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sorne kind of accommodation with the
dominant economic bloc in Western
Europe, because inherent in the appli–
cations of other countries, induding
Austria, Norway, and Britain, is the dis–
solution of the rival one to which
they and Switzerland now belong,
the European Free Trade Association
(EFTA).
If
EFTA breaks up, the Swiss would
be in danger of complete isolation in
the heart of Europe. Traditional Swiss
neutrality, however, is a sticking point.
The independent Swiss are reluctant to
surrender política! sovereignty to the
"Eurocrats" in Brussels.
Common Market ties even reach into
one former Iron Curtain country. The
independent Communist state of Yugo–
slavia has negotiated a three-year non–
preferential trade pact with the EEC.
The EEC has also opened contacts
with Cyprus on the issue of that island
republic's eventual association status.
Last, but not least, the Vatican estab–
lished diplomatic relations with the
European Community during
1970.
Commenting on the appointment of
Monsignor Igmo Cardinate as its "spe–
cial envoy," the Vatican newspaper
L'Osservatore Romano
said that for
sorne years the Vatican has encouraged
the idea of European unity.
In sum, the Common Market literally
stretches around the world. Close to
70
nations have achieved or are trying to
achieve sorne sort of arrangement with
this growing Colossus.
The lesson for America is clear: The
Common Market is big and growing
continually bigger. It can be ignored
only at Washington's own expense. To
think that America can ignore its
financia! obligations to Europe and the
rest of the world is the height of folly.
"Enormous . . . Beast"
It's little wonder that one of the
world's leading news sources described
Western Europe's growing power in
near-apocalyptic terminology.
The Chris–
tian Science Monitor,
on February
l7,
1971,
reported (emphasis ours) :
"The 'dinosaur' is beginning to haunt
The
PLAIN TRUTH
Brussels.
An enormotts, physicalty pow–
erful beast,
with slow reactions and a
central nervous system seriously under–
developed for its size.
"Its
name: the enlarged community.
"As negotiations on membership for
Britain in the European Economic Com–
munity (EEC) move into their closing
phase and seem, as they say here, 'con–
demned to succeed,' a few people are
beginning to look beyond that historie
target date of Jan.
1, 1973,
and to ask
what it will mean to the rest of the
world, to the big community's near
neighbors, and ( not least) to those
inside."
West Germany's represeotative at the
EEC Commission in Brussels describes
the powerful trade area as a "giant in
chains." Commenting on this point, the
West German newspaper
FrankftMer
Rundschau
reports that "the g iant is not
being unchained yet, but the question is
how melodic will the creatme's voice
be ...
?"
As if fearing where this "beast" will
turn, the influential German newspaper
added: "It is essential that this creature
should not become like Frankenstein's
monster, deformed from birth with a
warped mind, trampling on all good
intentions as soon as it is
relea~ed
from
the chains."
Centralized Political Authority
Needed
It is becoming obvious, even to sorne
Europeans who detest the idea of feder–
alization, that Europe will soon need
"a voice," and a strong central author–
ity together with a decision-making
mad1inery. The individual Conunon
Market nations are simply going to
have to strip away more national sover–
eignty, and place it at the disposal of a
central government.
To continue with the quote from
The
iHonitor:
"Such is the power of the dinosaur.
But what of its abüity to wield it)
What of its nerve center?
"In
the Long
r11n
the prob/em
is
one
of working out new instittttions, devel–
oping a brain for the dinosam·.
But
then,
if
it is
1101
to be dangerous, it
must also have a conscience.
Tbat con–
science can cnly be parliamentary
control."
May 1971
Handwriting l s on
the
Wall
It
should be obvious that an expand–
ing Europe will not forever tolerate
monetary irresponsibility on the part of
the United States - or look the other
way should the U. S. institute pro–
tectionist trade legislation.
The u;ay things are now developing,
it is only a matter of time before the
Europeans cut loose from the dollar.
They have already put the machinery
into motion.
Should Washington ultimately renege
on its pledge to redeem dollars for its
shrinking gold stock, Europe
tui/1
retali–
ate - perhaps even against the billions
of dollars of prívate American invest–
ment on European soil.
In either a "gold war" or a trade
war, all would suffer. But the
U.
S.
would suffer most of all, resulting in a
possible collapse in its economy.
But Europe could recover. The Com–
mon Market nations have a large
enough gold stock even now to Jaunch a
new international currency in a crisis.
Together, The Six possess nearly
$14,000,000,000
in
IIJZencmnbered
gold
reserves. That's nearly one third more
than America's indentured gold reserves.
European financiers and bankers do
not now contemplate a complete take–
over of the dollar's role as the world's
leading reserve currency. That is a big
burden, a thankless task. Currently they
are thinking in terms only of a supple–
mentary currency. But,
as things are
going,
they may be forced into an "all–
or-nothing" position.
It
depends upon
U. S. policies.
Should the dollar fail, a new
European currency would automatically
become the k ingpin currency financing
world trade. The dollar would become
an unwanted commodity.
Trading nations around the world
would have to trade
in
the currency of
this "beast" in order
to
survive.
Through the years, artide after article
in
The
PLAJN
TRUTH has warned that
a multi-nation economic and política!
power would rise
in
Western Europe.
Now newspaper headlines are begin–
ning to confirm these words.
The time for scoffing is over. The
time to face hard economic reality has
arrived. O