“35,000 billion euros lying dormant today in European bank accounts… is no longer acceptable” – Bruno le Maire, who said he was going to collapse Russian economy, now wants the money of millions of EU citizens

Bruno le Maire’s ‘rant’

Bruno le Maire, arch-centrist French president Emmanuel Macron’s economy and finance minister, said in 2022 that France and the EU was going to collapse the Russian economy. Now, with Russia’s economy outperforming both the EU and US, le Maire has decided that the EU doesn’t have enough cash reserves and that he wants to raid the bank accounts of European citizens to get access to what he says is 35 trillion euros lying ‘dormant’.

And he wants them, at least in part, to fund war-readiness.

As French observer Arnaud Bertrand has pointed out, le Maire wants to “mobilize all the savings of Europeans” by taking their savings into a ‘European savings product’ – but while le Maire says that it will be ‘voluntary’ for EU nations to enter the scheme, there is no mention of ordinary people having the same freedom of choice if their country does enter it. In a video on the topic, le Maire says:

I am at the Council of Ministers of Finance in Ghent, Belgium, and I just raised a fuss because the capital markets union is not progressing. What is the capital markets union? It’s the ability to mobilize all of Europeans’ savings – 35,000 billion euros – to finance the climate transition, fund our defence efforts, and invest in artificial intelligence.

Since things aren’t moving forward with all 27 members, I proposed that we move forward on a voluntary basis with a small number of member states to propose a European savings product in the coming months, to propose European supervision of capital markets to ensure that regulation works well, and therefore to raise several tens of billions of euros to finance our growth and prosperity.

Europe cannot economically weaken as it has been doing for several months because it does not have sufficient financial reserves. Europe cannot miss the climate turning point because it does not have sufficient financial reserves. Europe cannot miss the artificial intelligence turning point because it is unable to agree on this capital markets union and make Europeans’ savings work.

35,000 billion euros lying dormant today in European bank accounts instead of fostering Europe’s prosperity tomorrow, instead of financing artificial intelligence, instead of financing the climate transition, is no longer acceptable. That’s the gist of my rant this morning in Ghent.

Deducing, probably correctly, that ‘defence’ really means the Ukrainian military, Betrand called le Maire’s plan:

immensely ironical that mister “I’ll collapse Russia’s economy” comes back to us 2 years afterwards, telling us “Europe cannot economically weaken as it has been doing for several months”, we need to take your savings… When Russia’s economy, far from collapsing, has been growing faster than all European countries. All this in part to “fund our defense efforts”, likely a code for “send it to Ukraine”, the most corrupt country on the continent currently fighting an endless money pit war that it has no chance of winning. Pure madness.

Europe and NATO seem increasingly determined to have war, with Sweden reintroducing conscription, other countries discussing it, the UK and EU banging the drum about Russia, whitewashing Ukrainian nazis and misrepresenting military goals, and many of them seemingly ready to conscript the life savings of civilians in order to fund endless conflict.

If only the same resolve was directed toward the actions needed to stop the actual genocidal war being perpetrated by Israel on the civilians of Gaza as there is to fanning the flames of war in Europe.

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