Jane Foley, of Forexdotcom, writes:
If Germany refuses to continue bank rolling the EMU support fund and if Greece cannot stomach the internal devaluation that would bring its competitiveness in line with Germany’s then default in the Eurozone’s periphery may yet happen.
GEAB [Leap 2020] is a Eurocentric thinktank which analyses the current EU/UK situation. They say some good things, e.g. mentioning:
[T]he numerous consequences for Europeans and for the world from what could be called the Eurozone « coup d’Etat » within the EU. In the face of the worsening crisis, the sixteen have indeed taken control of the EU reins of power, creating new tools and instruments which leave no other choice for the other members but to follow or find themselves isolated.
They mention the German regional elections and the UK General Election, anticipating that only after those will the EU begin its onslaught:
However, we would never have thought that it would happen in just a few hours, neither with such boldness as to the amount (750 billion Euros, or one trillion USD) and the character (EU control taken by the Eurozone (4) and a leap ahead in terms of economic and financial integration).
The fact remains that without knowing it, and without having asked their opinion, 440 million Europeans have just joined a new country, Euroland, of which some already share the currency, the Euro, and of which all now share the indebtedness and the joint means to solve the serious problems posed in the context of the global systemic crisis.
A radical unraveling of European governance has just taken place: a collective continental governance has just brutally emerged, ironically 65 years after the end of the Second World War, moreover celebrated with a big display in Moscow the same day [May 9th].
Under the pressure of events set off by the crisis, the Eurozone has thus undertaken to grasp its independence with regard to the Anglo-Saxon world, still expressed via the financial markets … [seeing] … the putting in place of the fortifications against the next storms caused by draconian Western indebtedness, and which will affect the United Kingdom and then the United States.
Essentially, what this means is that this EU never was about the good of the sole Anglo-Saxon member state – in fact, it was very much against the Anglo-Saxon hegemony of the US and UK combined, plus the various Commonwealth nations to a lesser degree. The communists within the EU who are driving this thing forward, demanding billions from the UK to prop up failing member states whilst at the same time withholding any form of financial bailout from the UK itself when it implodes this summer – they know that we know exactly where their hearts lie and what their purposes are.
GEAB reminds us:
The IMF is first and foremost European money. In effect one out of three IMF Dollars is contributed by Europeans, compared to only one in six by the USA (their share has been cut in half in 50 years) and one of the consequences of the European decisions of these last few days is that it will not be the case for very much longer. The EMF will, in the long run, deprive the IMF of 50% of its major contributions: those of the Europeans.
That has implications for the UK, in hock to the IMF and others for billions, courtesy of the Labour government which also sold out the nation via the Lisbon Treaty and left us wide open to financial destruction.
It [the IMF problem] is an example which illustrates just how many of the European decisions of the beginning of May 2010 are full of wide sweeping geopolitical changes which will scale out in all of the coming years. In fact, it is unlikely that the majority of the decision makers involved in the « Eurozone coup d’Etat » have clearly understood the implications of their decisions.
While the GEAB report is right in the thrust of its next conclusion:
One of the simultaneous causes and consequences of this development is the complete marginalization of the United Kingdom. Its increasing weakness since the beginning of the crisis, along with that of its US sponsor, has created the possibility of a complete takeover, without concessions, of the march forward of the European project by the continental countries.
… by its very Eurocentrism, it misses the point, for example, calling the US the UK’s sponsor. It further gets this wrong:
Indeed, even if their leaders were aware of the folly of a strategy consisting of isolating Great Britain a little more day-by-day, even when the world crisis has moved up a gear, they will collide with this public Euroscepticism which they have fostered over the course of the past years.
The irony of history was, once again, clearly shown during this historic weekend of the 8th/9th May 2010: in refusing to participate in the Eurozone’s joint defensive and protective measures, the British leaders have, de facto, refused to catch the last lifeline within their grasp.
Having already correctly identified the new power grab by the EU [above], they now tell the UK that they should have grasped the Eurozone “lifeline”. Just that comment alone shows how divorced European thinktanks are from their own reality. It’s not for nothing that the things in these articles – one, two – were written. It’s not for nothing that the UK must get out of the EU now and rebuild its own economy, freely trading with whomever it will.
Yes, we may be going down this summer, along with the Euro, the IMF and possibly the EU itself, one of its three cash cows having been removed and possibly a second – Germany. Yes, that’s so but the choice is really this:
It does not avail the sheep to throw in his lot with the wolf – he may be given an extension of life but in the end, he is eaten, rather than die of starvation.
Join the Eurozone? You’d have to be kidding. Will national currencies reassert themselves, e.g. the Deutschmark? Or will the EU plan come to fruition? Xxxl says:
I view it as an impossibility that a new world reserve currency will not be created. Its features, ie, whether it will be used merely for settling international transactions, with existing currencies floating around it, based on balance of payments figures … are highly relevant to the future of the world … as are the identity and motivations of the administrative body.
This may well be the gameplan, as it has been for a very long time – the new international currency and for that, they would sacrifice the Euro, which is increasingly looking like a stalking horse, a first parry if you like.
The world will not end when [no longer “if “] we leave the EU.
All that will happen is that the ginormous, unstable edifice which had propped up this monstrosity, the EU, hijacking its trading functions, will disintegrate like Mordor after Gollum fell in to the volcano with the Ring and the volcano is an apt analogy in 2010, given Iceland.
The European nations will still trade with us, no longer directed by the Eurocommunists, the US will still trade with us, the Commonwealth nations will once more be welcomed in trade. The developing nations will still trade with us and even better, the global socialist surveillance and draconian law society will fall away and we can get back to a reasonable standard of living once more.
The only thing then will be to deal with our homegrown quislings who sold us out and much as I’d hate to see gibbets down the M1, sadly, that might be the reality. It all depends how quickly we can get out and restart our right of self-determination. We get our first opportunity soon [H/T IPJ]:
Matthew Elliott of the TaxPayers’ Alliance was the first ConservativeHome contributor to raise the prospect of Lisbon needing to be re-ratified. This is what he wrote last month:
“Due to various procedural changes, the Lisbon Treaty is going to have to be ratified by Parliament yet again after the General Election. David Cameron has always been explicit that had he been Prime Minister when the Treaty came forward for ratification, he would have held a referendum. Until now that has simply been a hypothetical situation – but now it is set to become a reality.”
Bring it on.