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.
Texas woes regarding the Trans Texas Corridor (TTC) may be getting even worse. Ever since the State partnered with Madrid-based Cintra, to build the wildly unpopular mid-continent trade corridor, Texas has had nothing but trouble. Especially property owners who have become victims of eminent domain abuses, and residents subjected to unwanted toll roads, a tyrannical state Department of Transportation and downright bullying by Governor Rick Perry and the State Legislature. But now, according to the Fort Worth Star Telegram, Texas officials are worried about a possible default by Cintra that could affect the progress of the Texas corridor projects. Cintra is involved in road construction projects all over the world, including the operation of the Indiana Toll Road. After the company was also awarded the contract to operate the Trans Texas Corridor for the next 50 years, Texans learned they were stuck with both Cintra and a huge corridor project they did not want. One feature of the Texas contract was that Cintra was guaranteed a buyback if the project proved unprofitable. It seems that very thing could happen with the company’s operation of the Indiana Road. Because of lower traffic, therefore lower toll revenue than originally forecast, Cintra has used up most of its rainy day fund and is running out of money to pay its debt to Indiana. The revenue shortfall occurred after Cintra dramatically increased tolls on the Indiana road.
Mexican trucks may begin hauling freight throughout the United States by the end of this month or early September under a bilateral trade agreement that resolves a long-standing trade dispute, but not the controversy over driving goods across the U.S.-Mexican border.
Under the pilot program, announced last month by the U.S. Department of Transportation, about 900 Mexican trucks will be hauling goods throughout the United States within the next three years. USA Today reported Wednesday that the pact continues to draw fire in the United States from the nation's largest transportation union, a national association of independent truckers, and some members of Congress.
"We think it's unsafe, unfair and wrong for America," Jim Hoffa, president of the Teamsters union, told the nationwide daily. "It's a danger to highway safety. ... It will cost thousands of trucking and warehouse jobs."
The people of Great Britain have had enough of the European Union and its growing financial difficulties. In fact, according to a recent poll, if they had a choice in the matter, the British would leave the EU as soon as possible.
The ongoing financial crisis in Europe has already resulted in plans for a costly bailout for Greece — and the staggering cost of Greek socialism appears to be simply one installment of a much more costly proposition of rebuilding the economies of several member states of the European Union. Now, the bailout’s political cost is beginning to come due in Britain. A July 13 story for the Daily Mail reports that public opinion is decisively opposed to continued membership in the EU:
Talks between the United States and Canada to form a trade and security perimeter around the two nations appear to be the latest steps aimed at creating a regional government known euphemistically as the North American Union.
There is a movement on the part of our government in league with Mexico and Canada, to merge our countries. This sounds too unreal to be true, yet for a time our government had an official website dedicated to this initiative. Wikipedia documents this. The work done primarily by The John Birch Society has caused the initiative to go underground and implemented a salami slice at a time. This site will continue to document this issue.