European Economic Government and Fiscal Sovereignty

AfterQuotes relates Francois Mitterrand said : “Since each nation is undergoing a crisis, they all tend toward egotism. Each country first wants to rescue itself, whereas they will only be rescued together.”

Marketwatch reports Michael Hewson, an analyst at CMC Markets. “It is now becoming increasingly clear that the only options open for a final solution are to either adopt closer fiscal policies across all European countries, and with austerity fatigue already creeping in across European populations that looks unlikely, or for the single currency to somehow restructure itself in a manner that represents the differences between the respective stronger and weaker economies.”

I'm 60, living, in the Pacific Northwest, it's only been recently that I've been interested in economics and investments, and have read some on Austrian Economics, and have benefited from insight into some of its principles such as debt deflation ; but I'm not a libertarian, I am a Reformed Christian and bond-servant of Jesus Christ.

Years ago, I stumbled across the book En Route To Global Occupation by Gary H. Kah, Huntington House Publishers, Lafayette, Louisiana, 1992. And now its chapters come back to memory to fit in with the Bible's prophetic Book of Revelation Chapter 13, to help me understand that out globalization, waves of carry trade investing, quantitative easing, and a currency union in sovereign crisis, ten regions of global governance are forming.

Bible prophecy portends that those living in the Eurozone, as well as all the world, will see a loss of national sovereignty, and live in debt servitude to the beast system of global corporatism, ruling through mankind's seven institutions and in ten regions of global governance, as held forth in Revelation 13:1-4 where a beast, having seven heads and ten horns rises from the sea.

We are witnessing the rise of global corporatism, that is state corporate rule in the Eurozone as David Cameron, Dominique Strauss Kahn and Olli Rehn wrapped up a seigniorage aid bailout plan for Ireland, surrounding what the International Monetary Fund chief described as sovereign crisis, as Philip Aldrick, Economics Editor of The Telegraph wrote in November 19, 2010 article, IMF Chief Dominique Strauss-Kahn Urges Leaders To Cede More Sovereignty To EU.

Sovereign crisis arose November 5, 2010 as bond vigilantes sustained the interest rate on the US 30 Year Government Bond, $TYX, above 4%, as the US Federal Reserve's Quantative Easing 2, constitutes monetization of debt ; and as Econogirl related on November 10, 2010, that the German government has stepped up its insistence that bond holders must take on some of the costs for any new bailout of sovereign debt ; and with Germany's Merkel call for a sovereign default mechanism at the meeting of the European Task Force On Economic Governance on October 28, and October 29, 2010.

As a result the currency traders sold the world's major currencies, DBV, and emerging currencies, CEW, causing the US Dollar, $USD, to rise. This caused World Government Bonds, BWX, and International Corporate Bonds, PICB, to sell off. And commenced an Elliott Wave 3 Down to start in the Euro, FXE, world stocks, ACMI, as well as in the S&P, SPY.

Now, a Core of Europe is emerging in the midst of a sovereign crisis. Rompuy, Merkel and Sarkozy on November 28, 2010, negotiated and announced, a Leaders' Framework Agreement to establish a permanent crisis mechanism, that will replace that European Financial Stability Fund, EFSF, that expires in mid-2013. This sovereign debt default mechanism is called the European Stability Mechanism, ESM.

We see that today, Germany is one of the power forces, in attempting to find a way out of Europe's sovereign crisis. Ambrose Evans Pritchard commented, on May 2, 2010, in the Telegraph.co.uk, in words reminiscent of Margaret Thatcher : “If the aim of Helmut Kohl and Francois Mitterrand at Maastricht was to tie down a ‘European Germany' with the silken chords of emu, they failed. Monetary union has delivered a ‘German Europe' after all. And he continues, We now know the answer to Henry Kissinger's question : “Who do I call if I want to call Europe ?” Only one person matters. The Chancellor of Germany.

Evidence abounds that Portugal, Italy, Ireland, Greece and Spain no longer have sovereign debt seigniorage, and are not viably obtaining and will not be viably obtaining revenue from sovereign debt sales ; any upcoming bond sales are being done by banks, which submit debt or have submitted debt to the ECB for funding of new debt issues. Such means of obtaining money is simply a Ponzi financing, it is monetization of debt, and cannot be sustained much longer.

Theyenguy believes the sovereign crisis will intensify, and that out of Götterdämmerung, that is an investment flameout, according to Bible Prophecy, a Sovereign, Revelation 13:5-10, and a Seignior Revelation 13:11-18, an Old English term for top dog banker who takes a cut, will emerge to establish fiscal sovereignty and credit seigniorage for both Europe's financial institutions and residents as well all the world.

Jean-Claude Trichet in address Global Governance Today, made before the Council on Foreign Relations, CFR, on April 26, 2010, called for this new financial state-of-being where he said : “For the good and appropriate functioning of global finance it is extremely important that we, in this new ownership of global governance, have — particularly on both sides of the Atlantic — the implementation of the same rules in the same fashion.”

Soon there will come unified regulation of banking globally, as referred to in the James Politi and Gillian Tett Financial Times article NY Fed Chief In Push For Global Bank Framework, where The Seignior will oversee all matters of debt and credit, most likely through the Bank for International Settlements, and will eventually implement a global currency system. Carroll Quigley, in his book Tragedy and Hope, relates that the BIS will “create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole.”

Francois Mitterrand, was a great prophet in saying “they will only be rescued together” — their deliverance if it be called that, will be the rule of fiscal sovereignty and monetary seigniorage coming from Europe's Core, that is Brussels, Frankfurt and Basel. Won't that be a shocker to all anarcho capitalists. Such was God's Plan from Eternity Past.

European Economic Government and Fiscal Sovereignty - commentaires

European Economic Government and Fiscal Sovereignty