October 13, 2011

The EU rushes towards Communism

This quote yesterday from ZeroHedge says it all:
EFSF would take first loss on the full guarantee amount of 726 billion. Given everything that EFSF can now invest in, and the fact that it is taking first loss risk, the potential loss is 726 billion. So in a little over a year, the risk of loss transfer from private companies to sovereign nations has increased from 120 billion, to 270 billion, to 360 billion, to the possibility of 726 billion! That seems bad enough, but the situation is worse than that. At each turn, Greece has underperformed and been found to have bigger needs than previously thought, but the latest IMF decision to go ahead with the next tranche anyways, sends a clear signal to Greece that they are in the drivers seat. Why do more now when IMF will keep picking up the tab until you finally decide that drachma’s suit you better.
That means you will pay. All EU money is your tax money and they are guaranteeing all and any losses. The EU has taken over the role of the Central Banks in this instance. Now consider the next EU treaty plans, the replacement for the EFSF, the ESM Treaty which would establish that all lending and borrowing inside the EU, would be run and controlled by the EU through broken and supplicant banks, both national and commercial, but outside of any and all democratic control, outside any judicial control with complete immunity.

You only have to look at the raft of new sovereign power grabs and EU wide programs that are currently underway to understand where this monolith is heading.

In a word, Communism run by an unelected elite. Yet all the warnings of the past 14 years still go unheeded.
Its evil, its corrupt and it will enslave us all. It up to you, yes you in the mirror, to oppose it, because don’t ever expect our bought and paid for politicians to stand up for you.

 The Greeks are doing it, they are opposing it. Civil disorder and a 9 day shutdown to starve the beast of its tax revenues.


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