The EU was meant to be a voluntary association of sovereign and equal states that surrendered part of their sovereignty for the common good. It has turned into a relationship between creditors and debtors that is by its nature compulsory and unequal. When a debtor country gets into difficulties the creditor countries gain the upper hand.
The rules they have established merely perpetuate this state of affairs. That is liable to be politically unacceptable and it has the potential of destroying the European Union altogether. Only the creditors are in a position to prevent this outcome but they do not seem to show any inclination to do so.
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This is along the lines of what I’ve been postulating for a while. The Eurozone in its current form is a recipe for disaster. There must be a change in policy or the project is doomed to failure.
Obama in 2007 - “The President does not have power under the Constitution to unilaterally authorize a military attack in a situation that does not involve stopping an actual or imminent threat to the nation.”
Regardless of whether you support U.S. military action in Libya, the fact that the President authorized this action without the approval of Congress should scare you…
The whole situation is scary. What’s scarier is the fact that if things in the Middle East spiral out of control, oil would rocket higher to the point of breaking the back of the current recovery. Then you’ll have the same shit that happened in 2008. Massive amounts of money will be lost. Retirees will be more in the hole. Unemployment would rise again. We’d be at risk of a Depression. This is why this attack on Libya was authorized. What is happening in the Middle East is an actual and imminent threat….to our economy and therefore the nation. It’s a shame that the US is so addicted to oil that we have no control of our economic destiny anymore. We are trying to control it, that’s why we are over there. But we really aren’t in control anymore.
We need not look at Libya, Saudi Arabia, Yemen, or Barhain though. The true perpetrator of this chaos works at the Federal Reserve and is engaging in the ludicrous policy of Quantitative Easing, thereby making all commodities rise in value. Commodity prices these days do not reflect fundamental factors such as supply and demand. They reflect speculations on the part of investors with freshly printed dollars. QE needs to stop. Plain and simple.