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06-30-2012, 08:10 PM #1
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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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07-01-2012, 12:12 PM #2But now, the EU can bailout a nation's banks - without adding to the government's debt levels - at least on the books
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.
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