The flaw inherent in any Confederation (such as the European Union): All members of the EU must submit their annual budgets to the EU for review. The EU has two weeks to review the plan and can tell any member government if it wants it to revise spending plans should the EU deem the plans to be at risk of violating the EU’s rules. While member governments then have another three weeks to submit a revised draft, they CANNOT BE FORCED INTO CHANGES. On Wednesday, European stocks fell the most in almost three years as a selloff in GREEK SECURITIES, the biggest since July 2012, triggered a schism in sovereign debt as benchmark yields in the so-called core, which includes Germany and France, tumbled to record lows as investors sought the safest assets. >>> Note: Emphasis added. Also note... this fiasco in Europe, which was triggered by the financial meltdown in the U.S. in 2008, was given legs by the Greek financial collapse shortly thereafter, and pushed off a cliff by Portugal, Italy, Ireland and Spain -- all of which nearly collapsed into financial oblivion.
Posted on: Thu, 16 Oct 2014 08:19:40 +0000
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