Buying Democracy EU Style

Buying Democracy EU Style

In August 2014 Dr Richard North reported upon the amount of money the EU had spent bringing their style of democracy to Ukraine between 2007 and 2013: €434,918,585.

Financial Transparency System

However, on the Commission’s own Financial Transparency System, the full spending figures are disclosed for the period 2007-2013 inclusive.

Adding each year (collated above), we come to the grand total of €434,918,585, and that for seven years rather than the ten in which the Commission says €31 million was disbursed.

This is the extent of the “bribe” being paid to Ukrainians, and it follows that recipients will be beholden to the European Union and will tend to support it.

There can be no doubt that the EU is attempting to buy favour but, since it is so proud of its support for the Ukrainians, one wonders why it feels the need to lie about the extent of its backing.

EU politics: concealing the Ukrainian bribes – Richard North – 2 August 2014

Fast forward 14 months and it becomes apparent the EU spent an additional €417,070,738 during 2014 bringing their style of democracy to Ukraine.

EU Ukraine

European Commission – Financial Transparency System

Overall, the EU spent €851,989,423 on Ukraine during 2007-2014.

However, this “Known total amount” excludes items which are deemed sensitive for confidentiality or security reasons.

This probably explains why there is such a large gap between their total budget for Ukraine [€1,291,065,839] and their “Known total amount” [€851,989,423].

These are also some very curious aspects to these figures.

Firstly, there is the sudden jump from €10,180,329 to €96738939 between 2007 and 2008 just as the Financial Crisis washed over Europe.

The first notable event signaling a possible financial crisis occurred in the United Kingdom on August 9, 2007, when BNP Paribas, citing “a complete evaporation of liquidity”, blocked withdrawals from three hedge funds.

The significance of this event was not immediately recognized but soon led to a panic as investors and savers attempted to liquidate assets deposited in highly leveraged financial institutions.

The International Monetary Fund estimated that large U.S. and European banks lost more than $1 trillion on toxic assets and from bad loans from January 2007 to September 2009.

These losses are expected to top $2.8 trillion from 2007 to 2010.

U.S. bank losses were forecast to hit $1 trillion and European bank losses will reach $1.6 trillion.

The International Monetary Fund (IMF) estimated that U.S. banks were about 60% through their losses, but British and eurozone banks only 40%.

This timing suggests the EU didn’t let a good crisis go to waste or [more ominously] the EU had allocated their Ukrainian democracy budget before the Financial Crisis arrived,

Secondly, the EU budgets for 2012 and 2013 are suspiciously low given their spending in 2011 and 2014.

This suggests the EU isn’t being exactly fulsome with it’s transparency for 2012 and 2013.

This is unsurprising because their accounts haven’t been signed off for the last 19 years.

According to the annual report of the European Court of Auditors, seen by The Telegraph, £5.5 billion of the EU budget last year was misspent because of controls on spending that were deemed to be only “partially effective” by experts.

The audit, published this morning, found that £109 billion out of a total of £117 billion spent by the EU in 2013 was “affected by material error”.

It means that the Brussels accounts have not been given the all clear for 19 years running.

EU auditors refuse to sign off more than £100billion of its own spending
The Telegraph – Bruno Waterfield in Brussels, and Peter Dominiczak – 04 Nov 2014

Clearly, the EU should be importing democracy, transparency and accountability into Brussels before attempting to exports its style of anti-democratic chaos to Ukraine [or anywhere else].

Gallery | This entry was posted in Economics, History. Bookmark the permalink.

2 Responses to Buying Democracy EU Style

  1. PeterMG says:

    “The first notable event signaling a possible financial crisis occurred in the United Kingdom on August 9, 2007, when BNP Paribas, citing “a complete evaporation of liquidity”, blocked withdrawals from three hedge funds.”

    I remember the day well. A mate of mine who had worked with me, and was at that time working for a hedge fund had told me for some months the whole Ponzi scam was about to collapse. We sat down that day in a pub just near the Ritz in London and toasted the beginning of the endgame. The beast will no doubt take some killing as we the people are stripped of our wealth and made to pay for our masters mistakes, but the waste in the world on such scams as Anthropogenic Global Warming will eventually strip even the wealthy of their paper money and all that will be left is land, gold and poverty as those with talent rebuild society.

    You never know we may get a Carrington event that will shut down digital communications, then rear engineers may well be valued again.

  2. Pingback: Martin Armstrong: A Total Failure of Socialism | MalagaBay

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