Posted on 07/24/2011 1:29:56 PM PDT by bruinbirdman
Champions of the European Project can claim a dubious vindication.
They never wavered in their faith that EU states would yield sovereignty to save the euro if push came to shove, that monetary union would force the pace towards joint EU government.
So it proves to be, for now. But let us not forget that Europe's ideologues have achieved this only by pushing the world to the brink of catastrophe and holding parliaments to ransom with their great gamble, just as the West's financial elites held parliaments to ransom in the banking crash of October 2008.
Once yields on 10-year Spanish and Italian bonds had blown through 6pc, global leaders knew we risked a second and more dangerous Lehman-AIG debacle within days. You cannot let two world class sovereign states blow up together. "The situation was really grave," said Herman Van Rompuy, Europe's president.
It is why President Barack Obama telephoned German Chancellor Angela Merkel to plead urgency.
It is why Britain's well-briefed Chancellor George Osborne abjured the central credo of Tory policy on Europe for twenty years and more or less urged EMU leaders to embrace fiscal union, warning of "the potential for a set of economic events that could be as damaging as 2008."
Angela Merkel was steamrolled by events.
Yielding with a gun held to your head is hardly a fair test of civic enthusiasm for EU integration. Eurosceptics can claim a less tainted vindication. They warned from the outset that EMU was unworkable as constructed and would lead ineluctably to the traumatic choice of break-up or fiscal union, with all the implications for democracy that such union implies. They have been absolutely right.
Clause 7 of the Brussels accord states that Europe's bail-out fund (EFSF) will have powers to "intervene in the secondary
(Excerpt) Read more at telegraph.co.uk ...
Clause 7 of the Brussels accord states that Europe's bailout fund (EFSF) will have powers to "intervene in the secondary markets". It may fund "recapitalization of financial institutions through loans to governments" in any EMU country, opening the way for a "Euro-TARP" to rescue banks. The German bloc can henceforth blanket the entire South with its AAA rating, if it dares. This is the start of a liability union and a proto-EU Treasury . . .And of course, the "euroskeptics" have been vindicated; the eurozone had the gun put to its head indeed.
The article was written for people that already know the details of Europe’s financial troubles. I, for one, don’t.
How much longer will it be before the Nazis are back in power?
I don’t know that much about the inner workings of the EU. But, it seems clear that Zero was campaigning in EU for a specific reason. He wanted to make it clear to his socialist buddies in EU that intended to turn America into a mirror image of the failed “experiment”.
“turn America into a mirror image of the failed “experiment”.”
Which of course is now freaking them out when they realized the numbers Obama was going to be seeking from world credit sources to realize the “dream”. No more free rides on the American teat, no guaranteed protections from the American military.
HUMM, seems like we CAN make lemonaide out of lemons. /S
I would support the ending of our Military being used as a Security Force for the Europeans.
Especially since American is under assault from our Southern Border. With the help of the State Department and BATF ofcourse.
I agree.Western Europe, with the exception of Germany, is a dead man walking. They cannot and will not be able to compete in a global economy especially against Asia in the future. Their social welfare costs coupled with declining birth rates,burdensome regulatory environment, and tax policies have screwed the pooch for them. And Obama is trying to fast track the US into a European death spiral as well.He seems to be succeeding.
Merkel, ""We can't let a good crisis go to waste."
Good socialists welcome this consolidation of the collective.
yitbos
What a basis for an unhappy union: everybody with a gun to everybody else’s head.
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