The British have a curious mix of attitudes. On the one hand, they have a sneering disdain for the European Union. On the other hand, they have a suicidal blind spot regarding Islamic terrorism, as if they were standing in a London fog too thick to allow them to see the knife at their throat.
The UK and Ireland are the only EU countries to have a physical barrier separating them from the other EU countries -- the Chunnel with immigration fences, as well as non-compliance with the Schengen Agreement -- to prevent unwanted immigrants, yet they are the strongest proponents of allowing Turkey to join the EU. Clearly they want the other countries to bear the brunt of their love for Muslims.
The Schengen Agreement is a treaty that the UK and Ireland freely signed obligating them to allow unfettered entrance for people who have passed through passport control in another Schengen country. If the UK and Ireland had no intentions of meeting their obligations under the treaty, why did they sign it?
Ambrose Evans-Pritchard's Telegraph UK column, The horrible truth starts to dawn on Europe's leaders, is typical of the UK's attitude towards the EU. You could almost hear him chortling with delight as he wrote of the prospect of the demise of the EU.
Evans-Pritchard likes to ignore certain facts. The UK's budget deficit is 12% of GDP, the worst in the EU. The Telegraph UK has been predicting the collapse of the euro for many years, but the UK is in even worse shape.
EU President Herman Van Rompuy warned that if Europe’s leaders mishandle the Ireland budget crisis and allow the euro zone to break up, they will destroy the EU itself. He said: "We're in a survival crisis. We all have to work together in order to survive with the euro zone, because if we don’t survive with the euro zone we will not survive with the European Union."
No, this is not the only possible outcome, but Herman Van Rompuy is at risk of losing his cushy job and benefits, so he is understandably nervous.
Evans-Pritchard, like most Brits, is heavily discounting the fact that the Baltic Countries do not want to be set adrift near the Russian bear, especially given Putin's recent Soviet-style comments (read here, here, and here).
Germany is the prime beneficiary of the EU due to its strong exports and therefore does not want the party to end. It is possible that the strong, stable countries -- Germany, Finland, France, etc -- would force a redesign of both the EU and the euro zone. A new EU without the honesty-challenged countries like Bulgaria -- and especially without Turkey -- and a new euro zone without the budget-challenged countries like Greece and Ireland could arise like a European phoenix from the flames of corruption and incompetence. And this would be the perfect opportunity for the UK to leave the EU entirely.
At least the UK has another royal wedding to plan. A royal spectacle with a horse-drawn coach is always good for diverting attention away from economic problems.
The Eurozone sovereign debt shocks and US Quantative Easing have light the fuse for Götterdämmerung
ReplyDeleteI relate that the May 2010 EU Finance Ministers’ Summit announced a sacrifice of national sovereignty to preserve the integrity of the Euro. The Leaders’ announcement established a unified economic, political, fiscal, monetary and seigniorage cash aid package for Greece.
Now that assistance appears to be in peril, and the risk of sovereign debt default, and of failed national Treasury auctions, as well as rising interest rates for both corporations and governments looms large. And the risk of substantial competitive currency devaluation, at the hands of currency traders is intensifying by the day.
Ambrose Evans Pritchard in a recent Telegraph article, used the word “Götterdämmerung“, a particularly apt word, to describe the apparent fatal wound to the world’s financial, economic and political systems which is coming soon, as bond traders continue calling interest rates higher, such as the US mortgage rates, and the Interest Rate on the US Government 30 Year US Treasury bond and the Interest Rate on Portugal, Italy, Ireland, Greece And Spain sovereign debt; and as currency traders continue a global sell off of the world’s currencies, as both conduct a war for sovereignty against the world central bankers and world leaders.
God was gracious to provide Revelation 13:3, which reveals that the soon coming apparent fatal wound to the world’s economic and political systems will be healed.
But that it will come at the cost of the rise to power of a world Sovereign and also a world Seignior, the latter comes from Old English and means top dog banker who takes a cut.
Out of the coming investment “flame out”, a global leader and a global banker will rise to establish order: a Sovereign and a Seignior will ascend to govern the world.
According to bible prophecy, their word, will and way will be the law of the land superseding constitutional law and traditional rule of law that comes with national sovereignty.
Perhaps Herman Van Rompuy will rise to be The Sovereign as the Afteramerica website relates that he has called for global governance: nation states are dead … The EU chief relates the belief that countries can stand alone, is a ‘lie and an illusion!’
And perhaps Tony Blair, because of his business connections, will rise to be The Seignior.
Or perhaps the Seignior will be Olli Rehn, one known for calling for calm as related by Ambrose Evans Pritchard in article Telegraph article Greek Rescue Frays as Irish Crisis Drags On.
And yet again, The Seignior might be the co-chair of the Council on Foreign Relations, the CFR, Robert Rubin, who was US Treasury Secretary during the Greenspan era as related by The New York Times.
All seigniorage will come and go through The Seignior: all sovereign wealth funds, and banks will report to him, as there will be unified regulation of banking globally as referred to, in the James Politi and Gillian Tett Financial Times article, NY Fed Chief Timothy Geithner In Push For Global Bank Framework
Soon there will be no national seigniorage anywhere as sovereign debt interest rates will explode to the point where there will be no buyers.
This is already the case for Portugal, Italy, Ireland, Greece and Spain, as they have lost their seigniorage authority. Their fiscal needs are provided for by the ECB which buys their bond issues, as well as debt from their banks. The ECB is the sole lender to these nations. Currently the ECB is The European Seignior.
Sovereign nations and their constitutions will be history, as principles of global governance working through regional economic and security pacts and leaders’ agreements will serve as the basis for regional currencies or a global currency.
The Seignior’s financial and economic power will complement the military and political power of the Sovereign; and between the two they own the world “lock, stock and barrel”