New Draft EU Treaty On Stability Is Toothless

Comments Off on New Draft EU Treaty On Stability Is Toothless

Two articles appeared today on the proposed draft of the EU treaty on growth and stability. According to ZeroHedge, it’s completely toothless:

the entire fiscal treaty is toothless from the ground up as every breach of deficit targets will always be attributed to “exceptional circumstances.”


in the impossible event that a country is found to have breached deficits due to non-exceptional circumstances, what does the EU do? Why it punishes the country by making the deficit even bigger, by up to 0.1% of GDP. Because there is nothing like teaching a deficit transgressor a lesson, than by forcing what caused the punishment in the first place to get even worse…

Only in Europe.

Mike Shedlock writes on his blog that the reason the treaty was watered down in the first place was because the Irish government feared it would have a referendum to pass it, so requested that it be watered down to enable it to be ratified by the Irish Government without having to put it to its angry voters with a referendum.

The treaty hammered out by French President Nicolas Sarkozy and German Chancellor Angela has been watered down to complete meaningless with new provisions that would allow countries to “temporarily deviate from the rules in case of an unusual event” or in “periods of severe economic downturn.”

He quotes from an Irish Independent article

The Irish government is likely to face a court challenge if it decides not to hold a referendum on a new European fiscal treaty, potentially plunging the country and Europe into months of legal uncertainty.

Sinn Féin, the fourth largest party in Ireland’s parliament, told The Financial Times on Thursday that the party had sought legal advice on the issue and was “seriously and actively considering” making a challenge to the Irish Supreme Court.


so behind the scenes Irish conspirators working with the EU have put in language that waters down the treaty hoping to do two things.

  1. Water down the treaty so that it does not have to be voted on
  2. Change the rules of the treaty later quietly, after the fact, with majority rule votes or other procedures

Give the Voters a Chance

The very last thing the unelected EU officials want is a public vote on anything. They intend come hell or high water to make their socialist nanny-zone state complete with a bureau of nightmarish regulations and agencies governing virtually every aspect of everyone’s lives.



LTRO to Banks 1%, Loans To Ireland 6%

Comments Off on LTRO to Banks 1%, Loans To Ireland 6%

Just a quick question. Why is the ECB lending money to Banks at 1%, yet Ireland has to pay back its loans to ECB at 6% ?

The only conclusion you can draw is:

The system is set up for and on behalf of banks.

%d bloggers like this: