European Union Has No Sovereignty with the Euro, Argentine President Says

24 Aug, (LPAC) In a hard-hitting, Aug. 14 speech in Buenos Aires, Argentine President Cristina Fernandez de Kirchner stated that one of the primary causes for the crisis in the European Union today, is the euro system, which has deprived each member country of all sovereignty over its currency and monetary policy decisions.

“There is no country in the world,” Fernandez said, “that can function if it can’t print and control its own currency… What is one of the main causes of the crisis of the European Union? It’s the monetary unit [the euro] which deprives each of those countries of their monetary policy, of the monetary instrument which is something more than a just a coin or a piece of paper. It is sovereignty to make policy decisions” that would tend to favor the citizens of a country.

This is the first time the Argentine President has attacked the euro system in this way, defining it as a supranational mechanism that has stripped European nations of all sovereignty. Her remarks come just weeks after Bueso chairwoman Helga Zepp-LaRouche’s July 27 international webcast on “How to Stop the Global Financial Crisis Over a Weekend,” whose dominant theme was “there is life after the euro,” accompanied by EIR Ibero-America editor Dennis Small’s presentation on “Who’s Out to Topple the Kirchner Government and Why.” Both were seen by a live audience in Buenos Aires, among other locations.

In her Aug. 14 remarks, Fernandez reminded her audience that Argentina suffered just such a loss of monetary sovereignty in the early 1990s, when London/Wall Street agent, former Finance Minister Domingo Cavallo, imposed the British colonial mechanism of a currency board, which pegged the peso to the dollar in a one-to-one relationship, depriving the government of any sovereign control over its own currency and monetary policy, wedding it instead to the murderous dictates of London and Wall Street. She warned that the same Wall Street cabal responsible for plunging Argentina into the worst crisis in its history in the 1990s, and for decimating European nations today, is now grooming the free-marketeer “Peronist” Sergio Massa to be the next Argentine President to impose those same killer policies once again.

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