This video, in French but with English subtitles, explains why the EU countries are in such a horrible state financially. It’s because of stupid rule (article 123) created by the Lisbon Treaty (championed by the commercial banks) that prevents EU governments from having their central bank create money to finance their economies. Instead they have to borrow the money from the commercial banks.
The result is massive public/government debt and no way to get out from under the crushing debt. Ever. The commercial banks love it because they make interest payments on the debt, but it destroys the economies of all euro using countries. And this video was made 6 years ago and things have only gotten worse.
EU countries are having a debt crisis but the answer is not austerity, it’s to overturn that stupid article 123 Lisbon Treaty restriction!
The best concept to get out of this video is that governments CAN and DO create money but the Lisbon treaty destroys that ability for Euro countries to do so, which is why you have massive unemployment all throughout the EU.
