EU Is Collapsing Like Tower Of Babel
But World Bank and IMF vultures are lying in wait to feed on the remains of Greece
Paul Joseph Watson
Friday, May 7, 2010
Monument Securities Chief Economist Stephen Lewis says the chaos in Greece could lead to collapse of the European Union, bringing down with it the dangerous assumption that structures of global governance provide stability in times of financial peril, but the World Bank and IMF vultures will be waiting as ever to feed on the remains of a dying country.
Striking Greek workers and civil servants have violently protested their government’s acceptance of the terms of an EU-IMF bailout, which sacrifices their future prosperity in a trade off for an attempt at stabilizing the Euro zone as a whole, a damning indictment of how global governance, which was introduced under the justification of maintaining financial stability, has had the exact opposite effect, with the virulence of the contagion from Greece threatening to spread to Portugal, Spain and Italy.
“There can be little wonder that the bailout finds little favor with Greek popular opinion,” Lewis said. “It must be obvious to Greek citizens that its terms pay scant regard to their future prosperity, which is being sacrificed in an increasingly forlorn hope of preserving a stable currency for the use of citizens in other member-states.”
Europe’s debt crisis has seen the Euro single currency plunge against the U.S. dollar, while riots were also a contributing factor to yesterday’s alarming U.S. stock market plunge, which at one stage saw the Dow Jones shed almost 1000 points.
BNP Paribas are now predicting that the Euro will hit parity against the U.S. dollar within 12 months, a level not seen for eight years.
“While we have had one of the most bearish forecasts in the market, these previous projections now appear too moderate given the current developments,” states the BNP report.
Economist Lewis firmly lays the blame for the chaos on internationalists who conned European nations into surrendering their sovereignty to the European project under the delusion that the architecture they were trading for their national self-determination would protect their country from precisely the kind of strife now unfolding.
“The guilty men are the eurocrats who stubbornly refuse to recognise that their fanciful construction is collapsing like a Tower of Babel,” Lewis told CNBC.