From Telegraph city briefing this morning:
'European Union leaders will gather in Brussels today for the latest crisis summit - estimated to be the 19th. On the agenda will be a €130bn growth pact which is in reality a bit of a side show. Non-eurozone members (the UK) will leave the summit tomorrow as the ECB's president arrives to join the 17 members of the single currency to discuss what further sticking plasters they can apply to the ailing monetary system.
Spain's cost of borrowing once again approached 7pc yesterday, the level which makes funding the country impossible and the need for a bailout acute. Cyprus has just become the fourth country to receive emergency aid.
But this is now a full blown political crisis of historic proportions. Germany won't agree to underwriting other countries' debts until they surrender sovereignty over their tax and spending in what would amount to full fiscal union. Certainly to comprehensively protect Spain and Italy from contagion this is where the system needs to end up, which will also involve a significant move towards full political union. Arriving at least at an agreement to combine in this way could take another 18-24 months of political wrangling on both the eurozone and domestic stages. Creating temporary fixes to keep the show on the road for that length of time is what the member countries are now involved in, but it's far from certain they can succeed in this high risk strategy. Capital markets for one are running out of patience.'
My blog of last week FYI:
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A certain Mr Hitler was foiled in his attempts to eliminate democracy from Europe some 70 years ago. It is my belief that his descendants are close to achieving the same goal in the very near future.
Just by way of a follow-up to my piece yesterday on the stealthy takeover of continental Europe by Germany, yes under the auspices of the EU, but just ask yourself this: Who controls the EU? Who wields the most power in the EU movement? And, crucially, who has the financial strength to keep the Euro afloat?
If you didn't answer 'Germany' to all three of these questions, you're wasting your time reading further. Goodbye and good luck - I think you'll need it.
Germany then, via its unelected poodle the EU. The people who can make binding European law across an astonishingly wide range of areas that affect everyone's daily lives, from the imposition of an unelected puppet government in Italy, to employment laws covering things as seemingly trivial as claiming back sick days whilst on holiday (in the news this week and binding throughout the EU now, including in Britain) to more swingeing laws on retirement age, working time directives, tax law, defence, immigration, human rights.
And with the ratification of the ESM, the EU will effectively have complete, unchallengeable control over not just fiscal policy but the actual money, of all Governments in Europe - more here.
And if you need proof that this is happening, now, not just as a remote possibility for the long-distant future, read this from today's media coverage.
Yes it's still being portrayed as a joint initiative involving Germany, France, Italy and Spain, but which of those countries is in any position at all to make demands and to get its own way? Spain and Italy are bankrupt and France is sitting on an enormous black hole of debt that is only being kept quiet by the raiding, this week, of the massive Spanish bail-out, which is actually being fed into the failing French banks that have massive exposure to Greek, Spanish and Italian (and Irish and Cypriot) debt. So the so-called friends, or 'allies' of Mrs Merkel sitting round the table, are there because she wants them to be, not because they have anything to offer, except the begging bowl.
Just about all of the other members of the EU have been given just enough financial rope with which to hang themselves, by Germany. All of them are now effectively dependent upon Germany for their financial lives and the decision-makers - the individuals who will ultimately make the decisions for their people (but not with any democratic reference to them in terms of referendums or electoral powers), are reliant on Germany for their continuing employment and (cushy) lifestyles.
They are in no position to say 'non' even if they wanted to.
And it may already be too late for any other outcome to emerge, but the effective take-over of the whole of continental Europe (with the exception of the UK, Switzerland and Norway), by Germany, under the (more historically and politically acceptable) guise of the European Union, is almost complete.
And the thing is, that even with this massive and I would say sinister, spectre of German domination of their countries, the people, seduced by the 'free lunch' they have now been enjoying for a decade or more, are reluctant to break away from this coming tyranny. So it's almost a 'done deal' and I am struggling to think of a way in which it can be avoided.
If, after failing to take over Europe by force in the 1940s, Germany retained ambitions to be the dominant force on the continent, I cannot think of a better, more complete and more incontrovertible way of achieving it than what is now unfolding just across the channel.
And no-one seems to be talking about this at all.
The EU said it was about preserving the sovereignty of smaller nations, about making war a thing of the past, about eliminating the prospect of one larger country dominating its smaller neighbours. The reality is the exact opposite and the beauty of the scheme is that those in control are not accountable to the European electorate. They can do - and are doing - exactly what they want to, without fear of being restrained by democratic practises or principles.
You might say that this 'Germanification' of Europe is a good thing. Bringing in fiscal discipline, eliminating corruption etc., will be good for the population in the medium to long term. Perhaps that's true. But it hasn't been 'offered' as an option to the people of Europe in clear, unambiguous terms. It is being imposed.
And by the way, the German economy is booming while formerly affluent people in Southern Europe are now queueing daily for food hand-outs.
Did our forefathers shed their blood in the defence of freedom, autonomy and democracy with this outcome in mind? I don't think so.
We're not quite there yet, but this scenario is getting ever closer and is already very close in my opinion, to being irreversible. I'm not offering any answers or solutions, but surely a start would be for our politicians - the people best placed to be able to do something about it - to be talking about it and to stop being too polite - or spineless - to face some of the sinister possibilities that are now close at hand.
Thanks for reading. I'd be grateful if you could pass this on to others - if, of course you don't think that it's the mad rantings of someone who has taken a firm grasp of entirely the wrong end of the stick! And if you do think that, I'd be grateful if you could let me know why that is your conclusion.
This is not some 'dim and distant' remote possibility facing European democracy, but, in my opinion, a clear and present danger facing us all. If you think that a Europe dominated by Germany will be a good thing for the UK and for the world, I'm all ears.
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