As the European Union works on its next seven-year budget, a familiar pattern becomes apparent in Brussels – the bureaucratic leviathan has no plans on getting off its taxpayers’ backs. On the contrary, it keeps demanding more and it’s only a matter of time before these demands “break the camel’s back”. However, the unelected bureaucratic dictatorship’s fiscal megalomania is still nothing in comparison to what it plans to do with the money taken from the aforementioned taxpayers. Namely, Ursula von der Leyen and her entourage are pushing for a financial framework that, according to German economist and journalist Thomas Kolbe, amounts to nothing less than a formally “legalized” €2.2 trillion wealth-transfer machine.

In his latest analysis published by Zero Hedge, Kolbe masterfully dissects how this project is not merely about military spending or climate redistribution. His spot-on report points to the systematic construction of the EU as a bureaucratic superstate with little to no public oversight, funded by perpetual debt and imposed upon the increasingly weary taxpayers of member states, with Germany once again shouldering the heaviest burden. Kolbe’s central thesis is that this fiscal push arrives at the most precarious of economic moments. He warns that “across the world, public debt levels are approaching dangerous flood marks”, with total liabilities now exceeding 95% of global GDP. In his view, a reckoning is imminent.

“It is therefore only a matter of time before bond markets bring the debt party to an end, pushing interest rates – and with them debt-servicing costs – to levels governments can no longer afford,” he argues.

All this is the logical consequence of decades of political irresponsibility and contempt for the very concept of fiscal prudence. For four decades, a bull market in sovereign bonds masked this rot, but Kolbe correctly points out that this era........

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