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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.

 

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Sun, 07/08/2012 - 17:35 | 2596871 world_debt_slave
world_debt_slave's picture

Merkel is a political hack.

Sun, 07/08/2012 - 17:55 | 2596944 Eireann go Brach
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?

Sun, 07/08/2012 - 18:40 | 2597056 The Watchman
The Watchman's picture

Nein

Sun, 07/08/2012 - 20:56 | 2597398 mick_richfield
mick_richfield's picture

No it was only eight.

One of the SS guys chickened out.

Mon, 07/09/2012 - 01:48 | 2597948 TruthInSunshine
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").

Mon, 07/09/2012 - 05:46 | 2598087 financial apoca...
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

Sun, 07/08/2012 - 18:34 | 2597039 bank guy in Brussels
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...

Sun, 07/08/2012 - 19:15 | 2597139 bnbdnb
bnbdnb's picture

Ambrose is a Tyler.

Sun, 07/08/2012 - 23:21 | 2597758 Bringin It
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.

Sun, 07/08/2012 - 23:52 | 2597794 JenkinsLane
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

 

Sun, 07/08/2012 - 18:44 | 2597062 tasmandevil
tasmandevil's picture

Merkel thinks she's a miracle....

Tue, 07/10/2012 - 15:19 | 2603180 eatthebanksters
eatthebanksters's picture

according to Berlusconi she is 'unfuckable'

Sun, 07/08/2012 - 17:36 | 2596876 Hedgetard55
Hedgetard55's picture

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

Sun, 07/08/2012 - 18:51 | 2597078 Whiner
Whiner's picture

Lord of the Flies. Same thing.

Sun, 07/08/2012 - 17:36 | 2596877 Waterfallsparkles
Waterfallsparkles's picture

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

That is the reality.

Sun, 07/08/2012 - 18:38 | 2597050 Peter Pan
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.

Sun, 07/08/2012 - 22:31 | 2597638 All Risk No Reward
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

Sun, 07/08/2012 - 17:38 | 2596883 JenkinsLane
JenkinsLane's picture

Dude, where's my drachma?

Sun, 07/08/2012 - 18:39 | 2597015 Jay Gould Esq.
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...

Sun, 07/08/2012 - 18:49 | 2597068 bank guy in Brussels
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/

Sun, 07/08/2012 - 19:15 | 2597135 Jay Gould Esq.
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.

Sun, 07/08/2012 - 23:51 | 2597817 Freddie
Freddie's picture

+1

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

Sun, 07/08/2012 - 17:42 | 2596893 Waterfallsparkles
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.

Sun, 07/08/2012 - 17:55 | 2596942 Tirpitz
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.

Sun, 07/08/2012 - 18:55 | 2597089 Waterfallsparkles
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?

Sun, 07/08/2012 - 22:32 | 2597643 All Risk No Reward
All Risk No Reward's picture

Who downgraded this veritas?

Warren Buffett?

Sun, 07/08/2012 - 18:26 | 2597022 FeralSerf
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.

Sun, 07/08/2012 - 22:38 | 2597662 All Risk No Reward
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.

 

Sun, 07/08/2012 - 23:59 | 2597783 Bringin It
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.

Mon, 07/09/2012 - 11:15 | 2598703 All Risk No Reward
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.

Mon, 07/16/2012 - 22:15 | 2622789 Bringin It
Bringin It's picture

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

Mon, 07/09/2012 - 01:15 | 2597930 FeralSerf
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!

Mon, 07/09/2012 - 11:32 | 2598716 All Risk No Reward
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.

Tue, 07/10/2012 - 12:47 | 2602567 FeralSerf
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".  

 

Sun, 07/08/2012 - 17:44 | 2596896 CheapBastard
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.

Sun, 07/08/2012 - 17:56 | 2596947 Tirpitz
Tirpitz's picture

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

Sun, 07/08/2012 - 18:28 | 2597025 Oldrepublic
Oldrepublic's picture

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

Sun, 07/08/2012 - 23:32 | 2597788 Bringin It
Bringin It's picture

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

Sun, 07/08/2012 - 17:43 | 2596897 Bokkenrijder
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.

Sun, 07/08/2012 - 17:58 | 2596950 Tirpitz
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...

Sun, 07/08/2012 - 22:54 | 2597696 pvzh
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)

Sun, 07/08/2012 - 17:43 | 2596898 HurricaneSeason
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.

Sun, 07/08/2012 - 17:59 | 2596956 Tirpitz
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.

Sun, 07/08/2012 - 18:34 | 2597037 Oldrepublic
Oldrepublic's picture

Your remark should go down with the Tirpitz!

Sun, 07/08/2012 - 19:06 | 2597123 bank guy in Brussels
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.

Sun, 07/08/2012 - 19:25 | 2597158 paint it red ca...
paint it red call it hell's picture

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

Sun, 07/08/2012 - 17:47 | 2596911 Haddock
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.

Sun, 07/08/2012 - 17:47 | 2596913 Uncle Remus
Uncle Remus's picture

"Fich mich, du miserable Hurhensohn."

FZ.

Sun, 07/08/2012 - 18:57 | 2597098 Jendrzejczyk
Jendrzejczyk's picture

That was worse than Hasselhoff hideous.

Sun, 07/08/2012 - 17:48 | 2596916 Beam Me Up Scotty
Beam Me Up Scotty's picture

The Euro can't be saved so why try. You can keep the patient alive for a bit longer buy sooner or later you will see the flatline. Might as well be sooner.

Sun, 07/08/2012 - 18:21 | 2597008 Lucky Guesst
Lucky Guesst's picture

As long as some are still able to fleece the system they will do everything possible to make sure its later.

Mon, 07/09/2012 - 02:26 | 2597988 Nussi34
Nussi34's picture

Exactly. Fuck the Euro and fuck the South!

Sun, 07/08/2012 - 17:48 | 2596918 zorba THE GREEK
zorba THE GREEK's picture

As soon as Germany has acquired all of the EZ's gold, it will allow the

ECB to print and devalue the Euro. That way the debt will be inflated

away and Germany will hold the only currency of value, gold. Check/mate.

Sun, 07/08/2012 - 18:02 | 2596964 Tirpitz
Tirpitz's picture

And the combined international banking corporations will 'protect' it in their vaults -- somewhere safely in some offshore tax shelter. Just in case the euro-sheeple wake up and get wind of what's happening to them.

Sun, 07/08/2012 - 18:19 | 2597006 Cap Matifou
Cap Matifou's picture

You seem to forgot the current german gold is to near 95% stored in other countries, and no auditing/assaying is allowed. Entire pallets of that gold must have been "leased", and replaced forever with paper promise.

Financial Times Deutschland joins hunt for Germany's gold

Sun, 07/08/2012 - 17:49 | 2596919 zorba THE GREEK
zorba THE GREEK's picture

Point/match.

Sun, 07/08/2012 - 17:58 | 2596951 sitenine
sitenine's picture

I highly doubt it.  This drama has much more to play out.

Sun, 07/08/2012 - 18:03 | 2596968 Tirpitz
Tirpitz's picture

Yep, as long as there's some working class folks to be milked.

Sun, 07/08/2012 - 17:50 | 2596927 supermaxedout
supermaxedout's picture

Merkel does not have to explain much about the Euro. This is self explaining because its the money of Europe and of Germany too. So the Germans know, that there does not exist an alternative to the Euro. Going back to DM is suicide for the whole economy. So this is clear for the Germans. The same accounts for the rest of the Eurozone. Or has anybody the impression, that the majority of the Greek population likes the old Drachma back. If anybody does, then he is dead wrong.

But what has to explained is, why Germany has to bail out the other countries. The Euro is one thing but the souvereign deficits and the bank crisis is a complete other thing.  The Euro is a currency and the ECB is doing exactly the same as the old Bundesbank did. Both reside side by side in Frankfurt Germany. So for the Germans not much changed when the Euro was introduced. Simply DM became Euro, while, Francs, Lira etc was given up.

 

 

Sun, 07/08/2012 - 18:06 | 2596977 Tirpitz
Tirpitz's picture

The euro currency ain't the money of the people, but the money of giant international corporations.

Germany - that is the German taxpayer - ain't bailing out other nations, but international zombie banks.

Sun, 07/08/2012 - 22:41 | 2597671 All Risk No Reward
All Risk No Reward's picture

The same banks that enslaved the people to inextinguishable debt through fraud and deception!

Debt Money Tyranny

http://www.keepandshare.com/doc/3325954/debt-dollar-tyranny-2-54k?tr=77

 

Sun, 07/08/2012 - 18:13 | 2596994 Confused
Confused's picture

Nothing changed for the Germans when they switched over to the Euro? 

Sun, 07/08/2012 - 18:53 | 2597084 supermaxedout
supermaxedout's picture

Not that much, except, that the Germans were cheated as far as the inflation was concerned.  The German inflation index was "adjusted"  exactly at the same time when the Euro was introduced.

Everything became expensive overnight, but the public was told, that the official infllation rate did not increase. But as matter of fact, many things needed for the daily living became more expensive, while computers became cheaper and this kind of crap.  This was a really an ugly trick. However, other countries did this already before and so Germany went simply in the same direction. 

Besides that not much did change. But these few changes were changes to the beter in most cases. For the business community in Germany which took the chance and expanded their activities. And it is of cause  a big thing when traveling in old Europe,,  one has not anymore to stop every few miles and has to change money when crossing a border.

As a matter of fact, for the German government there did not change much either. Simply for the fact, that the Bundesbank acted really independent from the government with the only purpose to safeguard price stability and to ensure the trust in the DM.  And exactly this is the same with the ECB. The copied the statute of the Bundesbank 1:1  and the governments of the Eurozone can ask and beg the ECB to do this or that but thats it. Just like before in Germany. 

Sun, 07/08/2012 - 18:11 | 2596960 earleflorida
earleflorida's picture

The 'NWO' wants a "New World Order Central Bank", period! Merkel must accommodate?

Let's face it, with the CFR, BIS,  IMF, WB, Trilateral Commission, UN, [etc., etc.,..] and the Bilderberg 2012 Agenda now in play,... the "Global Government Agenda", cannot be abated!

On the contrary... it is the new-age of a "NWO Global Banking System" implemented by, 'the- powers-that-be'? This is where the rubber meets the road... and socialism becomes the nuance of our times, quietly and subtly  subjugating democracy as an archaic abstract to that of a failed democratic century!

This is why the world banks, won't let the EU split --- come hell or high water!

Merkel, as most know, is but a pawn in this menagerie of fenced-n-fools gone wild!!!

jmo            

Sun, 07/08/2012 - 18:10 | 2596985 El
El's picture

1931...dire consequences.... yes, but it was for a relatively short time. Would it be better to be Japan? Would it be better to still be where we are now in another decade and a half? I can stand the pain if I know it will be over quickly. What I can't stand is this long, drawn out death spiral which is going to finally result in those "dire consequences" anyway. Just rip off the bandaid already!

Sun, 07/08/2012 - 18:11 | 2596986 GOLDTEETHSILVER...
GOLDTEETHSILVERFILLINGS's picture

FOLLOW THE YELLOW BRICK ROAD...

Sun, 07/08/2012 - 18:23 | 2597014 alfred b.
alfred b.'s picture

 

   Germany ought to join the chorus and bring down the retirement age to 60 and give 10,000 euros to each of their citizens....then, perhaps they might just spring for a greek holiday!

    Buy physical gold and silver.

 

 

Sun, 07/08/2012 - 18:25 | 2597018 dcb
dcb's picture

not if you protect the depositors!!!!

Sun, 07/08/2012 - 22:44 | 2597678 All Risk No Reward
All Risk No Reward's picture

Given that the law was changed to put derivatives ahead of FDIC insurance in 2005 ("nobody saw this coming" - suckers!), I think that is like saying, "not if that huyngry wolve lets that lame chicken go."

Reality isn't pretty - I get it.  But we need to be like Partrick Henry and face up to reality instead of playing the chump while reality steam rolls us.

Sun, 07/08/2012 - 18:34 | 2597035 q99x2
q99x2's picture

Dire consequences are upon you if you have anything to do with a central bank.

Kick the Bundesbank out of the country all the way back to the city of london and wall street. Long live the Keiser--Max Keiser that is.

Sun, 07/08/2012 - 18:36 | 2597042 tlnzz
tlnzz's picture

"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".

Wow. Somebody gets it, and said it out loud.

Sun, 07/08/2012 - 18:37 | 2597048 vamoose1
vamoose1's picture

  To America

 

    In 1946 you  bestrode  the  planet ,  you  were the  most  beloved country  in  the  world, including the  most  powerful.

    Am  I appreciative of a country that would look at  a flattened Europe in  1946   give some consideration to  reciprocal  trading arrangements  take a very deep  breath and initiate the Marshall plan.I rather think so.

    I am  born in  1947 my family were Canadian  soldiers, and many  of the ones that returned , the survivors ,   came back  horridly  maimed,   some with one wooden leg and some two,  some injured high enough in the torso they had to ADOPT ......  had you  not come in  1942, I would not be here, Britain was clearly  losing ,  the U boats were starving them  out  so  I do  not consider it a stretch to say that America saved Western Civilization. I would not exist,  my father would certainly have been  killed  had you  not done what you  did. Thanks guys,  i  owe you  my life, nothing serious,

   But I am  confused,  i grew up  knowing the adults of 1945. They played a cunning game. They  limped back  to  their wives  and pretended nothing had happened, the greatest application  of denial  in the history of the concept.

    I wonder what these fine men and women  would think of Vietnam, of i Iraq.  of  Iran  of for jesus sakes Afghanistan  i  mean  ,  respectfully people ,  what the fuck are you doing with  150  bases athwart this planet , what in the Christ are you doing ,  is there something in the water?

    We are your neighbours , we are your friends ,   we like ya, just what in the fuck are you  people doing>?

 

 

 

Sun, 07/08/2012 - 19:34 | 2597167 eddiebe
eddiebe's picture

I'm one of them not doing it. I don't understand either, other than that the brainwashed and ignorant are being used for greedy fucks from all over the world, they just happen to use the US military machine. The war using the military is just one aspect of this greed machine. And last time I heard it's just shy of 800 bases around the world.  I would like to add that most nation states are either complicit or outright in on this crime. The ones that are'nt are of course part of the axis of evil.

Glad to know your blinders are off. I hope more people like you around the globe become aware and speak out.

Sun, 07/08/2012 - 22:53 | 2597691 All Risk No Reward
All Risk No Reward's picture

America has been hijacked by Big Finance Capital international financiers - the "Money Power".

"America" isn't doing anything except being play for a bunch of gullible fools - and we asre guilty of that in spades.

The "Art of War" is being run by Big Finance Capital against all nation states - including Canada.  They will make a fortune by taking our nations into receivorship and then perching themselves on top of us, dictating how we must labor and toil for their freebie fruits.

You know - like the Queen.  Don't you have to go back to work to fund her son's wedding?

You get the idea, fellow prole.

The financial oligarch tyrants are making their play for world domination.  They are using financial fraud and financial crimes to do it:

Debt Money Tyranny

http://www.keepandshare.com/doc/3325954/debt-dollar-tyranny-2-54k?tr=77

Waeapons of Mass Debt

http://www.keepandshare.com/doc/3324744/wmdebt-graph-3-79k?tr=77

Tyranny is alive and well and it is applying the pinnacle of science in order to control and manipulate the masse it hopes to enslave. 

As Bush said, "they hate us for our freedoms."  What he didn't tell you is that "they" represents the real terrorists, Bush and Obama Big Finance Capital campaign financers...

They hate our rights so much, they've eliminated them.

The only reason any American can do anything today, in 2012, is because the President decided not to murder him/her today - no oversight or due process allowed.

The Ultimate History Lesson:   http://www.youtube.com/playlist?list=PL463AA90FD04EC7A2

The Ultimate history Lesson Commentary: https://www.tragedyandhope.com/th-films/the-ultimate-history-lesson/comm...
Mon, 07/09/2012 - 06:00 | 2598097 Lebensphilosoph
Lebensphilosoph's picture

In 1946 you  bestrode  the  planet ,  you  were the  most  beloved country  in  the  world,

Oh give me a break. Pull your head out of your progagandised arse.

Mon, 07/09/2012 - 10:54 | 2598648 earleflorida
earleflorida's picture

-1

Sun, 07/08/2012 - 18:39 | 2597052 cherry picker
cherry picker's picture

What about we, the "sheep"?

We don't have to play the game and without us they have a NWO equal to nothing.

All I want is opportunity as long as I don't hurt anyone.  Let me open a taco or hot dog stand without paying taxes, business license, occupancy permit, approvals, etc. so I can do it myself and I am a happy camper.  I don't need or want big bro thinking for me or looking after me.

Sun, 07/08/2012 - 18:44 | 2597063 slewie the pi-rat
slewie the pi-rat's picture

angela knows how to call a press conference!

angela does not want to kill the EU (cockRobin)

she will say something about next year for german soccer

then shrug and tell the presidentGauck to eat shit, lay eggs, and die young?

Sun, 07/08/2012 - 18:47 | 2597064 Oldrepublic
Oldrepublic's picture

Dear Canadian friend: vamoose 1

nothing in the water! Just doing what all empires do!

Sun, 07/08/2012 - 18:46 | 2597066 Piranhanoia
Piranhanoia's picture

In Greece such dissent caused a referendum that only the people wanted and was cancelled.  This kind of act is one of the better played hands. He states what Merkel is thinking and wants to make public opinion decide so they don't have to. 

Hello deutschmark

Sun, 07/08/2012 - 19:00 | 2597106 max2205
max2205's picture

Europe has been the trigger for all 19 20 and 21st century wars and collapses.

Sun, 07/08/2012 - 19:12 | 2597131 Snakeeyes
Snakeeyes's picture

I want to hear that one too!

Sun, 07/08/2012 - 19:15 | 2597140 Whiner
Whiner's picture

Beer Hall putsch!

Sun, 07/08/2012 - 19:17 | 2597145 ddtuttle
ddtuttle's picture

When does Germany realize that staying with the EUR means default for Germany, but leaving means they can avoid it?  Whne the German public realizes this, the die will be cast.  The EMU simply cannot pay its debts back with or without Germany, so that's a fait a compli.  But alone with a new DM, Germany can avoid default.  

Ther reamining countries would immeaditely devalue the EUR to 0.70, and default on their soverreign debts and restructure their banks.  That would be painful, but it would work.

Germany, would restructure its banks, and print lots DMs to keep the reamining banks a float, and keep DMs priced in the export market.  But it would honor its sovereign debt (converted from EUR to DM at 1:1).  This is a slam dunk.

Sun, 07/08/2012 - 19:28 | 2597161 f16hoser
f16hoser's picture

Finally, an "Appropriate" question with regards to the Euro Madness...... They should be listening to Nigel Farage.

Sun, 07/08/2012 - 19:32 | 2597168 sbenard
sbenard's picture

What I can not comprehend about this is why Merkeld is polling so high among Germans. What gives?

Sun, 07/08/2012 - 19:35 | 2597179 paint it red ca...
paint it red call it hell's picture

polls, like "studies", are dependent on who commissions them and what outcome they wish to produce.

Sun, 07/08/2012 - 19:36 | 2597182 eddiebe
eddiebe's picture

The leaders in Kraut land probably figured out how to juice voting machines too.

Sun, 07/08/2012 - 20:03 | 2597247 The Swedish Chef
The Swedish Chef's picture

Germany needs the Euro much more than Greece. Imagine the exchange rate for a German Mark today. It would be the safe haven of safe havens. The only thing Germany could do to save its exports would be to print, print, print and that is very hard to sell in Germany.

Sun, 07/08/2012 - 20:12 | 2597269 cranky-old-geezer
cranky-old-geezer's picture

 

 

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.

Hell yea, let 'em liquidate, should have happened in '08.

Nobody cares about saving the banking system ...except bankers of course ...and their bought-off political puppets ...and their suck-up so-called economists.

Letting the banking system collapse is THE solution to ALL our economic problems.   It would put bankers back in their place, serving the nation, not looting it.

But the fiat currency has to go first.  You MUST take away banker's ability to print currency, they're proven they WON'T use that ability properly, they've proven over and over again they'll use that ability to loot a nation rather than help it.

Bankers cannot be trusted with ANY currency authority.  They've proven it over and over again.

Sun, 07/08/2012 - 20:29 | 2597295 Miles Kendig
Miles Kendig's picture

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.

Actually, the liquidationist policies didn't start rolling (to the showers) until a few years later as these same pro war to boost aggregate demand JMK'ers policies took firmer hold.  How many folks are gonna get hosed this time because of such blind adherence to Keynes' integrated theories of societal/economic eugenics?

Sun, 07/08/2012 - 22:03 | 2597579 hidingfromhelis
hidingfromhelis's picture

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.

Germany has a Krugman Kult as well, huh?  My condolences.  This kind of thinking is like the "band playing on" while the Titanic sunk.  Remember how Ron Paul (or anyone else) was villified by the media as well as all of the bought and paid for politicians any time they dared to question bankster/Fed interests?  Wonder what sort of pressure German politicians face in their media.  Is it as captured as ours?

Sun, 07/08/2012 - 22:33 | 2597650 analyzer_66
analyzer_66's picture

lol

Berlusconi calls Merkel an "unfuckable lard-arse:"

Italian premier Silvio Berlusconi reportedly called German Chancellor Angela Merkel an "unfuckable lard-arse" during a wiretapped conversation, the Independent of London reports.

Investigators overheard the remarks during a July phone conversation between Berlusconi and the man accused of supplying prostitutes to the prime minister's parties, the Independent states. Berlusconi used the Italian phrase, "culona inchiavabile," reports the Atlantic.

Investigators were searching for evidence against the prime minister regarding a number of charges including corruption, Germany's The Local reports.

“If the rumors are true, which are not only circulating in journalist circles but also in parliament, that the Prime Minister has spoken about Merkel in an unspeakable, unpronounceable, unacceptable way, the situation would be dramatic. Someone who has reached out their hand to us would be spat at in the face," Italian MP Rocco Buttiglione told parliament, according to The Local.

Berlusconi, 74, has made a series of what many describe as outrageous gaffes during his tenure as prime minister. Three years ago, he described President Barack Obama as "suntanned."

The latest sexist remarks concerning Merkel came as German officials were pressuring Italy over its implementation of budget cuts.

During the call, Berlusconi also called Italy a "shitty" country.

Sun, 07/08/2012 - 23:04 | 2597718 jomama
jomama's picture

except that article is from 2011

Mon, 07/09/2012 - 06:47 | 2598148 dimitar
dimitar's picture

 

fundamentals Vs. technicals History: Mother of All Indicators

http://www.dukascopy.com/fxcomm/fx-article-contest/?History-Mother-Of-All-Indicators&action=read&id=891

 

Do NOT follow this link or you will be banned from the site!