Most of us still think we're just spectators
The EU is a morally bankrupt blind behemoth that, in a doomed attempt to
survive, destroys everything around it just to keep itself standing. In that,
it is hardly different from several incarnations of the 20th century politburos
in Russia and China - and those are by no means the darkest comparisons that
could spring to mind.
There are tons of people working in and for the EU, some of whom are smart
while others are not, some who are honest and some who are just self-centred ,
but the apparatus has become a vortex that sucks in all of them. There many be
just a small window left for Europeans to retain a grip on democracy. There's
not much left. Stock markets may give the impression that things are going
fine, but that is possible only because increasingly severe austerity measures
are spreading rapidly, and have now reached the core, not just Greece and
Spain. The EU induced illusions will keep coming fast and furious, however,
until they don't. And then it will be too late for democracy.
It's all in a terribly shaky state already though. Ironically, maybe that's
the people's best hope, that it will collapse before the power games are solved
with the bureacrats as winners. Today, Italian PM Mario Monti lost his majority
in the Senate; he could be gone within days. Only to bring back Silvio
Berlusconi. Also today British Chancellor of the Exchequer George Osborne
announced that UK austerity will last till 2018 and that he needs to borrow
another £100 billion to soothe the deficit. Which led Fitch to threaten a UK
downgrade. Mario Draghi, however, claimed that the Eurozone will swing back to
growth in 2014. And no matter how hard you may find that to believe, remember:
he can't be voted out of office. Draghi doesn't care about his credibility with
voters, he wants credibility in the financial world. And he has it, because he
delivers.
The next step in the elaborate European centralization plan was announced
today by EU President Van Rompuy.
European leaders proposed an industry-financed fund to
cover costs of winding down failing euro-area banks, seeking to deepen the
bloc’s integration and limit fallout from future financial crises.
Nations in the currency bloc should back the creation
of a centrally managed "European Resolution Fund," according to a
report prepared by European Union President Herman Van Rompuy. The fund would
be financed by levies on banks and could have a
credit-line to the euro area’s firewall fund for sovereigns, according to
the report.