The principle of joint liability is simple: assume you are part of the still existing middle class, have done well all your life, are solvent and are only lumped together with your bankrupt neighbor. They are then liable for their neighbor's faulty economic behavior. Nice, isn't it? That is the principle of joint liability that we are now facing in the eurozone. They won't call it Eurobonds, but they are using the conflict between Ukraine and Russia to foist these Eurobonds on us as war bonds to finance the activities of a European army. And as is always the case in this policy: then all the dams break, then there is no turning back until the whole ship sinks. It was one of the fundamental promises and agreements not to strive for joint liability among the completely different economies of the eurozone. We can see from the financing of sovereign debt by the European Central Bank that the socialist policies of the eurozone undermined this agreement from day one. The fact that the European Commission has also long been issuing its own bonds in the name of this construct is another scandal that is being hushed up by the media (By the way: these first Eurobonds called 'SURE' are trading 40% down, even after the biggest bond rally after the crash).

For outsiders, it is fascinating to see how the fiat credit world operates. Every event is actually reinterpreted in such a way that it creates the opportunity to create new credit. In this case, a latent fear of a Russian invasion of the euro member states is being used as political leverage to push through a policy of further centralization in Brussels. The principle roughly follows the political logic of the corona lockdowns, when states were forced to accept Eurobonds in order to keep the paralyzed economy and consumption going.

Never Ending Debt Spiral We are talking about a volume of hundreds of billions of euros in this war bonanza, not a lid over it. Eternal growth, in the Keynesian system it is above all credit that explodes until it collapses. The bill is then paid by those who were still productive and were able to keep this system alive in some form. And this is where the numerous misconstructs of the eurozone come into play. Non-homogeneous banking systems, completely different productivities of the individual economies, different legal systems etc etc - the economic and social convergence of the individual states planned and desired from a central point ends in the destruction of social cohesive forces. We can already see the harbingers of the crisis: the eurozone is in recession, the construction industry is imploding, Germany is happily de-industrializing through its ideological climate delusion, while at the same time the socialist governments of the individual states are exploding their social budgets. How much longer can this go on? That is written in the stars, but the clock is ticking, as is always the case when central planners take on what was once a relatively free economy.