Portugal is the first to sign the European Fiscal Compact, ceding its sovereignty politically and economically to save the Euro and keep the bailouts going, bailouts which we fund to the tune of 20%. China and Russia have agreed to help the EU bailout funds as the EU continues a downward spiral.
Remember when Bill Clinton wanted the United States to become part of the European Union? It was a close call for the United States.
The central bank has demanded the European fiscal compact as a condition of further lending. Under this compact, citizens of sovereign nations are being asked to vote for a fiscal compact that will impose austerity rules on themselves so they can have access to a permanent Eurozone loan fund at some future date. It is likely unconstitutional in most or all of the Eurozone nations.
If it sounds crazy to you, it doesn’t to the EU nations. They seem to be embracing it. Many see sovereignty as a dynamic issue and they are fully supportive of globalization. Individual nations have given over much of their lawmaking to Brussels technocrats and they seem happy to do it.
Are we on the same path and is it where we want to go? It’s Progressive!
A quick summary of what it might mean –