“Pacta sunt servanda” – A must read for Eurozone citizens…

  By The German Perspective | October 4, 2011 - 06:47 | ,

Agreements must be honored – even the old Romans knew that. Once something has been fixed and signed in written form by all parties involved this agreement has to be fulfilled by the corresponding parties. Same holds true for the recently highly disputed treaty to establish the European Stability Mechanism (ESM). All 17 member states of the European Monetary Union and thus their people have to agree on – but question remains do we, the people, really agree on that?

There are some interesting details being fixed in this treaty – let’s take a closer look…

Article 8(1) – Authorised capital stock:

The authorised capital stock shall be EUR 700 000 million [700,000,000,000 Euro].

Why 700 billion, why not 600 or 800 billion? Who calculated this sum and on the basis of which requirements?

Article 9 (3) – Capital calls:

ESM Members hereby irrevocably and unconditionally undertake to pay on demand any capital call […] to be paid within seven days […].

Thus, all sovereign EMU nations are required to unconditionally and irrevocably (forever?) use any portion (if not all) of their national budgets to fulfill any requirement by the ESM.

Article 10 (1) – Changes in authorized capital stock:

The Board of Governors [...] may decide to change the authorised capital stock and amend Article 8 [...] accordingly.

700 billion Euro not enough? No problem, let’s just change the authorised capital stock effective immediately and call for EMU states to fill the gap! National parliaments effectively loose their influence on their own budgets to the ESM. 

Article 27 (2), (3) & (4) – Legal status, privileges and immunities:

2) The ESM shall have full legal personality; it shall have full legal capacity […].
3) The ESM, its property, funding and assets […] shall enjoy immunity from every form of judicial process […].
4) The property, funding and assets of the ESM shall […] be immune from search, requisition, confiscation, expropriation or any other form of seizure, taking or foreclosure by executive, judicial, administrative or legislative action.

It can sue you to but you can’t sue it. It can take everything the people have, but they can’t take anything from it. Not even governments and laws have access to it.

Article 30 (1) – Immunities of persons:

[All] staff members shall be immune from legal proceedings with respect to acts performed by them in their official capacity and shall enjoy inviolability in respect of their official papers and documents.

And the organization is run by “The Untouchables”…

Finally, let’s sum up what “we” have agreed on so far. The ESM has the right to take any part of national budgets immediately. It cannot be held liable or influenced in any way – not even by the governments that created it. The people working for this extremely powerful, multilateral body are immune and are not responsible for their actions.

Sounds like a transparent, fair and democratic deal for all of us, doesn’t it?

 

PS.: Don’t believe it? Here is the treaty: http://www.consilium.europa.eu/media/1216793/esm%20treaty%20en.pdf

Written by: The German Perspective on October 4, 2011.
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  • http://overthepeak.com/wordpress/ Mystic

    I’ve seen that `small print` somewhere else………I think it was from the BIS (Bank for International Settlements).

    The problem is – They can demand all they want, but if the cupboard is bare…the cupboard is bare. 

  • Jantje

    That is because we are dealing with the one-world-government type of people.
    It is one of the reasons why they want to go to a total digital money system. Taxes and funds can be automatically transfered to the unknown rulers at the top of the pyramid.
    I hope a virus will be invented by the resistance that deletes all the digital money and destroys the money computers. Then people will go back to real money, and go local again.
    Maybe it does not even need a virus.
    Because at the end everybody will be broke, because every eurocent has been transfered to the top.
    If that has not been the case, the IMF will take care of that event.

  • Jantje

    I think it will in all probability go on. The sky is not the limit.
    For example today finance minister de Jager of Holland says that the Dutch politicians should not even vote over the extension of the EFSF fund. Also a majority of the parliament thinks the same: it is enough to just silently allow it. So no discussion of the extra billions for the fund, just do it, and do not ask the parliament.