To my regular readers it must be obvious that THE subject occupying my attention is the euro-crisis. As the myth would have it, the Chinese character for the word 'crisis' is also used in the meaning of 'danger' and 'opportunity'. Both alternative meanings are very much applicable to the predicament we, on this side of the Big Pond find ourselves in.
These days, more and more are saying it has become inevitable for Greece to default and leave the euro-zone. By many accounts this will have disastrous effects of French banks and the economies of Portugal, Spain and quite likely Italy. This will lead to more defaults and banks keeling over, until the whole edifice comes crashing down around the world. 'Fallen is the whore of Babylon', that is the sort of event we are contemplating.
I've added two blogs to the blogroll that are chronicling, more knowledgeable then yours truly ever could, the demise of the current world order. they are Golem XIV (featured on KV before) and The Slog. For starters you may want to read their latest here (for Golem XIV) and here (for The Slog)
The events unfolding before our eyes may well mean the end of the EUnion. That is an aspect that will, I imagine, not be mourned by many. The EUnion was never much liked, but it is now becoming an object of wide-spread visceral hatred. Which is to be expected when in the midst of the biggest crisis since WWII we have its figure-heads coming up with nothing better then the same answer they have to all issues they encounter: More Europe.
But the call for 'more Europe', as sunny as it may sound to some, leads us into a direction that is by no means desirable. As evidence I offer you the video above, giving you the low-down on the European Stability Mechanism, the planned successor to the EFSF. It is in German, but has EN subtitles (for a version with NL subtitles go here).
What it shows is how the ESM, far from being the lifeline thrown to save our economies from drowning, it is a naked, cynical power grab that would emasculate, even murder, any national sovereignty that is still left in this post-Lisbon age. I really urge you to spend the 4 minutes it takes to view this item. And to pass it on to as many as possible. The implications of this are to big and fearful to fully grasp, but it is as clear an indication of the unaccountable monster they are trying to create as any.
When the melt-down happens it will not be pleasant. There will be hardship for most, if not all, of us. But worse still is what is being planned for us, dictated to us, from the halls of Brussels. Being free, but poor may not be what any of us have wished for. Being eternally poor and enslaved is, however, that much worse. Let us hope and pray that the storm blowing over Europe and the world these days will kill this beast.