|Hank Paulson-style fearmongering is desperate effort to save single currency, preserve plan for superstate.
In a similar vein to how Hank Paulson threatened martial law on the streets of America if the bailout failed to pass, top banks like UBS are now warning of “authoritarian or military government” and “civil war” in a bid to frighten away member states from leaving the euro.
It’s a transparent ploy designed to create the pretext for empowering the EU to enforce a common economic policy across all member states, something that British Prime Minister David Cameron is now openly backing.
In a UBS Investment Research release, the Swiss bank warns that should member states begin to desert the euro, precipitating a collapse of the single currency, “some form of authoritarian or military government, or civil war”, would likely ensue.
The tone of UBS’ advisory sounds very sobering and authoritative, but we’ve seen this type of financial fearmongering before, during the 2008 bailout debate, which was eventually rammed through on the back of bellicose threats about martial law and economic armageddon.
As Senator James Inhofe revealed, then Treasury Secretary Hank Paulson told members of Congress the crisis would be “far worse than the great depression” if Congress didn’t authorize the bill to buy out toxic debt, a proposal “which he abandoned the day after he got the money,” added Inhofe, referring to how immediately after it was approved, Paulson announced that the bailout money would not be used to buy up toxic debt but would instead be injected directly into banks like Goldman Sachs, at which he was a former CEO.