November 28, 2011
Obama met today with unelected bureaucrats of the European Union to discuss the eurozone debt crisis. European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso attended a meeting held at the White House.
No European heads of state were in attendance, despite earlier conversations between Obama and German Chancellor Angela Merkel and French President Nicolas Sarkozy. Secretary of State Clinton and Treasury boss Timothy Geithner were present.
EU: a system designed for debt and slavery.
Reuters reports Van Rompuy and Barroso will “face tough questions… on how much longer the crisis might go on.”
Obama has said resolving the crisis will require “some tough decisions” in Europe, but he has not specified what the decisions might entail.
“I am deeply concerned and I have been deeply concerned. I suspect I will be deeply concerned tomorrow and next week,” Obama said when asked about his reaction to the crisis in the eurozone during a visit to Australia earlier this month.
Analysts in the U.S. predict the Federal Reserve will offer discounted rates to the Europeans in much the same way it did in the financial crisis of 2008. “This is because if EU countries are unable to maintain their current level of accounting for approximately 20% of United States exports, the weak economic recovery in the United States is threatened,” states a InvestTechFX press release.
Ambrose Evans-Pritchard, writing for the Telegraph today, asks if the Fed should pose as a knight in white shining armor. “So the question arises, should the rest of the world take over management of Europe to prevent or mitigate disaster? Specifically, should the US Federal Reserve assume leadership as a monetary superpower and impose policy on a paralyzed ECB, acting as a global lender of last resort?”
The Federal Reserve believes it the authority to do this. “The Fed can inject money into the economy in still other ways. For example, the Fed has the authority to buy foreign government debt. Potentially, this class of assets offers huge scope for Fed operations,” Ben Bernanke said in a 2002 speech.
It also presents a unique opportunity for the bankers who own the cartel masquerading as a federal agency to extend their reach and consolidate power. Best of all, for the bankers, is the prospect that the beleaguered American taxpayer will once again pick up the tab.
We now understand the full magnitude of the fleecing. According to a Bloomberg report released today, the banksters grabbed an estimated $13 billion in loot by taking advantage of the Fed’s below-market rates. “Saved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse,” write Bob Ivry, Bradley Keoun and Phil Kuntz for Bloomberg.
Crisis Exploited to Implement Supranational Authority
Barroso said last week that remedial eurozone bonds might be released following the implementation of new budget laws.
The European Commission has introduced draconian legislation that would allow the EU to “review” the national budgets of eurozone countries. The law would allow “heavy surveillance of policies of a country either already getting emergency financial aid from the euro zone or facing serious financial instability,” Reuters reported last week.
The EC stressed that “stability bonds” would not be introduced to address the debt crisis until it is allowed to impose “budgetary discipline” on member states.
Merkel and Sarkozy are behind the push to strip member of states of their national sovereignty and allow an unelected EU bureaucracy to make budgetary decisions.
“Germany and France stepped up a drive on Monday for coercive powers to reject national budgets in the eurozone that breach EU rules, as a market rout of European debt eased temporarily on hopes of outside help for Italy and Spain,” the Financial Post writes today, describing the intervention as “some sort of IMF program.”