On 14 May, the institutions of the EU agreed to pass a €7.3 billion increase in the 2013 amended budget; an amount which represents just a portion of an overall €11.2 billion increase, with the remaining €3.9 billion to be paid into the budget later this year. This increase was pressed by the European Parliament with Martin Schultz, the President of the Parliament, threatening to derail discussions of future budgets if his demands were not met. It was criticised by many Member States, including Germany and Britain, as ‘irresponsible’.
European citizens, already beset on all sides by the pain of recession and austerity measures, are to pay for this increase for an already bloated institution to throw money around like confetti. Renowned economist Milton Friedman had predicted the collapse of the Eurozone on the basis of its faulty monetary policy. The results are visible today. While Greece burns, the out of touch bureaucrats at Brussels wrangle to fill their pots. Friedman suggests that free markets do not function to the advantage of currencies.
Considering Greece, when they were able to control their currency, they were able to sell their exports at a competitive rate as well as attract tourism by lowering the drachma, but by being locked into the Euro they do not possess this advantage. The chaos that engulfs that nation is the reward that they reap for surrendering their sovereignty and control of their destiny. No other country in the EU should follow them down that pit at the behest of greedy politicians in Brussels and Strasbourg who are blind to the catastrophe of their own making.