Dr. Rath Health Foundation

Dr. Rath Health Foundation

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Nobel-Prize Winning Economist Says Brussels EU Heading Towards Cataclysmic Event And Currency Collapse

By PAUL ANTHONY TAYLOR

Image (right): © Raimond Spekking / CC BY-SA 4.0 (via Wikimedia Commons)

Interviewed by the Business Insider website following the recent launch of his latest book, Nobel-Prize winning economist Joseph Stiglitz stated that Europe is heading towards a "cataclysmic event" that could lead not only to the collapse of the euro currency but also the end of the Brussels EU itself. A former Chief Economist at the World Bank, Stiglitz believes that one more political event similar to the United Kingdom's recent decision to leave the Brussels EU is now all it would take to trigger these outcomes.

Clearly indicating that he understands the extent to which the Brussels EU is being widely rejected by the people of Europe, Stiglitz predicts “there will be a definite consensus that Europe is not working.” At the very least, he says this will result in the Eurozone countries shedding the euro currency – and perhaps even a broader rejection of the Brussels EU construct similar to that which has already occurred in the United Kingdom. Such a political event, he believes, will be the catalyst for change. 

The European financial crisis is deliberate

Lord Mervyn King, former Governor of the Bank of England
Image by International Monetary Fund [CC BY-NC-ND 2.0], via Flickr.com

It is interesting to note that Stiglitz’s remarks come only months after a little-reported statement given by Lord Mervyn King, the former Governor of the Bank of England, who stated that the financial crisis afflicting Europe since 2009 is essentially the result of a “deliberate” act of policy. Highly critical of the destructive economic strategies of the Brussels EU, he predicted that, in order to free its weakest member countries from the strangulating combination of austerity measures and high unemployment they are suffering from, the euro currency zone will have to be dismantled. 

Citing the example of Greece, where the unemployment rate is currently over 23 percent, Lord King described what has happened over the past 7 years as an “appalling” example of Brussels EU economic policy failure. He added that, for the poorest eurozone countries, the long-term benefits of ditching the euro and returning to their national currencies outweigh the short-term costs.

Clearly, therefore, with even financial insiders like King and Stiglitz openly predicting that European countries will have to dump the euro, and realizing this will essentially signal the demise of the Brussels EU dictatorship, not only do we have to take them seriously – we have to start thinking about what sort of a Europe we want to emerge.

Towards a Europe for the People, by the People

Simultaneous with the Brussels EU teetering on the verge of collapse, the citizens of Europe are increasingly waking up and recognizing that the construct they live under is not the democratic body it pretends to be. The recent Brexit vote by citizens of the United Kingdom is the latest and most significant example of this ongoing awakening. The reality dawning on the people of Europe is that with neither its president nor its executive body, the so-called ‘EU Commission’, ever standing for elections, the Brussels EU is by definition an unelected dictatorship. Even the ‘EU Parliament’ is little more than a democratic fig leaf, as it lacks basic features of parliamentary democracy such as the right to initiate its own legislation.  

While our Foundation is deeply opposed to the Brussels EU, I should stress that we are not against a united Europe. To the contrary, we believe that the future shape of the European continent has to be designed around the principle of a democratic Europe for the People, by the People. This is why we have been working so closely with survivors of Auschwitz, with whom we have been sharing this goal for many years now. But with this concept being so starkly at odds with the Brussels EU, the rejection and dismantling of the dictatorial construct is the first essential step towards the creation of a new and truly democratic Europe.

If you live in Europe, click here to sign the petition for a Europe for the People, by the People

To replace the Brussels EU, we need a Europe that genuinely acts in the interests of its people; a Europe that rejects the profit over life model and puts the right to health, the right to life, the right to natural food, and the right to a healthy environment before the interests of multinational corporations. Not only is such a Europe possible, the need to create it is becoming increasingly urgent. And with the Brussels EU collapsing before our eyes, the time to act is now.

25 August, 2016