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Thursday, November 17, 2011

World War IV? Secret German Report Details a Super-EU Able to 'Take Over Economies of Eurozone Countries'

The Telegraph reports that Germany's leaders have laid down a secret contingency plan for hostile economic takeovers of sovereign members of the EU.

And what could possibly go wrong with that? Besides, of course, a failed Viennese artist with a tiny mustache, a world war, and tens of millions dead?

[A] leaked memo, written by the German foreign office, discloses radical plans for an intrusive new European body that will be able to take over the economies of beleaguered eurozone countries.

It discloses that the EU’s largest economy is also preparing for other European countries, which are too large to be bailed out, to default on their debts — effectively going bankrupt. It will prompt fears that German plans to deal with the eurozone crisis involve an erosion of national sovereignty that could pave the way for a European “super state” with its own tax and spending plans set in Brussels...

...The eurozone contagion is threatening to spread to Spain and France... The six-page German foreign ministry paper sets out plans for the creation of a European Monetary Fund with a transfer of sovereignty away from member states.

The fund will have the power to take ailing countries into receivership and run their economies. Even more controversially, the document, entitled The future of the EU: required integration policy improvements for the creation of a Stability Union, declares that the treaty changes are a first stage “in which the EU will develop into a political union”. “The debate on the way towards a political union must begin as soon as the course toward stability union is charted,” it concludes.

The EU is dead: its leaders just refuse to acknowledge what everyone else in the world knows. It allowed countries to violate their terms of membership, it facilitated outrageous amounts of debt, and it helped promote the contamination of the entire world financial system.

The fuse was lit long ago. The only question is how many weeks (not months) it will all take to implode.

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