Monday, August 02, 2010

Smashing Sovereignty by Hollowing out the Euro?

The following quote is an interesting extract from an article from, linked here, which makes some fascinating assertions behind the extraordinary and wrongheaded means chosen to counter the credit crunch and sovereign debt crisis up to this point. While the overall article carries an unecessarily anti-US slant in my view, the questions and links provided confirm my view that the crisis as presently handled by the EU will result in nothing less than the final loss of national independence, thereby cancelling any democratic accountability, for the entire EU:

In case of depression or even economic stagnation, the ‘policy of consolidation of public expenditure’ is doomed to fail. The foreshadowed €750 billion of aid will be used to pay back the banks to the detriment of taxpayer’s purchasing power, and this payment to financial institutions will further enhance the recession. Thus, IMF control and creation of funds to help the banks are two complementary dimensions of the same policies. The point is to effect a significant redistribution of income in favour of financial institutions.

What future for the EU?

Such an operation against people’s incomes necessitates the neutralisation of all decision-making processes at the level of national states - a structure in which citizens still maintain some means of defense - for the benefit of market mechanisms, placed completely out of range of all political pressure. The question is to know what role the European institutions are to play in this process of submission to the financial markets?

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