via patrick.net
J.P. & the Jekyll Isle Gang would be well familiar with this contraption. However, we've seen this before. Going with their usual, if-you-don't-ask-you-don't-get tactic, the banksters (European and American) lose nothing if this is turned down. A 'compromise' will be reached moving the dial over to less national control over funds, until the next crisis (inevitably worse than this), when they'll do a rinse-and-repeat.
Almost 100 years ago, Woodrow Wilson was bamboozled into signing on to the Fed after a carefully contrived series of ginned-up 'crises,' each of which moved economic control of the country toward the Barons of that day. Would you sign this Euro-turkey after having lived with the results of a century under Federal Reserve economic tyranny?
from Mish:
Key Details of ESM Accord
- Article 8 says "Authorized Capital stock 700 billion Euros"
- Article 9 says "ESM members irrevocably and unconditionally undertake to pay capital calls on them within 7 days"
- Article 10 allows the ESM board of governors to "change the authorized capital and amend article 8 accordingly"
- Article 27 says ESM shall enjoy "immunity from every form of judicial process". Thus the ESM can sue member countries but no one can challenge it. No governments, parliament or any other body or laws apply to the ESM or its organization.
- Article 30 says "Governors, alternate governors, directors, alternate directors, the managing director and staff shall be immune from legal process with respect to acts performed by them (...) and shall enjoy inviolability in respect of their official papers and documents"
There are no independent reviewers and no existing laws apply. Thus Europe's national budgets will be in the hands of one single, unelected body that is accountable to no one and immune from all legal actions.
Is this the future of the EU or will the German supreme court and other governments put an end to it?
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Every member nation needs to tell these myopic sociopaths to take a hike. NjW 438
Nigel Watson freethinker 727.493.1990 skype orbizen2
Blog: ORBizen Memo http://orbizenmemo.blogspot.com/
"There is no greater disaster than greed." – Lao-tzu
"It is no measure of health to be well adjusted to a profoundly sick society." - Krishnamurti
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