Within the vein of ‘do as I say, not as I do”, or the adage, “rules are made to be broken”, the EU has threatened to punish Italy because they have submit a 2019 budget that increases debt by more than the allotment. Of course the fact that only14 EU countries out of 30 meet the 60% GDP requirement at all doesn’t seem to phase the Commission when calling out Italy. In fact, not even Germany has ever managed to keep within the guides and rules of debt to GDP.
So, the obvious reason Italy is being called out as the bad boy is because its new government isn’t a part of the Liberal EU Cabal.
In fact, it is so politically motivated that this is ‘the first time’ the EU Commission has demanded such a change in conjunction with a threat. Italy has bucked the ranks. Italy’s government has basically said – eff you.
In addition to Italy, Greece, Portugal, Belgium, France, Spain, Cyprus, Austria … all have debt to GDP ratios 30 points higher than the allowed 60%. This is not a small deviance. And yet, there are no sanctions.
The Global hand of the EU Commission is apparently plagued with arthritis.
EU Commissioner for economic and financial affairs, taxation and customs, Pierre Moscovici, has warned that the budget “lies outside our rules and regulations.” That’s funny….!
Why would anyone abide by rules invented by the EU Commission when 53%, a majority, of EU members don’t abide?
In 1999, the EU Commission created a 3% threshold for budget deficits. Italy’s deficit for 2019 according to its budget will be 2.4% – within the threshold. But the EU believes that it will further escalate Italy’s total debt which stands at 132% all of which was generated by the previous Cabal aligned government that was not sanctioned… Thus, although Italy is actually within the 3% threshold, the EU thinks they are being too positive and need to change.. but why then didn’t they sanction the previous government?
Of course, the EU’s demands and threats have hit brick walls before when dealing with Hungary and Poland on immigration quotas.
Has the Commission outlived its usefulness?
I am reminded of parents who threaten their children to be quiet or else, only to try blackmail and candy when heir empty threats fall short.
The first EU Commission was created in 1951 and they called themselves, “The High Authority”. They were tasked with administering coal and steel. It wasn’t until 1977 when Roy Clark, the UK’s Liberal, Democrat, Labour politician was appointed to the EU Commission that its role expanded significantly. The Treaty of Lisbon which went into effect December 2009 increased the power of the EU President even more substantially as well as creating fundamental rights, a legal personality, and a stronger EU Parliament.
The beginning of the end for an independent Europe.
Of course in good company with US MSM, it would seem that Brussels is actively attempting to create a detraction from news that is quite startling: Germany’s Deutsche Bank, Spain’s Santander, Germany’s Commerzbank, Hypovereinsbank, Landesbanken, and Warburg Bank, British lender Barclays, French bank BNP Paribas, and global banks JPMorgan, Meryll Lynch, Morgan Stanley, and UBS have all been duplicitous in tax fraud that has resulted in a loss of revenue amounting to 55.2 billion Euro and is being called the ‘biggest tax robbery of EU history’.
The news comes on the heels of revelations that Denmark’s top lender, Danske Bank, perpetrated the biggest money-laundering scandal in European history funneling over 200 billion Euro. The combined scandal amounts to just shy of $300 billion, greater than Russia’s entire annual revenues. Yet it doesn’t even make the news.
Because it doesn’t advance the cause of banks and the Cabal. Instead, Italy’s budget is the main topic of discussion. So what did the EU Commission do after today’s deadline for Italy to comply with their demands for a new budget? They gave them three more weeks to change their mind. Mama MIA!
And while Merkel has tabled all Saudi trade until the Saudi citizen Khashoggi idiocy can be finalized, the banking scandal is on the agenda to be ‘discussed’ in December.