Bigwavedave said...
Insomniac PM33 is trolling the depths of old archives to find news to amuse.
Well this news is not old. The EU is the current prototype for the New World Order/One World Government.
Control a Nation's money supply and you will have control that Nation.
The following is a copy/paste from the www.mail.com news page. The web site is owned by Yahoo and is used by millions worldwide for it's email service.
www.mail.com/int/business/economy/ECB's Stark:
Give up budget sovereigntyOctober 17, 2011 - FRANKFURT, Germany (AP) - The European Central Bank's departing chief economist says that the way to avoid another eurozone debt crisis is much tougher European Union
control over nations' budgets and their ability to spend and borrow."We need a genuine economic union, or to go ahead with political, real political union in europe," Juergen Stark said Monday at a meeting of the European Parliament's economic and monetary affairs committee.
"So, more Europe is the solution, not less." Officials in the 17 countries that use the euro are struggling to contain a crisis in which some countries have run up too much debt and are seen as in danger of not making their bond payments. That could cripple banks that hold the bonds - and ultimately the economy. Greece, Ireland and Portugal have needed to be bailed out by other governments because default fears left them unable to borrow affordably.
EU and national officials are working on an immediate solution involving possible debt reduction for Greece and putting money into banks to buffer them from losses. The goal is to keep the crisis from spreading to countries such as Italy that are too big to be bailed out.
The EU has recently enacted tougher rules to discipline countries that run up excessive debt and deficits relying heavily on peer pressure from other governments. Stark said much more needed to be done,
"which means to give up national sovereignty over macro fiscal objectives, notably as regards the government deficit and the debt."He said excessive deficits in one country should need approval by all euro area governments. He also said that a European budget office should be set up and then grown into a European finance ministry that would monitor spending. Retiring ECB head Jean-Claude Trichet has also proposed such a
eurozone finance ministry, which would not raise and spend money itself but could veto deficit spending by countries.And, Stark said, countries that get bailouts and then don't make agreed progress should be
"placed under financial receivership," or outside administration. All that would require a "comprehensive" change in the basic EU treaty - which could take years.
Stark warned that helping troubled countries borrow through "eurobonds" backed by all 17 euro countries would only lessen incentives to reduce spending and deficits. Stark said last month that he was leaving his post almost three years before the end of his eight-year term. The ECB says he's leaving for "personal reasons" but it's widely believed that Stark disagrees with the bank's program of buying government bonds in the secondary market.
The practice keeps higher interest costs from threatening government finances and has prevented the crisis from mushrooming, but critics say the bank is stepping outside its proper role by supporting fiscally troubled governments.
