Sunday, August 07, 2011

The Siren voices desiring the final death of EU democracies!

Bruno Waterfield, a Brussels commentator, with whom I normally largely agree, headlines a contribution to the debt debate this morning with the words:
"Financial crisis: market plunge will get worse unless European Central Bank buys Italian debt", presumably the work of a sub-editor, for the article itself gives a much better analysis of the conflicting stresses now at work, read here.

Anybody spending the time to consider the implications of the figures and constraints of the various EU agreements, some of which are set out in my last posting of yesterday beneath this post, must realise that the Euro Group is at a stark crossroads, this weekend. John Redwood on his post this morning urges a meeting of EU leaders the suggested agenda of which will result in an increase of the ECB's share capital, sufficient to stop the rout in Italian and Spanish bonds.

In other words a complete takeover by German taxpayers of the economies of the distressed Euro Group member states, with the consequential sequestration of assets and direct arbitrary non-democratic control, which we are already witnessing in Greece. Deutshe Welle this morning comments upon an article in Sunday's Der Spiegel  confirming that my view is also held in Berlin, namely that an Italian rescue is even too big for Germany! Some realism at last!

I am astounded that this morning it is the voice of two former stalwarts of realism about the EU project who now appear to be pushing for such a course of action.

Labels: , ,


Post a Comment

<< Home