Guest Post: First Anti-Euro Protest In Front Of The ECB

Tyler Durden's picture

Submitted by The Prudent Investor

First Anti-Euro Protest in Front of the ECB

Watching politicians and bankers bickering over a Euro rescue on the back of Eurozone taxpayers for more or less 2 years by now, a group of Germans has staged the first protest in front of the headquarters of the European Central Bank (ECB) on Tuesday.

Some 100 protesters, organized by the fringe Partei der Vernunft (Party of Reason) held up banners with two key demands: "Raus aus dem Euro" (Out of the Euro) and "Stoppt die Schuldenunion" (Stop the debt union), according to a report by German daily FAZ.

Raus aus dem Euro - Germans protest against the Euro and a European Union of debts in front of the ECB in Frankfurt.


This is a historic moment as it represents the first organized democratic resistance against the common currency that has led to the UDE aka United Debts of Europe.

Recent surveys show that 77% of Germans resist the creation of the European Financial Stability Fund (EFSF) and its highly undemocratic successor ESM (Euro Stability Mechanism). The German parliament will vote on the ESM on September 26 and due to heavy losses of the small liberal coalition partner in latest regional elections chancellor Angela Merkel must be less than certain to get a successful vote on an instrument that would put Germany into the  top position to pay for the long profligacy of the weaker Euro members. The strategy of paying thy neighbours debt has never worked in history.

It's now Down to 2 Choices

The growing bifurcation of opinions among Eurozone politicians and the general populations cannot be overlooked anymore. Europeans are taxed to the hilt, suffer from economic conditions where all the freshly digitized money reaches the financial industry but never the real economy and are fed up with an increasingly undemocratic EU apparatus where the few sane voices in the European Parliament (EP) like Nigel Farage are ignored by autocratic decisions in the unelected European Commission and the EU Council.

While politicians have busied themselves in the last 2 years with a string of weekly emergency meetings in 5-star locations - ironically preaching austerity - debts have seen only one way: up.

Either Germany Leaves - Or Greece Exits First

We are certainly very close to a major event that will mark the beginning of the disintegration of not only the Euro, but of the EU itself.

A steady stream of rumors whose reliability is difficult to estimate tells this blogger that Austria, Finland, Germany and the Netherlands have already printed local currencies and could exit the Eurozone within the remainder of September, leaving the mess created by profligate southern Eurozone members behind them.

An exit of the (not so) strong aforementioned 4 countries will be complicated due to 12 years of monetary integration and would be a strong signal that European unity in debts has nowhere further to go.

This possibility would be a strong setback especially to France, whose egomaniac leader Sarkozy wants to avoid descending from his status as an equal partner vis-a-vis Germany at all costs.

For this reason we can rule out to find a harmonic solution of the insurmountable debt problem in all countries not only of the Eurozone, but the EU as a whole.
Flirting with money from China or Russia, which surprisingly announced today it would buy the dreaded Eurozone bonds the ESM wants to issue, will not be on the cards either. China, faced with more domestic problems than one can count, and Russia are not in the position to squander their money on a bankrupt EU without risking heavy internal opposition. Both countries are far behind the (crumbling) infrastructure of the old world and have enough to do on their respective home territories.

This leaves the other option of a non-voluntary Greek exit, that can be expected any day given the stress in the system and its inability to access capital markets due to prohibitively high interest rates north of the 100%-mark.

As this is a first in modern history nothing can be ruled out from this moment onwards.

End of the Euro is also End of the EU

France and Germany will then be faced with the completely different task of not only digesting billions (or trillions?) of PIIGS debt that will have to be written off to a very large degree, but also the challenge of holding together a European Union whose only common denominator are debts on all levels, public and private.
I have intentionally avoided any figures in this post as we are now in the third year of bad 'surprises' by cheating Eurozone members. The volume of this mess will only be discovered in national bankruptcy proceedings and bank liquidations.

Finding a lot of bank analyst 'research' in my inbox that suddenly mention the coming end of the Euro in its current form, I do not deviate from my earlier forecast Euro Until the Endsieg. The end of the Euro was also correctly predicted 11 months ago in this blog: 20.10.2010 - The Day the Euro Started Dying.

The Swiss Franc is No Safe Haven

Readers are also probably better off in the medium and long term by abandoning the illusion that the Swiss Franc is a safe haven. The Swiss economy depends very heavily on its financial sector that contributes at least 12% to domestic GDP.  A world of several 100 million investors cannot find a safe haven in the currency of a 7 million people. As the old adage goes, "one can hedge 100 million but not one trillion", the Swiss franc cannot shoulder the mistakes of the rest of the world.

All dissolutions of monetary systems ended in economic hardship, wars and revolutions. This time will be no different.

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Idiot Savant's picture

Only one hundred people? I guess you have to start somewhere.

nope-1004's picture

Is that Geithner handing out "we will never be downgraded" leaflets?

Bruce Flea's picture

Nah, he's too busy showing Strauss-Khan how to avoid a few hundred thousan euro tax bill.

A.W.E.S.O.M.-O 4000's picture

Don't worry. A bud of mine told me all is quiet outside of the NY Fed.


The sheople sleep tonight. Like every night.




Anybody up for the protest on saturday the 17th or is this the wrong crowd to be talking to?

eureka's picture

If "Prudent Investor" invests as it "sees" EU - it will go broke before Christmas.

EU is not breaking up. I will take bets on it. In silver.

i-dog's picture

Thanks for the reminder of Intrade betting (ie. crowd-sourced, as opposed to partisan polls):

Romney to be Repug nominee = 38.7%
Perry to be Repug nominee = 37.7%
Ron Paul to be Repug nominee = 2.9%

Obama to be re-elected = 50.1% (FFS!?!)

Zero Govt's picture

Bumma is toast ..history ...dead meat ..a mega suicide-socialist joke splattered on the windscreen of history

A.W.E.S.O.M.-O 4000's picture

So Barry has a non statistically significant greater than 50% chance of getting re-elected?


I like those odds!

fajensen's picture

Obama will get re-elected. Then "they" will elect a women president. Then, having fully discredited the minority-vote (yes - wimmen see themselves as a minority which must be granted special rights), they will try The Tame Dictator - wich will be foiled by the real thing.

Someone skilled, crafty, efficient, connected and ruthless, the American equvalent of Putin. 

Bruce Flea's picture

Only one hundred is all that is off work right now.  They'll take shifts while the balance works to pay the debt off :p

Where My Dawg At's picture

It said Party of Reason, there's only so many over there.

papaswamp's picture

The fed shelled out $7.7 trill to recap us banks and no one protested...I'm not even sure the sheeple know.....all we did was bitch about the NFL lock out. Germans get props for torching some Mercedes and getting 100 people together.

Captain Benny's picture

I think this protest may have far more than 100:

 Occupy Wallstreet September 17th seems to be a growing initiative

Finn's picture

Only one hundred people? I guess you have to start somewhere.

Of course you have to start somewhere. I guess if the demonstration had wider publicity, the police would need to close the streets. Of course TPTB try to hush it up, lucky for us there's still freedom of speech in Europe. Unless TPTB admit the eurozens are completely fed up with kowtowing to banksters and trying to drag on status quo, I think I'll give it a month at most and the place should be massing people. Add facebook to the equation, and it'd be no surprise to get Tahrir square right in the middle of Europe.

Now if politicos of the major parties understood the political suicide they're committing, things would surely happen much faster. The way things go, I'd say good bye to establishment, welcome to right-wing populist nationalism.

SirIssacNewton's picture

I just wish they would finally get on with the task of facing the debt.......writing it off.....and getting on with rebuilding a more sound money policy.  But they won't....they will let it fail catastrophically and ensure that their favored few can front run the whole thing.  When its over, someone please turn out the lights.

Seize Mars's picture the old adage goes, "one can hedge 100 million but not one trillion..."

That's an old adage?

Dingleberry's picture

It started shortly after greenspan got into the printing business.

bankruptcylawyer's picture

party of reason , shit i wish we had that in america. all we have are demopublicanlibertariansocialistteabaggeroonies. i mean the left and the right.


Bruce Flea's picture

You forgot the "Green" party nod.


They've all sent me into a state of political atheism.  I don't believe in any of them.

atomicwasted's picture

Look up their party and use Google Translate.  They're libertarians.  

Dingleberry's picture

If they do euro bonds or some other German backdoor bailout, get ready for jackboots and goose-stepping.  Those Germans will go ape shit.

JoeSexPack's picture

Pissing Germans off is a bad idea, but the ECB is going straight at them.

Syrin's picture

Hey cool.   I liked that.   Thanks for the link.

russki standart's picture

Rammstein is hard....makes the rappers look like the pussies they really are. 

Hicham's picture

I dunno they rage a lot and make cool videos, but if you consider that 50 Cent (curtis jackson) was shot 9 times, survived, then went on to make millions, that seems pretty tough to me- and in the real world not posturing as part of their act.

boom goes the dynamite's picture

ya, wir sind hard core, versuchen Sie nicht, unser Geld stehlen, bitchez

theMAXILOPEZpsycho's picture

I've visited the gas chambers. They should put them back into use for a final final solution; to not go after the jews this time but the real culprits! The bankers (many of whom may or may not also be jewish)

Mercury's picture

 They're starting to connect the dots over there...


monopoly's picture

We just do not get it yet in this country. You see all the trash on television, the crap people watch and what they buy and you would think it is 2005 again.

Where My Dawg At's picture

We're going to need stuff to burn for the winter.

YouThePeople's picture

You can always count on Nigel to give them a good rodgering.

Falcon15's picture

Yes, but he never kisses them when they are done. A nice shag and - bugger off!

reader2010's picture

Those protesters will be treated as "terrorists" by the banking cartel. I was wondering whether or not the ECB would be set on fire by themselves?

Pancho Villa's picture

... organized by the fringe Partei der Vernunft (Party of Reason)...

People used to refer to the "lunatic fringe". These days we are left with the "rational fringe".

PulauHantu29's picture

Can't understand why they resist paying the Bankers' Losses? The Olive Nation's Parties, and so on......


The Fonz...before shark jump's picture

The financial treaty of versatile....

max2205's picture

Somebody tell these idiots to protest via Twitter like the rest of us

LiquidIce's picture

Anyone see the article where Obama and company blame Bush for Solyndra? Man up for once!!!

Rodent Freikorps's picture

Did they mention the Bush admin shelved the thing for being flaky?

High Plains Drifter's picture

check it out rodent. they are just about ready to break ground on a brand new huge military hospital complex in san antonio

me thinks that war will be going on for a long time to come. looks like they are betting on this.

i-dog's picture

Imposing martial law is not without blow-back injuries.

chump666's picture

C'mon hedge funds, support the Germans, time to knock down the non German EUR's notes.  Greece needs to go, throw in Italy too...I love SPain, but they better get their sh*t together.