Using “financial stability” as justification, the European Union is quietly plotting to foist a massive, perpetual bailout machine on euro-zone members that critics say represents a “dictatorship” and a “treaty of debt.” But opposition to the scheme is growing quickly.
The initial “authorized capital stock” for the so-called European Stability Mechanism (ESM) will be close to $1 trillion. But it can be expanded at any time by the regime in charge of the institution, which will operate completely above national governments and laws.
“ESM Members hereby irrevocably and unconditionally undertake to provide their contribution to the authorized capital stock,” notes the draft treaty posted on EU Council’s website. “They shall meet all capital calls on a timely basis in accordance with the terms set out in this Treaty.”
If the initial trillion proves to be insufficient — and considering the debt-laden governments ruling Italy, Spain, Portugal, Greece, Ireland, and other nations, it almost certainly will not be enough — the ESM’s Board of Governors can simply demand more. And national governments must hand over the money, no questions asked, within seven days.
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