The loans provided to Greece, the ECB's purchase of Euro zone sovereign bonds, and the creation of the European Financial Stability Mechanism (EFSM), have all shifted the risk of losses from creditors to the taxpayers of troubled member states underwritten by the taxpayers of member states with more sound finances. An opaque ‘shadow fiscal union' has been created but no one bothered asking the voters. The official discourse is that both creditors and taxpayers from countries such as Germany will be fully repaid in time. Since this is not possible, this public stance is irresponsible and probably dishonest.No probably about it, because the EU is a CORPORATIVIST construct, dammit. When will all these analysts go back to basics and check out what the purpose of the whole enterprise has been from Day 1? It was philosophically anti-democratic from the start because the Nazis won power by democratic means, and continues to be anti-democratic because big corporations, financial institutions and unions own the bureaucracy.
4 February 2011
EU - degenerate gambling
Quite a good piece in EUobserver by Sony Kapoor, MD of the Re-Define think-tank: