As EUnion institutions go this one is a marvel of elitist, anti-democratic arrogance.
Set up a company, get all those friends who are in financial trouble to buy shares in your new venture by robbing their taxpayers of huge amounts to raise the paid up capital (details at the bottom), then get all the friendly governments to give this new company legal status, privileges normally reserved for diplomats along with full immunity for all and anything they do whilst working for the company, plan to employ a whole raft of new staff, appoint a Board of Directors and a Managing Director, invoke professional secrecy rules on them all, and get governments to grant immunity to the persons and exempt them from income tax (the company will tax its employees and keep it).Especially the immunity granted to the 'bank' and all those that work in it is very worrying indeed.
On top of that, ensure that your new company is exempt from all and any kind of registration, regulation, supervision, oversight or taxation and can operate OUTSIDE of all legal structures, AND gets to audit itself whilst leaving the EU Commission as the sole negotiator on loans made by your ‘company’.
Total Immunity except in the case of a contract. But… you can’t search buildings or assets, can’t take any legal actions and all archives and documents are inviolable, its buildings and communications are given diplomatic immunity so you can’t touch them for anything. The property and funding is outside of the reach of anyone and they don’t need to be licensed or regulated in any way. It really is a legalised Mafia.There is only one possible outcome, if this monster is actually given life: Poverty for all.
It may save a few faces, it may save a few banks, but the peoples of Europe will never forgive or forget this new form of economic slavery, a heinous crime, and the levels of totally un-repayable debt that is now being thrust upon them… by the unelected mafia that is the EU Commission.Go on over and read the whole hair-at-the-beck-of-your-neck-rasing tale. No really, go and read it! We are moving into very dark territory here. And people (that means you too) need to start paying attention to this miserable garbage posing as just governance. This is your life, freedom and well-being we are discussing here, yours and mine.
[Instant Update] And for those wondering: Yes, but how much is it going to cost? Ian PJ provides a nice overview who is expected to pay what:
Subscriptions to the authorised capital stock
ESM Member Number of shares Capital subscription
Kingdom of Belgium 243 397 24 339 700 000
Federal Republic of Germany 1 900 248 190 024 800 000
Republic of Estonia 13 020 1 302 000 000
Ireland 111 454 11 145 400 000
Hellenic Republic 197 169 19 716 900 000
Kingdom of Spain 833 259 83 325 900 000
French Republic 1 427 013 142 701 300 000
Italian Republic 1 253 959 125 395 900 000
Republic of Cyprus 13 734 1 373 400 000
Grand Duchy of Luxembourg 17 528 1 752 800 000
Malta 5 117 511 700 000
Kingdom of the Netherlands 400 190 40 019 000 000
Republic of Austria 194 838 19 483 800 000
Portuguese Republic 175 644 17 564 400 000
Republic of Slovenia 29 932 2 993 200 000
Slovak Republic 57 680 5 768 000 000
Republic of Finland 125 818 12 581 800 000
Total 7 000 000 700 000 000 000
FOURTY BILLION! Makes those 18 billion in budget cuts seem a bit helpless, doesn't it? Another 40 billion, BOOM headshot, added to our national deficit. It's good to know your tax money is so well spent, isn't it?