REGULAR readers of this column may recall that some weeks ago I predicted that Greece would default on the massive debt it incurred as its economy entered the terminal meltdown phase.
I take no pleasure from the accuracy of this prediction and can only ask, again: Why could I see this inevitability when our European masters couldn’t?
Yet still they compound the felony by pouring more good money after bad as Greece sinks further into the economic mire.
Wouldn’t it be far less painful to let Greece exit the EU and return to a Drachma that could be devalued at will?
Now I read that there are moves afoot to rewrite the European Treaty in order to strengthen the fiscal grip that Brussels has on member states.
My blood ran cold when EU president, Herman Van Rompuy said, and I quote: “We decided to explore the possibility of limited treaty change. The aim is deepening our economic convergence and strengthening economic discipline.”
Translation: We’ve already screwed up big time so let’s rewrite the rules so we can screw up even bigger next time.
I can only assume that “deepening our economic convergence” means the creation of a European finance ministry.
Mr Van Rompuy had earlier floated this idea and, remember, we already have a European Foreign Ministry headed by Baroness Ashton so extending European fiscal control would appear to be an obvious manoeuvre.
But take caution, if this happens the already diminished authority of national governments will be yet further diluted.
We are all aware that, in political terms, our national governments have already been neutered.
If Mr Van Rompuy has his way they will be emasculated; eunuchs in a world of bureaucrats.
The power to make law in many areas has already been appropriated by Brussels.
If a European Finance Ministry becomes a reality then national government ministers, of whatever portfolio, might as well tidy their desks and go home. They won’t have the authority to buy paper let alone print new laws on it.
You have been warned!
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