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Multipolarity
Special Episode: Thomas Fazi on the ECB, Pavel Durov, and America's End of Empire Moment
Aug 29, 2024
Thomas Fazi, a contributor to UnHerd and Compact, dives deep into the imploding EU and its corrupt institutions. He critiques the European Central Bank's coercive power during financial crises, arguing it undermines national sovereignty. The conversation highlights the troubling shift from national control to technocratic governance, and discusses how the Ukraine conflict impacts European security. Fazi also connects the arrest of Telegram’s Pavel Durov to rising authoritarianism, noting the resilience of grassroots movements in the face of oppression.
41:47
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Quick takeaways
- The European Central Bank has transformed from a technical financial institution into a coercive political entity that undermines member states' sovereignty.
- A shift toward stakeholder democracy has eroded public trust, as policy decisions increasingly reflect the interests of elites rather than democratic accountability.
Deep dives
The Birth of the Euro and Sovereignty Loss
The creation of the euro set the stage for significant economic challenges and the loss of sovereignty for member states. Following the Eurozone sovereign debt crisis in 2011, countries like Greece and Ireland had to relinquish control over their financial policies to institutions like the European Central Bank (ECB) under duress. This marked a transformation of the ECB from a technical financial body into a political entity that used its influence to enforce austerity measures. The coercive tactics employed by the ECB, such as threatening to withdraw support unless governments complied with its demands, highlighted the precarious balance of power within the EU and indicated a troubling trend toward a quasi-dictatorial grip on national policies.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode