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EU: Euro blueprint gives Brussels economic sovereignty over members
The Telegraph ^ | 12/5/2012 | Bruno Waterfield, in Brussels

Posted on 12/05/2012 5:20:24 PM PST by bruinbirdman

Eurozone countries would lose the right to set their own budgets and end up surrendering economic sovereignty to Brussels under a blueprint to “complete” the European Union’s single currency.

A masterplan for “completion of economic and monetary union” has been set out in a confidential document to be discussed by EU leaders at a Brussels summit next week.

In the nine-page paper, seen by The Daily Telegraph, Herman Van Rompuy, the president of the European Council – the monthly summits of EU leaders – charts a series of steps from ongoing financial reforms to overall political union for the eurozone. “The general objective will be to aim for a progressive pooling of economic sovereignty at the European level,” the paper states.

Mr Van Rompuy expects the EU to have agreed an “operational framework” to give the European Central Bank (ECB) the role as single eurozone banking supervisor by March next year, despite continuing splits between France and Germany over the policy.

The EU president then sees a second phase to a full “banking union” with legislative proposals next year for a shared bank bail-out fund and a euro-wide deposit guarantee scheme, proposals that are even more controversial than giving the ECB a supervisory role.

Then, by 2014, the plan requires all eurozone countries to “enter into individual arrangements of a contractual nature with EU institutions on the measures and reforms they commit to undertake and on the means for their implementation”.

With banking union and binding contracts of fiscal policy

(Excerpt) Read more at telegraph.co.uk ...


TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs; News/Current Events
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1 posted on 12/05/2012 5:20:29 PM PST by bruinbirdman
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To: bruinbirdman
I'm always deeply skeptical of any- and everything I read in English "news" papers, but have a hunch the gist of this story is accurate: the European Union is well on its way toward becoming a supra-national oligarchic empire.

It seems to me the E.U. is an essentially fascist, essentially oligarchic, essentially imperialist entity without what I'll call the "flash" of previous fascist, oligarchic states and empires. No black-shirted or brown-shirted gangs of thugs. No concentration camps. The same old European anti-Semitism, of course, but it's been recast as "humanitarian concern" for the Palestinians. No cults of personality. No massed flags or torch light parades or chants or anthems for the rabble to stamp their feet to. No massed armies, nor air force fly-overs during hectoring speeches, nor hysterical threats. None of that old-fashioned brash, overtly savage stuff.

The E.U. is no less an exercise in state-controlled crony capitalism than fascist Italy or national socialist Germany, but the control is exercised through gentlemanly banking and finance agreements, and the state is a supra-state, a sort of club for very rich, well educated, well connected people of big business and big government. In some ways, it seems a restoration of the pre-World War I aristocracy, in others, a neo-aristocracy based exclusively or primarily on accumulated wealth; in either event, it's a markedly less flamboyant aristocracy.

I think the E.U. was embarked upon as a means to compete with America by reducing competition among European nations. I think it's done well at that, though the larger half of the reason for its success is America's suicidal economic and political policies dating back to the 1960s. I think the E.U. is developing crony or closed market capitalism, which is to say: the big bankers and industrial players form de facto monopolies and cartels with the E.U.'s blessings and political support.

I have a hunch the E.U. has learned the lesson of imperialist warfare, which is unspeakably destructive, and turned instead toward imperialist economic... not warfare, exactly, but quiet, orderly, polite antagonism. Instead of looking for land and people to conquer, the E.U. is trying to conquer markets, resources, opportunities, and keep them firmly under the control of the partnership of big, very wealthy business and big, but generally quiet, mild-mannered government. It's not totalitarian in the grossly overt way fascism and communism were: it's totalitarian in a sugar-coated, much more what you might call "humane" way.

If the self-proclaimed "progressives" who've eviscerated our constitutional republic from within and replaced it in all but name with their oligarchy were constructive rather than destructive, they'd probably recreate the E.U. with an American flavor or exterior appearance. The "progressives" in America have much more in common with Russia's Bolsheviks than the E.U.'s more businesslike, polite oligarchs.

A pox on both their totalitarian houses!

2 posted on 12/05/2012 6:56:20 PM PST by Standing Wolf
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To: bruinbirdman

In other words: Work harder, Germany. Eleven million Greeks depend on you.


3 posted on 12/05/2012 6:58:01 PM PST by KarlInOhio (Big Bird is a brood parasite: laid in our nest 43 years ago and we are still feeding him.)
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To: bruinbirdman

Europe is setting up their own FED. Seeing how well it is working to transform America into a Socialist Utopia.....


4 posted on 12/05/2012 7:25:05 PM PST by citizen (We get the government we choose. America either voted for Obama or handed it to him by not voting.)
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