The recent machinations by the EU to resolve the economic crisis by taking advice from bankers and financiers is akin to holding an AA meeting over a few pints in the local pub and they will have just about as much success.
However, it is obvious that the EU politicians, unelected officials and those in the financial services sector are suffering from an addiction. Their addiction to power, control, ego and personal financial gain, has destroyed the lives, hopes and aspirations of tens of millions of people Just like every other addict, the Eurocrats immediately condemn anybody who begins to suggest that it is they who may be a big part of the problem.
In relatively recent times we can see the likes of Mubarak in Egypt, Gaddafi in Libya and closer to home Thatcher, Haughey, Ahern and Cowen all of whom hung on to their addiction for power until eventually, they were sent to the political equivalent of a rehabilitation centre, with a zero percent success rate. Although not before destroying practically everything for which they were responsible while in office.
You see, the European Union and its architects are in denial. They seem utterly incapable of realising that the system which they purport to operate under i.e. “the free market economy” is inherently flawed. Our masters in the EU have convinced themselves and now want to convince you, that the only way to resolve their debt crisis in Europe is to borrow more money and get you to pay for it! Brilliant con job, the poor pay for the rich with money that they will have to borrow from the richer. Nice trick if you can get away with it and unfortunately they are at present. Thanks Enda.
Big business and big money has quantifiably more influence on EU democracy than your vote. Remember, when we joined in 1973 it was the European Economic Community and it obviously still is, it’s just that they don’t want you to know. Twenty years ago the then President of the German Bundesbank, Hans Tietmeyer, said “A European currency will lead to member-nations transferring their sovereignty over financial and wage policies as well as in monetary affairs… It is an illusion to think that (individual) States can hold on to their autonomy over taxation policies.”. Oh, how right he was but then again, that has been the ‘master plan’ all along.
The latest indefinable and meaningless phrase to come out of Europe is “the new financial compact.” Who comes up with this rubbish? Regardless of what they call it, it is a smokescreen. What they were working out during the last Summit was simply a way in which they can borrow more and more money to prop up private companies that gambled, and lost.
When they talk of ‘constructing a firewall’ against contagion what they are really saying is if there is any danger of our banks (French and German) going under due to the inability of Italy to pay its debts to us, the citizens in Europe will pay up. While at the same time, they are crashing the EU economies by insisting on austerity? It simply cannot work. The failed companies will take the hit sooner or later as there is no other way. They are buying time, again.
These companies are made up of private investors i.e. those with an excess of personal financial wealth. These people take all the profit in good times and get you and me to bail them out in the bad times when their gambling debts don’t pay off. Heads they win, tails they win. The financial system as presently constituted means that those citizens who have nothing will have even less in order that the wealthy do not reduce their net worth.
The poorer you and your family are the relatively wealthier they become. This is why the entire cadre of power crazed federalist Eurocrats continuously tell you that protecting the banks is of such ‘systemic importance’. The scary thing is that they believe it to be the case and why not, after all they only see life through the lens of their own personal circumstance and not yours.
The present financial system has now been shown for what it is, a mechanism for transferring wealth from individuals to large politically influential multinational companies, banks and financial institutions. They are the vehicles for a fast-track to personal enrichment for those without any conscience and damn their obligations to the society in which they operate. They are allegedly too big to fail, which is the biggest lie of all. What they have not understood, so far, is that the welfare of the societies in which they operate is what is of systemic importance and not their role in it.