I was going to feature the whole article as it contains an explanation of how the debt-based EU money system, through the European Central Bank (ECB) in Frankfurt, is rigged to flow money – and hence wealth and power – away from member states, their peoples and their enterprises into the hands of the handful of corporate oligarchs who own the banking cartels.
It is an ingenious trap rigged by criminal masterminds that works through the mechanism of the euro and EU banking set-up.
Unfortunately Mr Bagus’ explanation is hard to follow by the layman. And, let’s face it, the people who really need to understand what is going on ARE the millions of laymen like you and me so there is no point in explaining things to us as if we have all just spent ten years studying for a degree in economics.
So I decided not to feature is until I can decipher it into a simpler explanation of what he is talking about so people can more easily get their head around it.
However, the latter section of the article has some interesting and more easily understood points to make.
Harmonization Is in Fact a Cartelization of Policies
The socialist vision of a superstate is extremely dangerous for the future of Europe. What its proponents call harmonization is in fact a cartelization of policies. It ends fiscal and regulatory competition. Once policies are harmonized, the tendency will be for taxes to increase and regulations to become more burdensome, because the competition, which serves as a check on the desire of politicians to increase state power, is deactivated—at least within Europe.
One should not forget that it is competition between political entities that limits government power and enables freedom. Indeed, it is the competition of small states that has made Europe unique and extremely successful. In the Middle Ages, Europe contained thousands of small political entities that lowered the costs of voting-by-feet. Individuals and companies could escape oppression and high taxes at a relatively low cost. States could not become too oppressive because they would lose citizens and companies en masse. Competition forced states to become freer.
Liberty was allowed to flourish in Europe, leading to great economic, cultural, and technological advances that propelled Europe to be the most advanced and powerful region in the world. In contrast, empires that existed in China or India fell behind, as citizens could not escape their despots. From a historical perspective, an empire or superstate would be rather un-European. Without intra-European competition, taxes and state power would rise. As the size and power of the European superstate would increase, individual liberty—the basis for prosperity and progress—would recede.
Europe Stands at a Crossroads
Those who cherish individual liberty should vehemently oppose all attempts at further centralization. Champions of liberty should roll back the steps of the last years toward a European superstate. The ESM must be abolished and the banking union must end. Most importantly, people must realize that it is the misconstruction of the euro that has pushed Europe down the road of the socialist vision. A European superstate can only be avoided if the misconstruction of the euro is corrected. The most straightforward solution is to prohibit that the ECB buys government bonds or accepts them as collateral. Only then the indirect monetization of government deficits with its redistributive effects will end. A link to gold would further strengthen the currency and make it more immune against political manipulations.
The socialist vision for Europe envisions the EU as an empire that plays an important role in world politics and competes with other big players such as Russia, China, or the United States. Europe is a fortress.
If the reform of the euro fails, as a last resort, there remains the option to exit or break up the eurozone. The breakup of the eurozone would hurt in the short run, but it would reinstitute monetary competition in Europe and prevent the rise of a European superstate. Europe stands at a crossroads. Does it want centralization or liberty? It is the euro’s future that will decide the issue.
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