German President Demands Merkel Explain 'Why Germany Needs To Save The Euro'

Tyler Durden's picture

While we have been surprised by the lack of public consternation within Germany at the real levels of servitude that an ungrateful Europe is trying to shove down the German taxpayer's throats; this week it appears the rubber is starting to meet the road. As Europe Online reports, German President Joachim Gauck called for Chancellor Angela Merkel to explain why Germany needs save the euro - at great expense to the country‘s taxpayers - and what will be necessary. In a TV interview, Gauck (having no doubt read our recent explanations of the TARGET2 ticking time-bomb and the real cost of GRExit) said that Merkel "has the duty to describe in great detail what it means [to stay in the Euro], including what it means for the budget". In a somewhat shockingly honest (for a European leader) comment he said that the political establishment has struggled to explain why it is vital for Germany to do its part to save Europe's currency union. Perhaps reflecting Juncker's Modus operandi, Gauck added that "sometimes it‘s hard to explain what this is all about. And, sometimes, there‘s a lack of effort to openly tell the populace what is actually happening."

 

The Telegraph adds, anti-euro protest within Germany is becoming louder as potential costs escalate (as we noted here) and a group of 170 economists from the 'German-speaking' zone published a warning -letter that a banking-union aggregating EUR23 trillion of bank debt would expose northern creditor states to ruinous liabilities (quite notable given the WSJ's report tonight that the overarching banking supervisorory body is getting close - more rumors).

They said such a move would lead to bitter discord between countries and ultimately poison the European Project. The group called for the losses to be imposed on banks and creditors, claiming the EU's current bail-out policies amount to a rescue for "Wall Street and the City of London".

Pro bail-out economists in Germany said such arguments are reckless and echo the sort of "liquidationist" thinking that allowed the US and Central European banking systems to collapse in 1931, with dire consequences.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
world_debt_slave's picture

Merkel is a political hack.

Eireann go Brach's picture

Because Obama called him and said he has no chance of being re-elected without German help! What could Obama possibly offer in return...Lakers season tickets, Michele's secret BBQ chicken sauce or a Bill and Hilary Clinton sex tape?

mick_richfield's picture

No it was only eight.

One of the SS guys chickened out.

TruthInSunshine's picture

Wow, I've been calling a spade a spade and pointing out that the twin malignant cancerous tumors that are New York City & London (given that they harbor the bulk of the fractional reserve banking fed and nursed financial institutions that are bleeding the global economy dry) are at war with the rest of the world (and even their own respective nations, although they're de facto not part of either the U.S. or England).

Every single move by the Bernanke-led Fed & the ECB thus far has been in furtherance of bailing out New York's & London's Financial Racketeers, as New York City & London are the twin cancers now aggressively killing the global economy exactly as parasites kill their hosts (slowly and unrelentingly), feeding off the actually productive endeavors of the many in order to siphon off the majority of the wealth created by the many, since London & New York produce net-net negative economic activity.

This is the real reason why Cameron or any other 'elected PM' of Britain won't participate fully in the EU experiment, because the Germans and other northern nation-states in Europe haven't fully agreed to forever and always subsidize, bailout and extend the mammary teat of their taxpayers to the London Elite TBTF banking and financial insitutions, as in total blank check.

In the exact same manner, New York City's Elite TBTF best friends forever of The New York Branch of the Federal Reserve continue to suck the lifeblood from the actually productive people in the rest of the United States, as they are literally not only saved from the massive failures resulting from their incredibly reckless behaviors/decisions time and time again (since they know they'll be bailed out), but they actually write the regulations and laws that allow them unfettered, unrestricted and total access to as much taxpayer funds (past, present and future), to gamble.

The highly metastasic financial/economic cancer epicenters of New York City & London are now at a watershed moment in history, where they'll either live on, for a few decades more, because TPTB are able to continue to impose their will on the actually productive workers and companies of the world (i.e. non banking/financial entities), and allow these cancerous tumors to continue to engorge themselves via the sustenance of the productive that they siphon away, or there's a fundamental shift, and people literally threaten to remove or otherwise nullify the politicians (the puppers of The Money Masters) who keep kicking them in the balls while telling them it's necessary if further economic hardship is to be avoided (a la Hank Paulson moments of "tanks in the streets & martial law if my friends on Wall Street don't get a blank check without a single condition immediately").

financial apocalyptic contagion's picture

+1 Truthyboy

This is the biggest reason Great Britain didn't join the Euro, it was as if the idiots over at the mainland took over their problems from them and London gladly washed it's hands of em, bailing them out that is.

they still enjoy all the bankster privledges from manipulations

bank guy in Brussels's picture

Last few sentences in this ZH article need some quotation marks ... lines directly taken from Ambrose Evans-Pritchard's article in the UK Telegraph ...

Hope that ZH is not starting to pull a Karl Denninger here, Denninger who has so often cribbed from ZH ...Ambrose Evans-Pritchard's article on this was a couple hours ahead ...don't become Denninger, please LOL! ... Denninger who likes to boast about all the commenters he has banned, ha!

Seriously, Evans-Pritchard is nearly always terrific reading, and like in this instance, even occasionally ahead of ZH ... ha!

http://www.telegraph.co.uk/finance/financialcrisis/9385231/German-presid...

Bringin It's picture

Why did Ambrose drop Vince Foster's tale?

Did he wake up to a horse's head?

I ask because in the past he was much closer to examining the real, hidden aspects of our system.  More important than how to trade the Euro tomorrow IMO.

JenkinsLane's picture

Damn, been a while since I heard about Vince!

I wish Orlin was still alive, I'd love to hear his opinions on the current global monetary system, macro, etc.

He died way too young. RIP

 

tasmandevil's picture

Merkel thinks she's a miracle....

eatthebanksters's picture

according to Berlusconi she is 'unfuckable'

Hedgetard55's picture

Is that picture of the German President? Ewww...

Whiner's picture

Lord of the Flies. Same thing.

Waterfallsparkles's picture

The powers to be cannot have a New World Order without Germany bailing out everyone but themselves.

That is the reality.

Peter Pan's picture

The whole banking map of the world has become radioactive and whilst they have used many a trick to cool the radioactive balance sheets, it is a losing battle they are fighting. When she blows you wouldn't want to be near any bank's balance sheet.

Unless Europe pulls out its gold reserves and massively revalues them to recapitalise insovent instiutions as well as take ownership of them until it can sell them for a profit, nothing will be achieved.

All Risk No Reward's picture

"The powers to be cannot have a New World Order without bankrupting Germany and every other nation state.

That is the reality."

There, fixed that for ya free of charge.

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. The one aim of these financiers is world control by the creation of inextinguishable debt.”
~Henry Ford

JenkinsLane's picture

Dude, where's my drachma?

Jay Gould Esq.'s picture

As an aside, one of the last from the Golden Age...

Ernest Borgnine ( 24 January, 1917 - 8 July, 2012 ).

"Guys like you end up in the stockade sooner or later. Someday you'll walk in. I'll be waiting."

http://mykindofnewyork.com/THE%20IMPORTANCE%20OF%20SEEING%20ERNEST_files...

bank guy in Brussels's picture

Ernest Borgnine, wow ... Many Americans seem to remember him most for the good-guy comic role in 'McHale's Navy', but he was incredibly powerful as a movie bad guy ...

Like that role as one of the lead gunmen in that classic Western 'The Wild Bunch' from 1968, or as the sadistic railway conductor in the 'Emperor of the North' from 1973, often thought of as one of the best films to capture the life of old-time railroading.

Born as 'Ermes Effron Borgnino', great range of things he did in films and TV. 203 different roles, apparently.

Here is Borgnine's page on IMDb, the 'Internet Movie DataBase', a very well-run site where the facts are actually checked, not like Wiki-rubbish, a great resource on film, and on television as well:

http://www.imdb.com/name/nm0000308/

Jay Gould Esq.'s picture

Borgnine was indeed a versatile, yet complete actor -- from the hard-edged Sergeant "Fatso" Judson in, "From Here to Eternity," to his Best Actor win for "Marty." As you note, today, most in America associate him with "McHale's Navy."

He had a good run, and leaves behind a considerable body of work.

Freddie's picture

+1

Sgt Fatso Judson was a mean sadistic mother.   Marty was incredible.  RIP.

Waterfallsparkles's picture

The only ones that win are the Banks that have Debt and Credit Default swaps everywhere.  If Germany pulls out then all of the Banks crash as they are counting on the status quo staying the same.  They have bet their balance sheets on it.

But, for the people thru out Europe it probably would be better if every Country solves their own problems and does not count on someone else to pay their bills.

Kind of like Welfare in America.  The Welfare recipients are sucking the life blood out of the average working American Citizen.

Tirpitz's picture

Yeah, and mostly so the corporate welfare recipients, that never paid into the system. Great to have a third-party financed legal and military system protecting one's monopolies.

The people of the various nations are usually paying their bills, while the uber-rich are only in for the take.

Waterfallsparkles's picture

You are right it is all Welfare.  Welfare for the 40% "poor" people that do not pay Taxes and HUGE Welfare for the Corporate Giants that do not pay Taxes.

The only people stuck with the bill are the Middle Class taking care of the "poor" that do not work and the Corporate Giants that keep all of their profit Overseas so they will not be Taxed.

I mean really GE and others with NO TAX?

All Risk No Reward's picture

Who downgraded this veritas?

Warren Buffett?

FeralSerf's picture

The "Welfare recipients" aren't the ones that are sucking the life flood out of the average America.  The Power Elite Jooze, and their massive embezzlement enterprises -- the banks, the politicians, the military-industrial complex, the outsourcers, the media, etc -- are the ones doing the sucking.  They have convinced you that it is the people without jobs (thanks to them) that are to blame.

All Risk No Reward's picture

This is good vs evil, not Jew versus anyone else.  You do everyone a disservice when you fail to exercise your ability to think critically.

"Jews" get no benefit when the banks filed false paperwork and steal their home, now do they?

Or when their food supply is replaced with untested GMO facsimile pesticide food.

Or when toxic waste is put into the water supply against the wishes of the EPA scientists' union...

http://www.nteu280.org/Issues/Fluoride/NTEU280-Fluoride.htm

MLK was right - it is content of character that matters - and every group of any size has people with relatively good character and relatively wicked character.

Lumping in the people of good character with the people of bad character based on an over generality like religion or race shows a severe lack of critical thought.

 

Bringin It's picture

The Mafia in this instance is mainly Jewish.  To leave that out of the story could prove an existential threat.  Geopolitical connections, actors with dual citizenship for example don't make sense without the mainly/mostly Jewish Mafia aspect.  To deny the Zionist control over the US political process is to deny reality.

On the other hand is every Jew a card carrying member of the Jewish banking mafia?  Of course not.  Like all people, there are many varieties of Jews.

All Risk No Reward's picture

>>On the other hand is every Jew a card carrying member of the Jewish banking mafia?  Of course not.  Like all people, there are many varieties of Jews.<<

What percent of the total worldwide Jewish population is "inner party" to this story?

Would that be 0.01%

What about the other 99.99% of Jewish people who get their name thrown through the mud because people like you don't understand or value *individual liberty* and obsess over meaningless grooupings?

You do know that the average Jewish citizen is more upset with their criminal government than is the average moronic American citizen, right?

Just last year, 500k Isrtaelis were out protesting their government's oppression of themselves and they used the Egyption uprising to demand their own freedom from tyranny.

If the label "Jew" is too broad to convey any meaning other than your inability to more accurately express what you are trying to explain, work to find a better word.

I get that the individual liberty (where individuals are valued based on individual characteristics) hatin social engineers have dog trained everyone to think in simple minded groupings (easier to divide and conquer), but we have to begin to use our own brians and think through these deceptions.

Lumping the commone Jewish person with tyrants who happen to be Jewish is simply absurd.

Now, if you said something like many of the international banking cartel elite have a narrative they refer to as Zionist that is bad for the average Jewish person and every other common man and womoan, NOW you'd show the world you understand the subtelties whereof you speak.

But, granted, it isn't as simple minded when you flush out the devil laid bare details.

Bringin It's picture

If you don't check the markings on the snake, don't go in the forest.

FeralSerf's picture

I made a distinction, i.e. "Jooze".  They are not a necessarily member of a religion and they certainly aren't a member of a race (they're Central European Kazars).  If you are a law abiding moral member of the Jewish Tribe, I strongly suggest you distance yourself therefrom.  The future ain't going to be pretty.  Forget all the bullshit the Rabbi told you about you being part of "The Chosen People".  History doesn't repeat, but it sure as hell rhymes.  The last time this came to a head wasn't pretty for the ordinary Jew.  Get the fuck out!

All Risk No Reward's picture

Hi fellow serf, yes, you did use "Jooze," but the distinction wasn't obvious to me as a reader - maybe that was my deficit.

Thanks for following up and explaining that you were talking about the criminal element (of which 99.99% of Jews have no affiliation).

Given the protests in Israel, I'd say many more Jewish people see the tyranny being set up than do Americans...  and no adjustment for population need to be made.

http://www.youtube.com/watch?v=MBTJaieg-Rs&feature=related

http://www.youtube.com/watch?v=V-59gUpIj3g

Lumping these people in with the international banking criminals is like lumping a Cambodian with glasses with Pol Pot (for those that don't know, people with glasses were systematically executed - tyrannies don't like smart people who can resist their oppression).

It makes no sense.

I'm asking for clarity and respect for individual liberty - and grouping is engineered to down play individual liberty which is hated by the [D]elites.

FeralSerf's picture

Unfortunately, most of the Israelis are tools of the criminal element and, like ordinary Americans like to be told that they're the freeist, wealthiest people in the world, the ordinary Jews like to be told they're The Chosen People.  Why else would they all do their service in the IDF?   Why else would so many of them hate the Palestinians whose only real crime is objecting to the theft of their homes?

These criminals are lumped together with other Jews largely because of semantics.   Few people understand the difference between religious Jews (of which most Israelis are not), racial Jews (of which most Israelis are not -- they're Kazarian, not Semitic), nationalistic or tribal Jews, and the criminal Jews that specialize in skimming the wealth of the world by elaborate, and not so elaborate, theft schemes.  Moral Jews, i.e. Jews that do not believe they're The Chosen People and do not believe the Talmud bullshit,  do not help with this semantic problem and I suggest that is one of the reason for their historical problems.  Gypsies have the same problem.  Mexicans, in the US, have the same problem.

If the moral Jews don't distance themselves more effectively and help in the prosecution of their criminal brethern, they will suffer greatly again as they have in the past.  Most people still believe the old addage: "birds of a feather flock together".  

 

CheapBastard's picture

The 7 course dinner (with nice wine) is over...however, the overstuffed pigs refuse to pay the bill. I can't blame the Germans. Even now, most of the debtor EU nations refuse austerity after years of partying.....I'm a Cheap Bastard; I wouldn't give them even one ruble.

Tirpitz's picture

Sure, it's safer to hand all the money to the banks. They get it anyway, in one way or another.

Oldrepublic's picture

Yes, the dinner bill will be repaid in the 22nd century!

Bringin It's picture

Sounds like the SS in Cartegena.  Over stuffed and refusing to pay that is.

Bokkenrijder's picture

Gauck is a lefty, so he probably meant that Merkel needs to up the ante when it comes to brainwashing the German citizens that saving the Euro is for their own good.

Tirpitz's picture

You mean, maybe the jewish re-educaiton of the German sheeple didn't succeed beyond the wildest dreams? At least the Morgenthau plan against the white race runs as planned...

pvzh's picture

http://www.youtube.com/watch?v=qVrN-gkzVYI

everything (including Germany) is explained in 40 s (bit about Germany is at the very end)

HurricaneSeason's picture

If Germany doesn't accept the idea of writing bad checks and money printing pretty soon, I think they will be the next to be bombed into freedom or forced out of the international banking system. The nerve, just because of that hyperinflation they experienced decades and decades ago. Basically they're troublemakers like Iceland.

Tirpitz's picture

Last time a honest German leader tried to free his people from the shackles of usury, the international high finance brought world war two upon his people.

Oldrepublic's picture

Your remark should go down with the Tirpitz!

bank guy in Brussels's picture

If the Germans had really wanted to avoid hyperinflation, they should never have let the German banks go on a credit binge making hundreds of billions of loans to dodgy clients in the Mediterranean who were buying German-made stuff ...

Long ago when banking was more honest, pre-1980, even the US understood that excess credit damages the currency.

In old days, banks in the US were heavily supervised not only by the FDIC, guaranteeing deposits, but by the 'Comptroller of the Currency', precisely because it was understood by the old-time bankers and regulators, that excess credit in an economy, affects the value of a currency, quite as much as money-printing.

In euro-zone credit excess, Germany's own Deutsche Bank has been a leader, with enormous circa 60 to 1 leverage ... which would never have been allowed to occur under the 'Comptrollers of the Currency' types in US or Europe in an earlier era.

Now that Germany itself is guilty of a giant excess credit binge, they have to look in the mirror to see who has 'ruined' the euro-zone and the euro currency.

Germany really has the same choice as all other credit-bubble creators. Liquidate, deleverage, or inflate.

Right now, the Germans are having a 'You Can't Handle the Truth' moment.

paint it red call it hell's picture

Damn, Icelandic Terrorists!!!!!!!!!!!!!!

Haddock's picture

It's all just demographics. There is no "money" because the workforce is shrinking and so is "wealth". There is no solution to give everyone something for nothing. It's just about who gets something, and who gets nothing. That's politics, not economics.

Uncle Remus's picture

"Fich mich, du miserable Hurhensohn."

FZ.