now near – or beyond – the point of no return. Eurozone states must go along with this cynical entrapment, or risk economic catastrophe.
[snip]
(Excerpt) Read more at blogs.telegraph.co.uk ...
I’m trying to figure out why EVERY time Obama throws a huge amount of money at a HUGE problem it takes very little time for the situation to get a lot worse? (this cannot be a coincidence)I am trying to figure out if there is something nefarious going on, or if it is just stupidity at work. Your thoughts?
" Spanish newspaper El Pais is reporting, via The Guardian, that during the negotiations, Nicolas Sarkozy actually threatened to pull out of the euro if there wasn't a Greek bailout."
wow, this sounds just like “never let a good crisis go to waste”
Britain should not be moving inexorably towards withdrawl from the Euro, they should be moving with all due speed to extract themselves, including printing a ‘New Pound note system, tied only to their own economy, before they get dragged down with the continent. I tried voicing this warning years ago. But way to many socialists in the UK wanted to be “in the clique”.
The EMU will do what the Romans, Charlemagne, Napoleon, the Hapsburgs, Hitler and the Soviets could not do..............
wow, this sounds just like “never let a good crisis go to waste”
Bingo. Nothing shall dissuade the Statists in creating their super state. Not even reality.
Union destroyed competition and the need to be responsible and adult. The beauty of our old American federal system is that if any state got too far out of line people would vote with their feet. As our national(no longer federal) grows and takes more control individual state differences become less significant.
exactamundo! The elites in Europe are as left as Obama and are using the same playbook. The problem here is the last time an economic storm of this magnitude hit Europe, WWII was the result.
When you look at the demographics of some of these countries, it is downright scary to imagine what may happen. Huge populations of immigrant muslims, an aging population of indigenous french, Germans, Swedes, Brits, etc., high taxes, high unemployment, stagnant economies, and large numbers of people on the gov’t dole. The recipe for an explosion is all there, just waiting for a spark to ignite it.
It's all coming unglued worldwide, as other people's money runs out.
See a pattern here and the rest of the world.One way to One World Government.
Take the money or collapse,we just want to help,just like GM ,the banks,health care,the internet,oil companies
Wasn’t $1.25 nominal parity when the Euro was introduced? The EU is headed for the dustbin of history.
“trying to figure out if there is something nefarious going on, or if it is just stupidity at work.”
I’ve thought the same thing. Is Obama chartering a new frontier of monumental idiocy, or does the economic collapse of the free world play into his scheme of totalitarianism? It’s one or the other.
The money never seems to help at all, so where is it actually going? I would seriously like someone to investigate.
Coming soon: The People’s Republic of Europe
What’s next? The Anti-Dog-Eat-Dog Law? Ayn Rand certainly saw exactly where the US was heading 50 years ago...
Nefarious.
If it were stupidity, he'd accidentally "get it right" occasionally.
He never "gets it right", therefore it's "nefarious".
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