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Financial Dictatorship Spreads To Europe
Regulatory powers in all nations to be handed over to
newly formed EU bodies in conjunction with the European
Central Bank
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The European Union is set to mirror moves in the US to overhaul
the economic regulatory oversight system, in a move that will
see national regulators superceded by European supervisors.
"The proposals involve creating three pan-European
watchdogs next year to ensure countries introduce new rules
on supervision." Reports the London
Telegraph.
"Under the proposals, there is to be a European
Banking Authority in London, an Insurance Authority in Frankfurt,
and a Securities Authority in Paris. All European leaders agreed
today to their creation."
These three new bodies will have the authority to dictate and
implement decisions on regulatory standards across the board
in every member state.
Furthermore, the deal will see the creation of a European Systemic
Risk Board, that would "monitor the build up of risks",
issue recommendations for action and oversee their implementation.
The chairmanship of this new body will be elected by members
of the general council of the European Central Bank.
This mirrors plans
in the US to hand the private Federal Reserve powers
to simply seize and take over any company it defines as a risk
to the economy.
Of course, we shouldn't be surprised by the move given that,
for the most part, the Federal Reserve and the European Central
Bank are run by the same private globalist banking corporations.
(Article continues below)
The London
Telegraph's financial editor, Ambrose Evans-Pritchard,
explains how this move will see a massive amount of power shifted
from national governments over to the EU, and effectively the
European Central Bank.
"Britain cannot veto the proposals because EU single market
laws are passed by qualified majority voting (QMV)." he
writes.
"It would be a serious political matter if the EU proceeded
against vehement objections from the British Government. Any
outcome depends on whether Gordon Brown is willing to risk a
showdown with Europe."
A senior French official has stated that the move to hand over
vast swathes of power to the Federal Reserve in the US will
spur European elites to do the same:
"If the Americans make strong commitments towards regulation
and on derivatives and other sophisticated products, I believe
they are going further than the Europeans. That will provide
a boost to the most determined among the Europeans," the
official said.
Once again, we are seeing nothing less than a green light
for the complete and total takeover by a private banking cartel
that will usurp the power of existing regulatory bodies, who
are now being blamed for the financial crisis.
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