Episode 364 • • 1:58:06 - 2:03:52
364: Katy Bar The Door, Baby!
European Fiscal Compact, ESM, and British Defiance
The "European Stability Mechanism" (ESM) and a new "fiscal compact" are introduced to enforce financial discipline across the Eurozone. The hosts explain that the term "compact" is used to bypass the need for public referendums required for treaties. Britain's refusal to join is attributed to a desire to protect the City of London and a potential US-UK tandem effort to undermine the Euro.