The following excerpts highlight some of the European Union’s economic issues. The solution proposed below by former German chancellor Gerhard Schroeder calls for the creation of a “United States of Europe”. This next step toward one world order also calls for each country to give up their national sovereignty. The question now is who will be the leader of this new order?
Italy’s Economy Minister Giulio Tremonti promised on Sunday to meet Italy’s budget commitments after the European Central Bank stepped up pressure for action by the struggling center-right government.
Iceland’s president accused European countries on Sunday of having bullied it into agreeing to guarantee repayment of the debts of a failed bank, reviving a dispute with Britain and the Netherlands whose citizens are owed billions.
Greek Finance Minister Evangelos Venizelos said the Greek government and its Troika partners are aware of the “needs and priorities of the Greek economy, in order to exit the crisis once and for all.”
British manufacturing activity contracted for a second successive month in August, according to a closely watched survey that suggested conditions in the sector would continue to worsen.
The immediate cause for worry was a question-mark over whether France will keep its triple-A rating after Standard & Poor’s cut America’s on August 5th. France’s debt stood at 82% of GDP last year, from 64% in 2007. This is one of the highest of any AAA-rated country. That, investors fear, means it could be the next target for a downgrade, especially if already anaemic economic growth falters further. The extra yield required by investors to hold French debt instead of German Bunds jumped to almost triple the average level of 2010 while the cost of insuring against a default by France reached new highs during the week.
When this new world order forms, its currency will become one of the basket of currencies that will replace the dollar. But it will also speed up this transition from the USD with all of the consequences: inflation and no way to print money to pay off debt. Imagine our government actually being forced to back up its monetary policy.
David DeGerolamo
Former German leader calls for “United States of Europe”
Former German chancellor Gerhard Schroeder on Sunday called for the creation of a “United States of Europe,” saying the bloc needed a common government to avoid future economic crises.
Schroeder, a Social Democrat who ran the country from 1998 to 2005, said in an interview with Der Spiegel that European Union leaders were wrong to expect the euro to drive the bloc on its own.
“The current crisis makes it relentlessly clear that we cannot have a common currency zone without a common fiscal, economic and social policy,” Schroeder said.
He added: “We will have to give up national sovereignty.”
What we are watching in Europe is merely a repeat of the drama that played on our continent in the late 18th century.
The former Crown colonies, recently independent in 1776, banded together as a voluntary federation of sovereign States in 1777. In 1787 they surrendered additional aspects of their sovereignty as they subjugated themselves under a new general government to form their “more perfect union”.
While we, the subjugated states of America, are implementing the European socialist economic model at home, the states of socialist Europe are chaining themselves to the historic evolution of our political model -- shared sacrifice under a new general government.
The worst ideas on both continents … and there is no frontier, no wilderness, no new world into which we can escape to rid ourselves of this madness.
One World Order. It took us 235 years to devolve into what the Europeans will accomplish in a little less than two decades.
Two wrongs don’t make a right. People of both continents will suffer brutally and equally under an oligarchy of social democracy.
… but there will be an equality of suffering, and that’s only “fair”, isn’t it ??