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Letters by a modern St. Ferdinand III about cults

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Plenty of cults exist - every cult has its 'religious dogma', its idols, its 'prophets', its 'science', its 'proof' and its intolerant liturgy of demands.  Cults everywhere:  Corona, 'The Science' or Scientism, Islam, the State, the cult of Gender Fascism, Marxism, Darwin and Evolution, Globaloneywarming, Changing Climate, Abortion...

Tempus Fugit Memento Mori - Time Flies Remember Death 

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Tuesday, November 29, 2011

EUtopia - ever closer union and bankruptcy

Erasing national boundaries won't solve anything.

by StFerdIII


Bankruptcy is bankruptcy. There is no magical cure. You can't print money forever. Issuing bonds against escalating interest rates is a short term, not a long term method of cash flow sustenance. Rhetoric and torturing words into meaningless phrases and platitudes will only soothe 'the market' for so long. Europe owes 5-8 times its economic weight in total liabilities. The game is up. So what now?

 Ever closer Continental Communism. The communal project which was always a political idea, will use the issue of bankruptcy to erase European national identities. Charlemagne's central European empire married to that of the Hapsburg and perhaps the Roman. The main thrust of the EU has always been not-so-benign socialist tyranny. Bankruptcy is a means to an end.

  "Where is it leading? ...Germany is pushing to change the EU treaty. They want the ability to sue in the 

European Court of Justice any countries that break EU budget rules. All of this is a follow up to a proposal made by the European Commission last Wednesday. They want the power to approve EU zone national budgets–before they are submitted to the national parliaments.

  What does it mean? At the very least it means that economic decisions made by national parliaments will be rendered meaningless. They either get it “right,” or they get sued. ...That may be the entire point of this latest exercise. Certain nations (read Greece and Italy at the present time) may be faced with a “lesser of two evils” choice: an effective loss of national sovereignty, but the ability to continue borrowing from the ECB, or independence–and national bankruptcy.

A fiscal merger of bankrupted states including the parlous finances of France and Germany won't save the Euro. It will save the stock markets for a while which will rise on the 'certain knowledge' that Europe has 'resolved its crisis'. Fiscal union of EU states is akin to putting blind destitute drunks together as a club of savers. A few pennies clang into the pot to be mismanaged by the same cast of unscrupulous corrupt technocratic characters who feel they rule the world and deserve divine-right rule over the untrodden, black-faced, dirty masses.

Europe has a two track solution. More union and begging others for help:

So the great escape for Europe is to set up an off the balance fund a la Enron; beg the Brazilians and Chinese to buy some bonds; leverage up another $ 1 Trillion in Euro debt; and hope that 'private' capital will come back. Pray tell what solutions are resolving the systemic liabilities of Old Europe. What ideas are being implemented to lessen ossified corrupted markets, capital restrictions, labor inflexibility, too much spending, and a culture against all change and reform?

 No reforms of course. The Euro will be a ZEuro. The details will be messy but the end result is assured.




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