The new European Stabilization Mechanism (ESM) treaty came into force today, accompanied by minimal fanfare. A damp squib of an affair, it passed pretty well unnoticed by the 317 million Europeans it directly affects.
Indeed, if you were to ask most Europeans what the ESM stands for or represents, you’d most likely be met with a blank stare – a sad reflection of the sorry state of public awareness of the role and workings of the European Union.
Yet desite the lack of ceremony or public interest, the ESM is of essential import to all citizens of the 17 eurozone nations. As the video below illustrates, the creation of the new organization essentially deals a fatal blow to all remaining vestiges of European nation-state sovereignty. It is the closing act of a decades-long coup d’etat; a silent, bloodless counter-revolution, by, of and for the bankers.
From this day on, the ESM will supersede all national economic laws of all euro zone nations. Put simply, control over the economies of each and every euro zone country has been handed over to ranks of faceless apparatchiks and central bankers based in Luxembourg.
And in time-honoured EU tradition, the new organization guarantees neither transparency nor accountability for its actions. On the contrary, as a quick read of article 31, paragraph 1, of its charter shows, the ESM – like the Federal Reserve Bank in the U.S. – has been set above all law:
“In the interest of the ESM, the Chairperson of the Board of Governors, Governors, alternate Governors, Directors, alternate Directors, as well as the Managing Director and other staff members shall be immune from legal proceedings with respect to acts performed by them in their official capacity and shall enjoy inviolability in respect of their official papers and documents.”
Just as President Woodrow Wilson, in 1913, signed away the U.S. government’s ability to create its own money in the passage of the Federal Reserve Act, the elected leaders of 17 European nation states have surrendered in perpetuity the ability of their governments to effectively control their countries’ economic destinies.
In the wake of such abandonment and betrayal, the people of Europe must now make a choice between the enormously risky path of resistance or the long, arduous road to debt serfdom.