Letters by a modern St. Ferdinand III about cults

Mr. Soini is chairman of the True Finn Party in Finland described by the mainstream media as 'populist' [see for example The New York Times]. The True Finns are against bailouts to the periphery of Europe, higher taxes and the nexus of corruption between politicians, big banks and big corporations. They also want taxes and spending lowered. The horror! No wonder the mainstream media hates them. Sadly for the elite the True Finns won 39 seats in the last Finnish election and are the power brokers in parliament's coalition [This is Europe where every government is a coalition]. Mr. Soini wrote an interesting op-ed on how to fix the Euro and Europe's finances. His clarity is not something that anyone should expect from the media or the Euro-elite. A 'racket' is the right term to describe what goes on in Europe:

Why did the Brussels-Frankfurt extortion racket force these countries to accept the money along with "recovery" plans that would inevitably fail? Because they needed to please the tax-guzzling banks, which might otherwise refuse to turn up at the next Spanish, Belgian, Italian or even French bond auction.

Unfortunately for this financial and political cartel, their plan isn't working. Already under this scheme, Greece, Ireland and Portugal are ruined. They will never be able to save and grow fast enough to pay back the debts with which Brussels has saddled them in the name of saving them.

Setting up the European Stability Mechanism is no solution. It would institutionalize the system of wealth transfers from private citizens to compromised politicians and failed bankers, creating a huge moral hazard and destroying what remains of Europe's competitive banking landscape.

.....For sovereign debt, the freedom to fail is again key. Significant restructuring is needed for genuine recovery. Yes, markets will punish defaulting states, but they are also quick to forgive. ....

This is not just about economics. People feel betrayed....Brussels is silent on whether national politicians should honor their commitments to their own voters.....

This is a Europe worth having, so it is with great distress that I see this project being put in jeopardy by a political elite who would sacrifice the interests of Europe's ordinary people in order to protect certain corporate interests.

The Euro banking system is tottering and since banks are the biggest buyers of government, but also a large recipient of government aid, the entire system is obviously on the edge of collapse. At some point the Euro will fail. Europhiles can't defend the existence of this unnatural currency area without resorting to emotionalism. The problem is that ultimately, it is the taxpayers and citizens who are paying the heaviest price through high taxes, low incomes, and a life devoid of freedom and choice and even intelligent debate.

Bankruptcy is what you have when layers of socialism are foisted on the knaves of society. 6 layers bury the Euro voter. Fewer than 40% of Europeans vote in the EU elections. Fewer still in any country can name their local Euro MP. Few know the names any of the Ministers within the EU central government in Brussels. Most citizens don't realize that 80% of their national legislation comes through Brussels. The democratic deficit is so large in Europe, that the elites in Paris, Frankfurt and Brussels can simply do what they want, when they want, with the largesse of the tax system. Big banks, big companies and big unions get bailed out. Insolvent countries which lied to get into the un-natural Euro system are supported by an endless stream of bribes to stay in the Euro zone. At some point either the bond market or the general population is going to put a stop to the madness.

Europe is a political project not a democratic one, nor one much interested in freedom, markets, or individuals. Communalism has replaced the true European culture and political-economy. At some point it will fail. These ideas always do. Maybe Soini and people like him can change the system. But don't bet on it.