Can the EU Be Saved?

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The whistleblower noted that “from July 2007 until… mid-September of the same year, several daily liquidity reports showed the bank to be well beneath the 90 per cent ratio” required by banking laws.  He was also concerned that “breaches were punishable by a fine or a jail sentence.”  As a result, he resigned his position.

The unnamed bank claimed the allegations were false, but it should be noted that the Financial Regulator, aka Irish Financial Services Regulatory Authority, which regulates all financial institutions in Ireland, “took over the entire bank for approximately two weeks.” It should also be noted that no substantial investigation of the allegations has taken place.

The whisteblower himself, or someone claiming to be him, made additional allegations in the comment section of the Wall Street Journal story on the Irish bailout, claiming that the Irish government “has made sure that the calamities that occurred at Irish-domiciled, but foreign-owned, banks will go un-investigated. Examples are Hypo Real Estate (Depfa), Sachsen Landesbank, Cologne Re. Hypo has cost the German taxpayer 142 billion Euro so far.”  This writer can attest to the accuracy of the information, but attempts to contact the whistleblower himself have proven unsuccessful.

It is likely that additional bailouts of European Union members (read Portugal and Spain) teetering on the brink of insolvency will put an enormous strain on maintaining a conglomeration held together by little more than a common currency, especially when that currency is being battered by the necessity of large-scale bailouts.  It will be further strained by people used to years of socialist profligacy being unprepared for the kind of austerity measures that must now be put in place as a requirement for those bailouts.

Yet one suspects that much of the tension could be defused if those running institutions deemed “too big to fail” were held directly accountable for what might be charitably referred to as a lack of foresight at best–or criminally negligent conduct at worst.  Perhaps the appropriate accountability would be two-fold:  for the bumblers, a multi-year ban from working in anything related to the banking, investment or securities business. For the criminally negligent, serious jail time and a total forfeiture of one’s assets.

The working ban on the former group is critical. Incompetence that can bring a nation to its knees can no longer be dismissed as an honest mistake with no consequences.  Hundreds of millions of people will be paying a price for such incompetence for the foreseeable future, and such colossal mistakes, no matter how honestly they were made, must engender consequences.

Should the EU be saved?  That is up to the people of Europe to decide.  The idea of making warfare unthinkable is an admirable ambition.  Whether that is a viable tradeoff for making individual countries financially vulnerable to their less responsible neighbors and extra-national financial institutions is  anyone’s guess.  A financial cancer which began in Greece is spreading, and a lot of Europeans are coming to the conclusion that the “cure” might be worse than the “disease.”

They may see “amputation” as the only viable alternative.

Arnold Ahlert is a contributing columnist to the conservative website JewishWorldReview.com

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  • flaedo

    Great article but l learned nothing at all. Are the financially sound nations of Europe strong enough to bail out the weak nations and even if they are and do what next? Are the lrelands and Britains and Spains and Greeces about to change their ways and become competitive and dare l say it – productive? l doubt it. 55% of the British economy is government sector. Governments dont produce anything of value yet account for most of the European economies. Here lies a big part of the problem. lt isnt going to change unless theres a big big trigger

  • Chezwick_Mac

    Americans would be wise to view Europe with more than a little bit of introspection. The inevitability of a Muslim majority in most western European countries sometime later this century means that states that have been linked to us by culture and treaty for over 60 years could over the next 60 years evolve into strategic competitors or even implacable foes…and nuclear armed ones at that.

    This is what foresight is all about, the capacity to interpret sociological and demographic trends and make the corresponding policy adjustments. In anticipation of future prospects, the US would be well advised to work behind the scenes (for purposes of diplomatic propriety) to encourage the gradual break-up of the EU. A divided prospective enemy is much more manageable than a united one.

  • flaedo

    Chezwick the muzlims are becoming more and more numerous in the US, too. Theyre moving into South America, there is even a mosque in the Arctic Circle way up the top of Canada. They're down here in Australia – more and more of them. This is a concious movement we are looking at, a colonisation of the world. They talk about the migrations on islamic blogs and make recomendations based on how much resistance they do or dont receive in the countries they're invading. .
    My motto is fight them where ever you find them and nowadays thats anywhere you are.
    Fight them. There is no such thing as a good muslim. The good muslims are a cover for the bad muslims to operate behind. Fight them.

  • manny

    The EU was doomed from its inception. Everywhere i go in Europe is sense total dissatisfaction with the EU and its Belgium 'elite' …It should be broken up and every country revert to its own currency and indpendence. THE EU is a bastardized child of the middle ages and should be dismembered!

  • USMCSniper

    The two most important bodies of the EU: the EU Commission which is appointed; and the Council of Ministers which is appointed by their nation states governments, is not elected by EU countries citizens. Therefore they’re not democratically accountable, the EU Commission can pass any legislation even if EU countries voters don’t want the legislation, the Council of Ministers the majority of the time can then rubber stamp this, and ignores any amendments and rejections and then implement it by the EU Commission. At no stage in this process are the EU citizens informed of this. This is because the meetings of both the Commission and the Council of Ministers are held in secret , the majority of it is not reported by the press ,and it is not televised, there is no Freedom of Information law requiring disclosure of minutes of meetings or agreements on anything. Finally there is the role of the European Court of Justice (ECJ). This is a body which is supranational, meaning it overrides national law. The European Court of Justice is not an elected body.

    Who the hell in Europe except the elitests would want to save it?

  • btilly

    The EU is doomedbecause theEuropeans fail to realize that Muslims are unable to fit into the modern world. They should not have been allowed to become bring Sharia Laws to Europe. Europeans didnt read about their workers as they thought Islam was like Christendom. Today they are suffering the consequences of naive thinking about uneducated masses of abeds and mamluks, as today thosewariros look forward
    to making mamluks out of all whites, Blacks are already slaves as allah said he created blacksto be slaves and women all stupid..

    sharia

  • Dennis

    Have you heard of the CALIPHATE of old? Soon, you will hear of the CALIPHATE of Europe, of Africa, of North America, of South America, etc. Why will this happen? From my perspective, it will happen because the current peoples of these areas will allow themselves to be controlled like little children by an ever-encroaching centralized government. After that, each centralized government will morph into a Caliphate controlled by those who claim the authority to bend your mind into submission by means of religious dogma. How can this be stopped and reversed? Educate yourself and your family for self-sufficiency…in all areas of survival. Vote away restrictive self-protection laws and restrictions on the tools allowed to self-protect. Use satire against those who propose to diminish your universal, unalienable rights. Expose those tyrants to ridicule for saying one thing and doing another or, after admonishing us for certain acts, doing those same acts – the HYPOCRITES! Remember, YOU HAVE THE POWER…THEY ONLY FAKE HAVING IT UNTIL YOU ACQUIESCE TO THEM. So, for all you prehensile Jihadists out there who were wondering about the ultimate question…the answer is YES…all the virgins have gone to Mars. And, for all the Europeans, GET TO WORK so you may save yourself. Royalty has decayed into insignificance. Laughter becomes your ultimate weapon…use it.

  • WilliamJamesWard

    Consider all of the bloody wars European states have fought
    against each other over the millennia, the death and destruction,
    consider all of the bloody conflict with Islam also. Now consider
    that Muslims are growing precipitately in Europe where the
    economys are failing do to socialism and unchecked immigration
    (colonization) from Muslim states……..the prospects for a peaceful
    and prosperous future are kind of like———Salagadoola menchicka
    boola bibbidi-bobbidi-boo, put 'em together and what have you got,
    somebodys gonna get screwed, so bippity-boppity-boo-hoo!……..William

  • WilliamJamesWard

    OK my comment was eaten, no reason for it not being put up given,
    real nice, really, electronegative vivace. Anyhow Europe is in the drain.
    For the committee (——————————————) imagine……………
    over 24 hours, come on spit it out……………………………………William

  • WilliamJamesWard

    The comment is held hostage until it is so far in the back pages it
    will never be seen. What to think, well two days and nothing, when
    your comment is abducted without breadcrumbs to find it's way home
    it is as good as gone, I wonder why, what could have been in it to
    have it disappear on mystery island leaves me disaffected but who
    knows, it could gain a life of it's own, I will keep checking…
    To the kidnappers, fie……………………….William

  • WilliamJamesWard

    Day three and nothing not even a ransom note, I am beginning to
    think there is another dimension involved, evil has slipped through
    time and space into the ………..aaaararrrraafggfgggghhh! its
    slime, it's trying to get through my firewall, …………….will we be
    able to rescue the comment, my hamster says never give up,
    good attitude Napoleon, now for the fire extinguisher……………..William

  • WilliamJamesWard

    Day four and nothing, assassins, where did they take my comment?
    Must be touring the EU with it, if the site administrators are pciked up
    by Muslims it may be that they will be tortured and beheaded but
    that is not what we want, just post the comment, or not, seems they
    have already lost their heads, if so, justice………………………………William
    May just have to redo it…

  • WilliamJamesWard

    Day five, yawn!!!, can not stay awake, no sign yet of my comment, I wonder
    if I got a little squeaky, noisey maybe it might wake someone up to find
    my comment, what will it be like on day fifety?…………….dirty birds……..William

  • WilliamJamesWard

    Day six, am I getting a message in all of this, is it possible my comment
    was not good for the EU and it may have caused harm, ???? will we ever
    find out, enquiring minds want to know, I want to know………….William

  • WilliamJamesWard

    Day seven (7) and can you believe, the EU has contacted me and asked
    that I do not let the comment circulate, they are in a panic, they do not
    want the World to know they are in the drain. Tough, they brough it on
    themselves. And the comment is, "BBBuuubzzzzzzzzzzzzzzzz………..!":
    guess……………………………………………………………………………William