In a discussion with associates in Europe on Monday, Helga Zepp-LaRouche forcefully reiterated, that should the European Stability Mechanism decisions not be reversed, Europe will be destroyed. The agreement extracted on last Friday, June 29, is an unmitigated disaster; a complete capitulation to rule by the banks, which will destroy Europe through hyper-hyperinflation, social chaos, and political unrest. It will not and cannot work. The situation is grim, and people should be told so. We have the only package that can work, that of Glass-Steagall and the World Land-Bridge, the Mediterrean Economic Miracle program and NAWAPA, and we must organize maximum participation in the discussion of this package in the upcoming July 8th webcast which I will hold with French leader, Jacques Cheminade, she said.
As doubts arose of whether the bailout mechanisms agreed to in last week's summit will come soon enough, or be big enough, to cover the hole in this Trans-Atlantic system, City of London outlets put out the word that more hyperinflationary fuel will come as soon as July 5, at the ECB meeting.
Then a Finnish government spokesman announced that Finland will not approve the ESM purchasing European government bonds on the secondary market (a big plan for liquidity pumping), and a spokesmen for the Dutch government said they would only approve such purchases on a case-by-case basis. Technically, there must be unanimous approval by all ESM member states of such actions, but London's response was "don't worry, the ESM emergency clause permits actions to be taken with the approval of members representing 85% of capital contributions to the ESM, if the matter is 'urgent.'" Finland and the Netherlands together don't meet that threshold, Britain's Daily Telegraph reassured readers.
If opposition rallies in Germany, that is a different story. Germany's Constitutional Court announced today that it will hear arguments on July 10 on the requests filed for issuance of a temporary injunction against the ESM and Fiscal Pact entering into force until the court has ruled on the constitutionality of treaties. Eight suits have been filed against their constitutionality as of now. Der Spiegel noted that it is highly unusual for the court to hold a hearing on requests for a temporary injunction, and its doing so is a sign of the importance of this issue.
Tune in to LaRouchePAC.com, Sunday, July 8th at 11 a.m EDT for a live international webcast featuring Helga Zepp-LaRouche and Jacques Cheminade, "A Global Economic Miracle or Collapse of Civilization"