'Bailouts' are a means for total subjugation to EU control

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[youtube]http://www.youtube.com/watch?v=YSoCZs8WlDg[/youtube]Transcript:

The EU is desperate. The recent Nobel joke was another attempt to legitimize a failing/dying idea.

quite powerful, and quite true.

The EU is a beautiful theory, but multiculturalism and the lack of a unified system does not work, no one feels any accountability or obligation to Europe, everyone is only out for themselves.

I Nigel Farange!

We're conflating a lot of different ideas here: The EU as a supra-national government; the EU as a political alliance; the EU as an economic alliance; the EU as an issuer of currency and a regulator of banks.

There are many who object to the notion of a supra-national government in Brussels/Strasbourg. They tend to hyperbole when speaking of European regulation, even while their economies benefit from common standards. But there's a legitimate argument that the EU represents a surrender of sovereignty. While there are many, many complaints about this, I have yet to see a cogent argument that demonstrates that citizens of EU member states are worse off as a result of EU membership.

As a political alliance, the EU has been much more of a success. The EU has allowed for aggregation of European interests in multilateral trade agreements. And its overwhelming success (and the success for with the Committee of the non-EU member Norwegian Parliament honoured it) is that the notion of an intra-European war is more remote than at any time in history. In 1914, violence in the Balkans led to global war. In 1992 violence in the Balkans was contained. Multilateralism has a great deal to do with that.

As an economic alliance, the EU also demonstrates success. Free trade between member states has only served to enhance the prosperity of each of them.

But it is the Euro that has been the EU's undoing. The rules were bent to allow Greece to accede to the Euro, and we are now seeing the price of that. If you participate in a multinational currency, you must align your fiscal and banking policies with the monetary policy of the currency issuer. Ireland and the UK both had wilfully negligent regulation of their banking sectors. But where Ireland has been plunged into a fiscal morass, the UK could be stabilized because the Bank of England had the capacity to use monetary policy levers which were not accessible to financial regulators in Ireland.

Bailouts have always been a means for government to impose control upon the marketplace, while minimizing disruption. You don't get something for nothing, and if you go cap in hand to government to get yourself out of the mess that you've gotten yourself into, you should not be surprised when that money comes with strings attached. Are we suprised at the imposition of conditions upon Ireland, Greece and the like? No, of course not. And a good thing too, since allowing these states to go on their merry way jeopardizes the whole currency structure.

Ireland and Greece should never have been admitted to the Euro. Having joined it, their governments were irresponsible to believe that they could continue their imbalanced fiscal policy indefinitely. And they are now reaping the fruits of that irresponsibilty.

From where I sit, the ability of the EU to impose conditions on the irresponsible governments of member states is all to the good.

It's kind of like when you are heavily in debt in your business and you borrow money from a mob guy to keep it going, planning on paying him back. Well, you can't because of the interest and because he's now got part of your business and he just does with it whatever he wants and it eventually belongs to him.

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