Thankfully, we can forget about the EMF
It transpires, that the story of Gold Backed EMF Certificates never existed. It is even better: the EMF (European Monetary Fund) has been shelved.
The original idea was not to create Gold Backed Certificates, but to use the Gold Reserves to help the Greeks. The latter would have been even more stupid than the former dangerous. The Bundesbank immediately said they would resist the move.
Angela Merkel has obviously been facing very stiff domestic opposition to any German move underwriting Greek debt. This is not because the Germans are being mean towards the Greeks. They are simply absolutely right.
This whole situation has been coming ever since the Euro was launched and clearly the Eurocrats have been waiting for it to move the European project even further. They hoped to create a ‘fait accompli’ and it seems they are now burning their own fingers on it.
Of course, this Great Depression 2.0 has only just begun and our masters have shown great determination in the past, but they are now facing a very fundamental problem.
It has always been a key part of their strategy to have the European peoples vote for the implementation of their agenda. For reasons that I do not fully understand but which appear quite profound, they need explicit endorsement. These reasons seem to go further than political expediency.
The devastating defeats they suffered in the Franco-Dutch referendums some years back, however, showed them that popular consent is no longer feasible. And that destroys their legitimacy.
We have reached what seems to be the end of organic growth of the power centralization in Brussels.
It now remains to be seen whether the crises they are whipping up will sufficiently confuse our brothers to allow them to get their project back on track.