Can the EU Be Saved?

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On Sunday, Ireland became the latest bailout nation in the European Union, accepting an emergency loan of $85 billion Euros ($113 billion) in order to stave off insolvency.  These bailouts are an effort to save the European Union, a conglomeration held together by a common currency–and not much else.   Can the EU be saved?  Probably.  Should the EU be saved?  That is the essential question.

The European Union was officially created on February 7th, 1992 when the Maastricht Treaty was signed.  On Jan. 1, 1999, the euro was introduced as the official accounting currency according to that treaty.  At that point, EU countries were required to fix their currency rates to the euro, and prevented from allowing those rates to fluctuate against the euro itself or the currencies of any other Union members.  On Jan. 1, 2002,  the euro became legal tender, and on July 1, 2002, individual member currencies were officially eliminated.  At that point, the European Central Bank began running the monetary policies of the member nations.

Why was the European Union created?  A continent which had suffered through world wars was firmly convinced that uniting rivals whose long history of confrontation had led to economic devastation and the deaths of millions would — as former French Prime Minister Robert Schuman said in the Schuman Declaration of 1950 — make war “not merely unthinkable, but materially impossible.”  Thus began a long process to realize what Winston Churchill hoped for in 1946, when he envisioned a future “United States of Europe.”  “In this way only will hundreds of millions of toilers be able to regain the simple joys and hopes which make life worth living. The process is simple. All that is needed is the resolve of hundreds of millions of men and women to do right instead of wrong and to gain as their reward blessing instead of cursing,” he said in a 1946 speech in Zurich, Switzerland.

Unfortunately, the “toilers” are currently unimpressed.  In Dublin, 100,000 Irishmen took to the streets to protest the austerity measures that will be enacted as a result the latest bailout.  In that regard, they join their fellow EU compatriots, the Greeks, who engaged in a series of demonstrations, some violent, after they received a similar bailout with similar strings attached.  Thousands of Europeans have also demonstrated in France, England, and Portugal as governments everywhere in Europe grapple with the daunting reality that occurs when other people’s money has run out.

Yet in Ireland, there is an unseemliness to this bailout which legitimizes a substantial portion of Irish wrath.  Last May, Irish Senator David Norris spoke to the Seanad (Irish Senate) regarding a “grossly serious matter” relating to a leading European bank.  According to an article in Ireland’s Sunday Business Post, Mr. Norris was referring to “liquidity breaches at the Irish operations of a leading European bank. It is believed that the scale of the alleged 2007 breaches was so great that it left the bank several billion euro short for liquidity purposes.”  Mr. Norris was allegedly given this information by a whistleblower who worked as “senior risk manager based at one of the European banks in the International Financial Services Centre” who claimed his “repeated 2007 warnings that liquidity had fallen disastrously short of the required levels went virtually unheeded by both the bank and the Financial Regulator.”

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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