It is the sort of sleight of hand the EU is famous for – though some also decry its lack of transparency. Instead of bankruptcy, insane amounts of printed money sustain hundreds of billion-dollar insolvent zombie corporations. Think your friends would be interested? This website uses cookies. EU bailout shows the meaning of ‘union’: powerful members helping out the weak This article is more than 2 months old The £750bn package agreed in … Germany’s Deutsche Bank is a zombie that should be wound up. Tesla is the poster child illustrating a dysfunctional and broken regulatory system allowing a lack of corporate governance, monstrous stock bubbles, irrational exuberance and corporate plunder. A year ago, ITV’s chief executive, Carolyn McCall, challenged ministers’ proposal for a pre-9pm ban on TV junk food ads by citing the government’s own evidence that it would cut just 1.7 calories from a child’s diet each day – the equivalent of half a Smartie. But this latest EU summit was different. When the Covid-19 pandemic hit, calls for such moves intensified. Still, the EU has come together and struck a federalist note. Obedience and control, using ‘woke mob’ violence if necessary. The company had $8.6bn in cash or its equivalent at the end of the second quarter, so a combination of the credits and its sales have staved off short-term liquidity issues. Greece never belonged in the EU, and if Goldman Sachs had not assisted and enabled the falsification of the country’s balance sheet and financials, it would have been denied EU entry. Why capitalizing Black and not white is outright racism from Associated Press, Biden, Russia’s not Iraq! Tesla makes no profits, and today its valuation is over $300 billion. For instance, officials will need to battle resistance from the “frugal four” as these countries seek to minimise how much money is distributed. Elon Musk’s net worth has bubbled to over 74 billion dollars, and he will pay himself – via the Tesla board he controls – bonuses of over four billion dollars in the first half of 2020 alone for his role at the company. Sure, the German constitutional court is in a spin, but it is probably powerless to rule on claims that the bailout goes beyond the powers given to Brussels in the many and complicated treaties agreed over the years. The extent of the financial help Brussels is giving the 27 EU members is greater than ever before and to some extent answers those who have been calling for some time for a higher level of cooperation. Italy alone has around five trillion dollars in debt it will never repay. But that money is not free and Ireland, with a lower death toll than many, now has extra public debt, worth €3,400 per person. Leave campaigners say we would have faced the second highest liability for a recovery fund … Tesla’s $104m (£82m) net income for the quarter was dwarfed by $428m in earnings from “regulatory credits” sold to other carmakers, namely Fiat Chrysler and GM, who would otherwise face fines potentially worth billions of dollars and euros for breaking emissions limits. The broadcasters’ view is that, while a ban is hardly likely to solve the UK’s soaring obesity problem, they will face the loss of more than £200m in advertising a year as the government looks set to press ahead regardless with a ban on commercials featuring products high in fat, sugar and salt. This is the beginning of the EU’s flame-out. Sturgeon has outsmarted BoJo and she knows it – and openly admits Covid-19 has been good for Scotland's independence campaign. The EU’s long-term budget, coupled with the NextGenerationEU initiative, which is a temporary instrument designed to boost the recovery, will be the largest stimulus package ever financed through the EU budget. A €750-bn coronavirus recovery fund will be shared among the damaged economies of the European Union. Britain should be relieved it’s no longer part of this sorry mess. Back in May, critics of the EU gleefully pounced on news that the German constitutional court had ruled unlawful the European Central Bank’s plans to flood the financial system with cheap credit. The richer countries that were most resistant to any deal – the Netherlands, Austria, Sweden and Denmark – wanted a veto over the management of the debt, but have acceded to majority voting. The EU could never work without a central treasury mechanism, which ensures that each of the member states is equally compliant with fiscal and budgetary constraints and the rule of law. The €750bn deal does not extend to creating corona bonds, but it does create a market for the debt raised. The select few who ride Merkel’s coat-tails, like obedient lap-dog France, survive politically. They must judge where best to spend rescue funds to get their economies up and running, and cope with much of the extra debt on their balance sheets. But the appeal of the US carmaker is clear: the freedoms that the automotive age has delivered to the global middle classes, combined with zero exhaust emissions. Tesla is a case in point on the greed, ‘tech euphoria’ and non-existent corporate governance: just watch the company’s stock price after today’s close and ‘earnings’ – LOL – are announced. Today, some of these levels are ten times higher than in 2008. Membership has no privileges, but it does require subservience – every member must surrender their sovereignty.

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