The Free Market vs. the Total State
Europe’s Two Endgames
by Gary North
On November 22, the New York Times published an interactive chart on which governments owe how much money to which foreign nation’s banks. The chart reveals the fault lines in Europe’s economy. The debts are owed above all to French banks. The biggest debtor is Italy. If Italy defaults, France’s largest banks go down. Overnight.
On Monday, November 28, there was a Financial Times article speculating that the Eurozone has less than two weeks to survive. The headline: “The Eurozone really has only days to avoid a collapse.” It was written by an associate editor of the publication.
There have been lots of these articles over the last few weeks. They all offer the same formula: “The end is near, unless. . . .” Unless what? Unless Western Europe’s largest governments unilaterally abolish the treaties that created the European Union in the 1990s. This will involve the following: (1) the consolidation of the Eurozone into an unconstitutional super-state, and (2) the European Central Bank buys bonds issued by this new entity, which is also unconstitutional, according to the existing treaties.
The first solution is consistent with over 90 years of behind-the-scenes planning to centralize Europe politically, thereby destroying individual national sovereignty. I have written about this many times. The mastermind of this was Jean Monnet. Monnet started working for political unification when he and Raymond Fosdick, John D. Rockefeller, Jr.’s agent, sat together at the Versailles Peace Conference in 1919.
In July 1919, Fosdick sent a letter to his wife. He told her that he and Monnet were working daily to lay the foundations of “the framework of international government.” [July 31, 1919; in Fosdick, ed., Letters on the League of Nations (Princeton, New Jersey: Princeton University Press, 1966), p. 18.] Fosdick returned to New York City in 1920, where he took over running the Rockefeller Foundation for the next 30 years.