EC President Blames US For Financial Crisis in Europe

The “US banksters and politicians” themselves got the idea from the European ones. Expecting Europeans that are dedicated to the “social market economy” to reject their own “unethical, losing scams” would be remarkable. The real trick behind it all was when the European Central Bank pulled the rug out from under everything with their interest rate increases.

All correct. As the UK’s Daily Telegraph noted back in 2008:

The European Commission’s top economists warned the politicians in the 1990s that the euro might not survive a crisis, at least in its current form. There is no EU treasury or debt union to back it up. The one-size-fits-all regime of interest rates caters badly to the different needs of Club Med and the German bloc.

The euro fathers did not dispute this. But they saw EMU as an instrument to force the pace of political union. They welcomed the idea of a “beneficial crisis”. As ex-Commission chief Romano Prodi remarked, it would allow Brussels to break taboos and accelerate the move to a full-fledged EU economic government. …

And now, what are EU member state governments calling for? Exactly what the “euro fathers” were hoping to do—create their central all-powerful government. Destroying the US economy was part of the deal, in order to help the EU ascend rapidly to superpower status once all the pieces were in place.

Yes, this is a complex issue.

But one thing is rarely reported or understood.

Europe’s political leaders seduced and coerced Europe’s private banking system into buying almost all of the sovereign debt of Greece and Spain and the other PIIG countries.

If the PIIGS sovereign debt had been priced in a real world market, interest rates would have exploded on that debt, and these countries would have been forced to adjust their spending policies years ago.

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.