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Germany Openly Hostile To Putting Frenchman In Charge Of European Financial Affairs
Current finance minister Sapin, perhaps unsurprisingly, has admitted that France will miss EU deficit targets and needs more time to rein in public finances - proclaiming, as Reuters reports, that it may take until 2017 to bring it in line. Germany's response "nein, nein, nein" with Merkel demanding EU nations stick to commitments (rejecting any plans to 'bend rules') and Schaeuble blasting that Germany is "certain France is aware of its responsibilities." But the real stunner is that as France shows its utter ineptitude in managing an economy, EU President Juncker has placed former French finance minister Moscovici in charge of Europe's taxes and finances. German lawmakers exclaimed this is "not a wise personnel decision." The core splinters...
France is failing hard... (as Reuters reports)
France announced on Wednesday it was breaking the latest in a long line of promises to European Union partners to cut its public deficit, conceding it now would take until 2017 to bring its finances in line with EU rules.
The statement by Finance Minister Michel Sapin follows weeks of hints by Paris that weakness in the euro zone's second largest economy would prevent it bringing the deficit below the EU ceiling of three percent of output next year as promised.
Sapin insisted France was not seeking to change or suspend the rules but wanted the deteriorating outlook for growth and inflation this year and next to be taken into account.
Paris has led calls for a more flexible interpretation of EU budget regulations along with Italy,
"Let France's position be clear: in the European debate now open, we are not seeking a change of European rules, we are not seeking their suspension, nor any exception for France or other countries.
"We are asking that everyone takes into account the economic reality we are all facing - that growth that is too weak, inflation that is too low."
But... German Chancellor Angela Merkel has rejected any bending of the rules and said on Wednesday euro zone countries should stick to their commitments.
"The (European) Commission is right to keep up pressure for solid budgets and reforms," she told parliament in Berlin. "What applies for Germany also applies unchanged for Europe."
And Germany's finance ministry adds:
German Finance Minister Wolfgang Schaeuble on Tuesday rebuffed calls for Berlin to spend more to boost the euro zone economy, insisting on the need for painful structural reforms.
- *GERMAN MINISTRY 'CERTAIN' FRANCE 'AWARE OF ITS RESPONSIBILITY'
- *GERMAN MINISTRY SAYS EUROPE NEEDS FRANCE TO HAVE STRONG ECONOMY
Upholding the EU deficit-busting rules will now fall to Sapin's Socialist predecessor, Pierre Moscovici, an advocate of Keynesian demand-led economics, who was appointed European Commissioner for economic and monetary affairs in the new EU executive team unveiled on Wednesday.
Germany is not happy:
- *GERMAN CDU LAWMAKER BARTHLE SAYS MOSCOVICI NOMINATION NOT A WISE DECISION
German lawmaker Norbert Barthle from Chancellor Angela Merkel’s Christian Democratic Union says appointment of Pierre Moscovici as European Union Economic and Monetary Affairs Commissioner not “a wise personnel decision.”
In e-mailed statement, Barthle also says:
“It will be interesting to see how Mr. Moscovici will deal with France’s excessive deficit”
“It’s now up to the commission to assess a delayed adherence to the 3% deficit limit and, where appropriate, take further steps against the country”
“This is where Mr. Moscovici can show that he really represents the interests of Europe”
* * *
So put the socialist fox in charge of the money hen house... what could go wrong?
But you shouldn't worry, because:
- EU'S MOSCOVICI SAYS IN INTERVIEW WITH FRANCE'S LES ECHOS NO EXCEPTIONS CAN BE MADE FOR FRANCE ON BUDGET
- EU'S MOSCOVICI SAYS FRANCE'S DEFICIT REDUCTION PLANS NEED TO BE EXAMINED OVER A LONG-TERM PERIOD
Yep - no exceptions... except we'll use a long-term average that enables an exception for France - because that's what's fair.
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Draghi's wet dreams have just popped
no Eurobonds
Or is it just politicking by the Germans for domestic consumption? I guess time will tell....
http://olduvai.ca
Quick, how do you say "Celebrate Diversity" in German?
Heck, or French... hehe
Uberaschungwedneweltvereinigungshaltenindenvergangenheitsanshaunghaben!
Them wheeling the same jackass back in just makes my work easier...
touche! The French are assholes anyway.
"touche! The French are assholes anyway"
You're right! During the Summer I see tons of assholes in the streets of Paris : they're fat, slow, arrogant, they look down on everyone... and they do'nt speak a word of French.
Oh wait they're Murican tourists!
Nothing screams lazy more than 35 hour work weeks, and retirement garaunteed at the age of 60.
Nothing screams fat more than cheese, bread, and little to no exercise.
And nothing screams disgusting body odor more than riding a tram in Paris. It's like you guys dont even know deodorant exists.
And nothing, absolutely nothing, yells hypocrisy more than the fact that McDonald's is more profitable in France than anywhere else in Europe, and 2% of your populace eats there everyday.
A Bond Too Far
Well come on... no one ever suggested the Germans were a dumb people. I'd think even the Italians and Greeks would have a problem with this!
France 10Y 1.365 1.371 1.398 1.347 -0.006 -0.44% 16:43:30 rotflmfao
^^^^this. Those liabilites are a motherfucker.
As for such "open hostility", where have we seen this before and does it matter if your reseources for affecting any real change aren't shit.
How are those gold and gas shiments to Germany going these days anyway?
One ex-France MP of finance now in charge of IMF, and another now in charge of EU finance..... this will end bad.....
Quick, start interviewing the maids of their hotel stays!!!!
@RaceToTheBottom
Interview Lewinsky ...
I was thinking more of DSK of the IMF. Jeeze, history occurs outside the US boundaries as well....
Lewinsky was a different chapter in history....
And yet another score for UKIP in upcoming elections. Its not a matter of if but when the EU will fail, fall apart or something like that. Right into UKIPS waiting arms.
i sense a great disturbance in the farce
All Is Well
trans-national Govt interference in each others budgets is a raging success
Is there any chance that the EU will dissolve the all the member countries go back to being solo entities? I have yet to see any papers or articles suggesting such but everytime I see the dour economic and financial news that comes from the EU I can't help but think that it will end their union.
We will "all go down together" as one nation under the sun....
:) France will find a way to do what pleases them. They are not a European country. France is there for France and nothing else.Do not forget that.
And those betting on a EU "recovery" in the near term will be utterly disappointed.
As the US, and all other countries ...
Listen. This is a very good example of "WHY" this EU bullshit will never, "EVER" work!
You 'merican NWO-types better get that "SHIT" rolling!
Bring back my Deutsche Mark!
Can't be too far off now! Where is ze gold to back DM? Until it comes back, we better hope the Russians will keep accepting our European Lira for gas.
Implying Moscovici has anything to do with socialism
France has done so well with their own economic affairs it only makes sense that they run the show from here on out.
should put on nice bid on german bund as "investors" speculate on possible euro breakup (dmark would soar)
years ago when i first looked at the problem it took me all of 15 minutes to figure out either euro gets parity with usd or euro needs to breakup.
Being Dutch i paid a lot of money for that Euro at IPO.
Are you now telling me that it wasn't worth it.
can't go parity, maybe 1.25 if you're lucky
Dollar days are gone
no way
usd about to be cleanest currency in the hamper with QE end drawing near
look for china to loosen as it faces hard landing
ecb about to embark on its version QE
japan ... well, japan does what japan does ...
I'm betting the ECB does not do QE, at least not to the extent that the Fed has. They will talk talk talk but as far as an inflationary burst of 'money for the people' (and politicians) I don't think so.
One of the obvious parts of a currency system that is not just for the benefit of one nation is that it can't be used like the dollar (and all other currencies) is used.
Obama can fire Yellen but who can fire Draghi if he refuses to help the ovespending politicians of the EZ?
These guys (the politicians) know, at some level, that eventually they will have to behave.
Germany is at a crossroads again. Elections are no longer producing majority governments for the established parties which were the driving force behind the EUnification and EUROfication.
Germans can't proclaim to be nationalist or patriots so they describe their feelings as "Alternative For Germany" (AFD) and get massive voting upswing.
As it stands, the Anti EU coalition across Europe is growing as the elite, the new Royalists or new Aristocrats are trying to hold on to the EU and EURO oligarchy they've created.
It will end with a bang, not with a whimper and heads will roll either literally or figuratively.
There is not one part in me that believes this form of a union will have a future anymore.
Its done.
we'll see
i'll be first to admit that Draghi has done a masterful job the past two years on nothing more than hot air.
imo his talk of ecb buying abs is setting the stage for something more ... euro needs to weaken quite a bit to survive ... or every country for itself
at the end of the day i think merkel will bend ... but not before getting sayso on fiscal matters regarding europe.
Euro weakens means Dollar strengthens and that can't be happening either. Oil would become less affordable and crater the global economy. The price would have to come down significantly which is as deflationary as it gets. The houses of cards would all collapse.
weaker euro only prayer europe has to export its way out of its mess
oh, and i'll be planning my trip to the greek isles
Russians will be buying all the "isles" and that's the end of that.
I love the EU, they are one giant soap opera. None of the EU countries like each other and none of the trust each other and Germany wants to run the insane asylum.
"One flew over the cuckoo's nest" comes to mind.
http://www.zerohedge.com/news/2014-09-10/meet-new-leadership-europe-pres...
To throw gas on this fire.
reposting JR's comment in that thread.
In a deeply humiliating blow for the Socialist government, finance minister Pierre Moscovici was unseated from the town council in Valentigny in the Doubs department. --The Mail, March 30, 2014
And now he’s on Juncker’s European Commission.
And who is Pierre Moscovici? In response to a March 30, 2014, bullet on ZH entitled MOSCOVICI SAYS IT'S 'DIFFICULT TO REFORM FRANCE,' ZH blogger Welder wrote:
"Srul Hersch Moscovici (Serge Moscovici, Serghey Moscovici), is a Khazarian Jewish Bolshevik born in Romania in 1925. He and his comrades blessed us, Romanians, with Communism. His son, Pierre Moscovici, continues his father's work in France. Apparently, the French electorate is just as unqualified for voting as any other."
http://www.dailymail.co.uk/news/article-2592921/Riot-police-called-violent-clashes-break-France-far-right-National-Front-win-drama
http://www.zerohedge.com/news/2014-03-30/far-right-gains-french-election-hollandes-socialists-admit-unquestionably-defeat
AH AH AH AH AH!
"All roads lead to Rome", so to speak!
It is so transparent, the whole international game.
"It is so transparent, the whole international game."
It is. The problem is that 99% of people still can't understand it. That's why we have bread & circuses and dumbing down of eberything from education to entertainment.
And the road to hell is paved with good intetions.
more posturing. sooner or later someone is going to throw a punch.
ouch...but Maggie was right...Socialism is fine...until you run out of other people's money to spend...
The ECB seems intent upon keeping the Euro strong or at least intact. That policy does not fit in with the French and Italian (and Spanish and Portugese and...) plan to give all things to all voters.
When the dust settles on the world of purely fiat currencies, those that try to just be a medium of exchange will survive. Those that insist they are a long term store of value (back by 'full faith and credit') will see their demise.
Paper is a horrible store of value because we humans will always demand that the printer print ....just a little bit more. This happened with shares of the Mississippi Corp., assignats, mandats, marks, and all the purely fiat currencies of about 50 other countries (in just the past 100 years). The world can tolerate fiat currencies, indeed they function well for short periods of time. It is when the government forces savers to save in these instruments that inflation takes it's slice.
Gold on the other hand, if allowed to be just a store of value, could provide savers with a long term, stable store of value. The price could float up against the over printed currencies and offer protection from that inevitable process.
"not a wise personnel decision."
LoL! Who exactly expects wise decisions in the f'd up financial world?
"mutti" merkel has a big problem, the CDU is dead, she is so alone, schäuble is old and tired and the rest of her party is just retarded, she bite away everyone that was a problem for her, and now she is a aging queen without a prince to take the throne after her. a bit like the english queen.
this is "not a wise personnel decision."...
While I would completely concur with Germany on this one, it is Germany that needs to get the "monkey off it's back" (no pun intended) and tell the U.S. military and the rest of the "apparatus" that joins it to get the fuck out of it's Country -once and for all!
They might learn something from the French on that score!
Bingo!
BBOOMMEERRAANNGG
divide and destroy
hows those sankshin's doin
Sapin is not Jewish, so I figured his predecessor must have been...
http://en.wikipedia.org/wiki/Pierre_Moscovici
Yep. Imagine my surprise.
Add to that Fabius as foreign minister
http://en.wikipedia.org/wiki/Laurent_Fabius
and it's no wonder France banned pro-Gaza rallies after Jewish groups deliberately threw rocks at marchers, then ran away into synagogues, resulting in the inevitable stories about 'anti-semitism'...
This is well worth watching:
CRIF, the french AIPAC (eng subtitles)It's not just AIPAC, but AIPAC and the ADL etc etc working with similar groups around the world - Canada, France, australia, the UK an elsewhere are absolutely under the thumb of Zionist lobbies. What do they want? Well - war on any of Israel's neighbors to destroy their economy and infrastructure, and diplomatic and financial cover to allow them to continue their slow-burn ethnic cleansing and annexation of "Judea and Samaria."
In the US, UK, Canada, Australia, France, and beyond (such as Ukraine and Russia) you have Jews at under 3%, even as low as under 1% of the population, but with incredibly well-organized, well-funded lobby groups, disproportionate political representaton, and media influence. Just watch the above. Amazing.
Juncker is cabal as well.
"disproportionate political representaton, and media influence"
That's putting it mildly! LoL.
In Ukraine, where they comprise 00.02% of the population the President, PM, Governors of major regions and head of the Central Bank (the one that transferred all the gold over to the NY Fed for safe keeping) are all of the Tribe. If you happen to mention this you're a nazi-who-wants-to-kill-six-million-jews.
Austerity - something suitable for the great unwashed of Greece, Spain, and Portugal -- but NEVER for a Frenchman! Let those lower classes 'Eat Cake!'
it is really unraveling.
who will be the first to drop out and join the russians and the chinese?
It's as if they're trying to make socialists look bad and then wipe them out
You know, what they could really use over there, is some kind of national-level socialist party. But really focused on working-class people.
A national, socialist, workers' party. They could base it in some centrally positioned European country. Say, Germany?
A National, Socialist, German Workers' Party!
European Union.... what a stupid fucking idea
Another Tribesman is a key economic role. Quelle surprise?
The EURO has benefited Germany exclusively (along with the parasitic EU leadership). It weakened Germany's currency (via the poorer southern countries) allowing German exports to become more desirable globally.
Now, the chickens are coming home to roost as most EU countries are finding out they've been had.
No jobs, austerity, sell off of public assets. What a life!
Actually that's not quite so. Germany sold BMW in exchange for apples and oranges. How much fruit does Germany have to consume to pay for all those nice cars? The difference was recorded as trade deficit with ECB and it is Germany which is owed. German industry is no longer dependent on the European market as it is filling the lack of demand with exports to China. Demand from China is about as strong as demand from the entire Eurozone.
Who is behind BMW ...
http://www.bloomberg.com/news/2013-01-27/nazi-goebbels-step-grandchildren-are-hidden-billionaires.html
Several Quandts are among Germany's top ten wealthiest. The current generation has no political allegiance to their forefathers. I don't read Bloomberg and your link just reaffirmed my disgust for that Zionist rag.
Funny... in our rotten MSM the nomination of Mosco is nothing less than a smashing success for France.
Deep down inside it's good Mosco finally found a job : the girl who sucks his dick (literally) is 30 year younger than he is. Marie-Charline Pacquot can't be more than 25.
If Mosco had remained permanently unemployed there's no doubt his lovebird would have flown the nest and found another sugar daddy...
Ah the joys of socialism... Sweet soft lips and high wages.
Roll the dough!
"Actually that's not quite so. Germany sold BMW in exchange for apples and oranges. How much fruit does Germany have to consume to pay for all those nice cars? The difference was recorded as trade deficit with ECB and it is Germany which is owed. German industry is no longer dependent on the European market as it is filling the lack of demand with exports to China"
That's 100% true that's WHY Europe needs to kick Germany out of the Eurozone. Berlin would go back to the Mark and the Euro would be devalued by 25-30%. A breath of fresh air for the Eurozone and a good kick in the nuts for rogue countries that are in Europe but don't want the Euro : Warsaw are you listening?