Spiegel Revisionism 101: "It Will Be Germany's Fault If Euro Fails"

Tyler Durden's picture

Up until this point, Spiegel has been relatively objective in its coverage of the Eurozone implosion (unlike Handelsblatt, which we still await to apologize for losing all of its readers millions if not billions for urging them to invest in Greek bonds because it is their patriotic duty). That is until today. In an opinion piece, Henrik Muller writes that "if the Euro fails, Germany will be responsible" lamenting that it "may seem absurd that Berlin is perceived abroad as 'euro Nazis' rather than as a benevolent leader. But should the common currency fail, Berlin will be to blame."

The alternative, just inject billions more in taxpayer funds (and preferably common European taxpayers, which is why urges for a joint European Treasury are so loud) to preserve an artificial status quo which benefits Germany, whose standalone currency should be about 60% higher, while robbing the European periphery blind while it is still enmeshed in a mandatory monetary regime which only benefits Germany. The cry for continued kleptocratic cryptofascism that benefits only the very top is summarized by the following sentence: "The common fate of the Europeans is no longer the top priority. Instead we are juggling national interests." Muller's conclusion: "If the euro-zone breaks apart, it is Germany that will be blamed -- because it was the country that could have saved the euro but didn't do so out of short-sighted self-interest. The damage, should it come to that, will be much more than monetary." Well, that, and because it was the only country that benefited from the euro for the past decade in yet another attempt to redistribute wealth at the sovereign level. Yes, it has a strong economy, and that's great, but the premise of modern monetary economics is one that allows for natural cycles to offset strengths and weaknesses as defined all the way back by Ricardo. Germany should not be blamed for the inevitable dissolution of the euro but for forcing all of its far dumber peers to participate in this money moving scheme, covered in the guise of a cultural integration experiment, in the first place.

And lastly, the people's realization that they have been deceived for years, and subsequent retaliation against an autocratic monetary regime, is not something that will be blamed on any country or entity. It will be something that will be cherished, and if Germany is seen as the reason for the collapse of the Euro, it will be branded a savior, not a villain.... at least by the non-banking population of Europe.

Full Op-Ed:

If the Euro Fails, Germany Will Be Responsible

By Henrik Müller

Given that Germany is shouldering risk to the tune of hundreds of billions for a life-threatening euro crisis, it may seem absurd that Berlin is perceived abroad as 'euro Nazis' rather than as a benevolent leader. But should the common currency fail, Berlin will be to blame.

It is a surreal scenario. Gigantic risks. Staggering sums of money. The degree to which the political debate has become polarized is likewise unbelievable -- both among European Union member states and within those societies themselves.

In the Greece of today, the government has to be protected from its own people. In the Netherlands and Finland, right-wing populist parties have made huge gains on terrain normally held by large, centrist parties. In Germany, Chancellor Angela Merkel isn't even certain of a parliamentary majority when a second bailout package for Greece comes up for a vote.

It is the kind of escalation that would have been unthinkable only a few years ago.

Rescue efforts have been underway for three years now -- first the banks and then the countries. But instead of coming together in times of crisis, Europeans have become divided. And there is a lot at stake. A break-up of the European currency union has now become a realistic scenario. Indeed, the political climate has become so toxic that a collapse of the European Union and of the idea of European unity -- and the entire European postwar order -- also seems possible.

Governments across the Continent are currently working feverishly to prevent such a disaster. On Friday, French President Nicolas Sarkozy and German Chancellor Angela Merkel met in Berlin -- where they reached the smallest-possible compromise. And on Thursday and Friday of this week, European Union leaders will meet at an EU summit. There are still chances for the European project to succeed, but they are becoming increasingly limited -- as main actors in this drama have begun admitting in confidential discussions.

Germany Is Missing an Historic Opportunity

If the euro fails, the Germans will be seen in the end as having been the primary culprits. And rightfully so.

In 2009 and 2010, Germany suddenly found itself in the position of being akin to a European hegemony. It was the only large euro-zone member state that was economically healthy and had more competitive economic structures and less public debt than the others. Germany could have acted as a "benevolent hegemony" -- indeed should have. Similar to the United States after World War II, Germany should have been prepared to provide generous amounts of money very early on -- tied to the creation of new, more powerful European institutions, including a new European Union treaty. Merkel could have -- and should have -- led Europe towards a common future.

Instead, national politics in Germany became transfixed by state elections with leaders making populist claims that there was no money for feeble southern European countries. Rather than continuing the traditions established as far back as the times of former Chancellor Konrad Adenauer in the 1950s -- a period which saw European countries anchored ever more firmly in a European framework -- we are now returning to a balance-of-power approach. The common fate of the Europeans is no longer the top priority. Instead we are juggling national interests.

Or rather, what some consider to be their national interests. Just take the German government's wish that private creditors also be made to pay for part of the debt crisis. At the end of the day, it is little more than symbolism. Debt forgiveness wouldn't help Greece at all. On the contrary, it would remove Greece from the capital markets for many years to come and it would eliminate any possibility for the country to ensure its own credit for the foreseeable future.

Greek Bashing Is More Popular than Action

The German government also seems to care little that the European Central Bank is slipping into serious distress. Speculation is heating up, further exacerbating the crisis. Nevertheless, Berlin is still insisting on a haircut: as a matter of principle, but also because there are many in the government who would like to show the financial markets (and the Greeks) that they mean business.

Throughout the crisis, the German government has behaved as if we were still living in the 1990s, as if there were a serious alternative to today's currency club. And it has ignored the fact that our financial system is so tightly interwoven that if part of it fails, we could all fall. From the very start of the crisis, there was no other choice but to expand transfers within the euro zone. The same held true for a deepening of political union within the common currency area. Unfortunately, Greece bashing is more popular.

Now payback time has come. Germany is in the impossible situation of having ponied up hundreds of billions of euros but is nevertheless being pilloried. Some Greek newspapers refer to Germans as "euro Nazis," and not as a benevolent leading power. The fact that the situation has deteriorated so far does not speak well for statesmanship in Berlin -- and that is putting it mildly.

Instead of showing steadfast solidarity, the markets are testing the potential collapse of the euro. And that scenario is becoming increasingly likely -- not because anybody wants it to but because so many different players must come together to find a solution and it is quite possible they will not succeed in doing so.

If the euro-zone breaks apart, it is Germany that will be blamed -- because it was the country that could have saved the euro but didn't do so out of short-sighted self-interest. The damage, should it come to that, will be much more than monetary.

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Ahmeexnal's picture

Let them eat notgeld euros.

WWIII is just around the corner. Maybe that's why the chinese are duplicating whole european towns like Hallstatt.

He_Who Carried The Sun's picture

You should be hung by your nostrils.

eureka's picture

MSM should be hung by its whoring blow(-viating)/snot-spewing/distracting nostrils.

Buckaroo Banzai's picture

This is like a stupid action movie, when the bad guy holds a gun to the hostage's head, and says to the good guy, "If you don't do what I say, then the hostage gets shot, and it's going to be YOUR fault!"

Ahmeexnal's picture

The royal families of europe are already starting to flee. This is going to happen very soon.

It's no coincidence the nuclear reactors are starting to fail. 

At the Paris Air Show, Boeing disclosed several 747-8 superjumbos have been bought by "secretive VIPs". Expect those planes to be loaded not only with the royal families, but with GOLD!

 

http://in.reuters.com/article/2011/06/22/idINIndia-57847520110622

 

 

spartan117's picture

And they be moving to China? 

Caviar Emptor's picture

Moving in to Cheney's secret Wyoming underground survival compound, manned and guarded by Private Security cronys he made rich during Iraq

Ethics Gradient's picture

Quite possibly, but given that only one of the PIIGS (the P) doesn't have a history of serious organised criminal violence, I would say that popular terrorist uprisings are more likely than WWIII.

That's years away though and would require the above mentioned Germany not to pull out of it's own free will once virtually everyone in the EU is bankrupt.

Talking of world wars, it seems rather a shame that 70 odd million died in WWII in the name of self determination. The European members of that statistic seem to have died for nothing.

kaiten's picture

That´s a shame, indeed. Just like native indians, not only they died for self determination(of others), they were also robbed of their land. How sad ....

SilverDosed's picture

Yet ignorant people here hoist Andrew Jackson up as an idol, wtf, that bastard was in charge of slauthering my anscestors. Today what he did would be called genocide and ethnic cleansing, all to clear the way for slave plantations working for the corporate machine. Same as it ever was I guess.

morty_schatzberg's picture

Andrew Jackson is a hero. The only man to ever have defeated the bankers. America's meteoric rise to power would never have been possible without his having "cleared the way" for civilization. It was later that the bankers returned along with their tax and wage slavery.  You should thank him for the reservations. He/we were not obligated to provide them. Random unprovoked scalping and slaughtering of my ancestors, and you have the nerve to claim genocide.

eureka's picture

You are a neo-nazi. You should leave zerohedge and take your one dimensional views to some kkk site.

Jackson was "good" for some things,anti-Fed Bank, and a fascist swine for others - murdering the very "indians" who helped him defeat the Brits.

If you believe might is right - well, then you and your ancestors have no particular claims to superiority - you are beneath principles, beneath civilized, conversational legitimacy.

gorillaonyourback's picture

war is a part of human nature, to deny that, is living in fantasy land.  even the indians fought amongst themselves for resources.  Its clan fighting clan at its basic. 

oil has allowed the population to skyrocket without fighting for resources.  Think about it could we feed all these people without oil,,,,, NO and not only but FUCK NO.

We all take a side for our own self preservation,  Andrew Jackson was a great man and sought to protect his clan(America), 

90% of all you fuckers out there would be dead and maybe including myself if there is no more oil.  the difference is I and small few, would attribute death, to not being strong enough to survive.

you learn about Darwinsm in school but most of the fuctards on this planet don't live their life like they believe in Darwinsm.  But then you ask most people do you believe in Darwinism?,,,, and 90% says YES       that's some disconnect wouldn't you say

Rodent Freikorps's picture

Real Politik, baby.

Grow up and learn how the world really works.

Definition of REALPOLITIK : politics based on practical and material factors rather than on theoretical or ethical objectives
kaiten's picture

Great you see it this way. So you probably dont mind mexicans taking back the southern US.

Yeeee-haw. Real politik, baby.

morty_schatzberg's picture

neo-nazi ROFL. According your one-dimensional definition 90%+ of Americans born pre-1960 would be neo-nazis. Might-makes-right is nature's law. American colonists saw unclaimed land and took it. Fortunately you do not have the wherewithall to determine "conversational legitimacy". Damn that pesky American First Ammendment to the constitution of the American states. Jackson did not "murder" the indians, he sent them to Oklahoma, nor was he a fascist. You are the swine, and a symptom or active participant in the destruction of America as a nation.

kaiten's picture

Pre-1960 born americans will become minority from 2050 onwards. You know, the might-makes-right law of nature. So enjoy your constitution and ammendments while they last.

kaiten's picture

Are you demented or just plain stupid? Unprovoked? How about stealing their land and trying to exterminate their whole race/culture? Let´s just hope you´re under influence because if you wrote that with clear head Im pity for your worthless, miserable life.

Rodent Freikorps's picture

Native Americans actually drew first blood. The ones who sided with the evil French deserved to die.

The Brits started the money for scalps.

Europeans are evil. Always have been. Always will be.

And if you didn't know, the reason the northeast US was essentially empty when the colonists arrived, it was because one tribe had just genocided another.

Almost as if it were meant to happen the way it did.

kaiten's picture

"The ones who sided with the evil French deserved to die."

Like american settlers in the War of Independence?

"Europeans are evil. Always have been. Always will be."

So the europeans are evil, but you, advocating genocide, are saint, I guess.

 

Now, let me ask you something. Arent you a bit confused in your life? I mean, I know it´s difficult to think without a brain, but then, perhaps, you should not even try. At least you wont get that nasty headache.

trav7777's picture

The land was mostly purchased.  It was initially settled by small groups of immigrants.  The injuns' immigration policy was slaughter.  So, justice had to prevail.

Had the injuns just been able to get along without slaughtering and intertribal genocide, perhaps a better solution could have been worked out.

kaiten's picture

Yeah, this jungle law mentality is great when you´re on the stronger side. So let´s just hope there arent any aliens out there waiting to land on our planet.

 

Or that chinese and indians wont start looking for a land for their 1+ billion population, sometimes around 2050, when their economies are multiple time of the western ones ....

morty_schatzberg's picture

Stole what land? They were nomads. In addition you can thank the colonists for your meaningless existence and first world standard of living.

kaiten's picture

They were human beings, first and foremost. Now, Im curious how you gonna justify their near extermination, aka genocide.

I only need to thank God that I dont have to meet dements like you in real life. Just reading your idiocy is punishing enough.

jackbooted gauleiter's picture

Andrew Jackson should be posthumously impeached. He is the man who was responsible for the Hurricane Katrina disaster. He conquored New Orleans and took it away from the British after the war had finished. If he hadn't done this, New Orleans would have been a British enclave and the disaster none of Washington's business. He is to blame for all the embarassment that Bush and Co faced when the city was flattened.

trav7777's picture

your ancestors were savages.  Evolution is like that.  You should weep for neandarthal

jackbooted gauleiter's picture

WWII was not about self determination, it was about socialism.

It was about building the perfect society, and since the leaders of the main protagonists (Germany and Russia) were interested in society not individuals, they were willing to sacrifice millions of individuals in order to impose the society they preferred... (National Socialism, or Soviet Socialism).

The fact is... most of the population of Europe is made up of foreigners... and that is true whatever your nationality.

Greyhat's picture

Neocon-Spiegel simply helps trying to break up the German government, cause they support old moneys peacekeeping internationalists. Spiegel supports Lipsky in this task, who demanded unlimited German support for Greece without any condition. Such a surrender would break up conservatives and liberal parties in Berlin. Thats what the neocon world warmongers try after paleoconservative Germany remained neutral in the Libya conflict. Read the guardian.

http://www.guardian.co.uk/business/2011/jun/16/imf-forced-germany-to-gua...

caconhma's picture

The now-day Germans are just stupid. They still apologize for the WWII crimes they did not commit.

How stupid could Hitler be thinking that British imperial gangsters are their cousins? WOW. Instead of looking for peace with Brits, Hitler had to deal with them like American were dealing with Japanese, i.e., if nukes on civilian population did not do the job then American were ready to use massive chemical attack on again civilian population in violation of all treaties America was a signatory to.

No wonder, after all, America proudly implemented a genocide against the native America population. Just watch when shit hits the fan and the American economy collapse.

eureka's picture

What are all you neo-nazis doing on zerohedge ?

Go play in the dirt - if you have access to any.

Medea's picture

It's not even logic. It's the flailing, erratic desperation of a death rattle.

Missing_Link's picture

Yep.  Blame-the-victim mentality.  Greeks fuck up, and Germans get the blame.

Thomas's picture

Europe has been a bunch of warring tribes long before the invention of Europe. Seems like we are headed that way again. Here it comes again.

kaiten's picture

Funny what you write. Your country wasnt even one century old and you were butchering each other like madmen. Short memory? More like, selective memory, I´d say?

j0nx's picture

And another civil war is brewing behind the scenes as we speak. Only this time it will be liberals vs. conservatives and I don't mean GOP vs. Democrats either since neither of those parties tend to represent what they are supposed to stand for.

eureka's picture

Nah, you're right, it will be the retarded neo-nazis, xenophobic, racist, isolationist, self-righteous, provincial knucleheads against everybody else - and each other, for these morons surely hate everybody - and what are they doing on zerohedge?

anonnn's picture

Astute!

The nobles simply cannot think of any thing else to do except rule or dominate commoners. The justify it as "It's our duty. We deserve our privileges.".

 

jackbooted gauleiter's picture

Headed that way again? When did we stop? Just because you don't see the conflict it doesn't mean that it's not there.

hbjork1's picture

IMO, Correct!

Only the uninvolved Nordics will come away criticism free.  The German effort toward greater unity is noble but have they, once again, "bit off more than they can chew"?

 

 

 

 

Medea's picture

Double post. Wrist slap for me.

hbjork1's picture

Medea, 

Ain't your fault.  Twichey finger pad, no mouse?  It's that #&*x&$% gotcha.

On a different machine, I found that "Disable rich-text" before the save and slowing down works

hbjork1's picture

Medea, 

Joke is on me.  Repeat.

He_Who Carried The Sun's picture

Der Spiegel is always looking for some sort of partisan statement to prove they are mavericks of truth. Every so often they fail badly...

This case is ridiculous. Of all European nations, German GDP growth between 1990 and 2010 comes in as the THIRD LAST. They have not been blood-sucking Europe, they have saved their way out of misery while the otheres plastered the streets with money they did not own. That's the difference.

blunderdog's picture

During that period, "GDP growth" has meant "increased debt production."

One of those things that makes you go hmm...