Originally Posted by Barry-xlovecam

There was a ''almost run'' on the ATM machines this Saturday. The Greek government says the banks will be open tomorrow (Monday). The Greek Parliament is playing chicken with a threatened referendum on accepting the new bailout terms from Brussels.


The United States has a Federated Union with some sovereign powers reserved to the States -- state debt is not regulated constitutionally or by the US Federal Reserve Bank.

The EU is a fair weather union and the rich countries dictate to the poor countries -- if the ECB doesn't want to back their play -- recall the Euro currency. The idea of the nations being members of the Central Bank (ECB) Eurozone conditionally is not workable. The EU and Eurozone is not a confederation of equals.

The ECB is acting like a private bank and taking over its collateral -- a customer member-state (a country with an army [piss poor army--not a real threat]) in this case. Say, Germany, France or the UK goes belly up -- they have real armies and basically could just tell Brussels to fuck-off.


In a union like the United States the richer states distribute some of the wealth taxed nationally to benefit the poorer states for the sake of unity -- to maintain reasonable living standards. The EU is every member-nation for itself under the same set of rules -- Eurozone membersip optional -- it is a deception as the EU is not one nation of equal states.