"Zumutungen!" Buyer's Remorse In France, Impossible Situation For Germany

Tyler Durden's picture

Authored by Mike Shedlock via MishTalk.com,

Now that the cheering over the French election has died down, reality will strike France and Germany like a cold bucket of water thrown in one’s face on a Winter’s day.

Germany was guaranteed to not like the result no matter who won. The final choice was between an anti-EU Marine Le Pen and a budget-comingling Emanuel Macron who needs EU treaty changes to get what he wants.

And in France, buyer’s remorse has set in. Unions are already protesting against Emmanuel Macron’s policies.


The word of the day is Zumutungen. Google translates that from German as “impositions” but the actual meaning is quite a bit stronger according to Eurointelligence.

The German political establishment clearly favored Emmanuel Macron over Marine Le Pen during the election campaign, but they are nervous about Macron’s eurozone agenda. As FAZ notes this morning, the relief over his victory still weighs heavier than the reality – which is that Macron and Angela Merkel have diametrically opposed views on the future of the eurozone. Merkel yesterday confirmed her readiness to engage in a dialogue with Macron, but said that eurozone bonds are a no-go. And without Eurobonds – or other forms of a eurozone-level fiscal backstop – none of the Macron agenda would work.


The FAZ article uses a word for which there is no straight translation – “Zumutungen” – which means an excessive and immoral demand that one can conceivably not fulfil. The paper makes the point that François Hollande also favoured the same kinds of reforms, but let go when he realized that there was no support from Berlin. The article notes that Macron’s ideas go way beyond those of Hollande. His eurozone agenda is not about crisis resolution, but economic shock absorption in general, as evidenced by his ideas for a pan-European unemployment insurance. FAZ is appalled by all of this, as well as by Macron’s idea of a Buy-European act. The paper noted that the eurozone finance ministers, at their meeting in Malta, criticised similar ideas by the European Commission.


On day one after Macron’s election, there is a first taste of resistance in the form of street protests against his labor law reforms. Labor reforms have been a particularly traumatic experience for the outgoing government. The radical trade unionists are taking to the streets, while the more cautious headquarters warn against implementing the whole agenda.

Volcanic Forces on Germany

Telegraph writer Ambrose-Evans-Pritchard accurately states Volcanic Macron Forces Germany to Come Clean on its Real EU Agenda.

Emmanuel Macron’s lightning conquest of France has put Germany in an awkward spot. French voters have picked an apostle of Europe and an arch-defender of the Franco-German axis. While this is welcomed with jubilation by some in Berlin, it raises thorny questions that others would prefer left unanswered.


He plans Nordic labor reforms, easier collective bargaining rules, and the sort of tax shake-up that German leaders have long demanded. The quid pro quo is that Berlin must agree to eurozone fiscal union, and cut its corrosive current account surplus – now 8.6 percent of GDP and in breach of EU rules.


“If France is not reformed, we will not be able to regain the confidence of the Germans,” Mr. Macron told Ouest-France. “After that, Germany must ask whether its own situation is tenable. It is accumulating surpluses which are neither good for its own economy nor for the eurozone.”


He wants a eurozone finance minister and budget, with joint debt, and a banking union with shared deposit insurance, all legitimized by a new parliament for the currency bloc. It implies a unitary eurozone superstate.


This calls Berlin’s bluff. The German elites often argue that they cannot accept such radical proposals as long as other eurozone states scoff at budget rules and fail to put their house in order.


The Handelsblatt accused Mr. Macron of “Teuton-bashing” over the trade surplus. The German Council of Economic Experts holds defiantly to the national view that trade surpluses are proof of virtue. It sees EMU debt-pooling as a slippery slope towards a “Transferunion”.


Mr. Macron’s plans would require a new EU Treaty, opening a can of worms that several states are determined to avoid. Berlin has no intention of sharing Italy’s debts, whatever France does.


Germany’s top court says EMU fiscal union and debt-pooling would require a change to country’s constitution. “Politically, that is absolutely impossible,” said Heiner Flassbeck, former economy minister and now at Hamburg University.


France is split on deep lines cleavage, Balkanized five ways. The scale of Mr. Macron’s 66:34 victory on Sunday is misleading. Blank protest votes – “Neither Plague nor Cholera” – jumped threefold to 11.5pc. The abstention rate jumped six points to 25.4pc.


The Front National’s Marine Le Pen botched the final weeks of her campaign with confused messages over pensions and the French franc, but she still won 34 percent of the vote. Five years ago this would have been deemed impossible. We now shrug off earthquakes a little too lightly.

German Elections

Angela Merkel has recently surged in the polls vs. SPD candidate Martin Schulz.

Is there a fundamental reason for the shift?

Yes, Schulz is far more open to Macron’s views than is Angela Merkel. Despite the fact a majority of German citizens do not want Merkel, voters may be stuck with her as a counterbalance to more radical ideas that SPD may be willing to try.

Germany a Loser

I discussed much of this setup long ago, before the French primaries, on January 15, in Germany a Loser No Matter Who Wins?

Germany a Loser No Matter Who Wins?


  • Le Pen: Eurosceptic – Seeks better relations with Russia
  • Macron: Pro Europe but seeks a common eurozone budget for investment and financial assistance in case of shocks.
  • Mélenchon: A socialist who will not be in favor of reforms France desperately needs
  • Valls: After the 2016 Nice attack, he was booed for saying that “France will have to live with terrorism.”
  • Fillon: Fillon aims to reduce the public sector and cut 500,000 civil-service jobs.  He wants the state healthcare program (securité sociale) to work better with fewer payments. Fillon is in favor of increasing the retirement age to 65. He seeks better relations with Russia.

Of the five, Germany could work best with Fillon. But his pro-Russia stance poses at least a minor problem.

O Come, O Come Emmanuel

I ask again, Is Macron the Anti-Trump, European Obama Savior?

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Ofelas's picture

France: Pay my bills!


Germany: Kiss my A***!


The EU is going to be a nice place

nodhannum's picture

If France is going to be giving deutchland blowjobs then the "vierenreich" will have to pay up...or they go to zee kamph. Ya?

kellys_eye's picture

Marine Le Pen said that the election would result in France being run by a woman..... 'her' or Angela Merkel.

Not a difficult prediction but a true one none the less.

SolidAssets's picture

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Long memory man's picture

Yes, I laughed my cock off when she said that, so true, so true.

Invinciblehandaxe's picture

how about europe deconstructs german euro so the german fuckers wont be able to keep stealing from the rest of europe?

tuetenueggel's picture

another fucking stupid swede...........

EuroPox's picture

Macron stole the election - there are thousands of reports of violations and electoral administrators in several regions, including in Ardeche, Savoie, and the Loire, had found Le Pen ballots that had been "systematically torn up," ...  there is to be an investigation:


Freddie's picture

Yup.  France stolen, Holland stolen, Austria stolen. 

The Germans have been f'ed over, murdered, conned, bankrupted, endless fake wars and more for 450 years by the Rothschilds aka Macron's bosses.

The French have been similarly f'ed over by the same people.  25 million Christian Russians murdered by the same banksters who controlled the non-Christian Bolsheviks. 

The only people who have been standing up for Chsristgians is Putin, Assad, a few others and even Nasrallah at Hezbollah which is beyond belief. 

"Christian" Neocons like Bushes et al have been murderings Christians in Iraq, Syria, Ukraine, the Balkans and other places for the past 30 plus years.


Christian Singer Honors Hezbollah in Stunning 2013 Concert Performance
MasterControl's picture

'..there is to be an investigation..."


medium giraffe's picture

US Leadership: hopeless

UK Leadership: hopeless

French Leadership: hopeless

German Leadership: hopeless


Gee, it's almost as if it's a deliberately frustrating shitshow.


Don't forget to vote!


Freddie's picture

The leadership are evil puppets.

Sonny Brakes's picture

If the leaders sure the banker class and no one else then this world is without hope. Bankers and their ilk won't be happy until everyone but them is miserable. The key to ensuring a future is to resist whatever it is the bankers want. We need to bring it all down if only to buy civilization a bit of time. It's probably already too late.

Long memory man's picture

The way to screw them is to pay off debt, save up to buy stuff, do not buy stuff you do not need.

Get yourself clear and stay clear, it is your only chance.

Sonny Brakes's picture

I'm in total agreement, but if the populous gets it in their head that they won't be assuming debt the state will assume it on their behalf and then turn around and pay off the bankers while leaving the population on the hook for the debt through higher taxes. Think about this for a minute. Each mile driven generates a tax to the state. There is nothing you do that isn't taxed; not a thing. Even breathing is taxed; keeping the air clean isn't free. We've put too much ahead of keeping life on this planet sustainable.

PrivetHedge's picture

"Of the five, Germany could work best with Fillon. But his pro-Russia stance poses at least a minor problem."

Germany IS pro-Russian.

They lost 8% GDP when the US forced sanctions onto them.

Freddie's picture

Russia and Putin are more Christian than the USSA-Kushner/Soros.



Putin & Solzhenitsyn- Led by Christ
tuetenueggel's picture

Every German wants to see US assfucked. Best by muslims and their fat US-chicks fucked by these Goatfuggers too.

Long memory man's picture

If Germany is running a surplus, other countires HAVE to be in deficit.


Go on Youtube and watch Mark Blythe economist, tells it like it is.

I Write Code's picture

>Germany was guaranteed to not like the result no matter who won

Well they were both French.

Pinstripe's picture

Man, Mike Shedlock is really really butthurt over the EU.

Eurobonds are the vaccine, not the desease to the internal Eurozone malaise.

Jubal Early's picture

Eurobond Vaccine =   Debt Slavery with all white europeans chained together in order to provide welfare to billions of arabs and african "refugees".

Oscar Entrepreneur Venture's picture

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WTFUD's picture

At least unlike the British, Germans and American passive sheep the French workers (right, middle & left) are in the street battling the Establishment (and each other), so there's some Hope for them (albeit not a lot ).

What we need is a Good Clean-Out of the Old bought and banker paid-off Governments in each of those Jurisdictions. If only the divisions among ordinary folk could somehow be resolved and all that anger/energy be directed towards those running the Plantation.

It's bubbling nicely though in France, where as here in the UK, you couldn't meet a more docile lot. Gimme a Brick . . .

medium giraffe's picture

Yep, dislike them or hate them, you can't help but admire the French fondness for rioting.

Anyway, hopefully this will cheer you up a bit:



all-priced-in's picture

That 35 hour work week is so unfair -


Why not let employees and employers decide for themselves what is best -


If you don't want what a company offers in pay, benefits and hours - don't work for them.


If you don't want to pay what a person demands in pay, benefits and hours don't hire them.


Having the government decide what is fair based off politics is never the correct solution.



DjangoCat's picture

In the US, they sent out the women in pussy hats.  How is that good?

homonohumanus's picture

It is nothing /fake. The third round of the election, the "social round". Its purpose is to keep the left wing fake opposition (Mélenchan, Hamon voters) that they have electoral weight...

Rocco May's picture

Schulz is an asshole but Merkel, this Communist bitch, is not better-

she knew Macron’s program and nevertheless she has supported his election campaign.
Germany is a Loser but not for the first time.

The end of Germany is also the end of the EU- this can be seen positively.

tuetenueggel's picture

Merkel is as joo as chulz. Both red coloured commies.

Batman11's picture

Neo-liberalism’s non-cooperative ideology makes the solution of fiscal transfers within the Euro-zone impossible.

The UK is a rich country and managed to make a substantial contribution to the EU budget but at home the message was there is no money and austerity. We can’t tax the wealthy anymore as they will go abroad and so the cuts have to be made at the bottom.

The Brexiteers had been handed all the ammunition they needed.

Germany is a rich country and managed to make a substantial contribution to the EU budget but at home the message is there is no money and austerity. We can’t afford to improve the infrastructure; they have been cutting services and implemented harsh labour reforms.

Germany has ensured the solution for the Euro-zone is impossible and the electorate would never approve it.

A non-cooperative ideology within nations can’t become the opposite internationally, with national democracy.

Using a non-cooperative ideology as a basis for a cooperative globalised world was the work of an international elite whose greed overcame even a modicum of common sense.

Batman11's picture

Let’s have multi-cultural nations and then expect no problems when we bomb Muslim countries.

Let’s have mass immigration and not think about the requirements in housing, education and healthcare.

There has been a complete absence of joined up thinking.

A world run by the wealthy from Davos seems to show there is almost no correlation between wealth and intelligence.

Wealth rather than intelligence is inherited  .....  go Trump.

Internet-is-Beast's picture

There can be nothing more wise than bombing countries, making their populations your sworn enemies, and then inviting them to come to live in your country.

tuetenueggel's picture

As average intelligence is decreasing more and more, and comes down on US-standard, we all will live in a box.

DjangoCat's picture

The unhappy truth seems to be that Trump is part of the problem, not part of the solution.  He has fired Comey, only to left with the dirty McCabe.  His cabinet is replete with banksters and military industrialist war mongers.

This is not good.  See TheShadowBrokers rant and know that a revolution is in the making.


tuetenueggel's picture

Macron wants as all french presidents since 1948 Germany to pay.

We are already paying for 80 % of Europe. Once upon a certain day, we shall say NO,

We is German people. France dragged Adenauer into NATO. Mitterand dragged Kohl into EU. Money without labour is what Macron wants. As Hollande wanted. But we won´t pay. For sure. Macron will be killed by CGT. Earlier or later but within next 4 years.

Erek's picture

Hoffentlich werden die Deutschen nie wieder in so eine Klemme wie der Versailler Vertrag eingehen. Die Deutschen haben mehr als genug getan bzw. bezahlt und erlitten. Das Problem ist, dass solche Idioten wie Mama Merkel, der Clown Gabriel usw. sind immer noch im Amt. Die Deutschen muss irgendwenn aufwachen und und die Idioten rausschmeissen. Nur dann kann Deutschland überleben. Leider sind die Franzosen und anderen überneidisch, dass die Deutschen haben Ihrer Wirtschaft stark gemacht und erhalten. Die anderen soll ihre Finger aus dem Popo ziehen und selber arbeiten statt lutschen wie Parasiten an dem deutschen Titten.

brushhog's picture


East Indian's picture

"Hopefully, the Germans will never again be in such a grip on the Treaty of Versailles. The Germans have done more than enough and have paid and suffered. The problem is that such idiots as Mama Merkel, the Clown Gabriel etc. are still in office. The Germans have to wake up and throw the idiots out. Only then can Germany survive. Unfortunately, the French and others are overly jealous that the Germans have made your business strong and preserved. The others should pull their fingers out of the pop and work themselves instead of sucking like parasites on the German tits."


The Greeks may have a different view

OverTheHedge's picture

This is standard German thinking: "I work hard, so I deserve what I have. Everyone else must also work hard, and then they, too/ will be successful".

Unfortunately, German success is based upon the transfer of wealth from the periphery to Germany. It has nothing to do with German precision engineering, hard work, or vorsprung durch technik. Germans will never accept that their wealth is fully dependent on the impoverishment of everyone else, and will never agree to make payments to the "lazy south".

Perhaps Germany might leave the eurozone, so everyone else can combine debt and debt repayment, and have transfer payments and joint eu bonds. I can't ever see it working with Germany on board.

JamesinNM's picture

Figure out how to survive well as an individual and nation. No more takers/users.

Gold_Spot's picture

Today: MacrOn

Tomorrow: MacrOff