E.U = Socialism: A political and economic system in which underachievers forcibly
redistribute their mediocrity to the rest of society...or is it ???....Liberal
bloggers always point to socialist Europe as a shining example of how wonderful
life can be? Oliver Stone is coming out with a documentary about how Hitler and
Stalin were just misunderstood. I read daily about how Europe is in economic
free fall and see the same in the tea leaves for America. So death and
destruction are goals to admire now??? God help us! Oh yeah, god is dead
according to these nihilist lunatics. Oh yeah, I can't say lunatic anymore now
that Congress has voted to ban that word. I'll stick with God help us.
Life is actually much better for European working class than in the US. US
workers are more and more like obedient little slaves, working two jobs just to
earn enough for living. 10-12 hour days and maybe two weeks holiday per year.
Then they eat shit food which basically poisons them over the decades slowly but
surely, causing high cholesterol, hypertension, diabetes and all sorts of other
sicknesses. When they got sick, their health insurance is a form of financial
torture, designed to find ways to not to pay. Public education is quite crappy
and social safety nets are mostly missing.
The creation of the EU and the common currency was never anything more than a
thinly veiled campaign to force European nations into a monolithic Socialist
union and help the new Soviet Union (EEC) acquire the production and energetic
capacities of Europe, while Germany gets to "administer" the EU states.
Economists around the globe warned of the consequences and kept on warning over
the last 15 -20 years. The voters in Europe ignored the harsh facts and instead
chose bread and circus... and now they reap the benefits of their stupidity and
greed. The Forth Reich is ruling Europe since the "independent union nations"
budgets have to be approved by the Bundestag before being implemented !!!
Deucland uber ales !!!
In a dramatic about-turn, German Finance Minister Wolfgang Schaeuble ditched
his earlier objections that had led him to clash openly with his French
counterpart, Pierre Moscovici, last week over the ECB's role in banking
supervision.
With time running out to meet a year-end deadline, both sides managed to settle their differences and Germany won concessions to temper the authority of the ECB's Governing Council over the new supervisor.
Agreement on bank surveillance is a crucial first step towards a broader "banking union," or common euro zone approach to dealing with failing banks that in recent years dragged down countries such as Ireland and Spain.
The next pillar of a banking union would be the creation of a central system to close troubled banks.
The decision also sends a strong signal to investors that the euro zone's 17 members, from powerful Germany to stricken Greece, can pull together to tackle the bloc's problems.
In a dramatic about-turn, German Finance Minister Wolfgang Schaeuble ditched
his earlier objections that had led him to clash openly with his French
counterpart, Pierre Moscovici, last week over the ECB's role in banking
supervision. With time running out to meet a year-end deadline, both sides managed to settle their differences and Germany won concessions to temper the authority of the ECB's Governing Council over the new supervisor.
Agreement on bank surveillance is a crucial first step towards a broader "banking union," or common euro zone approach to dealing with failing banks that in recent years dragged down countries such as Ireland and Spain.
The next pillar of a banking union would be the creation of a central system to close troubled banks.
The decision also sends a strong signal to investors that the euro zone's 17 members, from powerful Germany to stricken Greece, can pull together to tackle the bloc's problems.
5 comments:
thing you can say about the euro – it’s proving much more resilient than conventional economic analysis suggested it was ever likely to be. Those who bet the ranch on it falling apart this year have been left badly out of pocket; those that took the contrary view and piled into Greek assets when they were flat on the floor have done well...
With survival has come confidence that the worst is now over, however delusional this might be. With the clichés spilling forth like confetti, Olli Rehn, the EU commissioner for economic affairs, this week announced that “there is light at the end of the tunnel, confidence is returning, and we need to stay the course”...
In any case, no one can admit failure, so they trumpet the mere fact of the euro’s survival as evidence of success. Once upon a time, the single currency was meant to be about mutual economic advancement and cooperation; today, merely getting through the next year seems purpose enough.
Europe's leaders were right about the pressure. Monetary union without banking union will not work, and a workable banking union requires at least some elements of fiscal and political union. But they were wrong about the irresistible part. There is no inevitability about what comes next.
Europe can either move forward, toward deeper integration, or it can move backward, toward national sovereignty. Its leaders and, this time, its people need to decide. It is on their decision alone that the future of both the euro and the EU depends.
Proponents of the single currency object that if Europe has separate national currencies, it will have separate banking systems, each with its own lender of last resort. So much, then, for a single market in financial services, or for harmonizing regulation and removing trade barriers behind the border. Free trade in goods and free movement of capital and labor would not survive the euro's collapse, these diehard Europhiles warn. We may yet find out if they are right.
And what about the acquis communautaire, the body of law that enshrines member states' obligations not just in terms of economic policies, but also in terms of democracy, the rule of law, and fundamental human rights? The intent of the acquis is not simply to make Europe more prosperous, but to make it more civilized. Spain, Portugal, and Greece had to establish functioning democracies before applying for EU membership. Even now, Hungary and Romania feel peer pressure and face sanctions from their EU partners when they engage in dubious electoral practices, compromise their courts' independence, or discriminate against minorities.
The co-operation needed to make that peer pressure effective might conceivably survive the euro's collapse. But finger-pointing about which country was responsible for Europe's damaging financial disruption would make it difficult for the members to maintain a common front. It seems likely that the acquis would lose much of its force.
Regarding deepened union as going 'forward' is purely ideological. Greece and Spain have unemployment of 25% and youth unemployment of 50%. Portugal is descending into a Greek-style downward spiral and Italy after a decade when it grew .5 percent IN TOTAL has now entered recession.
There's a reason why IMF packages before DSK bounced them into joining EZ ones always comprised:-
1)AUSTERITY
2)DEVALUATION - to get GROWTH
3)DEFAULT - to get debt:GDP ratio to doable level
-BECAUSE THAT IS WHAT IS NECESSARY AND THAT IS WHAT WORKS
I regarded Keynes statement 'When the facts change I change my mind' as mere COMMON-SENSE.
US economics prof. 'Countries with large amounts of intellectual capital can make BAD mistakes for NOBLE reasons.'
I think most continental europeans already decided which way to go despite the current pain due to irresponsible banking.
How did irresponsible banking cause countries to borrow money they could not pay back?
How did it cause increasing divergence in countries' competitiveness?
How did it cause massive corruption in Greece and a sclerotic and overblown state in Italy?
The Euro provoked the first two of these problems and is not helping in resolving the rest.
The point is, what happens when a country's electorate decides it no longer wants to follow the policies set out by the European authorities? Voters are now realising they have signed away their democratic rights. Unless the Eurozone economy recovers quickly, which it shows no signs of doing, the result is not going to be a good one
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