The president of the European Central Bank, Jean-Claude Trichet, told Forbes that global governance is extremely necessary if we want to prevent another financial crisis. … It is his belief that through global governance, the resiliency of the global financial system can be assured, noting that ultimately it was governments’ use of taxpayer’s money, equivalent to around 25 percent of GDP on both sides of the Atlantic, that prevented another catastrophic great depression from occurring.
– “ECB president favors global governance,” Forbes, April 29, 2010
It should come as no surprise to the informed observer that the central bankers of the world are now beginning to openly push for global governance. The current plight of the euro has amply demonstrated the untenability of monetary union without political union. Without the power to enforce government policy on Greece, the most the Franco-Germanic mandarins of the European Union can do is threaten to withhold bailout money from the International Monetary Fund and the EU member states. This impresses the Greek political and financial elite, but no one else in Greece, and violent protests are already erupting across the country at the mere mention of IMF-imposed financial austerity measures.
For, as one young Greek man correctly asked, why should the youth of Greece be forced to pay for the financial misdeeds of their parents and grandparents?