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Germany's Perspective: "How Europe's Crisis Countries Hide their Wealth"

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Much has been said about the relative disparity of wealth between Germany and the rest of Europe, with the conventional wisdom being that Germans are rich and everyone else poor. This assumption has been challenged to the core recently, with some studies even suggesting that median household wealth in places like Cyprus is far, far greater than that of Germany, contrary to previous assumptions. In turn, this helps to explain the lack of "eagerness" of the Germans to constantly "assist" with the bailouts of peripheral countries by directly funding or assuming debt guarantees, or otherwise be loaded with the primary burden of future inflation if and when the ECB's creeping monetization of European debt, both directly and indirectly via PIIG bank collateral, unleashes the Weimar flashback tsunami. In this context, it is easy why it was the Germans who were intent on demolishing not only Russian billionaire savings (which as the Spiegel article below demonstrates, Germans are convinced are largely ill-gotten and hidden), but also why the punishment should stretch to uninsured depositors.

After reading the Spiegel article below, which reveals so much about German thinking, it becomes very clear that not only is Cyprus the "benchmark", but that the second some other PIIG country runs into trouble again, and its soaring non-performing loans inevitably demand a liability "resolution" a la Cyprus, it will be Germany once again at the helm, demanding more of the same equity, unsecured debt and ultimately depositor impairment. As the following punchline from Spiegel summarizes, "It would be more sensible -- and fairer -- for the crisis-ridden countries to exercise their own power to reduce their debts, namely by reaching for the assets of their citizens more than they have so far. As the most recent ECB study shows, there is certainly enough money available to do this." And that is the crux of the wealth-disparity demand of the European Disunion.

From Spiegel, by its staff

The Poverty Lie: How Europe's Crisis Countries Hide their Wealth


How fair is the effort to save the euro if the people living in the countries that receive aid are wealthier than the citizens of donor countries like Germany? A debate over a redistribution of the burdens is long overdue.

The images we see from the capitals of Europe's crisis-ridden countries are confusing to say the least. In the Cypriot capital Nicosia, for example, thousands protested against the levy on bank deposits, carrying images of Hitler and anti-Merkel signs, one of which read: "Merkel, your Nazi money is bloodier than any laundered money."

German Chancellor Angela Merkel was greeted by a similar scene when she visited Athens in October 2012. An older man with a carefully trimmed moustache and pressed trousers stood in Syntagma Square. The words on the sign he was carrying sharply contrasted with his amiable appearance: "Get out of our country, bitch."

Despite these abuses, the protesters and all of Merkel's other critics in Rome, Madrid, Nicosia and Athens agree on one thing: Germany should pay for the euro bailout, as much as possible and certainly more than it has paid so far.

They argue that Germany is a rich country that has benefited more than all others from the introduction of the euro, and that it has flooded other European countries with its exports, becoming more prosperous at their expense.

Germans Own Less than Those Asking for Money

But there is also a second image of Germany, one that's based on numbers, not emotions. The figures were obtained by the European Central Bank (ECB) and released last week. This image depicts a country whose households own less on average than those that are asking for its money.

In this ranking of assets, Cyprus is in second place Europe-wide, while Germany ranks much lower, even lower than two other crisis-ridden countries, Spain and Italy.

And this Cyprus, with its affluent households, is now supposed to receive €10 billion ($13.1 billion) from the European Stability Mechanism (ESM), the Euro Group's permanent bailout fund, and the International Monetary Fund (IMF), at least according to the decisions reached after dramatic negotiations, which the German parliament, the Bundestag, is expected to approve this week. But a new question is arising: Why exactly are we doing this? Isn't Cyprus rich enough to help itself?

In light of the new ECB study, a new discussion of the Euro Group's bailout strategy is indeed necessary. So far taxpayers have born the risks of this strategy, by guaranteeing all loans the ESM has paid out to needy countries. Greece, Ireland, Portugal and Spain are already part of this group, and now Cyprus has been added to the mix.

Germany is already guaranteeing about €100 billion in loans. If even more countries request aid and can then no longer serve as donors, the amount of money guaranteed by the Germans could rise to €509 billion, according to an estimate by the German Taxpayers' Association. This figure doesn't even include the latent risks in the balance sheet of the European Central Bank (ECB).

One-Sided Burdens

In addition, interest rates are very low, because the ECB is flooding the euro zone with money to stabilize the system. People who save their money are currently getting the short end of the stick, as they are stealthily being dispossessed. On the other hand, those with enough money to invest in stocks and real estate are benefiting from the boom triggered by the flood of funds coming from the ECB. In other words, taxpayers and ordinary savers are paying for the euro rescue efforts, which are primarily benefiting the rich in Europe's most troubled economies. Their assets remain largely untouched, while the assets of their rescuers are melting away.

In the past, the affluent have only been expected to participate in the rescue twice. In the case of Greece, owners of government bonds had to relinquish a portion of their claims, and in the case of Cyprus, bank deposits of more than €100,000 were either partially or fully lost.

Both cases mark a turning point, indicating that government donors are no longer willing to bear all the risks without the private beneficiaries of the euro rescue paying part of the bill.

But this could be only the beginning. The current strategy is not only unfair, because it distributes the burden one-sidedly. It is also economically dangerous, because it could put too much of a burden on the donor countries. And if they began to falter, the monetary union would inevitably break apart.

Besides, the aid programs to date have only replaced old loans with new ones, so that the borrower countries will never shed their heavy debt burdens. On the contrary, the necessary austerity measures are stifling and shrinking the economy in Greece and other Southern European countries.

Crisis Countries Should Seize Assets

It would be more sensible -- and fairer -- for the crisis-ridden countries to exercise their own power to reduce their debts, namely by reaching for the assets of their citizens more than they have so far. As the most recent ECB study shows, there is certainly enough money available to do this.

The numbers are potentially explosive. For instance, the average German household has assets of €195,000, almost €100,000 less than the average Spanish household. The average net wealth of households in Cyprus is €671,000, more than three times the German value. Italian and French households are also significantly wealthier than their German counterparts.

The differences are even more pronounced when it comes to median net wealth, which is the level that the lower half of the population just reaches and the upper half exceeds. On this measure, Germany, at €51,400, is actually in last place in the euro zone. The corresponding value for Cyprus is five times as high. Median net wealth is even higher in crisis-rattled Portugal than in Germany.

The conclusions of the ECB study had hardly been published before various efforts to relativize and whitewash the figures began. The results were apparently embarrassing to the ECB itself, but also to the German government.

ECB Downplays Report's Significance

When politicians with the center-right Christian Democratic Union (CDU) and its Bavarian sister party, the Christian Social Union (CSU), perused the confusing figures at a breakfast meeting last Wednesday and turned to the finance minister with a questioning look in their eyes, Wolfgang Schäuble responded by shrugging his shoulders.

Schäuble was unwilling to offer a clear interpretation. He eventually commented that the figures were not as clear as they appeared, and there were no further questions.

Schäuble had reached his objective, given his fears that the material would be welcome ammunition for critics of the current rescue policy. Even the ECB, apparently feeling uneasy about its own numbers, came up with all kinds of footnotes to downplay the statistics' significance.

The ECB noted, for instance, that the average Cypriot household consists of three individuals, while the average German household has only two members. This is true, and yet a difference of 50 percent in household size cannot explain a difference of 200 percent in average wealth.

More convincing was the note that the differences in wealth were mainly attributable to property ownership habits in the various countries. Whereas just over 80 percent of households own their own homes in Spain (83 percent) and Slovenia (81.6), and even 90 percent in Slovakia, this is true of only 44 percent of Germans.

The following comparison shows what a significant role property ownership plays in wealth statistics: While the median wealth of a German household that owns its own house or condominium is €216,000, it's only €10,300 for renters.

It is also clear that homeowners in Spain and Cyprus are not nearly as wealthy as the ECB study suggests. The data for most EU countries are from 2010, while some of the information for Spain is even from 2008. In both countries, the value of many houses and condominiums has declined sharply. Spain alone has seen a decline of 36 percent in the meantime.

 

Two World Wars and a Partition

Nevertheless, some attempts to downplay differences in wealth within the euro zone are reminiscent of card tricks. One argument holds that the Germans are portrayed as being too poor, because their figures do not account for their claims against the government pension system. In other countries, people provide for their retirement by buying property, which Germans don't have to do because they have government pension insurance.

But this is a spurious argument. Claims against a government pension fund do not constitute the asset accumulation in the classic sense, but rather a promise that could quite possibly not be kept. The current working generation pays for the pensions of retirees, which is precisely why pension claims cannot be reflected in the wealth calculation. They are offset by the younger generation's obligation, which is essentially a liability to vouch for the claims.

There are in fact understandable reasons why the Germans even lag behind such crisis-ridden countries as Greece, Cyprus and France when it comes to asset accumulation. In the last 100 years, Germans have been the victims of several events with the traits of expropriation. The hyperinflation of the 1920s, a consequence of World War I, destroyed the wealth of a middle class that had seen its fortunes consistently improve during the German Empire.

The monetary reform of 1948 eliminated the Reichsmark, which had become worthless after Germany's defeat in World War II, and wiped out the savings of an entire nation. In East Germany, 40 years of socialism destroyed the last vestiges of wealth and property. In the less than 23 years since German reunification, residents of the former East German states have not yet managed to attain the same levels of affluence as their fellow Germans in the west.

Most countries in the euro zone were spared such disasters. Either they emerged victorious from the two world wars, like France, or they remained neutral, like Spain. Either way, their citizens were able to build wealth over generations.

It is also not surprising that the Germans, despite high incomes, accumulate much less wealth than their fellow Europeans. Wealth consists of savings from the past. But German citizens tend to spend their money on consumption. They have no objection to renting expensive city apartments. They also like to go on vacation two or three times a year. In other words, those who spend their money lack funds to accumulate assets.

'A Devastatingly Shoddy Piece of Work'

The news that they are supposedly so much more affluent than the Germans was the source of astonishment -- and, in some places, outrage -- in Europe's debt-ridden countries.

Nikos Trimikliniotis is sitting in his garden in a modest suburb of Nicosia. The 44-year-old has a stack of documents spread out in front of him: academic studies, newspaper articles and notes. Trimikliniotis, a professor of law and sociology, is one of the leftist academics in Cyprus whose opinion carries some weight. In his opinion, the ECB study on the wealth of private households in the euro zone is "a devastatingly shoddy piece of work," and "completely misleading and dangerous."

Although the Cypriots are at the top of the ECB table in terms of their assets, "these are average values," says Trimikliniotis, "and they are from 2009 and 2010. And why aren't the different standards of living, the different social insurance systems and infrastructure in our countries compared at the same time? Why does the study fail to mention that social services like childcare are not subsidized in our country?"

He has other figures on hand, figures that do not appear in the ECB statistics. "They show that one in four Cypriots is threatened with the poverty of old age," he says. "One in two Cypriot retirees already lives on a pension of less than €4,000 -- a year. And now, with the austerity measures and sharp decline of the gross domestic product, old-age poverty will only get worse."

When the European press has addressed the ECB study at all in the southern countries, it has tried to downplay the numbers, citing the usual arguments, like property ownership, which has also declined sharply in value, and household size. Most of all, the press has warned against drawing the wrong conclusions from the statistics.

Italy Swimming in Poverty, not Money

The numbers, Italy's leading business newspaper Il Sole 24 Ore wrote, seem to suggest that "la Bundesbank" were trying to say to us: "You're the rich ones, and if you have problems, kindly solve them on your own."

Italy isn't swimming "in money, but in poverty," the paper argued, noting that 16.5 percent of Italians are considered poor while only 13.4 percent of Germans fall below the poverty line. The Italian central bank prepared its own report, which emphasized that Italy has more poverty and a lower average income, but also more wealth and less private debt.

It isn't this supposed wealth but growing poverty that has Italians upset these days. And it isn't the lives of the rich that shape the headlines, but the fates of people like Anna Maria Sopranzi, 68, and Romeo Dionisi, 62. Dionisi was a self-employed craftsman from Civitanova Marche in central Italy.

Sopranzi and Dionisi hung themselves from a heating pipe in their basement. A farewell note was stuck to the windshield of their neighbor's car. "Forgive us," they had written. Deeply in debt and impoverished, they had had no income for months but plenty of delinquent customers. Right up until the end, they hadn't shown any signs of despair or asked for help, neither from relatives nor the church.

They died of shame, and of the burden of the demands imposed by Equitalia, a government-owned company that collects taxes for the tax authorities.

People commit suicide every day in Italy. This was also the case before the crisis, but the deaths of Sopranzi and Dionisi were suicides committed out of despair, a warning sign that shook the entire country. The newly elected president of the parliament, Laura Boldrini, a former spokeswoman for the United Nations High Commissioner for Refugees, attended the funeral. "This is government murder," people said in the church. "To you we are just numbers." The archbishop appealed to politicians, saying: "It must become clear to you that we can no longer manage."

Plunging into Poverty

The crisis has plunged many people into poverty in Southern Europe, people who no longer know how they will make ends meet. Unemployment has risen to record level, and there are no new jobs in sight.

In Spain, a third of residents have taken out mortgages on their homes. With more than 4 million people losing their jobs in the years of crisis since 2007, many have been unable to continue servicing their loans with banks and savings banks.

There were 30,000 foreclosures last year alone, and most of them were primary residences. In most cases, the downgraded price paid at auction isn't sufficient to cover the entire outstanding debt, so that the mortgage holder is forced to continue paying high penalty interest and pay off the remaining debt in installments.

The foreclosure victims have formed self-help groups in recent months, and they have collected signatures to achieve a change in mortgage laws the European Court of Justice has ruled illegal and make personal bankruptcies possible.

In response to the government's neglect of the plight of thousands of families, protesters marched a week ago Tuesday in front of the offices of the governing party, Partido Popular (PP), in Barcelona and many other cities. They blew whistles and waved cardboard signs with the words "Stop desahucios!" ("Stop the evictions").

 

A Culture of Shirking Taxes

But even people who are considered affluent by the numbers do not consider themselves rich. They too feel that they are victims of the crisis, and they are worse off today than in the past. But does this mean they cannot be expected to bear a greater burden to save their country?

Take, for example, Dimitris, a resident of Crete (not his real name). He's a post office employee, his wife works in university administration, and both have been public servants for decades, which gives them secure incomes and small pension claims, although those benefits have been cut substantially since the debt crisis hit Greece.

Dimitris, his wife Maria and their two teenage sons live in a condominium in the administrative capital Heraklion. They also own a building in the southern part of the island with a small owner's apartment and 12 guest rooms that are rented out, a small but clean building with a view of the water, directly on the beach. The mother lives in a small house that she owns in the nearby village. The road to the village passes Dimitris's olive groves and fields of orange trees.

Now that he is close to retirement, Dimitris devotes most of his time -- including his working hours -- to the trees, which he grows organically. Dimitris and Maria are not doing well, subjectively at least. "Our costs are too high," he complains, after maneuvering one of his three cars into a parking space at the beach. "Just imagine. Now we have to pay taxes on all three properties and the cars."

The world doesn't make sense to Dimitris anymore. "Twenty-five percent," he says. He now loses a quarter of his earnings to taxes. "I don't know how I'll manage it."

In the past, life for Greek civil servants was often a different one. Their income taxes were taken directly out of their wages, but the tax authorities could traditionally be easily circumvented when it came to side earnings from things like olive oil sales or renting rooms to tourists.

Lois Labrianidis, a 59-year-old economist and professor at the University of Macedonia in the northern Greek city of Thessaloniki, attributes the lack of acceptance of tax payments and a tax liability to a sort of north-south gradient in the general consciousness, as well as an absence of public spirit. "We lack the parameters," he says. He is referring, for example, to the recognition that paying taxes to the government also enhance a citizen's personal social security and provisions for old age.

Southern Europe's Shadow Economies

Southern Europeans in a number of countries have traditionally paid no taxes on a good share of their income, which is one reason households with far smaller incomes have been able to accumulate substantially larger assets than German households.

Estimates by Friedrich Schneider, an economist in the Austrian city of Linz, reveal how horrifying the scope of the shadow economy is in the crisis-ridden countries of the euro zone. Among all the countries in the Organization for Economic Cooperation and Development (OECD), Greece, Italy, Portugal and Spain occupy the first four positions in the applicable negative ranking.

On the Iberian Peninsula and in Italy, the hidden economy makes up 20 percent of GDP, compared with almost 25 percent in Greece. By comparison, it only constitutes about 13 percent in Germany, and significantly less than 10 percent in other euro countries, like Austria and the Netherlands.

The greater the importance of moonlighting, the lower the tax revenues. The shadow economy deprives Spain, Italy and other countries of dozens of billions of euros in tax revenue each year, and has been doing so for decades.

Schneider's figures also show that in Greece, Spain and Portugal, the shadow economy plays an even greater role today than it did in the late 1980s. The scope of the shadow economy has declined in Italy, but only slightly. In other words, if attitudes toward taxation in Southern Europe were just as good as they are in the north, the debt-ridden countries would have solved their budget problems long ago.

All problems aside, Lars Feld, a member of the German Council of Economic Experts, also sees the ECB figures as good news. "They show that Germany, with its tough conditions for the euro bailout funds, is in the right."

After all, the debt-ridden countries are only eligible for the billions from bailout funds if they satisfy certain conditions in return. In addition to spending cuts and tax increases, they generally include the obligation to actually collect taxes. If tax laws not only appear on paper, but are also enforced, then "even Greece will be able to set aside doubts concerning the sustainability of its debts," says Feld.

Countries More Prosperous than Previously Thought

Despite the drawbacks and qualifications of the ECB's wealth figures, one realization remains: The countries of the south are far more prosperous than previously supposed.

For these countries' governments and the politicians in the partner countries dealing with bailouts, this can only lead to one conclusion: There is still plenty to be had. Cash-strapped countries that have already taken advantage of aid from the bailout funds should be required to increase their own contribution even further.

In fact, the ailing economies have already begun increasing taxes on their citizens, in some cases substantially. In this context, many governments are also taking aim at assets.

Last year, for example, Spain reintroduced a wealth tax that had been abolished five years earlier. It doesn't generate much in revenues, in fact, less than €1 billion. This is because of generous exemptions that can reach €1 million on properties used as primary residences.

The Socialist government in France introduced a special tax on assets last year, which generated €2.3 billion in revenues. The Greek government plans to tax the rich to an even greater extent. After the government drastically increased revenue goals for the wealth tax last year, it now expects revenues to increase from €1.2 billion to €2.7 billion.

The Fight against Tax Evaders

Economist Labrianidis also favors requiring the wealthy to play a stronger role in repaying the government debt. "The biggest problem is tax evasion and tax flight. And I'm not talking about the kiosk owner who doesn't give you a receipt for a pack of cigarettes," says the professor. He is referring to "the very rich," and he is calling for political will and a "wealth registry." Still, Labrianidis sees "no steps being taken in this direction. There is no political will to chase capital."

The average wealth of Greek households may seem high, but the country ranks near the bottom in Europe in terms of tax revenues. In 2011, tax revenues, including social security contributions, amounted to 35 percent of GDP, compared with an EU average of 40 percent.

Greek authorities are also making very little headway in their fight against tax evasion. Lists exist of delinquent doctors, wealthy people unwilling to pay their taxes and tax fugitives in Switzerland. There are also lists of undeclared swimming pools (which are subject to a tax) and proud owners of luxury yachts whose incomes are barely large enough to pay taxes. But the tax collectors continue to come up short. Last year, tax authorities were expected to drum up €2 billion in back taxes to help pay off the country's debt, at least under the conditions imposed by the troika consisting of the International Monetary Fund (IMF), the ECB and the European Commission. The actual figure was barely €1.1 billion.

 

'No Great Sacrifice'

In all southern European countries, the rich show little inclination to help pay for the consequences of the crisis. One exception is Diego Della Valle, 59, the inventor of the driving shoe and the president and CEO of Italian leather goods company Tod's. He proposes that companies like his, which are doing well despite the crisis, invest 1 percent of their profits to help the weakest members of society: the local elderly and unemployed youth.

In the case of Tod's, that would amount to €1.5 million, and if other profitable, publicly traded companies follow suit, he hopes to raise €150 million. Della Valle, who plans to launch his voluntary welfare contribution campaign this week, notes that this is something he can afford, and that for him it is "no great sacrifice, nor is it populism."

As nice as that may sound, keeping the government's hands away from private assets is a very popular pastime in Italy. It's an approach embodied by Silvio Berlusconi. More than anyone else, the self-made billionaire and longstanding former prime minister personifies the notion of circumventing the law and living according to the motto: Taking is more sacred than giving.

Although Italy has a high income tax rate of up to 43 percent, the government loses an estimated €120 billion a year to tax evasion and tax flight. There have long been discussions of tax increases and capital levies, but as is so often the case, little has ever been implemented.

Some ideas that have been discussed are the reintroduction of the land tax, an increase in the value-added tax and a wealth tax. The IMU, a tax on real estate ownership, including primary residences, was finally introduced under former Prime Minister Mario Monti. His predecessor Berlusconi had pledged, if re-elected, to reimburse around €4 billion in money that had been paid under the IMU tax. There was also a levy on yachts 10 meters or longer.

Sinking Revenue

Greece is in a similar position. Tax revenues have decreased instead of going up in the crisis. The self-employed alone reportedly owe the government up to €30 billion, a study by American researchers found.

The regular tax on real estate planned by the Greek government is also not going to materialize for the time being. Instead, the special tax on real estate will continue to be collected through electricity bills. The Finance Ministry knows this is the only halfway reliable method for the government to get its money. Starting this year, Greeks who own property, which is almost everyone, are required to provide the number of their electricity meter on their tax return. At the same time, some 30,000 customers a month are having their power cut off. The state-owned electric utility, DEI, reports that 80 percent of electric bills are paid very late or not at all.

Spain is a little further along in this respect. The conservative government of Prime Minister Mariano Rajoy, which came into office in December 2011, felt compelled to increase the maximum income tax rate from 45 to 52 percent. Rajoy also limited the possibility of reducing corporate income tax with write-offs. Before, on average, companies paid a de facto rate of only 10 percent to the government, says Josep Oliver i Alonso, a professor of applied economics at the Autonomous University of Barcelona.

Rajoy also reinstated the inheritance tax abolished by the Socialists, which will now apply to medium-sized and large estates. But because the crisis-torn population is already suffering under the increased value-added tax of 21 percent, as well as prescription fees and increases in taxes on alcohol and tobacco, Spaniards are growing less tolerant of the rich who try to avoid paying taxes on their money. New scandals are uncovered almost daily.

A former treasurer with the governing party, the conservative People's Party, hid €38 million in Swiss bank accounts, while a son of the former head of the Catalan government reportedly moved €32 million to tax havens. Even the son-in-law of the Spanish king allegedly siphoned ill-gotten public funds abroad.

Too Little, Too Late?

But the measures introduced to date by governments in the debt-ridden countries, their tax increases and their attempts to improve the tax administration will not be enough to come to grips with the massive debt in the long term. "Without cutting spending and introducing new taxes, most of the crisis-ridden countries will not be able to turn things around," says Guntram Wolff of the Brussels think tank Bruegel.

In his view, the ECB statistics at least point the way to how governments should address the problems. Italy is a case in point, with government debt comprising a gigantic 130 percent of GDP, compared with 80 percent in Germany. But at €173,500, median household wealth is almost three times as high as it is in Germany.

Peter Bofinger, a member of the German Council of Economic Experts, which advises the federal government, also believes that the crisis-ridden countries should ask the wealthy to make a substantially larger contribution. To clean up government finances, he is even calling for a capital levy. "The rich would then, for example, be required to relinquish a portion of their assets within 10 years."

A model of this sort of capital levy is the so-called Equalization of Burdens program implemented in Germany after World War II. At the time, the wealthy were compelled to pay a special tax for a period of 30 years.

Bofinger is convinced that a wealth tax would be far more appropriate than imposing a levy on savers, as was recently the case in Cyprus. "Resourceful wealthy people from Southern Europe will simply move their money to banks in Northern Europe, thereby evading the levy."

For Brussels economist Wolff, the ECB statistics provide more than just an answer to the question of who should pay the bill for the crisis in Southern Europe. "It becomes clear, once again, how unfair wealth is distributed, in Germany and elsewhere."

What he means is that wealthy Germans should also be expected to cover the costs of the crisis. "The effort to rescue the euro would be completely absurd if, in the end, the relatively poor average German household helped the super-rich in Greece avoid paying higher taxes."

Translated from the German by Christopher Sultan

 

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Sun, 04/28/2013 - 09:52 | 3507313 ParkAveFlasher
ParkAveFlasher's picture

If I loan you a thousand dollars and you don't pay me back, you're screwed.  If I loan you a million dollars and you don't pay me back, I'm screwed.

Vendor-financing only ends one way: you end up screwing yourself three ways.  You are out the money you've lent, you are out the goods you've sent, and you are out the time you've spent.

My condolensces to the German people.  

Sun, 04/28/2013 - 10:05 | 3507344 Salah
Salah's picture

If I were a German....it would be "screw this shit", i.e. "now why the fuck are we doing this, Fraulein Merkel?"

It's as if the USA has now decided to make all the Mexicans & Central Americans, via their "governments" & "banking systems"  accountable....what a goat-fuck that'd be.

Does anyone remember that Argentina, was slated to dollarize 100% just before Clinton left....and lo and behold, the Eccles Building Gang discovered in the nick of time, their uber-crooked Prez Carlos Menem had been cooking the books?

 

Sun, 04/28/2013 - 10:14 | 3507359 DoChenRollingBearing
DoChenRollingBearing's picture

Germany ought to just say "No".  Look at how these other countries treat them!  Germany ponies up the money, yet they demand conditions, ah, I do not kow how smart that is.

I have NO IDEA if the reports are true that the other countries are "richer" than Germany.  But, if I were German, I would not be happy giving away any of my money...

Sun, 04/28/2013 - 10:20 | 3507370 ParkAveFlasher
ParkAveFlasher's picture

If the market saturates with German goods that the Germans themselves have financed, then the Germans would have very industriously painted themselves into a corner.  DoChen, what kind of customer of yours would demand such liberal terms like "free"?  Perhaps the kind that is holding your gold ransom!

Sun, 04/28/2013 - 10:30 | 3507383 Deo vindice
Deo vindice's picture

Hey, here are a couple novel ideas for countries to get out of debt.

1. SPEND LESS MONEY!

2. TAKE SOVEREIGN CONTROL OVER YOUR OWN CURRENCY

That way you can leave your citizens with their own personal wealth.

But for this to happen, Joe citizen has to take personal responsibility for his/her own situation in life and quit depending on "someone else" to pay for their standard of living.

Sun, 04/28/2013 - 11:01 | 3507420 ThirdWorldDude
ThirdWorldDude's picture

Spiegel's article is a bunch of pre-election hypocritical horseshit served by a status quo propaganda whore:

 

1. Germany/Merkel justifying bank deposit robbery "template" with the excuse that Germans are so much poorer than Cypriots, Portuguese, Italians or Irish;

2. If Germany refuses to bear the consequences of financing bankrupt EU countries, then the solution isn't any more difficult than letting said countries off the EUR hook;

3. Have Germany or anyone else been serious, they'd implement Maastricht's Euro convergence criteria regulations from the very beginning. The fact that they haven't is a flagrant evidence that all this jawboning is but a large kabuki theatre pushing for European people to start blaming each other for the current economic disaster, instead of jointly pointing fingers towards Brussels bureaucrats, central wankers and the rest of the NWO machinery...

Sun, 04/28/2013 - 11:14 | 3507442 Terminus C
Terminus C's picture

The article only touched on the the real issue.  To whom are the bail-outs of the PIIGS going?

This is not about nationalism, this is about class-warfare, the elites sheering the sheep.  The elites are using nationalism to confuse the sheep so that they don't know who the real enemy is. 

Sun, 04/28/2013 - 12:11 | 3507519 Jam Akin
Jam Akin's picture

Ah, but is it really true that in the southern european countries that it is the "sheep" that hold the assets?   It is more a pitting of Heinz Sixpack against the asset holding class in the Med countries for political reasons in Germany.  The Med nation asset owners are hardly sheep - they are connected, have economic power, and have weathered uncertain economic/political conditions for generations in many families.  

And there is a simultaneous battle going on between the asset holders and the political class within the Med countries over the attemps to confiscate/loot/impose austerity.  Looking toward external help is by far the easier political path - when one can't simply print up cash at will.

Sun, 04/28/2013 - 19:41 | 3508496 charliehbryan
charliehbryan's picture

Germans have excelled at the game of national self-pity, ever since 1919. I'm reminded of British Prime Minister Disraeli's observation that there  are 'Lies, damned lies, and statistics." If you take my income and Bill Gates' income and average them, why, our average income is $50,000,000/year (approximsately). Likewise, if you average in a few Cypriot multi-gazillionaires with the ordinary Cypriot, the average will appear high. But the reality is that many Cypriots are far, far poorer than the average German.

Germans really want to have their cake and eat it too. They want the PIIGS economies to purchase German goods and keep their factories humming, but they don't want to finance that consumption by supporting the common currency. If I were a Cypriot, Greek, italian, Spaniard or Irish, I'd be carrrying anti-Merkel signs too.

Sun, 04/28/2013 - 10:27 | 3507384 SafelyGraze
SafelyGraze's picture

if you don't pay me the money I feel like you owe me, then you should at least suffer austerity until I feel satisfied you have suffered enough.

likewise for your children and grandchildren.

charmed, 
evelyn

Sun, 04/28/2013 - 12:15 | 3507538 ThirdWorldDude
Sun, 04/28/2013 - 12:49 | 3507592 Kirk2NCC1701
Kirk2NCC1701's picture

Evelyn de Rothschild.

Sun, 04/28/2013 - 12:48 | 3507594 palmereldritch
palmereldritch's picture

European Union = National Slowcialism

Sun, 04/28/2013 - 16:35 | 3508100 DoChenRollingBearing
DoChenRollingBearing's picture

@ ParkAve, you wrote:

"DoChen, what kind of customer of yours would demand such liberal terms like "free"?"

All of our customers would want free bearings, and if we charged them next-to-nothing, they would want credit anyway...

Sun, 04/28/2013 - 10:25 | 3507378 nmewn
nmewn's picture

I wouldn't hand over a dime. And I definitely wouldn't impose myself on the obviously more distressed.

Its kinda like giving a bum a quarter and stealing his shoes...lol.

Mon, 04/29/2013 - 09:21 | 3509639 thewhitelion
thewhitelion's picture

"But, if I were German, I would not be happy giving away any of my money..."

Amen! But the whole article is built on a bullshit question.  Who should pay to save the euro?

Why should anyone pay to save the euro?  Each person/country should make their own decisions, and then live with the consequences.  This notion of "leaders" making tough calls to save us all is BULLSHIT!

And, in the end, really about saving the bankers/elites/status quo anyway.

Sun, 04/28/2013 - 10:18 | 3507368 Croesus
Croesus's picture

Love this:

"the protesters and all of Merkel's other critics in Rome, Madrid, Nicosia and Athens agree on one thing: Germany should pay for the euro bailout, as much as possible and certainly more than it has paid so far.

They argue that Germany is a rich country that has benefited more than all others from the introduction of the euro, and that it has flooded other European countries with its exports, becoming more prosperous at their expense."

Translation: "Responsibility should be 'someone else's problem'."

 


 

Sun, 04/28/2013 - 10:33 | 3507391 Deo vindice
Deo vindice's picture

Yup. They didn't have to buy the German goods. It's a matter of choice. Just like I choose NOT to buy made in China goods.

Sun, 04/28/2013 - 12:24 | 3507545 FeralSerf
FeralSerf's picture

Good point. Those Greeks and Cypriots should have bought Greek and Cypriot made cars.

Sun, 04/28/2013 - 12:54 | 3507601 Kirk2NCC1701
Kirk2NCC1701's picture

Yugos!

Or Fiat cars with fiat money.

Sun, 04/28/2013 - 14:47 | 3507904 FeralSerf
FeralSerf's picture

Zee Germans said those Yugos and Fiats were no good and would cost more in the long run and that it's better to buy a German car.  They also said they would finance a German car, but not a Yugo or a Fiat.   The Germans wouldn't lie, would they?

Sun, 04/28/2013 - 10:06 | 3507345 Misean
Misean's picture

Oh how 1980's of you...a million...pfff.

Sun, 04/28/2013 - 10:15 | 3507361 ParkAveFlasher
ParkAveFlasher's picture

Great point.  Should have a tril.  A million dollars in a northeastern urban corridor suburb now buys you one nice home plus one rental property for income.  Talk about modesty.

Sun, 04/28/2013 - 11:36 | 3507478 Eireann go Brach
Eireann go Brach's picture

Did Obama write this?

Sun, 04/28/2013 - 15:48 | 3508013 gwar5
gwar5's picture

Agree, but banks should be made to take losses on debt that can't be repaid.  Bankers not only made all the bad bets, they got their puppet politicians elected to take on all the odious debt.

 

The bankers should have cut off their pocket politicians 20 years ago before it came to this. Their bad. If we don't break up all the 'SIFIs' (new term for TBTF) now,  then we all fucked for the rest of eternity.

The bankers are shrewdly using their politicians to make all the little people fight amongst ourselves. We now point fingers at each other to see who still has a house, or a savings account, so we can sell out our neighbors as a "creditor" so they will be sacrificed instead.  

The Bankers are laughing at us because they are being left out of the discussion! I don't think central bankers and MP of the EU even pay any taxes.

 

 

 

Sun, 04/28/2013 - 09:46 | 3507314 Yellowhoard
Yellowhoard's picture

The world is galloping into darkness.

Sun, 04/28/2013 - 09:57 | 3507329 Spigot
Spigot's picture

I'm seeing 4 horses of varying colors...

Sun, 04/28/2013 - 10:10 | 3507356 carbon
carbon's picture

ha ha ha ha SPIEGEL STORY, its like Goebels twist hustle ! AT AM 5:45 wird zurück geschossen.

Sun, 04/28/2013 - 11:18 | 3507449 Terminus C
Terminus C's picture

Propaganda yes, but not "German" propaganda.  International banker/overlord propaganda.

Sun, 04/28/2013 - 15:10 | 3507948 gwar5
gwar5's picture

Darkness, darkness, be my pillow,
Take my hand, and let me sleep.
In the coolness of your shadow,
In the silence of your deep.
Darkness, darkness, has me yearning,
For things that cannot be.
Keep me my mind from constant turning,
Toward the things it cannot see,
Things it cannot see,
Things it cannot see.

-- Jesse Colin Young, 1969


Sun, 04/28/2013 - 09:48 | 3507318 Spigot
Spigot's picture

"Confiscation" seems like such a dirty word. Maybe we can change that to create better optics? How about "reconciliation" or "resolution" or "reorganization"?

So, the Germans suggest other nations abrogate their citizens' property rights by outright theft.

Hey, Herr German citizen, ... you getting a clue yet about what is coming your way?

Sun, 04/28/2013 - 10:21 | 3507376 Croesus
Croesus's picture

@ Spigot:

Obviously, I don't agree with the bail-in plan, since it's legally-mandated theft, but what thinking person in the world actually believes this idea originated with Merkel?

Lord Acton was right.

Unfortunately, the great masses are too goddamned dumb to do anything, except point their fingers at people who were bit-players at best.

Hey World Citizens: Do you think it's NOT coming your way?

Sun, 04/28/2013 - 11:19 | 3507451 Terminus C
Terminus C's picture

gold bitchez...

Sun, 04/28/2013 - 15:35 | 3507986 Kirk2NCC1701
Kirk2NCC1701's picture

Of course it is coming our way. In that sense, most Europeans are way ahead of Americans...

Given that their countries are about the size of our states, they have "internationalized" their assets ("pulled a Simon Black or Doug Casey"). To them it's no more a big deal than for Americans "internationalizing" the assets in other States.

Now those EU 'States' want the equivalent of our IRS, to get those interstate tax avoiders ('cheats').

Going further afield is just a logical progression of that interstate game. Capish?

Sun, 04/28/2013 - 22:44 | 3508886 Spigot
Spigot's picture

Its as old as the sovereign having more swords and spears than the nobelman whom he subsequently impoverishs...which would make that about 8,000 years give or take (at least as far as we know)...

Sun, 04/28/2013 - 09:51 | 3507320 Aeternus
Aeternus's picture

Seek shelter, comex default is nigh.

 

http://www.youtube.com/watch?v=fyklt01lN_I

Sun, 04/28/2013 - 10:05 | 3507347 Manipuflation
Manipuflation's picture

Aeternus:  I liked what you did and posted it.  You win hands down.  Do you have more?

manipuflation@boatingaccidentnews.com

 

http://www.boatingaccidentnews.com/the-best-harlem-shake-video/

Sun, 04/28/2013 - 09:55 | 3507322 spanish inquisition
spanish inquisition's picture

This image depicts a country whose households own less on average than those that are asking for its money.

What this tells me about Germans, is that they are very good at moving money out of Germany and into secret accounts.

Sun, 04/28/2013 - 09:59 | 3507338 Spigot
Spigot's picture

If there is anything that savy Europeans know, its that European governments are, ultimately, tyranies which will harm them as they fail. Consequently they hold a butt load of physical gold in order to weather the repeated "storms" of governmental collapses. Too bad they also do not own sufficient arms and ammo to end their "betters" delusions earlier rather than later.

Sun, 04/28/2013 - 12:32 | 3507559 bank guy in Brussels
bank guy in Brussels's picture

We have about 75-100 million privately owned handguns, shotguns and rifles in Continental Europe, perhaps 'sufficient arms and ammo'.

And, unlike Americans, we are much more willing to hit the streets with demonstrations, general strikes and riots. The European courts and legal systems are much less repressive ... we only have 1 out of 1000 Europeans in jail, versus 1 out of 140 Americans already in jail right now. 1 out of every 40 working-age US males is behind bars, today.

Our willingness and ability to demonstrate and riot, will bring down all these quisling governments, and will put an end to the German - Troika EU dictatorship

---

European gun facts -

Germany has 25 million civilian privately owned handguns, shotguns, rifles

France: 19 million civilian privately owned handguns, shotguns, rifles ... And so on.

We even have two shooting clubs here in Brussels, where people like me enjoy shooting our .45 pistols etc. ... In our little Belgium: 2 million civilian privately owned handguns, shotguns, rifles

We do not carry them around, or have as high gun ownership rates as in the US, but we have enough.

Yes, the crazy UK Brits confiscated all privately owned handguns in the 1990s - But they are extremists, the Anglo-American disease.

It is not like that on the Continent. Here we know the Nazis can come back, older people here still remember the last time the Nazis were occupying.

Facts of gun ownership and policies in countries around the world:
http://www.gunpolicy.org/

Sun, 04/28/2013 - 15:01 | 3507934 gwar5
gwar5's picture

Encouraging, good to know. I think the fact the Swiss are so well armed has keep them somewhat insulated from many deprivations. 

 

I don't know what the Constitutions of European countries say, but in the US, we are the sovereigns -- all 300 million of us. There is no higher authority. Not even the Supreme court has dominion, eg., back in the day SCOTUS even ruled in favor of slavery and segregation. They are all just temporary hired employees who beg for those jobs and take an oath to follow just two pages of written instructions.

 

Those fuckers won't even do that. They are completely abandoning rule of law to protect criminal private bankers and militarizing DHS to kill us. Such acts are truly treasonous. It's not going to come to a good end.

Sun, 04/28/2013 - 22:46 | 3508890 Spigot
Spigot's picture

Private ammo sales in the USA exceed 4 billion rounds per year, every year ...we LIKE ammo (hehe)

Sun, 04/28/2013 - 12:56 | 3507605 Z_End
Z_End's picture

Not for the average German I think. They are buying a lot of gold and silver. Or real estate if they can.

Sun, 04/28/2013 - 09:55 | 3507330 Joe A
Joe A's picture

"In the last 100 years, Germans have been the victims of several events with the traits of expropriation." Oh yeah, the Germans are really the victim of the 20th in Europe. Fucking hell. After killing, raping and pillaging Europe and throwing it into darkness, zee Germans just need to shut the fuck up, especially since they are the ones that profited the most from the Euro. People in south are better off than zee Germans? Go ask that the people in Greece and Spain who send their children hungry to school. Or are they also hiding some assets somewhere instead of feeding their children? Fucking Spiegel nazi bastard.

Sun, 04/28/2013 - 10:00 | 3507334 Manipuflation
Manipuflation's picture

Well that was a short and sweet article.  Did anyone read the whole thing?

What's up with the t-shirts Tylers?

 

If the Hedge is going to offer something for sale then maybe we should sell it?  Specifically these t-shirts.

 

 http://www.store.minus273.biz/product/zero-hedge-x-273-american-dream

 

If not for profit then for spreading the word.  If I am incorrect , then other ZHers will say so.

 

Sun, 04/28/2013 - 10:18 | 3507369 nmewn
nmewn's picture

I read about half of it until I got to here...

"The figures were obtained by the European Central Bank (ECB) and released last week. This image depicts a country whose households own less on average than those that are asking for its money."

Then it went into some cockamamy screed about "private ownership of assets" & how that its imperative, absolutely critical, that the rest of Europe set up their governments & cultures & social safety nets the way Germany has.

Basically, as another ponzi.

Sun, 04/28/2013 - 10:46 | 3507406 Manipuflation
Manipuflation's picture

LOL.  So basically we are still fucked?

Sun, 04/28/2013 - 11:00 | 3507418 nmewn
nmewn's picture

Completely...lol.

The lunatics are still running the asylum.

Sun, 04/28/2013 - 09:57 | 3507335 smacker
smacker's picture

 

 

I can see nothing "fair" in the notion that innocent citizens of any country who played no part in the financial/economic crises, should have their bank savings/deposits expropriated by their government to bail-out/bail-in any bank which has become insolvent as a direct consequence of government policy or its own casino gambling and criminal fraud. Fairness in this context is another term for 'collectivism'.

This is not fairness, it is plain criminal theft but is to be expected from the emerging fascism of the EU & EC.

I sincerely hope every EU/EZ citizen pulls their money out of every bank and then watches them implode. It's what they deserve.

Sun, 04/28/2013 - 10:23 | 3507377 MythicalFish
MythicalFish's picture

I don’t understand why ZHers have any sympathy for savers, be they Cypriot, German, Russian or otherwise. If you’re too jaded to start a business and too brainwashed to invest in PMs, and shop for the bankster with the most %%%, you deserve every bit of the haircut you get.

Sun, 04/28/2013 - 10:57 | 3507416 Diogenes
Diogenes's picture

When the game is rigged and everyone knows it, everybody games the system and nobody does any productive work. With nothing being produced all grow poor together. While all try to steal a piece of a disappearing pie and nobody is baking.

We are a long way down this road.

Sun, 04/28/2013 - 11:14 | 3507444 CrashisOptimistic
CrashisOptimistic's picture

Suppose you're 83, crippled, have heart disease, no pension, but a lifetime of savings. 

You think that guy has to go out and start a business?

Sun, 04/28/2013 - 12:09 | 3507527 KickIce
KickIce's picture

Nope, under Obamacare they'll drug him and house him in some rat holw while they drain his savings.

Sun, 04/28/2013 - 13:27 | 3507657 Non Passaran
Non Passaran's picture

Obamacare Life Panels

Sun, 04/28/2013 - 14:32 | 3507851 gwar5
gwar5's picture

It's a big red line that cannot be crossed.

 

Next it will be your house, your goats and your daughter. When all you have left is the shirt on your back, it will be your forced labor. When you are no longer useful, it will be your death.

Savings = sum total of the stored value of the productive workers' lifetime... after a lifetime of being taxed and inflated already.

If the state confiscates the remaining value of an individuals lifetime of work, the state has declared them to be slaves. There will never again be any incentive for people to work again. Property rights are a basic human right because it is a wall that separates civil society from chaos.

 

Sun, 04/28/2013 - 15:37 | 3507997 w00dmann
w00dmann's picture

I don’t understand why ZHers have any sympathy for savers, be they Cypriot, German, Russian or otherwise. If you’re too jaded to start a business and too brainwashed to invest in PMs, and shop for the bankster with the most %%%, you deserve every bit of the haircut you get.

 

I'm trying very hard to fathom the logic of your post.

If I'm understanding correctly, by your logic, unless each and every citizen of the world goes out and starts their own business then they deserve to have their life savings taken from them.  You do realize that this is by definition utterly impossible, don't you?  You do realize that there are a) employers who need b) employees, and that it is impossible for everybody to be in the "employer" camp, right?

Next, you slag people who invest in PM's.  What is wrong with investing in PM's?  What is wrong with trying to hedge your bets?  Unless of course you think there is a better "hedge" out there, but you fail to identify any.

Lastly, you slag people who store their money in a bank.  ...as opposed to what?  Stuffing it into mattresses??

Here is what I think you are really trying to say:  "I (read:  you) am one smart motherfucker, I started my own business and I take full responsibility for myself and make my own money.  Anybody who does any less is a loser and an idiot who deserves to have their money taken from them".  To which I say:  congratulations on running your own business, I believe that is truly admirable and I know how hard that is to accomplish.  However, old chum, you do not have the lock on wisdom and yours is not the one true path.  My advice is to cultivate a bit more compassion for your fellow man; you sound like you are coming from a place of extreme arrogance, which almost certainly precedes a fall.

Sun, 04/28/2013 - 12:04 | 3507509 KickIce
KickIce's picture

My thoughts exactly, this is nothing but an open cry for tyranny.

You have to let the markets fall then remove the filth that caused it. 

Sun, 04/28/2013 - 14:09 | 3507805 gwar5
gwar5's picture

We dun been couped. 

 

Paul Craig Roberts: "Private bankers are trying to solve their problems by eliminating democratic self government. Democracy is a human acheivement that took thousands of years. They would wipe it all away rather than take their lumps."

Sun, 04/28/2013 - 10:02 | 3507339 THE DORK OF CORK
THE DORK OF CORK's picture

A strange article.

 

 

"expected to bear a greater burden to save their country?"    you forgot the last bit - save the countries BANKS.

This is a crisis of double entry money , not government fiat which sadly does not exist in Europe.

 

We must reduce people to poverty (like our favourite banking pets the Germans) so as to make whole our balance sheets.

 

Go fuck yourself.

 

 

Sun, 04/28/2013 - 10:15 | 3507360 Spigot
Spigot's picture

Luvin' the Cork Dork this AM.

+1234567890

At some point all the "little people" will recognize the take over of their "governments" by theiving bastards and will find very creative ways to assure the "reorganization" of same.

Disclosure: I an long on ROPES...

Sun, 04/28/2013 - 11:24 | 3507460 Terminus C
Terminus C's picture

Yea, the nationalist spin on this article was a bit hard to take and totally (IMO intentionally) distractionary.

reminds me of the Back to the Future series where Marty always got away by pointing behind someone and yelling, "What is THAT!"  As a kid I always thought, "who would be dumb enough to fall for this..?"  Yet this is exactly the tactic TPTB use, daily...

*shakes head*

Sun, 04/28/2013 - 11:54 | 3507496 aleph0
aleph0's picture

@Dork

"We must reduce people to poverty "

 

Plans are already underway.

The Green Party is saying anyone (German) earning above 60K p.a.  is a  "Top Earner"  ( Spitzenverdiener ).

http://www.rtl.de/cms/news/rtl-aktuell/steuerplaene-der-gruenen-wer-muss...

 

Above 60K p.a. , they want 45% Income Tax on the rest.  
Above 80K p.a. , they want 49% Income Tax on the rest.

And don't forget ALL the other extras that are paid AS WELL AS the Income Tax.
IIRC :
State Pension ca. 18%
Medical Ins. ca. 12%
Church tax is 11% of Total Income Tax  .. ON TOP !
.... plus a few other odds and ends.

At least with the ca. 8,000 EUR "Freibetrag" ( Tax allowance ), we can be sure to at least get paid something at all .
;-)

Galt wasn't stupid !
Galt was spot on !

I remember a few years  ago, some UK Politician actually suggested that we should just let Cos. send our salaries directly to the Govt. , and let them decide how much we get back.

Sun, 04/28/2013 - 13:58 | 3507780 gwar5
gwar5's picture

Obama doing same thing. 'Top Earner' will be redefined by politicians downwards again and again.

 

...Despite the inflation tax which already confiscates a percentage of all life savings, year after year, not just income. $32,000 in 1964 was the equivalent of todays US definition of wealthy top earners.

 

Sun, 04/28/2013 - 10:02 | 3507341 Sid James
Sid James's picture

Arbeit macht frei bitchez.

Sun, 04/28/2013 - 10:02 | 3507342 nmewn
nmewn's picture

Arguing over the permissable degrees of socialism/statism...ya gotta love it...lol.

Sun, 04/28/2013 - 11:06 | 3507430 spanish inquisition
spanish inquisition's picture

Correct. Let us argue if it should be the benevolent "lets take care of everyone" socialist boot on your neck or the "freedom and democracy with capitalism for all" fascist boot. Either way, it's totalitarianism or bust at this point.

Sun, 04/28/2013 - 10:05 | 3507343 BearClaw
BearClaw's picture

 "The effort to rescue the euro would be completely absurd if, in the end, the relatively poor average German household helped the super-rich in Greece avoid paying higher taxes."

Helps explain why Berlin is one of the centers for the Bitcoin trade.

 

Sun, 04/28/2013 - 10:42 | 3507402 nmewn
nmewn's picture

Ok, I'll say it ;-)

Bitcoin is Hot Money!!!

Sun, 04/28/2013 - 10:05 | 3507346 Son of Loki
Son of Loki's picture

BREAKING NEWS:

 

Fish swims by window in Grand Rapids, Mich.

 

http://photoblog.nbcnews.com/_news/2013/04/21/17852725-fish-swims-by-win...

 

MSM at its finest!

Sun, 04/28/2013 - 10:28 | 3507385 Go Tribe
Go Tribe's picture

Underwater. Very appropriate.

Sun, 04/28/2013 - 10:32 | 3507387 francis_sawyer
francis_sawyer's picture

BREAKING NEWS:

 

5th grader 'suspended' for bringing a Swiss Army Knife to a CAMPING TRIP

http://now.msn.com/braden-bandermann-a-fifth-grader-suspended-for-bringi...

Sun, 04/28/2013 - 10:35 | 3507394 nmewn
nmewn's picture

They searched his home and found a pressure cooker too ;-)

Sun, 04/28/2013 - 11:29 | 3507467 Awakened Sheeple
Awakened Sheeple's picture

That's not funny anymore. Here's a link from a local paper. In it, a reader opines that we need "pressure cooker control." It reads like ZH snark, but is serious.

http://journaltimes.com/news/opinion/mailbag/letters-from-readers-newtow...

Sun, 04/28/2013 - 12:08 | 3507518 Socratic Dog
Socratic Dog's picture

Umm, I think that may have been satirical.  I bloody hope so....

Sun, 04/28/2013 - 13:26 | 3507683 css1971
css1971's picture

It isn't clear to me any more. Are pressure cookers covered by the 2nd amendment now?

Sun, 04/28/2013 - 12:52 | 3507603 FeralSerf
FeralSerf's picture

They searched his home making note of any gold and silver coins he may have so that they may be confiscated in the upcoming wealth tax.

Guns and ammo were also cataloged and serial numbers recorded so that compliance with applicable laws could be determined.

Sun, 04/28/2013 - 10:41 | 3507400 TeamDepends
TeamDepends's picture

He probably had a backpack too.  Beware vigilant citizens, terrssts come in all shapes and sizes!  Heck, who's to say that wasn't an Al-CIAda spy fish above.

Sun, 04/28/2013 - 11:45 | 3507448 francis_sawyer
francis_sawyer's picture

Next fucking camping trip, they're going to probably have to hire a fully dressed tactical SWAT team [as chaperones] to keep the camping activities calm & peaceful...

~~~

People... shit like this doesn't just happen on its own [because WHO IN THEIR FUCKING RIGHT MIND WOULD EVER CONSIDER A SWISS ARMY KNIFE TO BE 'CONTRABAND' ON CAMPING TRIP]?

Instead ~ 'Thinking' like this derives from a series of events & happenings [that, if the 'reporting' on the events, & maybe even the 'staging' of the events themselves produces knee jerk reactions, which, as standalones, would be considered ludicrous]...

So what I always do is FOLLOW THE PATH: [which more or less goes as follows]

- What 'entity' was responsible for the ACTS OF TERROR that caused the subsequent knee jerk <if you answer 'Muzzies' here, & believe that, you're hopelessly lost>

- Who are the REPRESENTATIVES of the 'entity' that was responsible for the ACTS OF TERROR which [insert 'Farmer in the Dell' flow chart sequence here]

- Assuming that most REPRESENTATIVES [Politically], are basically just serving their own masters... WHO are the masters they are serving?

- What is the AGENDA of the masters that they may be serving?... [Unless ~ of course, the masters HAVE NO AGENDA, which is rather absurd, because then... 'Why all the bother'?...

- What are the 'mechanisms' needed to be in place to bring a story [ANY STORY] to the forefront of people's attention... I mean, the Texas warehouse explosion was, BY FAR, more devastating than the Boston Marathon, but why did it receive hardly attention at all?

- To ANSWER the above question: It requires cooperative efforts by:... MSM... Politicians... An MIC [mobilized paramilitary action, brought to the TV screen]... &, of course, a PROFIT motive [which can either be immediate ~ or part of a puzzle that is in SLOW COOK]... You probably also need a legal system in there somewhere to make sure the right people skate and that the patsies are brought to justice...

- So now you ask yourself... WHO are the 'figureheads' of the MSM, Political Activism, MIC, Jurisprudence, & ultimately, banking [which assures that these other things ~ which would never exist on their own ~ are well funded]...

~~~

I GUESS I'M AT A LOSS FOR WORDS TO KEEP DIGGING...

~~~

"If you REALLY want to bore people, start telling them the whole truth"

~Voltaire

Sun, 04/28/2013 - 12:03 | 3507508 TeamDepends
TeamDepends's picture

No one rants like you francis, keep it up!  Here is another gem from Voltaire:  Those who can make you believe absurdities can make you commit atrocities.

Sun, 04/28/2013 - 12:12 | 3507528 Manipuflation
Manipuflation's picture

Francis, why do you [write like this]?  Are you just trying to extract value from the extraneous keys on a keyboard?

Sun, 04/28/2013 - 15:13 | 3507952 francis_sawyer
francis_sawyer's picture

It's difficult as shit to hold on to people's attention [especially when reading text on a blog]...

~~~

Therefore... You need to use page indents, [~~~], to avoid wrap around text... Short Sentences, which may stand alone as thoughts... & sometimes parenthesis [to imbed supportive narrative within general thoughts]... I also often punctuate with 3 'periods'... Which, I feel, acts as a split second pause between sentences [as political speechwriters do for their candidates ~ Always watch how smooth operators like Clinton & Obama give speeches... It's all done with a purpose]... In synthesis, I try to use the keyboard in a way that it 'sounds' like I'm talking rather than typing [whether it works or not]... Obviously it doesn't work for some because they tell me they don't read any of the shit I write anyway... Then proceed to junk my comment... :-)

The answer to [] vs. (), is that the former doesn't require the SHIFT key & I'm a hunt & peck typer...

Now ~ "Do you want to know my favorite color?"

~Col. Nathan Jessup

Sun, 04/28/2013 - 13:50 | 3507750 Anusocracy
Anusocracy's picture

Those in power are expressing a much higher level of paranoia to go with their already high level of psychopathy.

They are thinking that the public is becoming a threat to them.

Not a good sign by any means.

Sun, 04/28/2013 - 13:49 | 3507755 gwar5
gwar5's picture

Good one Francis. Follow the propaganda!

 

When a 5th grader with a Swiss army knife is a threat, then everything is a threat, and we are all threats who deserve to be snitched on to the proper authorities.

Another student was suspended the other day for wearing a "Suppport Our Troops" T-shirt in a military school, on a military base.

Sun, 04/28/2013 - 11:37 | 3507480 Hulk
Hulk's picture

DUMB FUCKING ASSESS...

Sun, 04/28/2013 - 12:00 | 3507502 smacker
smacker's picture

 

If this was not too sick, it would be too funny.

Does this not show the depths of madness that apparatchiks of the state and their wannabes have now stooped?

.

.

.

It reminds me of passing thru São Paulo/Brazil airport security last year with two cigarette lighters in my pocket.

One was an almost empty regular size, the other was a nearly full small size. They enforced their regulations: the small but full one was OK to take on board but the almost empty regular size was confiscated. Shaking my head in disbelief and trying to explain the idiotic logic had no effect.

 

Sun, 04/28/2013 - 12:36 | 3507571 Manipuflation
Manipuflation's picture

I leave my kids alone other than to feed, clothe and house them.  Sure I play around with them too.  But basically they are parasites that I love.

 I will admit that I do my daughter's math homework for her though sometimes and then turn to coinage as a better way to teach. 

How hard can it be?  If my daughter keeps this up she will be running the SEC in ten years time.

 

http://www.youtube.com/watch?v=fvPpAPIIZyo

Sun, 04/28/2013 - 13:42 | 3507741 gwar5
gwar5's picture

A picture of a Swiss Army knife will also get you a warning.

Sun, 04/28/2013 - 10:37 | 3507396 IridiumRebel
IridiumRebel's picture

They used the word "impacted". That is a VERY big word. That is good.

Sun, 04/28/2013 - 18:15 | 3508330 Mesquite
Mesquite's picture

The word that needs to show up more often is: Impeached...

Sun, 04/28/2013 - 10:05 | 3507350 buzzsaw99
buzzsaw99's picture

Poverty for the masses is and always has been the goal of the ptb.

Sun, 04/28/2013 - 11:20 | 3507455 Bohm Squad
Bohm Squad's picture

The road towards poverty also leads to dependency...so makes sense.

Sun, 04/28/2013 - 13:43 | 3507735 gwar5
gwar5's picture

Agree Buzz.  Sinclair had a thing on KWN saying exact same thing. Coming soon to all. He's starting to scare me.

Sun, 04/28/2013 - 10:08 | 3507351 Inthemix96
Inthemix96's picture

Lets play fair here.

Your average German is as much to blame for the shit we are in as much as your average, Brit, Greek, Sapnish, Irish, American, you get the drift.

I would hazard a guess not one fucking person on ZeroHedge had any say in the running or policy implications of their respective countries governments.

These feckless fucking arrogant thieves have ruined us all.  Carefull about casting blame about to those who dont fucking deserve it.  We didnt cause this, the big men in charge did.

Sun, 04/28/2013 - 11:41 | 3507483 Hulk
Hulk's picture

We're all Sapnish now !!!

Sun, 04/28/2013 - 11:53 | 3507495 Inthemix96
Inthemix96's picture

Spotted Hulk,

But believe me, you woudlnt like me when I get angry.

;-)

Sun, 04/28/2013 - 12:03 | 3507506 Manipuflation
Manipuflation's picture

Mix gets it from my perspective.  Spot on.

Sun, 04/28/2013 - 13:40 | 3507719 gwar5
gwar5's picture

UR right. I no longer follow the money (we know where that's going) I follow the propaganda. The direction of the brainwashing tells you what they'll do next. People aren't generally stupid, they're victims in-waiting, conditioned to believe the lies.  They're not meant to wake up until they get Cyprused.

Sun, 04/28/2013 - 13:56 | 3507772 Anusocracy
Anusocracy's picture

All too true, but the problem is still the existence of government, not the fact that some are using it for what it was created to do.

Sun, 04/28/2013 - 10:06 | 3507352 Winston Churchill
Winston Churchill's picture

Should be good for some bigger bank runs.

Those screams are not bank depositors you hear.They are

the financial Stuka's of the Fourth Reich diving.

Sun, 04/28/2013 - 10:15 | 3507354 Kina
Kina's picture

Must protect the Euro....at all costs.....it is the only thing that makes German exports competitive, whilst sidelining the competitiveness of the smaller weaker economies.

 

The Germans have lived off the massive benefit of the Euro that is much lower than a DMark would have been. It has helped German industry massively, and as we have seen, and will see, harms other economies who would have benefited much more from their own weaker currencies.

The Germans are telling half the story. How about they caculate the added benefit the Euro has given to Germany, and harm that it has caused to the smaller economies.

 

The benefit Germany has obtained from having the Euro will have been astronomical. No wonder they want to retain it....and rape the smaller economies at the same time.

 

 

Sun, 04/28/2013 - 10:09 | 3507355 Kina
Kina's picture

These weaker economies should leave the Euro now. Else all they have to look forward to is a never ending story of a currency far to strong for the economies, and leave them as second rate forever more.

Sun, 04/28/2013 - 10:15 | 3507365 The Abstraction...
The Abstraction of Justice's picture

We need austerity in Europe. All these protestors are not protesting for justice, for reform, for the honest application of Law, but for the continuation of their jobsworth non-jobs in government. As long as the governments do not balance their budgets the situation will keep getting worse. Time for the jobsworth protestors to shut up and get some good guys in front throwing bricks where they need to land.

Sun, 04/28/2013 - 11:48 | 3507487 smacker
smacker's picture

Quite so.

Austerity needs to be aimed at spending by government on more government. Currently that is not the case.

Sun, 04/28/2013 - 13:28 | 3507699 gwar5
gwar5's picture

True dat. If people are going to have to bite the bullet they might as well do it now on their own terms and tell Brussels to go fuck themselves. Take the Iceland offramp. Current path is just leading to bigger debt and dictatorship.

Sun, 04/28/2013 - 10:20 | 3507372 Silversinner
Silversinner's picture

North europe got screwed with zionist ponzi product(derivates)

Germany is to weak to stand up against them,so it is more

easy to take on some weak neighbours.

Would have been better invested in productive assets at home or

in south europe,but instead it was wasted in the ponzi casino

and in south europe soveriegn debt to pay for soc sec.

You can not get your gold from us so better take it

from Cyprus and............who is next??

 

Sun, 04/28/2013 - 14:19 | 3507815 Kirk2NCC1701
Kirk2NCC1701's picture

Correct. I've noticed and been saying for some time that the Germans did not buy the US toxic sludge. For some reason they know the mindset of these Wall St characters, and are relatively immunized.

But guess who isn't, and which EU countries were eager (gullible, malleable) enough to load up? Although the mechanics of it all gets very complicated, the underlying Fraud and Monetary Ponzi is quite elementary, dear Lords Rothschild and Blankfein.

/ It's always 'entertaining' to watch the uninformed masses get sidetracked by red herring arguments, and blaming everything and everyone but the real culprits and the real problem. Blame On! /sarc

Sun, 04/28/2013 - 10:20 | 3507374 Kina
Kina's picture

The dissolution of the Euro, the return of the DMark would make a mess German exports and GDP going forward. All these are other small and less efficient economies have basically devalued the 'DMark/Euro' by how many percent?  20-50% ... who knows, but the massive benefit is there.

 

Just watch how quickly they come screaming if Greece or Spain or Italy decide to leave the Euro.

Sun, 04/28/2013 - 10:23 | 3507379 Stuck on Zero
Stuck on Zero's picture

Definition of foreign aid: When the wealthy in a rich country take money from the poor to give to the rich in a poor country.

 

Sun, 04/28/2013 - 14:22 | 3507824 Kirk2NCC1701
Kirk2NCC1701's picture

There are always exceptions. Like when the lobby groups for a successful foreign country leverage US politicians for their benefit, because it's "the right thing to do". /sarc

Sun, 04/28/2013 - 20:23 | 3508588 Treason Season
Treason Season's picture

You should attribute that quote sir.

"No foreign aid should exist. Foreign aid is taking money from poor people in rich countries and giving it to rich people in poor countries."  Ron Paul

Sun, 04/28/2013 - 10:40 | 3507380 JustObserving
JustObserving's picture

Greek tax evasion was $30 billion a year.  That works out to be $20,000 for a family of four in the US (as a percentage of GDP).  Why should Germany bear the costs of Greek tax evasion?

In the wealthy, northern suburbs of this city, where summer temperatures often hit the high 90s, just 324 residents checked the box on their tax returns admitting that they owned pools.

So tax investigators studied satellite photos of the area — a sprawling collection of expensive villas tucked behind tall gates — and came back with a decidedly different number: 16,974 pools.

 

The cheating is often quite bold. When tax authorities recently surveyed the returns of 150 doctors with offices in the trendy Athens neighborhood of Kolonaki, where Prada and Chanel stores can be found, more than half had claimed an income of less than $40,000. Thirty-four of them claimed less than $13,300, a figure that exempted them from paying any taxes at all.

Such incomes defy belief, said Ilias Plaskovitis, the general secretary of the Finance Ministry, who has been in charge of revamping the country’s tax laws. “You need more than that to pay your rent in that neighborhood,” he said.

Net median household wealth of Greece is twice that of Germany.

When German citizens read such reports, no way are they going to pay for Greek bailouts.  So there will be a wealth tax in the southern states of Europe.  Better buy gold to elude this wealth tax.

http://www.nytimes.com/2010/05/02/world/europe/02evasion.html?pagewanted=all&_r=0

 

Sun, 04/28/2013 - 13:09 | 3507627 FeralSerf
FeralSerf's picture

Why should swimming pools arbitrarily be taxed? Many of them were there before Greece was part of the EU. Maybe the owner would prefer to not even have a pool. Should he get taxed on the wealth that he would have to give up to have the pool removed as well? Why this pool BS is such an issue is a puzzlement.

Germans don't have as many pools as Greeks do. Could latitude be part of the reason?

Sun, 04/28/2013 - 13:17 | 3507653 gwar5
gwar5's picture

All governments should get small, spend less, and let the people keep their own money. It's not government's money. Honey badger don't care.

Sun, 04/28/2013 - 14:35 | 3507873 Kirk2NCC1701
Kirk2NCC1701's picture

For better or for worse and FYI, tax evasion in eastern and southern European countries (inside and outside the EU) is more than a ' sport'. It's more like the social norm, and their way of limiting the size of government and bureaucratic perpetual growth.

They all want to benefit from free or affordable health care and advanced education, but not all want to contribute. They will have to sort out their own sense of social fairness and common social burden. If they can't/won't get the Checks & Balances (back) into the System, the outcome is easy to predict.

Sun, 04/28/2013 - 10:33 | 3507388 InvestmentMind
InvestmentMind's picture

No Plan B.

 

Sun, 04/28/2013 - 10:40 | 3507397 W T F II
W T F II's picture

n I M,

see below for "PLAN A"

Sun, 04/28/2013 - 10:38 | 3507393 W T F II
W T F II's picture

Bottom line, nothing new here...!! More apologist nonsense. Everyone on the Planet knows the Peripherals have hidden their loot in plain sight and shirked taxes for eons. The Germans especially know this. When you go to the Med, the Germans sit there and snicker at the locals and shake their heads. They just got through allowing the Cypriot 'insiders' to skip town before the lock-down, so who are we kidding with this feigned outrage. Where was German outrage when the Greeks sat on LaGarde's tax-cheat list for three years..??

Additionally, they let Greece, Ireland, Portugal and soon-to-be Spain (banking) skip on their 'bail-outs' and get extensions/renegotiations, the terms of which are STILL TBD.

This is all B S in the real World. Germany enjoyed a HUGE relative subsidy from their Euro participation since inception. Now balance is called for and they are running from it.

We will see a deep collapse of the Euro v $ VERY SOON (especially since the Yen was allowed to intentionally lead out) and then a break-up/new currency (perhaps even transcending the Euro and more Worldwide) after a wholesale write-off/bail-in/collapse scenario. Much pain must come first to engender abject crisis and fear, which then  allows for 'acceptance' of a 'new order' by the quivering masses...

ps. Gold pancakes MUCH further down v $ in this scenario and then sees a parabolic rise...i m H o...

Sun, 04/28/2013 - 10:44 | 3507401 Atomizer
Atomizer's picture

Good morning Janet Napolitano. Hope you slept well. We have a half-baked group declaring the demise of Rome on May 13th. This may be all part of the script, pardon my warning if so. Perhaps you should look into it. Don’t forget that press conference to save your integrity..

http://third-secret.pro-forum.co.uk/h11-index#

Sun, 04/28/2013 - 11:26 | 3507463 W T F II
W T F II's picture

Kool Video...Loved the scoring with the background music...!!

Seems near-term deflationary, but maybe that's just me..!!

Sun, 04/28/2013 - 12:13 | 3507529 Atomizer
Atomizer's picture

Not my video. Been following this {bible} Basic information before leaving earth. Meanwhile, the WH believes in committing Jihad to escape Michelle for 72 virgins.. Hussein states, you can slap a whig on her but can't take anywhere! Kidding.. LOL

 

When the last POPE left, something didn't smell right.. Let these bastards create another terrorism event.. The cause will land on the architects laps. We already know the names. If they deviate the storyline, the event will still lead back to them. We don’t turn the lights on to take out cockroaches. :P

Sun, 04/28/2013 - 16:28 | 3508089 W T F II
W T F II's picture

Plus, this Pope roots for San Lorenzo, a very unfashionable club in Argentine Football...so, I smell a rat also...

Sun, 04/28/2013 - 10:47 | 3507404 The_Small_Lebowski
The_Small_Lebowski's picture

i have NEVER read a single comment that said anyone wants or thinks that "Germany should pay for the euro bailout". we agree that they should let the banks fail, were not here to backstop Germany or USA banks. they gambled, they lost, let them fail and have done with it!

Sun, 04/28/2013 - 11:11 | 3507432 Miles Kendig
Miles Kendig's picture

+inf

If a note holder can show where their cov-lite bs bonds are collateralized by the property of those not party to the note I'd be willing to listen to this drivel from the creditors. 

Sun, 04/28/2013 - 11:15 | 3507435 andrewp111
andrewp111's picture

But that would put an end to the Eurozone, and all their grandiose dreams of a 4th Reich. Can't have that!!!

Besides, don't you want to be able to take your little Johnny on a future tour of Europe and let him see EU troops with their well polished Jackboots marching down the French Boulevards in the shade? [He says: Wow Daddy! Real live Nazis! Totally Awesome!!]

Sun, 04/28/2013 - 13:14 | 3507643 gwar5
gwar5's picture

Media continues to cover up for banks and drive their getaway car. It's Sickening.

Sun, 04/28/2013 - 13:30 | 3507703 Stuck on Zero
Stuck on Zero's picture

Remember.  The bailout money goes to the banks, not to the people.

 

Sun, 04/28/2013 - 10:51 | 3507409 glenlloyd
glenlloyd's picture

All this talk of more taxes to solve the problems. There's never any discussion about where those tax dollars (euros) go once they're taken...which is the problem.

The govts want the money but the return on those tax dollars for the people who pay is nill.

An equal argument to that put forward by the Krugman (we didn't spend enough) is that we're taxing too much for a govt that doesn't do much at all. It's sort of like the non-profit who actually only spends about 2% of what they take in for their purpose...the rest goes for 'administration' aka their salary....so little to no actual good is done and all the fund raising is for salaries in essence.

Sun, 04/28/2013 - 11:09 | 3507431 Diogenes
Diogenes's picture

The tax dollars they hope to collect in the future, were all spent years ago. This is how the broke economies prospered since the introduction of the Euro. Being in the Euro zone was supposed to be some kind of guarantee that they could not devalue or default their way out of their debts, as has been the custom for hundreds of years. So their credit was good, far better than when they had their own currencies. So they borrowed and spent massive amounts of money they can never pay back.

They would have to double taxes while cutting spending in half for a generation to repay the debts. Plainly enough, this is impossible. The alternative is to keep on with the bailouts and guarantees until the whole Eurozone is ruined and all crash down together.

Sun, 04/28/2013 - 10:56 | 3507415 Miles Kendig
Miles Kendig's picture

It was the gravest of errors to permit German reindustrialization after the war.

Sun, 04/28/2013 - 11:07 | 3507434 Inthemix96
Inthemix96's picture

Miles.

Why?

Sun, 04/28/2013 - 11:17 | 3507446 Miles Kendig
Miles Kendig's picture

How many times will the peoples of Europe get smoked because of what some high n mighty Germans (or the wayward Austrian) believe is 'proper'?  The last couple of times Germany has led Europe here Germany sent a fair portion of the continent to the dust bin and it seems this trip is proving no different.  What ever happened to 'never again'?

Sun, 04/28/2013 - 11:22 | 3507462 Inthemix96
Inthemix96's picture

Okey doke Miles.

I find what you just put down in writing absurd.  In that case, if every bloke, in fact if every man woman and child in Germany is a closet Hitler, by definition every man woman and child in America is Obama.

Dont be so blinkered, we aint like this, you are only believing we are.  Back in the thirties we didnt have internets.  This is a failed experiment of none of our fault, we never voted or wanted this shit.

Your average German is much the same as your average American.  Dont fall for divide and conquer, we are better than this.

Sun, 04/28/2013 - 12:36 | 3507568 Non Passaran
Non Passaran's picture

Who the fuck voted to join the EU? And why?
Did the Germans vote the Italians in?

Sun, 04/28/2013 - 13:08 | 3507633 Double.Eagle.Gold
Double.Eagle.Gold's picture

For the Italian Women.

 

If you need evidence of the need,  I refer you to German's current leader, Frau Merkel. Ugly personified.

Sun, 04/28/2013 - 13:14 | 3507651 FeralSerf
FeralSerf's picture

The Zionist media voted for all of them to join the EU so that they might be more easily corralled and sheared.

The Zionists/Elites on the top of the wealth pyramid don't need to pay "their fair share" of the taxes, because they're international, not "residents" of any of the corrals that the sheep are kept in.

Sun, 04/28/2013 - 14:06 | 3507794 Anusocracy
Anusocracy's picture

EVERYBODY that endorses the concept of government uses force to achieve what they "believe is 'proper'".

Sun, 04/28/2013 - 11:21 | 3507457 Lednbrass
Lednbrass's picture

Yeah, those evil Germans.  Every voice in their nation that argued against the Euro got shouted down by the French and others abroad and internationalists at home for clinging to nationalism and being general big bad meanies, now that their population is going to be on the hook for the general incompetence of the banking industry in all of Europe they should just shut up and take it.

I mean hey, they were dumb enough to commit the sin of honoring an alliance with the Austro-Hungarian Empire in 1914...they should pay forever and ever for the chain of events stemming from that.

Sun, 04/28/2013 - 12:37 | 3507565 mpyre
mpyre's picture

What a silly boy...have you ever read a book...?

Sun, 04/28/2013 - 13:00 | 3507616 Lednbrass
Lednbrass's picture

A guy like that doesn't need books, he has all kinds of TV shows and movies to watch that taught him everything he needs to know.

Sun, 04/28/2013 - 11:08 | 3507417 andrewp111
andrewp111's picture

The only answer is for the Eurosocialists to impose a wealth tax at the EU Federal level. That way it cannot be escaped, and it would be a big step toward turning the EU into the 4th Reich.

Sun, 04/28/2013 - 11:16 | 3507445 yogibear
yogibear's picture

In the US, shift any profits oveseas by cooking the books, post losses and ask for more bailout money.

Eric Holder says too big to prosecute.

Carry on criminals.

Bubble Bernanke, Evans, Dudley and Yellen say they will monetize debt to infinity.

 

Sun, 04/28/2013 - 14:51 | 3507907 Kirk2NCC1701
Kirk2NCC1701's picture

In the USSA, where some are more equal than others, only the legal entities called C-corps get to legally and morally expatriate their offshore assets & profits.

All others (biological 'people', single-member LLCs, LLPs and S-corps) -- in other words, you and me -- do not. Because you don't have your own K-Street lobby to arm-twist politicians to write laws to your benefit.

/ And justice for all! /sarc

Sun, 04/28/2013 - 11:19 | 3507450 New_Meat
New_Meat's picture

"How fair is the effort to save the euro if the people living in the countries that receive aid are wealthier than the citizens of donor countries..."

Or, locally:

How fair is the effort to save Stockton, CA if the people living on government retirement are wealthier than the taxpaying citizens funding their retirement?

- Ned

Sun, 04/28/2013 - 13:05 | 3507624 RSBriggs
RSBriggs's picture

+1 but the arrows aren't working.

Sun, 04/28/2013 - 11:23 | 3507458 pauhana
pauhana's picture

"People who save their money are currently getting the short end of the stick, as they are stealthily being dispossessed. On the other hand, those with enough money to invest in stocks and real estate are benefiting from the boom triggered by the flood of funds coming from the ECB. In other words, taxpayers and ordinary savers are paying for the euro rescue efforts, which are primarily benefiting the rich in Europe's most troubled economies. Their assets remain largely untouched, while the assets of their rescuers are melting away." 

Same thing is happening here.  Just substitute FED for ECB, dollar for euro, and USA for Europe and you have the situation for most of the working poor (and getting poorer by the day) in the good old USA.  But "in the mornin', in the evenin', ain't we got fun!"

"http://lyricsplayground.com/alpha/songs/a/aintwegotfun.shtml"

 

Sun, 04/28/2013 - 11:27 | 3507466 ISEEIT
ISEEIT's picture

Oh so clear it is.

Government is cancer.

Truly we see it in all it's naked truth.

Them VS US.

Gunna go puke now..

Sun, 04/28/2013 - 15:06 | 3507941 Kirk2NCC1701
Kirk2NCC1701's picture

Not quite. The better analogy would be to liken the modern government to the Feudal Lords, to liken the IRS and the LEAs (Law Enforcement Agencies) to the Sherrif of Nottingham, and liken the King to CBs (Central Bankers).

Using the MSM (Main Stream Media), i.e. the Courtesans and their PR network, the King wants to make sure that the peasants direct their ire/anger at the Sheriff, and not at him and his 'majesty'. So far, this seems to be working on all but Robin Hood and his Merry Men, and small but growing base of supporters. Even on you, it would appear. /s

Sun, 04/28/2013 - 11:36 | 3507479 Pareto
Pareto's picture

Perhaps I am simplifying this too much, but, in my opinion....the entire Euro crisis can be simplified to too much government spending money it never had (like everywhere else), too many banks making bets it could not afford (like everywhere else), and too many fascist control freaks in the disfunctional European Parliament capping a free ride (like everywhere else), while their economy and citizenry go to shit fromm currency debasement (like everywhere else).  This "who gets what and how much" catharsis, is in my opinion a distraction from the real problem of greater than 50% of populations taking in more from the productive efforts of those paying for it.  Political unions, bail-ins, bail-outs (fuck is there a difference?), all that shit - just distractions - "hey look over here" (fingers twiddling up and down on one hand), "while we fuck you over over here" (other hand, same said movement of fingers).

Not one government in the world is solvent from a balance sheet perspective.  Yet we continue to employ this blind faith that they are going to figure everything out!  Its bullshit, and EVERYBODY oughta know it.  Its never going to happen.  Instead, more legislation is going to be imposed upon everybody to give up more of what is their's (including their freedoms) to others who have done nothing to earn it.  The problem isn't Greece or Spain, or, Portugal society paying its fair share (trivial in relation to the scale and scope of the problem), that the rich in the US are not paying their fair share (trivial in relation to the scope of the problem), or any other country's citizenry.  Nobody has the capacity to bail-in-out anybody back to solvency.  Its over!  So why do we let the conversation continue?

Throw the fuckers out!  The longer people spend trying to fix a problem that was intentionally designed to usurp wealth from others to people who do nothing for it, the worse it will inevitably get.  Excuse me for saying, but, I see no sense in trying to prop something up (repair), that never had a hope in hell of working to begin with.  Let bygones be bygones.  Fire the fucking government politicians.  Every one of them.  Completely reorganize the beaurcracy.  Fire any department who thinks its ok to take from somebody else regardless of their intents.

In Europe, fire the asinine experiment of one currency several fucked up governments all exercising moral hazard at the same time.  What a recipe for disaster.  In the US, fire any Congressman, or, Senator, that cannot admit their own culpability, the "looking the other way" at force riding roughshod over Amendment rights while spending and debasing like fucking bandits.  Fire the fucking lot of them.

All this talk about "who is doing this", and "who should be responsible for that" - and its everywhere, not just Europe - all just distractions to get you to look over here, while we fuck you over there.

Sun, 04/28/2013 - 11:47 | 3507491 Hulk
Hulk's picture

Well done Sir !!!

And ditto here in the good ole USA. Throw the lying, thieving, worse than parasitic,bitches and bastards out...

Sun, 04/28/2013 - 12:38 | 3507575 Miffed Microbio...
Miffed Microbiologist's picture

Good assessment. This article is one in a stream of many that has forced me to believe that there is a massive wealth tax coming on a global scale. They are not content any more squeezing nickels and dimes, they want it all and all at once. This also explains the ramp of stocks and the reinflation of real estate to epic, unrealistic proportions ( revealing the duplicitous acts of Bernanke). Obviously a grossly inflated assessment of these assets are most advantageous to these parasites. I think the die has been cast. With PMs difficult to find they have effectively sealed off another method to hide wealth. The worst part is after watching the illegal invasion of homes in Watertown without a peep of protest, I feel many will hand over their property willingly "for the good of the State". Dear Lord, the parallels of the rise of Nazism in the 1930s and today are so frighteningly similar, including the complacency of the public. I feel so hopeless watching all of this unfold.

Miffed:-)

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