Europe moved a step closer to a banking union on Wednesday with a plan for the European Central Bank to supervise all euro zone banks, a cornerstone of closer fiscal integration designed to end years of financial turmoil in the region.
European Commission President Jose Manuel Barroso outlined the proposal in his annual ďstate of the unionĒ address, laying out a path to further economic integration that he said he hoped would underpin the future of the euro currency.
The proposed banking reforms, which need to be approved by the European Unionís member states, aim to break the link between banks and states, preventing heavily indebted countries being sucked further into difficulty by distressed lenders in need of rescue.
It tackles a core element of the crisis that first struck banks in Europe almost five years ago and escalated into a sovereign debt crisis in 2010.
President of the European Commission Jose Manuel Barroso, Wednesday, Sept 12, 2012, at the European Parliament in Strasbourg, eastern France.
ďThe crisis has shown that while banks became transnational, rules and oversight remained national,Ē Mr. Barroso told members of the European Parliament. ďWe need to move to common supervisory decisions, namely within the Euro area.Ē
ďThe single supervisory mechanism proposed today will create a reinforced architecture, with a core role for the European Central Bank,Ē he said. ďIt will be a supervision for all Euro area banks.Ē
For the plan to work, it will require countries to surrender a degree of sovereignty over supervising their banks. This has long been a national responsibility, and the proposal has already led to tensions with Germany and Britain.
Although Britain, which is outside the euro zone, will not join the scheme, many international banks in London have operations in the euro area that will be affected by the ECBís new supervisory reach.
Professor: Reason Itself Is A White Male Construct 2015-07-04 3:55
A philosophy and religion professor at Syracuse University gave an interview to The New York Times Thursday in which he critiqued the notion of pure reason as simply being a “white male Euro-Christian construction.”
Prof. John Caputo was being interviewed by fellow philosophy professor George Yancy for the 13th installment of an interview series Yancy conducts with philosophers regarding racial topics.
Given its emphasis on first principles ...
The Broken Window Fallacy 2015-07-04 3:48
Youtube description: This short video explains one of the most persistent economic fallacies of our day.
Jenji Kohan and the Jewish Hyper-Sexualization of Western Culture 2015-07-04 3:33
As detailed in The Culture of Critique, Freud and his followers regarded anti-Semitism was a universal pathology which had its roots in sexual repression. The theoretical basis for this can be found in Freud’s Three Essays on the Theory of Sexuality where he linked aggression to the frustration of human drives — especially the sex drive. Kevin MacDonald notes that: ...
Confederate History - Dispelling the Myths 2015-07-03 3:28
History books, the media, the school systems, etc abound in falsehoods and inaccuracies of Confederate and Southern history. This fact sheet will help to clarify and dispell some of these rampant inaccuracies.
MYTH - The War of 1861 - 1865 was fought over slavery.
FACT - Terribly untrue. The North fought the war over money. Plain ...
Gays Rights May Open Door for Pedophile Rights 2015-07-03 3:31
Democrats have attempted to normalize pedophilia as a sexual orientation.
A recent Supreme Court ruling on same-sex marriage may soon allow pedophiles to argue they are suffering discrimination.
‚ÄúUsing the same tactics used by ‚Äėgay‚Äô rights activists, pedophiles have begun to seek similar status arguing their desire for children is a sexual orientation no different than heterosexual or homosexuals,‚ÄĚ writes Jack Minor ...