Monday, October 10, 2016

Say Goodbye To the Union

http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/10/08/20161010_eu.jpg
It's about self-determination, freedom, something members of the EU are learning the two when you belong to a union are mutually exclusive.
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As the years passed and the cracks in the EU started to appear, the race was on as to whether the undoing would be as a result of the economic failure of the southern member-states, or by the social strains of immigration that Brussels forced onto its member-countries. In each case, it was predictable that the political leaders would defend the EU policies at all costs, although each would increasingly lose the support of constituents by doing so.

On the economic front, all eyes were on Greece and the other Mediterranean members, as they clung stubbornly to their collectivist economic policies. They would continue to bleed red ink at the expense of their more economically responsible Northern brethren. Along the way, in order to appease her voters, German Chancellor Angela Merkel stated firmly that the EU would not bail out the Italian banks; that they would have to rely on bail-ins (a measure that had been approved in 2014 for all EU countries). Then the news came that the German Deutsche Bank was on the ropes, threatening to cause a bloodbath for the German people. Germany, having lost billions of its money to the other EU countries, would need $14 billion to pay for Deutsche Bank’s mis-sold mortgage-backed securities and that would just be the beginning.

The German people had paid through the nose to support other EU members, but a line had been drawn in the sand as to future bail-outs, just before Germany realised its own crisis.
Suddenly, Mrs. Merkel has been caught between her obligation as Chancellor to the German people and her personal commitment to the EU. Her problem is exacerbated by the fact that she is up for re-election in 2017.

Ironically, in the race for the collapse of the EU, it may be that the trigger that begins the process is Germany, the country that was most responsible for its creation.

 internationalman.com/articles/the-demise-of-the-eu

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