ESM Treaty

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dshields's picture
dshields
Status: Platinum Member (Offline)
Joined: Oct 24 2009
Posts: 599
ESM Treaty

 

 

People of Europe that visit this site - what is your view on this ?  Is this going to pass ?

http://globaleconomicanalysis.blogspot.com/2011/10/treaty-of-debt-eye-opening-video-on-esm.html?source=patrick.net

 

Wendy S. Delmater's picture
Wendy S. Delmater
Status: Diamond Member (Offline)
Joined: Dec 13 2009
Posts: 1982
Wow, what a mess

Quoting Mish:

Key Details of ESM Accord
 

  • Article 8 says "Authorized Capital stock 700 billion Euros"
  • Article 9 says "ESM members irrevocably and unconditionally undertake to pay capital calls on them within 7 days"
  • Article 10 allows the ESM board of governors to "change the authorized capital and amend article 8 accordingly"
  • Article 27 says ESM shall enjoy "immunity from every form of judicial process". Thus the ESM can sue member countries but no one can challenge it. No governments, parliament or any other body or laws apply to the ESM or its organization.
  • Article 30 says "Governors, alternate governors, directors, alternate directors, the managing director and staff shall be immune from legal process with respect to acts performed by them (...) and shall enjoy inviolability in respect of their official papers and documents"

There are no independent reviewers and no existing laws apply. Thus Europe's national budgets will be in the hands of one single, unelected body that is accountable to no one and immune from all legal actions.

..then Mish goes on to ask if Euope will stand for this. I dunno. We've already ceeded our sovereignty to the banksters, why not them? </sacasm>

No_Fiat's picture
No_Fiat
Status: Silver Member (Offline)
Joined: Oct 20 2011
Posts: 104
 THEY CAN TAKE THAT ESM

 THEY CAN TAKE THAT ESM ACCORD AND PUT IT WERE THE SUN DON'T SHINE, ALONG WITH THEMSELVES.

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land2341's picture
land2341
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Posts: 402
Can anyone give me a break down

 I sincerely doubt Greece will agree.  I am shocked that if this is the language used in the other meetings with the heads of state that they agreed to this......

So break it down for me.  Greece votes no way.  Assuming this means they then default.  What actually happens next?  Can anyone be more spcific and detailed than - all hades breaks loose?

dshields's picture
dshields
Status: Platinum Member (Offline)
Joined: Oct 24 2009
Posts: 599
good one
land2341 wrote:

 I sincerely doubt Greece will agree.  I am shocked that if this is the language used in the other meetings with the heads of state that they agreed to this......

So break it down for me.  Greece votes no way.  Assuming this means they then default.  What actually happens next?  Can anyone be more spcific and detailed than - all hades breaks loose?

You pose a very good question.  As of tonight it looks like there will be a confidence vote in the Greek parliament this Friday.  If th current government survives they plan to put the next phase of the austerity program to a popular referendum.  Polling indicates this will result in a no vote. And there you go - a big fat hair on fire emergency.  That means default and a probable exit from the EUR.  It is hard for me to even understand what happens then.  I don't think anyone understands what happens then.  It has never happened before.  Russia defaulted and they are doing fine.  Iceland defaulted and they are doing fine.  Interestingly enough, after a default the country would actually be more credit worthy - since they would not have such a huge debt load to service they would be able to service any new debts.  Of course everything holding sovereign Greek debt would get a poop sandwich with a pickle.  A bunch of banks would have to be bailed out big time.

Maybe the real problem would be the precedent it would set.  If the Greeks can default and then after a period of suffering pick up and crusie then all the countries in trouble would want to default including America.  What happens if various countries just start defaulting ?  Make the nasty banksters eat a sandwich.  I do not see any good end to it.  Massive government bailouts with printed money is the only answer to total collapse.  So they print.  And, they will continue to print.  Here and over there.  They do not have a lot of alternatives. 

No_Fiat's picture
No_Fiat
Status: Silver Member (Offline)
Joined: Oct 20 2011
Posts: 104
 What does the acronym

 What does the acronym ESM stand for? 

Marteen's picture
Marteen
Status: Bronze Member (Offline)
Joined: Sep 29 2010
Posts: 40
ESM Europeam Stability Mechanism

Somebody is waking up just before D-day 01 March where the dutch parlement has to vote for it. Luckely our govenment does not have the majority and is depening on an right extremist (mozart lookalike) and this party does not like Brussels.

It appears that the ESM is a new dictatorial gov agency. Above all european treaties and can do and decide whatever they want. without any consequences.

Very scary stuff.

 

Maarten

Marteen's picture
Marteen
Status: Bronze Member (Offline)
Joined: Sep 29 2010
Posts: 40
ESM Europeam Stability Mechanism

Somebody is waking up just before D-day 01 March where the dutch parlement has to vote for it. Luckely our govenment does not have the majority and is depening on an right extremist (mozart lookalike) and this party does not like Brussels.

It appears that the ESM is a new dictatorial gov agency. Above all european treaties and can do and decide whatever they want. without any consequences.

Very scary stuff.

 

Maarten

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