The Duran Podcast - Draghi and Macron want more EU centralisation The Duran: Episode 2061

Episode Date: November 10, 2024

Draghi and Macron want more EU centralisation The Duran: Episode 2061

All right, Alexander, let's talk about Eurobonds and Mario Draghi and Macron. Actually, Macron. He was at the Brussels, at the Brussels, the Budapest, submitted event. And Macron was talking about more Europe, more Europe integration with Trump's win in the United States. Macron sees it as an opportunity to consolidate more power to the center. and he actually said that this is his new calling is to lead Europe to be more centralized, more unified because of the elections in the United States. But Draghi has started all of this with his article in many articles, actually, in the Financial Times

where he does talk up the idea of Eurobonds. You did were your thoughts on everything else that went on. Is Europe? Yeah. Draghi, let's see. He was the former head of the European Central Bank. He was the man who's credited with saving the Euro during the financial crisis. He said that the European Central Bank would do whatever it took.

Whatever it took meant buying bonds of the various states in southern Europe that were running into economic problems. So he bought Italian bonds and he bought Spanish bonds and he did all of their sorts of their of things, which was contrary to what had previously been agreed that the European Central Bank would do. He just disregarded all of that and steamed ahead and did that. He also put an enormous squeeze, as I'm sure you remember, in Greece and Cyprus, in order to push those countries into line. And he is, in other words, a passionate, committed, diehard European integrationist. And And he became Prime Minister of Italy for a time and did the same there, carried out various

reforms to bring Italy into closer alignment with the policies of the EU centre. He is at the same time a clever man, and one has to say this, and he was recently asked by Ursula to come up with a plan on how to deal with the increasing problems of the European economy, the fact that the European economy is in deep stagnation, that there's been no innovation of, to speak of, not any great innovation in the European economy, that Europe is being left behind in technology, in development, in new industries, that there's no, you know, Europe hasn't even produced a successful social media company or anything of that kind. So he came up with a huge proposal, hundreds of pages long, and the essence of it is distilled into this article he just wrote a few days ago, short time ago, a couple of days ago, in the Financial Times.

And it's a very, very cunning, very carefully worded article because supposedly, It is to discuss the Rachel Reeves kissed on the budget that we spoke about in another program a short time ago. But of course, actually, it has nothing to do with that at all. When you read it carefully, you can see what the entire program is, and it's a program that Draghi obviously supports and Osceola supports, and it's what Macron supports, which is that the answer to Europe's problems is complete European integration. It is to do more of what has been done, but to take it far further already,

what Macron and others always talk about when they talk about more Europe. And the key sentence in this article is a more efficient use of Europe's high private savings rates requires integrating its capital markets. To redirect private investment from mature industries to more advanced industrial sectors will hinge on completing the single market. So what he basically means is, and again, it's all very complicated language. When people use complicated language, they're trying to sneak something through.

I've said this many times. What he's saying is we need to pull all of Europe's savings, all of the savings in Germany, in France, in the Netherlands, Scandinavia. Of course, it's in Germany and Scandinavia and the Netherlands that the major savings are. Pull them all together. Borrow against them. He talks about loosening fiscal controls across the Union. pull them together, run a major infrastructure program from the EU centre, supposedly to modernise

European industry. So effectively what that means is set up a central, pull together, create a single financial system, no longer a German financial system or a French financial system, or Italian financial system, no longer have German banks and French banks and Italian banks, have EU banks, get control of savings, the savings of German depositors and Dutch depositors and all of those sort of people, tax them, borrow against them, have euro bonds against them, and redirect the money that you get that way through the EU centre into an investment program which will be organized by an industry, a finance ministry, a treasury department, and of course, there'll have to be a tax department as well. So it's essentially a program

for a single European state. And the time is very good to put this out there, isn't it? Because Germany, at one point in time, was the one country that was against this dead set against this. they've been weakened so much, so badly that they can't really put up any real resistance to this. That's the idea. That's exactly the idea. Get the Germans to agree or smuggle it through. Notice, as I said, it's a cunning article. It's all about pretending that you're engaging in a discussion of the British budget. It doesn't even mention the British budget in any detail of this article, but do it in this way. Don't actually say straightforwardly what you're want to do. Don't come forward and say, look, what we need to do is we need to integrate everything

together, put it all together in one place, create a European super state. He doesn't say that because he knows that most people in Europe are opposed to this. But he says, you know, we've got all of these savings, we're falling behind. We actually do have, we can loosen the rules to allow more spending, and of course we're going to do it in this way. And then he leaves it. He leaves the logic to follow through for what he's saying. Complete the single market, integrate the financial systems, make it possible for the EU to gain control of people's savings. So what happens to the European Union when you have all of the European Union when you have all of these weak member states, now everything is so concentrated into the center. A center that

believes it's powerful, I mean, they believe that they're very powerful, but in reality, they're not. Well, look at what has happened. I mean, what we have seen since roughly 1990 is consistent centralization within the EU. I mean, there's been more and more centralization. And there's been more centralization, of decision making in Europe at the level of the EU centre. Has that improved economic performance in Europe? No, it hasn't. Has that created prosperity in Europe? No, it hasn't.

On the contrary, things are getting worse. So what is Draghi and Macro and all of these people? Are they proposing? They are proposing more of what has already failed because that is their project. That is what they are personally invested in and committed to. If they get their wish, if we do get into a situation like this, then of course we're going to see an even deeper crisis in Europe and already we're seeing massive problems in Germany. Germany has gone along with EU policy in terms of supporting the debts of the

South European states. It's gone along with EU policy in waging a massive sanctions war against Russia. It's gone along with EU policy on all sorts of other things. It is now in crisis. The crisis in Germany, if all of this is done, it's done. is going to only get much weaker, much worse. But the weaker the states become, the stronger the EU center will be. So that is what people like Draghi and Macron, who clearly, I suspect, is now maneuvering after he ceases to be president to be appointed to some position in Brussels. Anyway, that is what these people want.

That is their objective. That is what they're working towards. And what will happen to Europe is dysfunction and permanent economic crisis. And of course, whenever that crisis gets worse, they will come forward and say, well, we need to do even more of the same in order to cure the problems which we ourselves are creating. Yeah, a strong center that's ruling over a wasteland. I mean, you become a strong center, but what are you in charge of it anymore? I mean, all the other countries are completely hollowed out.

Absolutely. I mean, the whole of Europe ultimately gets hollowed out, and you can see it, and we've discussed it in many programs. But these people will never accept that. They will never acknowledge it. They will always argue that the reason it isn't working is not because the original conception is wrong. It is because the exception, the conception, the conception,

is not being implemented fully. So they will always say, well, it's because the markets are not integrated with each other. They will always say it's because we don't have a unified taxation system. They will always say that we don't have a unified industrial policy. And they will believe it because, of course, they are invested in believing it themselves and because of the way in which the European system works, the EU system works, people like that who believe those things always get promoted. They're the people who rise, even as everyone else falls.

So from their point of view, they will always come out well from this. Draghi is being asked to come up with plans. He's doing perfectly well. Mac Croix, as I said, is now angling for a job in Brussels. He's going to be doing perfectly well. The fact that these people leave a wreckage, a wasteland behind them isn't something either that worries them or that they take responsibility for. Until the centre collapses. Until the whole thing comes apart.

But that is something they can't imagine either. They cannot truly believe that that will happen. To the extent that they think it might happen, it's entirely because of external forces, the Americans under Trump, Donald Trump, the Russians, Putin, people, the Chinese maybe with their electric vehicles, things of that kind. And, of course, the answer to these threats from outside

is always to integrate the sentence. even more to retreat into a kind of fortress Europe in which the centre is ultimately in control. And there is a paranoid side to this policy as well, because of course they're always looking for disloyalty and threat from outside because as the thing fails, but you can't admit that it fails and you can't admit error, you have to look for others to blame. Yeah. And you have to censor more. And you censor more and control more and regulate more. Regulations and control more, yeah.

And interfere more in the political processes of the member states and interfere in their judicial systems and do more and more of that kind. Yeah, which is exactly where Europe is heading. Yeah. Yeah. We see that already. All right. We will end the video there. The durand.com. We are in Rumble, Odyssey, butchut, Telegraphen, and X. and go to the Duran Shop, pick up some merch, including some new collections that we have up on

the Duran Shop. Check it out at the link in the description box down below. Take care.