The EU this week finally accomplished a covert takeover of Europe, as the US watched anxiously at their own problems during the currency crisis that teetered the world on the brink of economic destruction. March 15th will go down in history as the day history was achieved by a European body.
This takeover came when a new framework, which was approved by European Finance Ministers, established the power to provide unprecedented intervention in a nation’s budgetary and economic decisions. The recent battles between the EU, IMF, and the government of Greece and Ireland? Those will be extinguised as the EU can summarily step in and mandate spending and austerity policies now to any member nation.
The new framework is being called the ‘six pack’, and was approved by an important body of ministers on March 15th. In an article by The Daily Bell, the subsequent approval by the European Parliament on this measure is almost a formality.
On Tuesday, March 15th – mark the date – European finance ministers approved draft laws for the Six Pack. It still needs various premier approvals and the OK of the European Parliament, however approval at the level of finance ministers is said to be a “very important step indeed.” New rules will attack two aspects of national spending: annual government budgets are now to be examined by Brussels and “all economic policies” as well. The new regime will emphasize reductions in overall government debt.
“Countries with debts over 60 percent of GDP, will now be expected to diminish this situation by five percent a year over a period of three years,” the Observer cheerfully informs us. There are considerable financial penalties involved. “If countries are in the eurozone, this oversight is backed up by the imposition of stiff new sanctions. Scofflaw states will have to fork out cash amounting to 0.2 percent of GDP into a non-interest bearing deposit account. If a country does not correct its situation in line with the recommendations of the commission and Council, this cash will be snatched away as a fine. This process can be repeated up to a maximum of 0.5 percent of GDP.”
What this means to the United States is that the EU will have much more power of trade, currencies, and global economic policy, especially in the G20. The US is already teetering on a monetary collapse, unemployment, and a budget crisis in the government, and the dollar as the world’s reserve currency is being threatened. The EU’s fait accompli here is that a central body of financiers will be able to adjust, and impose policy on individual, and groups of countries to ensure the centralized economic body is stable.
The EU has achieved what Napolean, Hitler, and any number of conquerors throughout the last few centuries could not, and that is complete takeover of the European continent. And the US can only watch as its own economic crisis holds the reserve currency on the brink.
