People Power In Germany Wrecks Havoc With Elite Plans For An EU Financial Union
Plans by the elite to use the growing debt crisis engulfing the eurozone to push through an EU treasury, tax system and bigger debt pool are meeting tough resistance from the people in Germany, where scepticism about the euro and the bankster bailouts has reached new heights.
It looks like the power people in the EU see these crises as opportunities to further consolidate power. Similar to what we are seeing in the U.S.
Thanks in large part to the independent media, a critical mass of people in Germany and elsewhere across Europe have come to understand that the eurozone bailouts are a subterfuge for transferring the wealth of tax payers to American, German and French banks under the pretext of having to make interest payments on fractional-reserve, paper banking debts. Financial expert Dirk Müller is even a predicting popular uprisings to end the euro experiment.
Thus far, however, those who desire a stronger centralized EU government have been winning this battle.
This grassroots opposition in Germany is making it impossible for the elite arrogantly to alter the political and financial architecture of the EU in summits to enable it to become a financial super state collecting taxes without any accountability to voters.
Last week, the eurozone debt crisis underwent a massive escalation when it moved beyond the peripheral countries of Greece, Ireland and Portugal to the core economies, engulfing Italy and lapping even at Germany’s borders.
With so little political support, it is impossible to see how the ECB, EU and IMF can continue with their euro project in its current form
Exactly. Where this is headed will be fascinating to watch - especially as we await developments which lead to the 10 kings phase.
Eurozone debt crisis could prove 'very costly' for the world, warns IMF
The International Monetary Fund (IMF) has urged eurozone leaders to take immediate action over the region's debt crisis, warning it could prove "very costly" for the world.
And below is a very telling quote:
Europe's policymakers must press on with deeper economic integration to "stay the course", the global lender said ahead of Thursday's crunch summit of eurozone leaders.
"To put the crisis behind, we need more Europe, not less. And we need it now," said Antonio Borges, director of the IMF's European department, as it released its assessment of the turmoil.
On Tuesday night, diplomats in Brussels were warning of "bedlam" unless a deal is "more or less" sealed on Thursday.
The crisis around Greek debt now poses "serious risks" that it will infect the region's core powerhouse economies, such as Greece and France, even if officials pursue a strategy aimed at avoiding a default by Athens, the IMF said.
If the crisis were to spread to the core euro area, this could have "major global consequences", the IMF said. "Decisive further policy actions to contain the crisis are critical not only for the euro area itself, but also from a global perspective.
Barroso lays down the line for EU summit
Amid continued uncertainty over whether Thursday's summit will be a success, European commission president Jose Manuel Barroso has stepped into the breach with a list of five must-do tasks for eurozone leaders to achieve at the emergency meeting.
Calling on the 17 eurozone countries to "show European responsibility", Barroso said that the summit must at a "minimum" provide clarity on a second bailout for Greece and on the "feasibility and limits" of private sector involvement.
A summit without a response will mean "negative consequences will be felt in all corners of Europe and beyond".
Barroso is the first leading EU politician both to spell out the seriousness of the eurozone crisis, which lately has been lapping at the heels of Spain and Italy, and what is needed as a response.
Only Germany can save EMU as contagion turns systemic
Europe's leaders have finally run out of time. If they fail to agree on some form of debt pooling and shared fiscal destiny at Thursday's emergency summit, they risk a full-fledged run on South Europe's bond markets and a disorderly collapse of monetary union.
"We are heading towards fiscal union or break-up," said David Bloom, currency chief at HSBC. "Talk is no longer enough as the fire threatens to leap over the firebreak into Spain and Italy.
In essence, this is a soul-searching drama within Germany over its own national destiny and place in Europe, echoed in the Netherlands, Finland and even France. Europe's confusion reflects the schizophrenia of its ancient tribal nations, each faced with the fateful choice of crossing the Rubicon to an EU Treasury and joint government or letting the EU project unravel after half a century.
"We are approaching the endgame for this part of the European sovereign crises..."
The EU is clearly reaching a breaking point and one can only wonder if we are seeing the first stages of their development into the 10 kings stage. Either way, changes will be coming to the EU - whether it is more centralized power and growth or some kind of collapse. The changes appear to be coming rapidly, so we should have some answers relatively soon.