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German Finance Minister Who Launched Euro, Calls For Euro's Breakup

Tyler Durden's picture


Back in December we pointed out the patently obvious: in the absence of an external rebalancing mechanism, i.e., a free-floating currency, the only option for the bulk of the periphery to regain competitiveness was through ongoing wage collapse and persistent localized depression. Five months later, just as predicted, Europe is in a worse shape than ever before, not only in those non-core countries where wage deflation is accelerating, but the weakness has fully spilled over to the core. Of course, none of this is rocket science, and has been quite obvious to anyone who thought for more than 15 seconds about the "future" of the Eurozone. What is surprising, however, is that with every passing day even the most staunchest supporters of the euro, in this case Oskar Lafontaine, German finance minister in 1998-1999, under whose supervision the euro was launched, are becoming the most vocal Euro-skeptics an unsound, political (capital) currency can no longer buy. Here is the Telegraph's Ambrose Evans-Prithard dissecting the conversion of the latest europhile turned euroskeptic.

From The Telegraph

Oskar Lafontaine, the German finance minister who launched the euro, has called for a break-up of the single currency to let southern Europe recover, warning that the current course is "leading to disaster". 


"The economic situation is worsening from month to month, and unemployment has reached a level that puts democratic structures ever more in doubt," he said.


"The Germans have not yet realised that southern Europe, including France, will be forced by their current misery to fight back against German hegemony sooner or later," he said, blaming much of the crisis on Germany's wage squeeze to gain export share.


Mr Lafontaine said on the parliamentary website of Germany's Left Party that Chancellor Angela Merkel will "awake from her self-righteous slumber" once the countries in trouble unite to force a change in crisis policy at Germany's expense.


His prediction appeared confirmed as French finance minister Pierre Moscovici yesterday proclaimed the end of austerity and a triumph of French policy, risking further damage to the tattered relations between Paris and Berlin.


"Austerity is finished. This is a decisive turn in the history of the EU project since the euro," he told French TV. "We're seeing the end of austerity dogma. It's a victory of the French point of view."


Mr Moscovici's comments follow a deal with Brussels to give France and Spain two extra years to meet a deficit target of 3pc of GDP. The triumphalist tone may enrage hard-liners in Berlin and confirm fears that concessions will lead to a slippery slope towards fiscal chaos.German Vice-Chancellor Philipp Rösler lashed out at the European Commission over the weekend, calling it "irresponsible" for undermining the belt-tightening agenda.

Naturally, one wonders just how much of an ethical right to being disgruntled Germany has when the man who was more personally responsible for ushering in the Euro than anyone, Lafontaine's boss, Helmut Kohl recently admitted in an interview that he acted like a dictator to bring in the euro.  "I knew that I could never win a referendum in Germany," he said. "We would have lost a referendum on the introduction of the euro. That's quite clear. I would have lost and by seven to three."

The interview was conducted by Jens Peter Paul, a German journalist in 2002, the year when the Deutsche Mark was replaced by euro notes and coins, but has only been published now.


In it, Mr Kohl describes adopting the euro as an emblem of the European project, which he said had prevented war on the continent. Born in 1930, Mr Kohl's politics were shaped by his country's history in the 1930s and 1940s; his final years in power were focused on promoting European unity.


In the interview, he said: "If a Chancellor is trying to push something through, he must be a man of power. And if he's smart, he knows when the time is ripe. In one case – the euro – I was like a dictator ... The euro is a synonym for Europe. Europe, for the first time, has no more war."

So, in reality, it is neither Germany, nor France, nor Spain, nor Greece, but the Germans, the French, the Spanish and the Greeks , whose majority voice has been usurped by Europe's conversion to a dictatorial regime, and who have been the most disdavantaged by said usurpation of democracy all in the name of a technocratic, banker ideal, i.e., the EUR, which serves merely to promote the interests of the few, the uber-wealthy, and leave a trail of 60% youth unemployment everywhere in its place, now that the illusion is over and the great unwind toward reality has begun.

That said, expect Lafontaine's words to be soundly ignored, until such time as avoiding reality and kicking the can is no longer an option. Then again, that is a problem also for the US and its preoccupation with the pyramid scheme known as the stock market and the entitlement system. We expect the grand reset to impact everything at the same time. Until then, it is best to stick one's head in the sand of course.

Add here is the full statement by Lafontaine.

Chancellor Angela Merkel's European policy is increasingly under pressure. Not only Euro-pean Commission President Manuel Barroso, but also Enrico Letta, recently mandated by Italian President Giorgio Napolitano to form the new governnnent, have criticized her austerity policies, which have been dominant in Europe and are leading to disaster. Europe's leaders have long been at a loss. The economic situation is worsening from month to month, and unemployment has reached a level which is increasingly undermining democratic structures.

The Germans have not yet realized that the southern Europeans, including France, will in view of the current economic misery be forced to fight back against German hegemony sooner or later. In particular, German wage dumping, which has been an infringement on the treaties from the outset of the currency union, is putting them under pressure. Merkel will wake up from her self-righteous slumber when the countries which are suffering from Ger- man wage dumping get together to force a policy switch against the crisis at the cost of Ger- man exports.

A common currency could have been sustainable if the participants had agreed on coordinated productivity-oriented wage policy. During the nineties, since I considered such a co-ordination of wages to be possible, I agreed to the establishment of the Euro. But the institutions established for that coordination, particularly the Macro-Economic Dialogue, have been circumvented by the governments. Hopes that the establishment of the euro would force rational economic behaviour on all sides, were in vain. Today, the system is out of joint.

As Hans-Werner Sinn recently wrote in the Handelsblatt, countries like Greece, Portugal or Spain would have to become 20 to 30 per cent cheaper than the EU average, in order to achieve a roughly balanced level of competitiveness, and Germany would have to become 20 per cent more expensive.

However, recent years have shown that such a policy has no chance of being implemented. A real appreciation through rising wages, which would be necessary in the case of Germany, is not possible with the German corporate associations and the neo-liberal block of parties, consisting of the CDU/CSU, the SPD, the FDP, and the Greens, which obey to them. A real depreciation through shrinking wages, which will make income losses of 20 to 30 per cent necessary in southern Europe — even in France — will lead to disaster, as we can already see in Spain, Greece and Portugal.

If real appreciations and depreciations are not possible in this way, it will be necessary to abandon the common currency and return to a system which allows for appreciations and depreciations, as was the case with the forerunner of the common currency, the European Monetary System (EMS). Basically, the point is to make possible once again controlled depreciations and appreciations through an exchange-rate regime run by the LU. For that pur¬pose, strict capital controls would be the inevitable first step, in order to regulate capital flows. After all, Europe has already taken this first step in Cyprus.
During a transition period, it will be necessary to provide aid to those countries which are certain to depreciate their currencies, in order to prop them up — including aid through intervention by the ECB, to prevent a collapse. A pre-condition for the functioning of a European monetary system would be a reform of the financial sector and its strict regulation, along the lines of the public savings banks. The casino has to be closed down.

The transition to a system allowing for controlled appreciations and depreciations should be gradual. A start could have been made in Greece and Cyprus. The experience with the European currency snake and the EMS should be considered.


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Sun, 05/05/2013 - 20:13 | 3533032 New_Meat
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Sun, 05/05/2013 - 21:11 | 3533156 i-dog
i-dog's picture

"Austerity is finished" = "Kiss goodbye to any reduction in the size of big government"!

Let the wrecking ball continue....

Mon, 05/06/2013 - 01:07 | 3533473 wee-weed up
wee-weed up's picture

And yet another b-euro-krat trying to save his neck from the coming guillotine!

Sun, 05/05/2013 - 21:14 | 3533162 Croesus
Croesus's picture

Quote: ""The economic situation is worsening from month to month, and unemployment has reached a level that puts democratic structures ever more in doubt," he said."


"People are getting pissed-off to the point that some of us may find ourselves floating face-down in the river".


Sun, 05/05/2013 - 21:44 | 3533219 NoDebt
NoDebt's picture

No, man, no.  Sadly, no.

Translation:  Let's not have democratice structures any more.

Sun, 05/05/2013 - 20:13 | 3533033 williambanzai7
williambanzai7's picture


Sun, 05/05/2013 - 20:16 | 3533040 knukles
knukles's picture

Ah yes, the original "We don't need no steenking badges." from "The Treasure of the Sierra Madre" 1948, line delivered by Humphrey Bogart.

Sun, 05/05/2013 - 20:21 | 3533053 zorba THE GREEK
zorba THE GREEK's picture

If at first you don't succeed, skydiving is not for you.

Sun, 05/05/2013 - 20:35 | 3533087 Manthong
Manthong's picture

um.. economic conquest conveys costs to conquerors

Sun, 05/05/2013 - 20:32 | 3533077 AlaricBalth
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Actually the line was delivered to Bogart, who played Dobbs, by the bandit Gold Hat. I loved that movie when I was a kid.

Dobbs: "If you're the police where are your badges?"
Gold Hat: "Badges? We ain't got no badges. We don't need no badges! I don't have to show you any stinkin' badges!"

Sun, 05/05/2013 - 20:42 | 3533097 noob
noob's picture



The Treasure of the Sierra Madre (1948) Trailer

The Treasure of the Sierra Madre      {full movie ~2hours}

Sun, 05/05/2013 - 21:16 | 3533153 AlaricBalth
AlaricBalth's picture

Thanks Noob.
Full movie. Cool!

As an aside. Just flipped on the TV and CSpan is showing Lloyd Blankfein's interview with the Investment Company Institute, with the moderator throwing him softballs. He has that stupid smirk on his face as he is talking about the US slipping into a deflationary period.
Discussing his full support for Fed QE policy.

Think I'm going to get ill.

Sun, 05/05/2013 - 21:59 | 3533253 TheFourthStooge-ing
TheFourthStooge-ing's picture

"Play it, Lloyd. You played it for congress, you can play it for me."

Sun, 05/05/2013 - 21:33 | 3533195 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

Sorry knukles, its the bandit chasing  Bogey.  Great movie!

Sun, 05/05/2013 - 21:51 | 3533231 Treason Season
Treason Season's picture


Bogart had the line, "Where's your badge?" The interloper hence replied.

You're good Knuckles but you aren't HFT good.

Mon, 05/06/2013 - 04:11 | 3533558 jeff montanye
jeff montanye's picture

i wonder if the central bankers are trying to watch gold 24/7 like the survivors of "treasure" were each other, along about now.

Sun, 05/05/2013 - 20:14 | 3533037 fonzannoon
fonzannoon's picture

Didn't the Citibank guy Sandy Weil get glass steagall repealed? Then last year he said they should put it back? That was news too, for about 7 minutes.

Sun, 05/05/2013 - 20:20 | 3533044 knukles
knukles's picture

Some folks see the light, leading the weak through the valley of darkness, helping less fortunate by true deeds as a form of redemption.
Others who are of the hypocritical ilk merely talk of noble actions.

Faith without works is dead.

Sun, 05/05/2013 - 20:26 | 3533060 williambanzai7
williambanzai7's picture

This is the pattern. Line your pockets and then have a come to Jesus moment after you have retired. Oh, I didn't know, I made a mistake, I am shocked shocked shocked that I was wrong.

Fuck that shit. All these cocksuckers can stay on the guillotine list.

And the guy who got fired and turns out to have been right. What justice does he get besides the right to say I told you so? You don't see him in the MSM.

Sun, 05/05/2013 - 21:05 | 3533150 Colonel Klink
Colonel Klink's picture

Yep all their wealth should be confiscated and the offeders should be hung by the neck until dead, Dead, DEAD!

Mon, 05/06/2013 - 00:20 | 3533442 Real Estate Geek
Real Estate Geek's picture

 . . . but only after they witness their descendents' deaths.  Otherwise, we'll just have to go through this again too soon.

Mon, 05/06/2013 - 02:25 | 3533522 RafterManFMJ
RafterManFMJ's picture

I'll have to add that every one of their descendants are give a choice - hang by the neck till death, or sterilization, branding, and complete confiscation of all wealth they have.

Mon, 05/06/2013 - 04:14 | 3533563 jeff montanye
jeff montanye's picture

it that constitutional?

(see what bush and obama started?  clearly it is a slippery slope.)

Sun, 05/05/2013 - 20:20 | 3533048 Rustysilver
Rustysilver's picture

This is like a junkie telling everybody not to use drugs. Thanks for the advise.

Sun, 05/05/2013 - 20:54 | 3533122 noob
noob's picture

Mr Mackey - It's Easy M'Kay

Sun, 05/05/2013 - 20:20 | 3533049 BurningFuld
BurningFuld's picture

"And if he's smart, he knows when the time is ripe. In one case – the euro – I was like a dictator ... The euro is a synonym for Europe. Europe, for the first time, has no more war."

How about instead of making up some retarded currency that is doomed to fail and then be fought over, you like just agree not to fight each other?

Sun, 05/05/2013 - 20:22 | 3533058 knukles
knukles's picture

I'm quite sure that many of the less fortunate in Greece, et al, would claim the results something quite analogous if not identical to war's aftermath.

Mon, 05/06/2013 - 04:17 | 3533567 jeff montanye
jeff montanye's picture

and because there is a tendency to overreach, particularly among self-declared geniuses, they have to do the thing most likely to rekindle the hatreds of ww2.  kind of like the zionists starting israel to protect themselves from a european pogrom (and getting an asian one). 

Sun, 05/05/2013 - 20:21 | 3533055 Meat Hammer
Meat Hammer's picture

The arsonists always comes back to the scene of the blaze, to both watch his handywork and hide in plain sight.

Sun, 05/05/2013 - 20:35 | 3533086 Tinky
Tinky's picture

You're on fire today!

Sun, 05/05/2013 - 21:14 | 3533163 Meat Hammer
Meat Hammer's picture

I see what you did there.

Sun, 05/05/2013 - 22:44 | 3533350 UGrev
UGrev's picture

back at the scene?

Sun, 05/05/2013 - 22:56 | 3533360 Hulk
Hulk's picture

I see what you did there !!!

Mon, 05/06/2013 - 00:15 | 3533440 FeralSerf
FeralSerf's picture

The dog returns to his vomit.

Sun, 05/05/2013 - 20:26 | 3533068 rsnoble
rsnoble's picture

Let's breakup, after we have destroyed millions of lives.  Thanks you fucking deuchbag.

Sun, 05/05/2013 - 21:54 | 3533242 spine001
spine001's picture

I don't think that you understand what he said, he meant that GERMANY should break up now since there it NO more value to extract from the periphery, only missery, which they don't want. Neither want them to give back the plunder...


Until next time,


Mon, 05/06/2013 - 04:20 | 3533569 jeff montanye
jeff montanye's picture

deutche bag?

Sun, 05/05/2013 - 20:33 | 3533084 Jugdish
Jugdish's picture

The Euro should stay. Quantative easing should continue. We should go to war with Iran, Syria, and North Korea and Afghanistan, Iraq, and Northern Pakistan. I've been watching a lot of news so I know what's going on, it's not a "conspiracy" trust me, I've been watching the news all day, I'm really informed about what's best. Full Fucking Retard Mother Fuckers. Put on your clown wig and a sock on your cock and start knocking on doors....................................

Sun, 05/05/2013 - 20:50 | 3533115 Freddie
Freddie's picture

F TV and F Hollywood. They want more war and more ObamaPhones. Evil scum!

Mon, 05/06/2013 - 04:27 | 3533573 jeff montanye
jeff montanye's picture

don't forget yemen, uganda, mali ....

suicide now exceeds combat deaths in the u.s. military.  go drones!?

Sun, 05/05/2013 - 20:36 | 3533088 noob
noob's picture

The Doobie Brothers Listen to the Music ~With Lyrics~

Black Water - Doobie Brothers (with lyrics)

Sun, 05/05/2013 - 20:37 | 3533089 nmewn
nmewn's picture

Auf wiedersehen bitchez.

Sun, 05/05/2013 - 20:38 | 3533090 Son of Loki
Son of Loki's picture

Aliens are planning an invasion so better be prepared. Guns won't help...only garlic tied around yrou neck is rumored to help...they hate garlic is the word around the Galaxy.


Read the Truth:


I'm not kidding...

Sun, 05/05/2013 - 21:28 | 3533189 TNTARG
TNTARG's picture

Ah Ah Ah!!! It's ok, for a sunday night!

Sun, 05/05/2013 - 20:43 | 3533099 Cacete de Ouro
Cacete de Ouro's picture

No mention of 'Snake in the Tunnel'...a ridiculous but absolutely classic eyes wide shut DSK type innuendo if ever there was one...

Hold on, maybe 'Snake in the Tunnel' is now reserved for Bernanke and Dimon slithering between 33 Liberty and 1 Chase Manhattan Plaza in that secret shaft...

Sun, 05/05/2013 - 20:51 | 3533118 o-antonio-maria
o-antonio-maria's picture

Wikipedia: Lafontaine lives in a manor-like house, commonly known as the "palace of social justice" (Palast der sozialen Gerechtigkeit). When asked about whether this could be in conflict with his socialist ideas, Lafontaine said politicians of the Left don't have to be poor, but they have to fight against poverty.

Sun, 05/05/2013 - 20:55 | 3533126 nmewn
nmewn's picture

We call em limousine liberals here.

Sun, 05/05/2013 - 21:14 | 3533161 fonzannoon
fonzannoon's picture

I always wondered how many limousine liberals were on this thread, apparently it's 2.

Sun, 05/05/2013 - 21:28 | 3533190 nmewn
nmewn's picture

I got one confirmed troll thats always good for maybe just one "progressive" snob limo-lib dreaming of using someone elses money instead of their own, to better mankind while lining their own far ;-)

Mon, 05/06/2013 - 14:11 | 3534759 JimBowie1958
JimBowie1958's picture

Originally, I gave you an up arrow, but when I saw that your troll hadnt arrived, I changed it to a down arrow so you wouldnt be thought stupid or a liar by anyone. But I really did like your post.

If the troll shows up and gives you a second downer, I will change mine back to an upper.

Man, this is exhausting!

Sun, 05/05/2013 - 22:19 | 3533293 web bot
web bot's picture

Champagne socialists is another moniker for these fine, fine people...

Mon, 05/06/2013 - 03:21 | 3533532 Cacete de Ouro
Cacete de Ouro's picture

Smoked salmon socialists is also another used by an old trade union boss I know

Sun, 05/05/2013 - 20:54 | 3533125 Temporalist
Temporalist's picture

Who cares what this nobody says?  Debt doesn't matter.  Moar!

Sun, 05/05/2013 - 23:22 | 3533385 andrewp111
andrewp111's picture

Just put the pedal to the metal until the machine blows a rod.

Sun, 05/05/2013 - 20:59 | 3533137 Its_the_economy...
Its_the_economy_stupid's picture

It's all circuses, unicorns, shittles and whatever. The mission has been accomplished. All of the crap debt has been off-loaded onto the popu;lation at face value via Euro central bank buying. Sure, sure, sure, none of it will default. Meanwhile all the banks have been made whole, and all the people are set for a facedown meeting with the laws of economics. Now its finally OK to say the union will not hold. All the trash has been foisgted onto the people... it just took a few years, so, of course, "when it's really serious, you have to lie"

Sun, 05/05/2013 - 22:16 | 3533288 QQQBall
QQQBall's picture

Well, there is the rub... how will spain pay of Euro-denominated debt with its devalued local currency? Will the debt holders convert the EU to Peso?  Someone is going to eat a shit sandwich and it ain't gonna be the banksters...

Sun, 05/05/2013 - 21:05 | 3533149 Captain Willard
Captain Willard's picture

You have to admire his nerve. The answer to Eurocrats completely fucking up Europe: that's right - more Eurocracy!! 

I cannot wait to see the clusterfuck ensuing from capital controls, the above-mentioned reintroduction of the "snake in the tunnel". no doubt administered by more "wise men (and women!) - and co-ordinated wage and productivity policies.

At no point does he consider leaving the free peoples of sovereign European states to decide matters. We cannot have any of that. The massive arrogance and hubris of these guys, in their rare candid moments, is breathtaking. Let's at least hope he's correct about the "no more war in Europe" statement.

Sun, 05/05/2013 - 21:09 | 3533154 q99x2
q99x2's picture

If the EU collapses where are the banksters going to get money to kill Arabs. What are they going to do throw spaghetti at them.

Sun, 05/05/2013 - 21:23 | 3533175 Telemakhos
Telemakhos's picture

The last paragraphs of Lafontaine's statement are the important ones: he's laying out a blueprint for Cyprus to exit the Euro and for other countries to follow.  Capital controls are used to stabilize a subset of the Euro and force its local revaluation (depreciation), with ECB/German support to prevent a hard landing.  Once the local species of the Euro has its own, different value, it matters little what name it goes by; the important point to understand, though, is that the value is determined by capital controls, not by local fiscal or monetary policy, and thus control remains with the center of Europe, without ever devolving the peripheral/local government.  You can 'withdraw' from the Euro this way, sort of, but you can never leave the European Hotel California.

Also, the original German text for those who like plucking out their eyeballs and rolling them through the gritty sand of German academic/technical prose, or who just like pictures of lots of red flags.

Sun, 05/05/2013 - 21:24 | 3533180 ak_khanna
ak_khanna's picture

A single currency for an economy as strong as Germany on one hand and relatively weaker economies like Greece or Ireland on the other is not sustainable in the long run. The idea of the stronger countries in the Euro zone to keep on bailing out the weaker ones repeatedly will be a difficult one to sell to the citizens of the economically stronger countries.

Sun, 05/05/2013 - 21:34 | 3533198 TNTARG
TNTARG's picture

Pleeeeeeeezzzzzzzzzzzzz US citizens: take your country back!

Stop serveing those banksters, most of them aren't even native americans!

Cut the crap!

You'll do a great service to mankind and last but not least, to your own children.


Sun, 05/05/2013 - 22:13 | 3533281 news printer
news printer's picture

very funny

Sun, 05/05/2013 - 22:14 | 3533283 QQQBall
QQQBall's picture

that line is from "Wild Bunch" -  "Badges, we don't need no stinking badges" 

Sun, 05/05/2013 - 22:36 | 3533333 SeeNoEvil
SeeNoEvil's picture

This will get messy So what kind of time frame for Euro breakup ? Anybody ? Confiscated wealth will be the catalist everyone will see the writing on the wall at that point 

Sun, 05/05/2013 - 23:19 | 3533380 andrewp111
andrewp111's picture

Well, that is the trillion dollar question, isn't it? Governments everywhere have already proven that they can kick the can longer than  most of us expected 5 years ago. The real question is what are he hard limits? At what point do all attempts to kick the can fail immediately? If you can guess this correctly, you might be able to invest accordingly. Or maybe not, as when this sucker blows, everything is going down with it, and nearly all your bets, derivatives, shorts, options, and futures will be worthless as nearly all the counterparties will fail. The whole sandpile comes down at once.

Sun, 05/05/2013 - 22:41 | 3533346 WTFUD
WTFUD's picture

The biggest weapon of the Family is the spineless as long as they feed us our tv soaps and coupon discounts general neutered public.

Regarding the " steenking badges " your All wrong!!
this was Obamas line delivered 2008 campaign to a predominantly hispanic audience.

Sun, 05/05/2013 - 22:48 | 3533355 chump666
chump666's picture

If the Greeks and Cypriots had balls they could wipe the ECB off the map, just leave the f*cking EU and send that con job to hell.

Pain is universal.

Sun, 05/05/2013 - 23:02 | 3533364 Spectre
Spectre's picture

The Lazy French have accumulated debt through poor management and politics, all voted in by the lazy citizens who created a need for austerity.


WTF.  Hope they implode within 24 months.

Sun, 05/05/2013 - 23:46 | 3533415 Dealyer Turdin
Dealyer Turdin's picture

There are other feedback loops, and strange attractors in the mix.  Ultimately, if they can't pull off all the dopin' starvin' nukin' and general retardation their retarded plan has ordered, the thin blue line will eat itself.

Mon, 05/06/2013 - 00:02 | 3533426 Joe A
Joe A's picture

Ok Mr. Lafontaine, now report yourself to the nearest prison for fucking up Europe and take your asshole boss Helmut Kohl with you. These jerks did not listen to economists that warned about the dangers of the single currency without any provisioning for leaving it in order to fix economic problems. Germany has fucked up Europe three times in the time span on 1 century (that does not mean that these southern countries -including France hihi- did not fuck up their own economies).

French political views win, my ass. The French socialist system of Liberté, Egalité and Fraternité has created a rigid and paternalistic society where nothing happens without the consent of the Elysee and the unions.

Mon, 05/06/2013 - 00:08 | 3533434 jeebus
jeebus's picture

This Euro project was doomed from the start. None of these people have anything in common. 

Mon, 05/06/2013 - 00:20 | 3533446 Joe A
Joe A's picture

European people have a lot in common and we realize that we have -or could have had- a common future. But the curse of Europe is that sooner or later some big country always wants to dominate the rest. You see it now in this statement that "the French view has won", basically saying that "we are the best and we should dominate".

I agree with what you said that the Euro project was doomed from the start. It is because it was designed badly. Not out of economical reasons but for political reasons because Helmut Kohl wanted to create 'his Europe'.

Mon, 05/06/2013 - 02:16 | 3533517 supermaxedout
supermaxedout's picture

Helmut Kohl was the boss of Oscar Lafontaine, Ha,Ha, Ha This is really a joke. Tell this to Oskar.

Oskar Lafontaine never served under Kohl. Oskar was the finance minister under Gerhard Schroeder. 

Mon, 05/06/2013 - 03:37 | 3533542 dunce
dunce's picture

All together now, sing "the party is over".

Mon, 05/06/2013 - 03:59 | 3533554 Wolferl
Wolferl's picture

@ Tyler


Helmut Kohl was not Lafontaines boss. Lafontaine was German finance minister for less than 6 month under Gerhard Schröder in 1998/1999. He became finance minister on 27 October 1998, so he just couldn´t help but launching the Euro on 1.1.1999 since the decision for that had been made a long time ago.

Mon, 05/06/2013 - 04:03 | 3533555 Seb
Seb's picture

How would an exit from Euro would be better for the people in countries like Spain, Portugal, Greece? They would be paid in worthless currency (pesetas, drachmas and so on). In my view it is better to have a lower nominal income in a strong currency, than to by paid trillions in Zimbabwe dollars.

Also, most people posting on this site seems to agree that a return to gold as a currency would be great. So, if Euro is to strong for some countries, how would those countries do with a gold standard? At least, you can print Euros.

Mon, 05/06/2013 - 04:27 | 3533572 Laretes
Laretes's picture

It is worth pointing out that Oscar will say or do whatever it takes to gather votes on 'left' side - he is a known populist that first turned his back to his former party, the SPD, and next to everything he stood for before. He may be right, but he is also the laughing stock for anyone with half a brain in Germany.

Mon, 05/06/2013 - 05:22 | 3533596 FunkyOldGeezer
FunkyOldGeezer's picture

Surely this guy is merely touting the official German line. They've had their cheap exports and squeezed just about as much as they can in economic advantage by being in the vastly undervalued (for the Germans) Euro, so now let's dump it whilst the going's still relatively good.

Sounds like a plan that was always written, to me.

Mon, 05/06/2013 - 05:29 | 3533601 Bearwagon
Bearwagon's picture

"You vastly underestimate [...]", and stuff:


Mon, 05/06/2013 - 05:41 | 3533603 falak pema
falak pema's picture

hahaha; Statist oligarchy vs neo feudal global oligarchy war hotting up in Eurozone...Mutti's Germany and Hollande's France on either side of this great divide. 

Not that Mutti is totally on Pax Americana page but she is fighting her own protestant "reform" of Eurozone as opposed to the Draghi catholic king put; à la Goldman Sachs Empire construct.  

For more on that theme read this : 3533585

Its always difficult to manage an empire; as each oligarch has his own agenda, and this often leads to "thieves falling out". 

Renaissance chimes and Italian wars are a good example! 

Mon, 05/06/2013 - 05:57 | 3533619 koperniuk666
koperniuk666's picture

Falak - an interesting point that the individual  oligarchs have their own agenda. I agree and this observation flys in the face of the often  cited view on ZH  that a NWO is in in control. This is bollocks. No-one is in control. Its all on autopliot. I have sat in on these "NWO" meetings in London. The members are all just trying to keep their comfy postions. They are not always sure how they got there. They probably couldnt get back in if they fell out. And they are all just looking forward to a nice big dinner and another day of hope.

Lots of back slapping! Medals for all!


Mon, 05/06/2013 - 06:24 | 3533632 falak pema
falak pema's picture

Wait till the new man starts his tossing in UK pounds...

Mon, 05/06/2013 - 05:49 | 3533611 koperniuk666
koperniuk666's picture

Notice how the kunt Kohl still slips in the marxist disinformation meme that 'The EU has prevented war in Europe" Bollocks. NATO has prevented war. There has been no war in Europe since 1945 but the EU did not exist for at least part of that time so how could it be responsible for the peace? NATO has existed since 1949 and has been responsible. Meanwhile the current mess in Europe, caused by the EU and marxism, brings us social upheaval and CLOSER to war than we have been for 60 years.  

Mon, 05/06/2013 - 05:59 | 3533620 Seb
Seb's picture

"There has been no war in Europe since 1945".

This is not true.

Mon, 05/06/2013 - 06:05 | 3533623 koperniuk666
koperniuk666's picture

Well if there HAS been war in Europe then the EU has NOT prevented war.  What's your point? Mine is clear to anyone with an IQ above 70.

Mon, 05/06/2013 - 06:16 | 3533626 Seb
Seb's picture

I quoted one of your statements because it is false. It is easy to verify that it is false. This is my point. I am surprised that you had to ask.

Mon, 05/06/2013 - 08:39 | 3533764 BidnessMan
BidnessMan's picture

Ask all the people in Sarajevo if there has been no war in Europe.  Or the families of the 8,000 men and boys massacred in Srebrenica while 400 Dutch soldiers stood by if there has been no war in Europe.  Bet the family members would disgree. 

Mon, 05/06/2013 - 08:59 | 3533817 Seb
Seb's picture

Or ask the Serbs about the NATO bombing of their country in 1999.

Or the Greeks about their civil war (1946-1949).

Or Czechoslovakia (1968) and Hungary (1956) about the soviet invasion.


Mon, 05/06/2013 - 11:10 | 3534225 Joe A
Joe A's picture

Or ask the Serb people in the vicinity of Srebrenica who had their relatives butchered by Naser Oric and his men. Izetbegovic wanted to build an islamic state in the heart of Europe. He proclaimed indepence from Yugoslavia with the blessing of the USA while everybody knew that Bosnia would explode if Izetbegovic would proclaim independence. The EU -then the European Community- tried to avoid civil war there, I will give them that. But then America had to stick its nose in business where it did not belong. The Yugoslav war was part of the bigger scheme of controlling Eurasia.

Mon, 05/06/2013 - 06:13 | 3533625 PositiveFeedback
PositiveFeedback's picture

As I understand it, the idea of the EU is also to interlock the European economies such that interdependence becomes too great to start wars. Although this is far from an ideal solution, I believe it to have been quite effective in this goal (of course, with plenty of negative consequences). A purely defense-oriented organization like NATO is far more easy to disolve.

Mon, 05/06/2013 - 11:02 | 3534210 Joe A
Joe A's picture

There was war in Yugoslavia in the 90s and Helmut Kohl and German leaders before him were very instrumental in that. For decades they were trying to break up Yugoslavia. Since the 70s they tried to have Croatia and Slovenia break away from SFRY. Kohl was the first one to recognize Croatia when it proclaimed independence. Other EU countries were very careful to do so cause they knew that a war would erupt. And when it did When the war Kohl armed the Croats. This man definetely has blood on his hands

Mon, 05/06/2013 - 07:14 | 3533661 yrbmegr
yrbmegr's picture

I wonder what would be the price of a deutschmark in euros?

Mon, 05/06/2013 - 07:33 | 3533679 Monedas
Monedas's picture

As a young man .... the idea of going to Europe .... was a romantic dream .... now .... it's just another corn syrup socialist fuck fest .... I'd rather wait in line for Obamacare .... in Detroit !

Mon, 05/06/2013 - 07:45 | 3533686 Volaille de Bresse
Volaille de Bresse's picture

Oskar "Political Komissar" Lafontaine repudiates his bastard child (the Euro currency) cos he just realized it was born with Down syndrome? 


 The ship is really sinking! GOOD!

Mon, 05/06/2013 - 07:50 | 3533693 myne
myne's picture

As bad as it may seem, at least Oskar Lafontaine has integrity. There aren't many of his stature who can admit a mistake.

Mon, 05/06/2013 - 08:30 | 3533742 SKY85hawk
SKY85hawk's picture

I thought the whole Euro thing was sold out by politicians when they agreed to ignore Masstricht's 3% deficit limit,  every year since 2002!


Mon, 05/06/2013 - 08:20 | 3533722 SKY85hawk
SKY85hawk's picture

How's Germany doing with that 3% debt-GDP thing?   A 3 year trend w/b helpful.

Mon, 05/06/2013 - 08:36 | 3533756 Element
Element's picture

Where's Ghordius? He can straighten this Germanic misunderstanding out in a jiffy.

Mon, 05/06/2013 - 11:17 | 3534240 Urban Redneck
Urban Redneck's picture

Probably busy relocating any digital footprints he leaves from the misunderstanding reach of the Nazi German Telecom Law... 

Mon, 05/06/2013 - 09:59 | 3534024 Haus-Targaryen
Haus-Targaryen's picture

Euch alle sind Schlampen. 

Mon, 05/06/2013 - 10:01 | 3534031 Bearwagon
Bearwagon's picture

Correction: "Ihr seid doch lauter Schlampen!"   ;-)

Mon, 05/06/2013 - 10:18 | 3534092 Haus-Targaryen
Haus-Targaryen's picture



Manchman mein Ausländer deutsch ist mangelnd.  



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