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  1. #1
    Senior Member AirborneSapper7's Avatar
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    May 2007
    South West Florida (Behind friendly lines but still in Occupied Territory)

    Nigel Farage: Van Rompuy, Barroso worst people in EU since 1945

    Nigel Farage: Van Rompuy, Barroso worst people in EU since 1945

    After a tough night of wrangling, EU leaders have agreed to set up a new authority - tasked with keeping sinking banks afloat. And to do that, the new agency will be given access to Europe's mammoth bailout funds - stocked in a large part by taxpayer money. This exact function was previously carried out by governments. But now, the EU can bailout a nation's banks - without adding to the government's debt levels - at least on the books

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  2. #2
    Senior Member 4thHorseman's Avatar
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    May 2006
    Gulf Coast
    But now, the EU can bailout a nation's banks - without adding to the government's debt levels - at least on the books
    Only prolongs the inevitable. They are not fixing the fundamental problems. They have a bad foundation for the EU itself, no foundation for the Euro, and they have already co-opted most of the ability of the citizens to comment, object, or in any way influence the decisions being made by the elitists in the banks, other financial institutions, stocks and bond traders, and by the faceless ones in Brussels. National sovereignty has nearly disappeared and this latest effort would essentially wipe it out, for he who holds the purse strings holds the power.

    But it will not last. The mantra at the EU now is to back off of austerity measures and go back to spend spend spend. That is what got them into trouble in the first place. If it is one of the fundamental causes, how can it be a solution? Moreover, if not for France and Germany, the Euro Zone would already be a Dead Zone. Now France has reversed course, and has its own problems, which the new socialist government will not be able to solve ( France's new tax and spend policy looks like a copy of California's approach, and will probably get the same negative results).

    That leaves Germany holding the bag. And the German electorate does not like it. Merkel may have caved on the latest buy out plan, but her constituents have not, and I believe there will be a big shake up in the next German elections (Merkle didn't do all that well last time). If Germany gets to a point that it tells the EU enough is enough, there is no other reliable major resource to replenish the emergency funds currently set aside once they are depleted.

    They have not fixed the core spending problems; they have done nothing to spur economic expansion; they have undermined individual national sovereignty and replaced it with nothing, certainly no endemic loyalty to the EU; and they are driving away their most productive citizens (and perhaps nations).

    So, after all this we now have a scheme to hide the actual deficits. Where have we seen that before? Oh yeah. Social security, Medicare, Obamacare. It does not work here and it will not work there. The chickens have come to roost, and the hen house is in chronic need of cleaning.
    Last edited by 4thHorseman; 07-01-2012 at 12:16 PM.
    "We have met the enemy, and they is us." - POGO

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