Source: YouTube
The video shows that the European Union is planning a new treaty, the European Stability Mechanism (ESM), a financial monolith that will dominate and dictate to EU member states.
Full Transcript:
Are the European Union (EU) and its common currency facing a crisis? What can and should be done?
The EU is planning a new treaty called the European Stability Mechanism or ESM - A TREATY OF DEBT! Members of Parliament all have access to the draft legislation.
[Article 8:] The authorized capital stock shall be EUR seven hundred billion (€700,000,000,000).
Question: Why seven hundred billion? Where did that number come from? By whom? And on what basis was it calculated?
[Article 9.3:] ESM members hereby irrevocably and unconditionally undertake to pay on demand any capital call made on them within seven (7) days of receipt of such demand.
Question: Nothing really. That part is clear. If the ESM need money we have seven days to pay. Taking normal bank processing time into account, that means we have four days to write a cheque.
But what does "irrevocably and unconditionally" means? What if we have a new Parliament, one that doesn't want to transfer money to the ESM? Do we have to pay anyway?
[Article 10.1:] (The Board of Governors) may decide to change the authorized capital and amend Article 8 accordingly.
Question: Pardon me, seven hundred billion is just the beginning? The ESM can stock up the fund as much as it wants to, any time it wants to? And we would then be required under Article 9 to irrevocably and unconditionally pay up?
[Article 27.2:] The ESM shall have full legal capacity to institute legal proceedings. [Article 27.3:] The ESM, its property, funding and assets shall enjoy immunity from every form of judicial process.
Question: So the ESM program can sue us but we can't challenge it in court?
[Article 27.4:] The property, funding and assets of the ESM shall be immune from search, requisition, confiscation, expropriation or any other form of seizure, taking or foreclosure by executive, judicial, administration or legislative action.
Question: Immune from judicial action was covered in the last point, but [does] this means neither our governments nor our legislatures nor any of our democratic laws have any effects on the ESM organization? That's a pretty powerful treaty!
[Article 30:] Governors, alternate Governors, Directors, alternate Directors, the Managing Director and staff members 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.
Question: So anyone involved in the ESM is off the hook? They can't be held accountable for anything? And does the inviolability of their papers means we can't destroy them? Or that we won't even be allowed to see what's been written?
The ESM establishes a new intergovernmental organization to which we are required to transfer unlimited assets within seven days, if it so request.
An organization that can sue us but is immune from all forms of prosecution and whose managers enjoy the same immunity.
There are no independent reviewers and no existing laws apply? Governments cannot take action against it?
Europe national budgets in the hand of one single unelected intergovernmental organization?
Is that the future of Europe?
Is that the new EU?
A Europe devoid of sovereign democracies?
Is that what you want?
Full Transcript:
Are the European Union (EU) and its common currency facing a crisis? What can and should be done?
The EU is planning a new treaty called the European Stability Mechanism or ESM - A TREATY OF DEBT! Members of Parliament all have access to the draft legislation.
[Article 8:] The authorized capital stock shall be EUR seven hundred billion (€700,000,000,000).
Question: Why seven hundred billion? Where did that number come from? By whom? And on what basis was it calculated?
[Article 9.3:] ESM members hereby irrevocably and unconditionally undertake to pay on demand any capital call made on them within seven (7) days of receipt of such demand.
Question: Nothing really. That part is clear. If the ESM need money we have seven days to pay. Taking normal bank processing time into account, that means we have four days to write a cheque.
But what does "irrevocably and unconditionally" means? What if we have a new Parliament, one that doesn't want to transfer money to the ESM? Do we have to pay anyway?
[Article 10.1:] (The Board of Governors) may decide to change the authorized capital and amend Article 8 accordingly.
Question: Pardon me, seven hundred billion is just the beginning? The ESM can stock up the fund as much as it wants to, any time it wants to? And we would then be required under Article 9 to irrevocably and unconditionally pay up?
[Article 27.2:] The ESM shall have full legal capacity to institute legal proceedings. [Article 27.3:] The ESM, its property, funding and assets shall enjoy immunity from every form of judicial process.
Question: So the ESM program can sue us but we can't challenge it in court?
[Article 27.4:] The property, funding and assets of the ESM shall be immune from search, requisition, confiscation, expropriation or any other form of seizure, taking or foreclosure by executive, judicial, administration or legislative action.
Question: Immune from judicial action was covered in the last point, but [does] this means neither our governments nor our legislatures nor any of our democratic laws have any effects on the ESM organization? That's a pretty powerful treaty!
[Article 30:] Governors, alternate Governors, Directors, alternate Directors, the Managing Director and staff members 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.
Question: So anyone involved in the ESM is off the hook? They can't be held accountable for anything? And does the inviolability of their papers means we can't destroy them? Or that we won't even be allowed to see what's been written?
The ESM establishes a new intergovernmental organization to which we are required to transfer unlimited assets within seven days, if it so request.
An organization that can sue us but is immune from all forms of prosecution and whose managers enjoy the same immunity.
There are no independent reviewers and no existing laws apply? Governments cannot take action against it?
Europe national budgets in the hand of one single unelected intergovernmental organization?
Is that the future of Europe?
Is that the new EU?
A Europe devoid of sovereign democracies?
Is that what you want?
EU should follow Norway's steps to allow banks to close shop so the bank's debt is NOT transferred to the public - RAKYAT.
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