Sunday, October 10, 2010


American economic traditionalists have found a strong ally and friend across the pond. Daniel Hannan, a son of Great Britain, is a member of the conservative and unionist party in the European Parliament representing South East England since 1999. Mr. Hannan loves Europe, but believes that the European Union is making its constituent nations poorer, less democratic and less free.

He has been openly critical for years of the European social democratic welfare-state model that has bankrupted Great Britain with it has over-gorged government spending and bureaucracy at the expense of private sector jobs and economic growth. He has a similar warning for Americans due to the dangerous economic policies advanced and executed by President Obama and the progressive/socialist congressional leadership.

On March 24, 2009 then British Prime Minister Gordon Brown visited Parliament and Mr. Hannan gave a tongue-lashing speech to the British PM about how his policies have bankrupted Great Britain into a statist welfare state. The following is an excerpt from Mr. Hannan's speech and, upon reading it, one would think Rep. Paul Ryan (R-WI) was lashing out at President Obama.
“The truth, Prime Minister, is that you have run out of our money. The country as a whole is now in negative equity. Every British child is born owing around 20,000 pounds. Servicing the interest on that debt is going to cost more than educating the child. Now, it's not that you're not apologizing. Like everyone else I've long accepted that you're pathologically incapable of accepting responsibility for these things. It's that you're carrying on willfully, worsening our situation, wantonly spending what little we have left. Last year, in the last 12 months, a hundred thousand private sector jobs have been lost, and yet you've created 30,000 public sector jobs. Prime Minister, you cannot carry on forever squeezing the productive bit of the economy in order to fund an unprecedented engorgement of the unproductive bit.”

Mr. Hannan also loves and respects America for its rich traditions of liberties, freedoms, pluralism and the free enterprise system, all of which are expressed as inherent in the U.S. Constitution. Hannan is a self-proclaimed “Jeffersonian” in his democratic philosophy and regards the American system of constitutional rule of law the ideal system of government and it has worked better than any rival in history. Mr. Hannan has noted that the American system of government has been so historically successful, as compared to the British system, due to the American system of federalism, i.e., the dispersal of power to individuals and local governments for a more federalist, democratically representative body of diverse states. The British system of government, with its centralized power, leads to less pluralism, diversity, and competition and overall a less prosperous model of government.

However, Mr. Hannan has a warning for all Americans who treasure America’s uniqueness and he conveys that warning in his book "The New Road to Serfdom: A Letter of Warning to America". Mr. Hannan’s title is an homage to Friedrich A. Hayek’s 1944 tome The Road to Serfdom, which was Hayek’s similar warning to America and England of how the very despotic socialism they were fighting abroad was infecting their countries, cloaking itself in the name of liberation. According to Hayek, capitalism is the only system of economics compatible with human dignity, prosperity, and liberty. Mr. Hannan has reiterated Hayek’s warning to America almost seventy years later with similar vigor in his new book.

Daniel Hannan introduced his book at the Cato Institute (see video below) on September 29, 2010 and the National Review conducted an insightful interview with Mr. Hannon regarding his concerns for America’s future under the direction of the current presidential administration. The Heritage Foundation reports that Hannan warns, “that if we continue on our journey toward Europeanization, we will become less “American”—i.e., less prosperous and less unique." Hannan points out that the destruction of “Americanism” or the “American ideal” giving way to European social democracy would be devastating not just to the U.S. but to Western civilization.”

Mr. Hannan warns in his book that this dangerous journey toward the “Europeanization” of America the Obama administration and the progressive/socialist congressional leadership is forcing on America would eliminate American freedoms inherent in the U.S. constitution and “A U.S. without freedom,” stated Hannan, “makes the world a quieter, darker place.” Mr. Hannan has the vision, unlike the current American President, to see that the world has a stake in America's success.


Matt said...

That is so true. Great analysis, Dennis.

Dennis Gallagher said...

Thanks Matt

theyenguy said...

Daniel Hannan, warns against global governance; but I believe that out of the European Sovereign Debt Crisis, a global sovereign and a global seignior will arise to power.

Philip Aldrick of the Telegraph reports that Mr Strauss-Kahn criticised Europe’s disjointed response to the eurozone sovereign debt banking crisis after Germany and other states resisted his calls for bolder action on Tuesday December 7, 2010 warning that "piecemeal" fixes would not work and a "comprehensive" solution is needed.

Germany and France are pushing for an EU summit the week ending December 17, 2010, to approve a proposed treaty change that would allow debt-stricken euro zone states to make an orderly default, with private sector bondholders sharing losses on a case-by-case basis. However eurozone finance ministers did not agree on any new action this week to stop the crisis, making investors wary.

I note that Dominique Strauss-Kahn has given “the clarion call” for a comprehensive solution to the European Financial Institution, Sovereign Debt Symbiosis Crisis.

I believe the Strauss-Kahn call for a comprehension solution will go unanswered.

A catastrophe is coming out of rising sovereign debt interest rates, as well out of further global competitive currency devaluations at the hands of the currency traders, resulting in a financial market place implosion, the European Financial Institutions, EUFN, will fall quickly falling in value, taking the entire global financial system down, resulting in Götterdämmerung, an investment flame out, bringing forth a new age.

And the accompanying rise to power of a Sovereign-Chancellor, Revelation 13:5-10, such as Angela Merkel or Herman van Rompuy or John Redwood; and also a Seignior-Banker, Revelation, 13:11-17, such as Wolfgang Schäuble, or Olli Rehn, or Jean-Claude Trichet, or Gordon Brown, with fiscal sovereignty to control deficit spending, enforce internal country devaluations, provide a common EU Treasury for both taxation and transfer payments, assure mutual guarantees of the EU debt, and as Timothy Geithner called for, implement unified regulation of banking globally. All seigniorage, both credit and fiscal will come and go through the Seignior, who will make decisions on where money is spent.

I provide much, much more comment on the linked article.