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On Wednesday, Sept. 7, patriotic Germans received bad news. A group of jurists and economists had petitioned the German Constitutional Court in Karlsruhe. Their case was that Germany’s “participation in the euro rescue fund packages” undermined the democratic and property rights of German citizens, as elected officials had little say in these deals.
The high court rejected these arguments, although it did crack a Teutonic joke: Presiding judge Andreas Vosskuhle recommended that, in the future, the people’s representatives get more involved in deciding how the money of constituents is distributed.
The contagion of the sovereign debt crisis in Europe has been exacerbated by the financial collectivism imposed by the Eurozone and the wider European Union (EU), whereby the more productive member-states foot the bill for their profligate neighbors. The latter “PIGS” states are Portugal, Ireland, Greece and Spain.
And now Italy; it is teetering because of the Italian government’s liabilities – compounded, as in Greece, by the insatiable demands of an ever-accreting oink sector.
A world perfected by global central planners is one in which wealth consumers live at the expense of wealth creators; where the rich are coerced into paying for the poor, the North for the South.
In this increasingly centralized dispensation, financier-cum-philanthropist George Soros holds sway. Soros has generally acted against the sovereign coin, and as a proxy for centralized power and bankers.
Just last year, Soros attempted to muscle Germany’s Chancellor Angela Merkel into printing and inflating her country’s currency – perhaps not to Weimar-Republic levels, but to Obama banana-republic standards.
The Obama administration had seconded Soros when he urged Germany to look to the U.S., “where President Barack Obama has spent vigorously and Federal Reserve Chairman Ben Bernanke has created money for the greater good.” Back in 2010, Soros had also scolded Germany for refusing to be “the deep pockets helping out the profligate southerners.”
“The man who broke the Bank of England” is also far more scathing about European than American monetary policy. This alone should give one a feel for the financial state of these Unites States.
Never content with the level of subsidy provided by the more industrious North Europeans to the slothful South, Soros, says the New York Times, has implicated “the lack of an authoritative pan-European body to handle a banking crisis of this severity.”
Beavering alongside his pal George Soros is socialist Dominique Strauss Kahn, a man who gained notoriety in the U.S. for his dalliance with a hotel charwoman, who then framed him for rape. (Alas, the slut failed to get the better of the socialist.) To European patriots, however, Strauss Kahn is better known for political rape – for helping to herd them by stealth into a supranational European state and … blocking off all the exits.
In his capacity as an advocate for the collectivist, European super-state, Strauss Kahn, friend to Soros, spoke more explicitly in 2010 of “the need for a European Budgetary Authority to underpin the euro.” As reported by FT.com, Strauss Kahn warned that the “launching of the euro was only a first step. You can’t have a single currency without having a more coordinated economic policy.”
Hence the form of bondage known as “Eurobonds.”
“The idea of collective liability,” the Wall Street Journal explained, “is often referred to as ‘Eurobonds,’ [and] has been floated various times since last year.” If European Keynesians – the “fattened aristocracy of economic experts” – have their way, the North will be coerced into working for the South via “Eurobonds.”
Angela Merkel and Nicolas Sarkozy will have to resist this bondage. It will not be easy. Against the better instincts of his boss, Merkel’s own finance minister, Wolfgang Schäuble, supports an integration of Europe’s “national economic policies,” so that they can “act as a single borrower.” In other words, borrow and inflate the currency in unison.
The collectivist European super-state’s illiberal American supporters – the most notorious of whom were concentrated in the Bush State Department and National Security Council – have generally ignored patriotic Euroskeptics.
The WSJ made veiled mention, the other day, of “Conservative politicians in Germany and other northern European countries” who “have previously dismissed the [aforementioned] proposal as a violation of the European ideal, in which countries cooperate but remain responsible for their own fiscal affairs.”
But Euroskeptics have long since rejected the absurd claim that the EU colossus would or could advance their interests. What is next for these subversives, now that the German high court has rejected their argument from sovereignty?
Who knows? The politicians, however, had better beware: Ordinary Germans have come to realize that adding an overarching tier of tyrants – the EU – to their own government has benefited them as a second hangman enhances the health of a condemned man.