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US Blasts Germany's Economic Model; Germany Blasts Right Back... And May Use Snowden As Leverage
The chart below showing the portion of GDP generated through net exports by select group of trade surplus countries is well-known to most. Except, it seems, to the Treasury. Apparently to Jack Lew's henchmen it comes as a complete shock that
Germany's exports account for 41.4% of GDP - 50% more than traditionally
evil "mercantilist" China.
It is also a complete shock to the US Treasury that the current layout of the Eurozone - the same Eurozone that the Fed has stepped in on numerous occasions to bailout, common currency and all - was simply to facilitate German exports to fellow European countries.
Which is probably why, after years of saying nothing, in its semi-annual currency report released yesterday and "employing unusually sharp language, the U.S. openly criticized Germany's economic policies and blamed the euro-zone powerhouse for dragging down its neighbors and the rest of the global economy."
You see it was all Germany's fault.
From the Treasury's report:
Germany has maintained a large current account surplus throughout the euro area financial crisis, and in 2012, Germany’s nominal current account surplus was larger than that of China. Germany’s anemic pace of domestic demand growth and dependence on exports have hampered rebalancing at a time when many other euro-area countries have been under severe pressure to curb demand and compress imports in order to promote adjustment. The net result has been a deflationary bias for the euro area, as well as for the world economy.
Ireland, Italy, Portugal and Spain are all now running current account surpluses as import demand in those economies has declined. Thus the burden of adjustment is being disproportionately placed on peripheral European countries, exacerbating extremely high unemployment, especially among youth in these countries, while Europe’s overall adjustment is essentially premised on demand emanating from outside of Europe rather than addressing the shortfalls in demand that exist within Europe.
The WSJ adds:
With the latest report, the Treasury Department has now criticized the world's three largest economies after the U.S. for their economic policies.
The focus on Germany represents a stark shift in the Obama administration's economic engagement with one of its most important allies. Since the early stages of the euro-zone debt crisis in 2010, U.S. officials often avoided public criticism of Germany given its central role in keeping the currency bloc intact. President Barack Obama and his top officials worked carefully behind the scenes to prod Germany without antagonizing it publicly.
Why the US would scramble to antagonize a Germany which as recently as a week ago was shocked to find out the NSA was spying on its beloved Angela Merkel is a mystery but apparently now that the fiction that Europe is "fine" and nobody can criticize it has ended and is no longer necessary because Spain is, in its own words, recovering, it is fair game to throw Germany and all other nations that dare to export better and more competitive goods and services than the US. under the bus. Because, you see, unless every "ally" of the US has the same "growth" model of internal consumption funded by titanic amounts of debt, be it household, corporate of sovereign, and is in the same insolvent boat at the end of the day as the US, they deserve to be spat upon.
Which also means that the reverse is also true and Germany can stop pretending that the US is some paragon of economic growth or stability. And unlike other painfully impotent US "allies" (coughfrancecough) whose eagerness to engage the US would go as far as summoning an ambassador for a brisk walk along the Champs Elysees, but never farther, Germany is in no way afraid to speak up against the former global hegemon, whose "reserve" status is evaporating by the day. Here is Germany response again via the WSJ:
"The trade surpluses reflect the strong competitiveness of the German economy and the international demand for quality products from Germany," the German Economics Ministry said in a statement Thursday, responding to a report from the U.S. Treasury published Wednesday that bluntly criticized Germany's economic policies and blamed the euro-zone powerhouse for dragging down its neighbors and the rest of the global economy.
"The U.S. government should critically analyze its own economic situation," said Michael Meister, a senior lawmaker and close ally of Chancellor Angela Merkel, criticizing the high debt level in the U.S., which "doesn't just unsettle [the U.S.], but has negative effects on the global economy."
"The German economy is competitive, with record-high employment—so it's really not understandable why we're being blamed for this success," Mr. Meister added.
It is quite understandable: Germany is refusing to adopt the principles of the Fairness Doctrine and alongside that, revert to the teachings of those great philosopher-thinkers Marx, Engels, Lenin and Stalin.
The Economics Ministry said the country's domestic economy is the main pillar of its growth, noting that both investment in Germany and consumer demand are increasing.
It also said the U.S. criticisms are at odds with the International Monetary Fund's stance: "Furthermore, the IMF also doesn't see economic policy distortions as the basis for Germany's trade surplus."
...
The report also provoked strong reactions from European economists. Holger Schmieding, chief economist at Berenberg, denounced the accusation that Germany is pursuing a beggar-thy-neighbor policy as "nonsense," given the strong euro and a fall in Germany's trade surplus with the euro-zone over the past five years.
"The German export growth story is mainly in emerging markets like China, the implicit criticism that Germany should export less and consume more—there I have my doubts because [European] periphery economies don't have products Germans would consume," Mr. Brzeski said.
Naturally, this is all just high-level political bickering, however unlike the Syrian debacle where Obama was schooled by the former KGB agent, the US president is dangerously close to antagonizing whatever pillars of support in the "priced to perfection" western world he has left.
Still, the last laugh will likely be Germany's. Following media reports that Germany is considering granting asylum to Edward Snowden, Germany's politician and member of the Green Party Christian Strobele moments ago sent out the following picture from his visit to Russia, alongside Snowden.
Ich komme gerade von Gespräch mit #Snowden. Bringe seinen Brief an BR mit. Details erst morgen http://t.co/F9XQ9i4J08 pic.twitter.com/6xhR7IgdxU
— Christian Ströbele (@MdB_Stroebele) October 31, 2013
Because what better way to unite the rest of the world against the former Globocop that is the US, than to show that anyone who is terrified ot spending one extra day in the formerly great nation, can feel safer in Hong Kong... or Russia... or Germany... or increasingly more places that just want to tell America "enough." Finally, if and when Germany, Russia and China all sit down and finally agree to the new and improved trilateral alliance, that's when things will finally get exciting.
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This will not end well.
Yeah, Germany will just hand over Snowden.
I would have thought so before, but my mind is changing on that.
Just like the NY FED handing over Germany's gold back to them?
"You may have Herr Snowden but it will take 7 years to hand him over."
And that's for only one half of him, the other half is just not possible...
An unbalanced economy is a weak economy. The old cliché is, “Neither a borrower or lender shall be,” not “A borrower shall not be, but lenders are fine.”
Export-driven economies rely on a weak currency to flood the market with their goods and thereby place two burdens upon their populations. The cheap currency makes imports more expensive, so consumers in export-driven economies cannot afford as much. Lower consumption levels equate to lower employment levels as the infrastructure of consumption remains lacking.
Prices for consumer goods are much higher in export countries. In the U.S., you can buy a nice HDTV and a surround sound system for about $1500. In Germany or the Netherlands, you couldn’t even buy the HDTV for that price. As a consequence, the retail sector remains small and labor force participation rates remain low.
As the chart illustrates, Germany receives a very nice benefit from belonging to a currency zone with more unproductive members, and those countries pay a steep premium to remain in the Eurozone. Eventually, someone will figure out that he could reverse his country’s fortunes rapidly by reverting to its national currency. Until then, the periphery will struggle, and breakup risk will persist. He who exits first, exits best.
Full post with chart:
http://dareconomics.wordpress.com/2013/10/31/around-the-globe-10-31-2013/
Down with Oceania !!!
US gets caught tapping Merkel's cellphone & engaging in massive surveillance on Germans... Tries to deflect by bashing the German economy?
Conflict resolution, pre-school style!
The author is correct! The whole EU concept is against the EU, the way it is conceived will end up creating the war it was trying to prevent. For those interested in the topic, you should read the book Conquerors, where the USA planned how to dispose of Germany years before winning the war and why Germany was divided in two to avoid a repetition of history, due to the excessive productivity of some of its regions. Basically they were afraid that it was again going to create the same conditions that led to world war I and world war II. It only took 20 years to get back in the same position as before.
I traveled the EU since 1989 till 2007 and did business in most of its Countries. Any other business person who has done the same know what I'm talking about, there are genetic or cultural, or geographical differences between the people that live in some regions of germany and people in many other eu countries, differences that can't be eliminated. Not in a system like the EU.
I'd like to move to Germany and drink bier served to me by Frau Grosse Titzen.
Bought two nice state of the art 40 inch HDTV sets for about $700 each here in Germany. Last year, the same stuff is even cheaper this year. But hey, don´t let reality get in your way.
Except, i dont buy german products for the price, i pay a premium for german products cos they are the best
Export-driven economies rely on a weak currency to flood the market with their goods and thereby place two burdens upon their populations...
Switzerland would be the ecception?
Completely false,
Germany had one of the strongest currencies in the world before the € came, which then skewed the markets even more. Even in Deutsche Mark times it was hauling in record trade surplusses. Countries producing commodities or shit products rely on cheap currencies. Countries producing high-end quality products sold for a premium on the whole don't give a fuck about exchange rates. Or you could expand it to include high productivity countries become currency independent, usually because strong currencies meant they had to get their productivity act together to survive. Weak currency countries don't rely on productivity. They rely on governmental mismanagement and CB cronies flooding markets with paper to be able to export at "advantageous" exchange rates.
in three deliveries 18 months apart?
Competing interests? After all, it was the US that taught Gemans about eugenics and progressivism. You work for me, biach.
An article that links back to this article. Has the question about what would happen if Germany gets upset enough and demands all of their gold back immediately and not just half of it in 2020.
http://sherriequestioningall.blogspot.com/2013/10/here-is-question-since-germany-seems-to.html
Speaking of which... http://sherriequestioningall.blogspot.pt/2013/10/most-important-case-eve...
I never thought I would see the day that a President of the United States was trying to dissolve the soveriegnty of the nation and put it under UN laws.
I am sure the media will never mention this case or the fact that the DOJ is actually arguing against the constitution of the U.S. in the Supreme court.
seems to me, that we have a whole buncha trigger happy young men and a buncha fancy tanks parked all over germany
no gold
no snowden
and we'll keep tapping your phones thank you very much
aaand, scene
quite a list.............
http://en.wikipedia.org/wiki/List_of_United_States_Army_installations_in...
U.S.A....#1 At getting the whole world pissed off.
USA, first in psychopathic egos, last in commonsense.
Is it even possible to have a more screwed up administration that what we have? Seriously, Mr. Rogers or Bozo the Clown could do so much better than our WH. The world sees this, why can't the stupid Americans see it?
"The trade surpluses reflect the strong competitiveness of the German economy and the international demand for quality products from Germany," "The U.S. government should critically analyze its own economic situation..
That is the same kind of answer Hitler gave to f.d. roosevelt during 30's decade, When USA were in deep recession BECAUSE OF THE FED, meanwhile Germany became a world superpower by erradicating jewish parasite banking and issuing money free of debt. In those years Hitler also said the real source of wealth was not gold nor money, but the HONEST WORK OF MILLIONS OF GERMANS.
SO MUCH FOR THE ENSLAVED AMERICAN PEOPLE STILL UNDER THE BOOT OF ZIONIST JEWISH PARASITES..
Uhhh....all comments about the tribe such as this must be cleared with the Tribe in Switzerland. I think this comment bypassed the clearance process. You may be subject to erasure and banishment lol
And the work of millions of cheap slave laborers during WWII, working for not such an honest boss: your precious Hitler.
By the way.. German Workers achieved the highest levels of living in those days.. I don't meant to offend. I just provide some insights little known by the people.
I just want to point out that Germans were also enslaved, until they limited the rate of interest and forbidden the jewish bankers to extract wealth from the real economy.
As soon as Germans get rid of jewish parasite banking the economic miracle was come true. The so called hollocaust was a tale invented to vilify Germans and hide facts like Hitler nationalized central bank and issued money free of debt... The greatest menace to current state of things.
Hope one day American People open their eyes and reclaim their own country from jewish parasites bankers.
I didn't think anybody could be more stupid than our elected officials...,
till I read your little rant.
Fuck off and die, Nazi filth.
if we can impeach Obama that would be a good ending!
It's usually not a good thing when the Germans start blasting
It depends if your perspective has been manipulated by the Spielberg's.
Over.
Pfffffbbbbbttttttttt!!!!!!!!!
Germany threatens to use Snowden as leverage.
US threatens to us German gold stored in the US as leverage....
Check and mate.....
When is the last time anyone has seen this german gold or any of US gold for that matter? I wonder if the central banks already confiscated it from the USSA ;)
Germany could blow the whole thing up by demanding their gold NOW. Seven days, not seven years.
Are you referring to the 300 tonnes that have likely been "leased out" and will take 7 years to replace or the 1200 tonnes that will take an additional 20-25 years to mine, buy, beg, steal or otherwise acquire?
Oh, and since the Fed is a bank, and the gold has been deposited there, isn't Germany an unsecured creditor?
Germany should have looked at the fine print, only $250 000 is insured! So out of 300 tons of gold, they'll only get 200 ounces... Wait till Hitler hears about this.
Pigs will fly on gosammer butterfly wings over the frozen wasteland of hell before Germany gets that gold back.
Lol. So true. The funny thing is that german leadership knows this to be true but must keep quiet. They live or die by the ponzi too.
I dont feel sorry for the germans. It has been well said that honest men cannot be sucked into confidence games.
Germany still does not have a signed peace treaty with the US.
research yourself.
Germany is still an occupied territory of the US and ze germans are paying for it.
"Demands" that can't be met are much like "laws" that cannot be enforced. Kabuki theater, nothing more. Those in the "club", regardless of location, are laughing their ass off.
and China & Russia, having Germany's back, threaten to dump their US Treasuries (which they will, slowly, and buy gold with them) - whilst China keeps on establishing currency swaps with every country pissed off at the USofA, which is just about every country (except France - oops - they've signed on to currency swap too - nevermind)
you're up...
Would you like to play....Global Thermonuclear War?
Your move....
at which point the FSS breaks out its advanced strategic weaponry (apriori nullifying ours) and destroys the US in about 10 minutes including all missiles in flight in their boost/launch phase -with the option of killing us all or leaving us alive to clean up the mess
Yep, dump the table when losing the game, sounds about par for the course when considering the maturity level of the current administration...
The problem is, when you only have the "nuclear" card to play people will eventually call your bluff.
They can't even take out Syria, No Balls.
Unfortunately, Fukushima already started that. Mate....
ob1knob:
Not a game for me, but it is a game for some.
Not a joke, but with the Fukushima disaster-to-come
There will be many thinking:
"What the hell----we're going to go anyway---good time to-kill-em-all"
This is not funny, but it is how some so-called 'humans' think
So it is not 'my move', but there will come the day when you receive a response
good luck to you
The big question should be......2% of Russian exports go to the US? What does Russia export to the US other than Hot Female Tennis Players?
Vodka? The real stuff.... Not the knockoff garbage like Absolute or Smirnoff.
Had a buddy from Kamchatka give me a bottle of Flag Ship back in '00. Real indeed....
They used to send us Saiga Shotguns. they are awesome. :)
"What does Russia export to the US ..."
Sometime in the future, ICBMs maybe .
When viewed through the proper prism, this all makes sense. No, not the tennis players. Russia.
Germany cannot survive without GAZPROM input. Period. Not politically. Not ideology. Survive, with the capital S. Food. Heat in winter. Russia's GAZPROM is the only thing between Germany and the cold death of winter.
It was only a matter of time before Putin made a call to Merkel informing her that German policy would now require Politburo approval, though of course that discussion would be hugely subtle in the wording -- to provide her cover but also to avoid any explicit smoking gun on the NSA recording.
And so the question is not what does Russia export to the US. It's what they export to Germany that is behind this story.
Trips to our ow space station that we no longer have the launch capacity to reach?
Trips to our own space station that we no longer have the launch capacity to reach?
Somone tell me if I am missing something. Lack Jew is mad at Germany because they make stuff? How dare they! And a current account surplus? Fuckin Nazis! Dont they know the only way to create wealth is to print it?
Value of German gold in US possession is pocket change.
Germany could ask to be paid in USD now and acquire gold or other assets on its own.
You'll find that the gold people on ZH get particularly loud, even when gold is in no way relevant to a conversation, on big down days for it.
It would be very difficult to keep the lid on gold prices if the German gold needed to be purchased on the open market at this time.
If the Germans could match our nukes, i think they could win this time. Our soldiers don't have the heart -I don't blame them -fighting for Wall Street Banksters is hardly a motivation. Besides, Obamam is getting rid of our good generals and replacing them with incompetent cronies. We can't afford to pay enough private contractors, and our Al Quada Divisions aren't worth shit unless massive air power first detroys ALL opposing military opposition.
Your idea of chess is...
... Hold it, next man makes a move and the nigger gets it???
except Germany isn't stupid enough to hold out hope they'll get their gold now... they've more than likely made other arrangements.
-
Looks like Oblameo is in for a gang banging from every direction. He built this.
Obamination is the Mr Bean of global politics - everything he touches turns to shit.
President Urkel DID DO THAT.
translation - usa bank maggots are holding piigz bondz bitchez
@Buzz
Up arrow, post of the day my friend!!!
SSDD
Whatever damage he's done to the US domestically, he's probably done twice as much internationally.
You can almost FEEL the rest of the world begin to turn on us.
The rest of the world had Obama pegged long before our own citizens ever will (even if you think a few of said citizens might have been rousted out of their slumber starting a few weeks ago when healthcare.gov began it's failure to launch).
I feel it too. I wonder if they will embrace the Muslims even more now and it all turns into a religious slugfest.
Oh brother! If they view all Americans as juice, or living the juice lifestyle, we're in trouble. Big trouble.
Que the neocons.
Over.
Slumber? Try a coma. Nothing will wake up these fools. They were meant to be slaves -and so they shall be. Me, on the other hand - I don't deserve the fate of these fools. I wish I could afford an exit strategy to get the hell out of this hell hole -this powder keg waiting to blow.
Re: I wish I could afford an exit strategy
It's easier than you think if you don't mind Australia and lots of heat.
Saw 12,500 miles of Australian roadside by bicycle. I can understand almost all of Austen Tayshus's Australiana.
Definitely would move there if possible.
Obama is seen universally as a narrow minded, small minded, pathetic, childish, useless, a menace to the USA and the world, and an all round general prick
.... and we have 3 more years of him to suffer through. More, if he runs for a 3rd term or appoints himself 'Il Presidente for life," as some expect.
Why do I have this feeling that we're going to hate the next President too?
in other words, a liberal
Or community organizer who should stick to a community of 10-20.
You obviously don't watch the BBC.Max,do you? You think CNN and MSNBC suck his dick? Try the BBC....it's like a cow milking machine.
The BBC seems to have a problem with sucking kids dicks. The scum should be shot
Aye, looks like the Beeb have overtaken the Catholic church as the primary source of kiddy fiddling in recent months.
I'm just trying to get my head around thie phone hacking lark at the Old Bailey...it appears its OK for the US government to hack our phones/emails/accounts/add infinitum, but not the British press? Or shouldn't the cunts at the NSA be in the same dock?
You mean like a monkey with a hand-grenade?
:0
http://freedomoutpost.com/2013/08/russian-vice-premier-obamas-mideast-policy-like-monkey-with-a-hand-grenade/
And the whole world thinks we are a joke -a pathetic, stupid immoral bully run by Wall Street Gangsters that is self-destructing, and which hopefully won't take the world down with it. Read the paul Craig Roberts article -posting what the Chinese said about us earlier this week. It's a shame so many morons in this country have no clue what is going on.
http://paulcraigroberts.org/2013/10/30/guest-commentary-liu-chang-us-fis...
Not to forget that Ströbele, the guy on the photo, is a feeble minded, left-wing politician of the Green Party. Almost no one cares about what he says. People in rotten quarters of Berlin like him.
by only 48.5% of the population, right? the others voted for him..?..
"The trade surpluses reflect the strong competitiveness of the German economy."
Well, it did. The Euros 42% appreciation against the yen ensures that German manufacturers will be losing out in China vis a vis
the Japanese. Moreover, the weak Yen ensures that Japan is able to flood Europe with cheap goods, at the expense of German goods.
Commerzbank;
Outlook for Germany: After an excellent second quarter (0.7% on Q1) economic growth
should slow to ¼% in the third quarter.
And the rollback of labour market reforms? With a minimum wage and more regulation of
temporary work, Germany should continue to roll back the Agenda reforms. This per se
lowers the long-term growth prospects of the German economy.
I get tired of the weak currency export nonsense. Who cares if you export more if your money is worth less. If last year I export 1 widget for $100 dollars, does it matter if this year I export 2 widgets for $200, if that $200 has the purchasing power the $100 did last year. I'm no better off.
Self-serving American analysis is as bankrupt as the country and its people. It's high time for the rest of the world to put an end to Anglo-saxon financial domination.
So, you're saying "Anglo-saxon" doesn't include the E.Z.? Good luck with that. All of the western countries hold each other's bonds. their banks hold each other's CDSs.
Go ahead, blow the financial world up. Please, fucking bring it! It can't happen soon enough for anyone capable of productive labor.
Fuck the motherfucking paper-pushers (regardless of the continent these fuckers are on)!
yippie yippie yeah yippie yeah...
Maybe the NWO will move its headquarters from the Capitol Building in Washington D.C.
You goddamn kraut basterds, our central banker can outprint your central banker any day of the week!!
The problem is that damned German education system. They require their students to master subjects and be fully employable at graduation.
Oh Fuck. queue the tall boots in 3...2...1
The USA has to blame Germany now as this administration has run out of people in the USA to blame for all of its errors. The repubs is getting old when people see thru it. Bush is no longer a contender as this is his second term. Veterans, white people, rich, and local officals, is all played out! So we must now start blaming countries that are actual producers instead of big time consumers. I do respect the Germans as they do indeed manufacture some fine precision prodicts used around the world. They have fantasti apprenticeship programs for making products and to master the craft actually takes years. All this administration will do is turn whats left of our allies in the world into allies that no longer support us.
The East is where Germany and many other producing countries will turn too. They can sell their products there and it is a bigger market then the USA. Just like the West selling all of its Gold to the East. One day soon our reserve status will go away. Many countries already told the USA to shove it they will trade wihtout our currency.
Unfortunately for anyone stuck in the US, I think you're spot on.
In that case, I look forward to selling the East my soybeans in exchange for gold. Sounds great to me.
dunno if the East wants GMO soybeans?
Certainly not in exchange for gold.
Carefull there, that is what got Hitler in trouble when he bypassed the banksters cut by setting up an international barter system (avoiding currency).
No one is stuck anywhere. Everything is a conscious choice. Isn't that the mantra?
Not sure what the point of this was. London has the Germans by the balls vis a vie Deustchebank, but those balls contain high impact explosives that, were London to squeeze said balls, would result in the splattered remains of both entities. This is just two kids talking shit that are never going to get close to actually fighting.
London is not even in the game. Ldn is out since 2nd WW if you didnt notice.
Re; Ldn is out since 2nd WW if you didnt notice.
Not when it comes to running financial scams. They are 2nd only to the US in that very lucrative export market.
2nd place but lean. Our WS Banksters have grown fat and soft on easy wins and FED handouts. They have lost their edge and are believing their PR.
The Euro will prevail because it is in the interest of germany. 580 million People in europe, 320 million in the US. The worlds biggest economy is the EU. The controll over the worlds reserve currency is in the end game. There will be at least three trade currencies. EUR, USD, RMB.
It would be interesting to say the least if Germany were to grant Snowden asylum. Through in the fact we still have major military presence there (smaller than past years). Still, with EUCOM, AFRICOM, and Ramstein AB still vital to us, the irony of Edward Snowden as a resident there is entertaining. We still need Germany to maintain our empire. Still a lot of logistical, command, and intelligence infrastructure that can't be replicated in size and scope elsewhere easily.
That is a fantasy. After WWII, I would love to see a German and Russian alliance on anything. An ex-KGB member and Germany are going to sign agreements against the US..I'll believe it when I see it.
Yep, pure fantasy....Just Like The U.S. and Japan of North Vietnam...
He would be hit by an oxcart in the same street Patton had his little accident on.
I'm waiting for the State Deparment to soon show pictures of Obama pissing on an Australian flag, thus finishing the process of alienating every single one of our former allies...
Que Mr. Banzai....
NY FED to Germany, you want your gold when???...
might as well threaten to build pontiacs again.
Is that smoke I smell?
Sorry your gold is missing.
Fighting words if I ever heard them.
Their gold is not missing.
"Somebody" has it.
It's in China.
BINGO!
Probably sold off years ago after the U.S. sold off Fort Knox's stash.
The U.S better be careful cause the Germans can leak the reason why the U.S. can't return Germany's gold.
If this turns out to be a negative - Obama can just say he didn't know anything about it.
The US papertiger is going soon get piss wet and become paper mache.
Dear voters: in less than a year, Obama will have tarnished America's international reputation worse than Bush ever did. Don't let him.
I changed my computer's clock to November 6th, 2012 and tweeted that. Did it work?
Re: Did it work?
Yeah, Romney's president. Happy now?
Yes, it would have been a slower slide into complete corpofascism..
I've posted on this and Hollande/Montebourg and Obammy are on the same page relative to this Merkel economy dynamic.
France of course the odd man out, tied to Germany as financial co-garantor of ECB assets but economically on same page as Italy and Spain. Schzophrenic situation. As Mutti won't budge on QE latitude, telling Draghi where she draws the line and telling Hollande how she intends to continue exporting outside EU, all the while dominating the Euro export zone internally; witness Greece and Portugal/Spain to save euro banking.
"My federal integraton policy, my banking union trajectory and my economic model and I don't take no from any of you."
Winner takes all. France knows she (Mutti) at least has a strategy, to the extent Pax Americana shenanigans and debt tsunami allows such a fragile status quo, whereas they (France) are on the Medusa raft. Tuff times.
Print Obammy, you have no choice.
So France is on the side of other painfully impotent "allies" (coughusacough) ...
Tell the CENTRAL truth, it is THIS:
http://patrick.net/forum/?p=1230886
USA FTA policies dictate one sided trade tariffs. On a level playing field this circus would be much, much different. GTFO federal and state government rats.
Obama is now blaming Germany for his economic failures.
Look for the IMF's new Special Drawing right to be available on your smartphone in 1/1/16! I'd bet thier newly rebalanced world currency allocation will include less USD, maybe none at all at the rate we're making friends around the world! http://www.imf.org/external/np/exr/facts/sdr.htm
It will have a large dose of the chinese currency, courtesy of their gold purchases.
No surprise here. Germany uses vendor financing to sell their manufactured goods - just like China.
The US (and southern Europe) uses the vendor financing to buy goods they have forgotten how to make and live beyond their means.
Now the lender/borrower game gets interesting as the borrowers can't pay for what they have already consumed.
Who wins - Italians driving Audis or Germans holding worthless Italian debt? Americans tweeting on iPhones or Chinese with US$ debt that will be inflated to zero value?
Nobody will be happy about how it works out. Harsh words should be expected. Harsh actions may follow.
The Germans are certainly smarter than the Chinese. They set up the monetary union so the borrowers can't inflate their way out. They can default though ... and will ... in some convoluted European way.
I wonder if Lew drives a BMW, Mercedes, Audi, or Porsche
As America’s leadership devolves into a cabal of useless idiots – all appointed for their gender, their race, their crony connections, their willingness to sell out the country to lobbyists, and/or their leftist ideologues – the best and the brightest and the most patriotic are hunted down and forced to flee to welcoming nations.
So ObamaCare gets a failed website designed by cronies of Michelle Obama and Valerie Jarrett – America’s politically correct leaders – and Putin gets Edward Snowden – America’s discard. And America gets a trick pony for president.
Some countries emerge; some submerge.
In the meantime…
Snowden Gets Job... Will maintain 'Russia's largest website'...
Submitted by Barracuda_Trader on Thu, 10/31/2013
MOSCOW, Oct. 31 (UPI) -- Fugitive former U.S. security contractor Edward Snowden will be working in website maintenance in Russia, his lawyer said Thursday.
Anatoly Kucherena said Snowden begins his job Thursday maintaining "Russia's largest [web]site," RIA Novosti reported.
Kucherena did not reveal the name of Snowden's new workplace "for security reasons."
Snowden, a former National Security Agency contractor, fled the United States for Hong Kong and then Russia after leaking details of the NSA's massive surveillance programs. Russia granted him temporary asylum in August, despite repeated extradition requests from the United States.
http://www.dailypaul.com/304069/snowden-gets-job-will-maintain-russias-largest-website
US response to Germany: "We knew you were going to say that."
Thank you, NSA!
Can we (US Federal Government) be any more fucking stupid? The Obama Administration is doing a fantastic of destroying this country and an ever increasing rate.
"It is also a complete shock to the US Treasury that the current layout of the Eurozone .... was simply to facilitate German exports to fellow European countries."
complete shock my ass.
it never ceases to amaze me how many take others for being 'stupid'. my guess is that writing/talking from that perspective is a technique that is effective in realizing the desire of the source to increase 'self-importance", as the troops rally in waves of adulation behind the 'look at the stupids being stupid' authors/speakers.
(no, not this tyler, although it is taking advantage of the very thing discussed above, but i refer to the quoted source).
assuming that one's adversary is, in fact, not dumb, yields a tapestry of brilliant thinking and guards against not only the worst case scenario in which you are in fact dumber than the source called 'stupid, but also helps in all the other cases in which no one is stupid.
:)
p.s. as to the meat of the article, well, assuming all are smart, then we all know that this is a facade.
there is no such thing as world reserve currency. all that china is doing is cutting out the middle man and is looking to save vigarish. worst case scenario is that all countries have swaps (exchanges) with all countries and then someone will figure out how to make money on that system.
oh, wait.
that's what we gots now.
flap harder butterfly.
:)
The 'new, improved trilateral commission', you say. Then I have a questions for our foreign friends whose ancestors sought and seek refuge under the Constitution and Bill of Rights here (hijacked by the un-Federal no-Reserve Board of secret shareholders in 1913).
Germany: do you trust the international financiers who ruined your country in WWI and WWII, back stabbing you, while funding Hitler, so their Zionist dream of Israel could be formed?
China: do you trust the international financiers who ruined your traditions and honor during the Opium Wars?
Russia: do you trust the international financiers who ruined millions of blameless, hardworking ordinary Christians in your lands under the Red Terror, led by Lenin and funded by the international financiers headed by the Rothschilds?
In all this, a hateful warmongering, money loving tribe controls central banks and pursues its insane supremacist psychopathy: the Khazars, and their wasteful, batshit crazy central banks, using money as power rather than a fair exchange of goods and services among equally respectful nations.
Get up off your knees, and live self-determination. We may be lost in the USA since 1913. Learn from our mistakes. To thine own self be true this century. Only a fool would repeat the same mistakes as the past.
Deutscheland, Deutscheland uber alles....
Bring Back BUSH!!! He was also a great PUPPET!!!
There goes Barry making all kinds of friends again.
Loving U Barry - now go fuck yourself.
We the USA Big 3 car manuafcturers have used our lobbying powers to try and halt the outselling of our USA crap cars by European models, sadly BMW, Mercedes, Volkswagen are very desireable and denting our sales big time. So we have asked the Government to produce some more of its spectacular BS to help our plight.