Transcript for EU: Treaty of debt (ESM) - stop it now!

Are the european union and its common currency facing a crisis?

What can and should be done?

The EU was planning a new treaty called the European Stability Mechanism or ESM.

A treaty of debt.

Members of Parliament all have access to the draft legislation.

The authorized capital stock shall be seven hundred billion euros.

Question.

Why seven hundred billion? Where did that number come from? And by whom and on what

basis was it calculated?

ESM members hereby irrevocably and unconditionally undertake to pay on

demand any capital call made on them within seven days of receipt of such demand.

Question.

Nothing really. That part is clear. If the ESM needs money we have seven days to pay.

Taking normal bank processing times into account

that means we have four days to write a check.

But what does "irrevocably and unconditionally" mean?

What if we have a new parliament, one that doesn't want to transfer money to the ESM?

Do we have to pay anyway?

The Board of Governors may decide to change the authorized capital and amend

Article 8 accordingly.

Question.

Pardon me?

Seven hundred billion is just the beginning?

The ESM can stock up the fund as much as it wants to

anytime it wants to?

And we would then be required under Article 9 to irrevocably and

unconditionally pay up?

The ESM shall have full legal capacity to institute legal proceedings.

The ESM, its property, funding and assets

shall enjoy immunity from every form of judicial process.

Question. So the ESM program can sue us but we can't challenge it in court?

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.

Question.

Immune from judicial action was covered in the last point but this means neither

our government's nor are legislatures nor any of our democratic laws

have any effect on the ESM organization?

That's a pretty powerful treaty!

Governors, alternate Governors, Directors, alternate Directors, the Managing

Director and staff members shall be immune from legal process with respect

to acts performed by them and shall enjoy inviolability in respect to

their official papers and documents.

Question. So anyone involved in the ESM is off the hook?

They can't be held accountable for anything? And does the inviolability

of their papers mean we can't destroy them, or that we won't even be allowed to

see what's been written?

The treaty establishes a new intergovernmental organization to which we are required to

transfer unlimited assets within seven days

if it so requests.

An organization that can sue us but is immune from all forms of prosecution

and whose managers enjoy the same immunity.

There are no independent reviewers

and no existing laws apply?

Governments cannot take action against it?

Europe's national budgets in the hands of one single unelected

intergovernmental organization?

Is that the future of Europe?

Is that the new EU?

A Europe devoid of sovereign democracies?

Is that what you want?

If that is NOT what you want, write, email or call your government representative.

It's your right to protest!

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