Blame Entitlement Society, not US Capitalism

It was only a matter of time. Shortly after the kickoff of the G20 Summit, José Manuel Barroso, EU commission president, blamed the United States and capitalism, for the financial armageddon striking the Eurpoean Union.

"This crisis was not originated in Europe … seeing as you mention North America, this crisis originated in North America and much of our financial sector was contaminated by, how can I put it, unorthodox practices, from some sectors of the financial market.".

Barroso, a communist who would not a pro-forma if it rang the front door bell, is actually using EU crisis to promote his political agenda. While foreign investors did purchase collateralized debt obligations, primarily mortgage batches, that blew up, an economy which produces few assets and has exponentially expanding liabilities is the real culprit. Investment novices, risk measurement is not their forte'.

Alarm bells have been ringing in Europe for decades, but for the last few years, perhaps the loudest harbinger has been Nigel Farage. What does Farage think of this claim? Farage spoke with David Asman of FOX Business:



EU member countries cannot meet their obligations, smothered by expanding entitlements, which have required bailout after bailout. EU leaders have implemented the Keynesian model of increasing stimulus in effort to create economic growth. President Obama has met with the EU leaders promoting this philosophy. In fact, Obama is implementing this model here in the states. But by any statistical measure, the model has failed in Europe and is failing here.

Government does not create wealth; it destroys it.

Germany has had enough, and although Obama and the EU continue to push Germany to continue to participate, they are ready to cease bailouts. With the European Union on the brink of collapse, and time is short according to billionaire financier George Soros, no doubt short the EU.

But there is hope as Soros and the technocrats running the EU have a new idea; for the member nations to relinquish banking sovereignty to chosen technocrats running the EU. Shockingly, France is ready to go with this plan.  With the EU member citizenry already robbed of their identity with their entrepreneurial spirit crushed, civil disobedience is ushered in.

Enhancing the further collapse of a society would be for technocrats to rule over budgets, terminating opportunities for individual advancement and growth of the citizenry. With the citizenry having no vehicle for changing course, as the technocrats are not elected by the citizenry, each country falls under the governance of a panel of dictators, who are not going to allow this crisis to go to waste.

It would further allow for an objective of Soros; an open socitey, which ultimately eliminates the sovereignty of participating countries and its citizenry, which ultimately reduces freedom.

I join Farage in counseling the EU members to seek out individual freedom through free market economic principles, the best path to social and economic freedom and prosperity.