On Using World War 2 Flashbacks To Shame Germany Into Perpetual Bail Outs

Tyler Durden's picture




 

Lost in the complete and utter lack of newsflow yesterday (no pun intended) were some comments from Otmar Issing, former chief economist of the ECB. Also a German. Also an advisor for Goldman Sachs. In the absence of Angela Merkel and Schauble, both of whom are still conducting privatization due diligence on Santorini, he decided to present the German view to all the recent bluster and posturing by Europe choosing beggars. What he so conveniently explained is just why "European Union" is the biggest oxymoron imaginable, and why Germany will hardly smile quietly as the rest of the continent uses history as its only leverage to shame Germany into funding the bailout of its broke neighbors. In fact, what Issing confirms, is why any hope that a Federalist union in a continent in which deep seated hatred runs deep, and will promptly overtake any of the happiness associated with the recent 30 years of fake prosperity, is doomed. Art Cashin explains.

via UBS

The Issing Remarks – While they did not have far reaching consequences, Mr. Issing's remarks reminded us all of the deep seated conflicts that underlie the issues in the Eurozone. You will recall that European leaders openly claim that the concept of the Eurozone was an attempt to restrain Germany to some degree.

With two world wars erupting in Europe in less than 100 years, they needed some way to try to bind these nations together. They chose to start with a monetary union. Now they are trying to hold it together. Here's a bit from the WSJ Blogs:

Germany’s guilt over the Second World War doesn’t oblige it to write blank checks to euro-zone countries that fail to reform their economies, said former European Central Bank executive board member Otmar Issing.

 

Mr. Issing served as a member of the ECB’s Executive Board from 1998 to 2006. A German, he remains an influential voice on economic and central bank matters in his home country. Since leaving his ECB post he has served as an adviser to his government on financial and economic matters.

 

Mr. Issing said that from a historical perspective Germany indeed is “in a special position” but 67 years after the war ended “Germany can’t be blackmailed with its past,” he said. This is especially true of aid for troubled euro zone states, “which does not solve the problems in these states.”

 

After the World War II, in which Nazi Germany occupied territory from the Channel Islands to near Moscow, the Federal Republic of Germany has seen peace in Europe and the world as being one of its essential tasks. This has also meant willingly giving up sovereignty to European institutions in an effort to bring European nations closer together.

 

Some commentators have taken this philosophy to mean that Germany should now, without protest, stand in and help struggling countries on the euro zone’s geographic periphery. The 17-nation euro zone is dealing with a sovereign-debt crisis that has seen Greece, Portugal, Ireland, Spain and Cyprus seek international funding to keep their countries or banking systems afloat. Germany has effectively been paymaster for the deals.

Talk about deep seated feelings.

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Fri, 08/10/2012 - 09:41 | 2693823 zilverreiger
zilverreiger's picture

Indeed, a big annoyance of me too.

Fri, 08/10/2012 - 09:51 | 2693856 BandGap
BandGap's picture

Shit, we're still paying for the Civil War in one way or another.

Fri, 08/10/2012 - 09:54 | 2693881 Badabing
Badabing's picture

Yah yah yah sure.

Just to get back on topic and to the point, IT’S THE FUCKING BANKS that should bailout or take there loss, not a country or a people!!!!!

Fucking banks!

Fri, 08/10/2012 - 10:00 | 2693904 Peter Pan
Peter Pan's picture

How can banks take losses when they have virtually destroyed all their shareholder equity already and probably a fair slice of depositors' money as well.

Fri, 08/10/2012 - 10:20 | 2693957 Stackers
Stackers's picture

Reparations for everyone !!!!

Maybe Germany should remind Europe that the reason for WW-II was started in Versaille France where France and UK bent Germany over a table and started shoving large blunt objects up its anus for the next 20 years, circa French occupation and oppression of the Rhineland in 1919 and forced war reparations that destoryed the D.Mark in a hyperinflationary implosion as the government printed money trying to pay back "war fines" it never could otherwise.

Fri, 08/10/2012 - 11:02 | 2694113 knukles
knukles's picture

You dirty rat.  You killed my brother now I'm gonna kill you....

Fri, 08/10/2012 - 11:07 | 2694133 Buckaroo Banzai
Buckaroo Banzai's picture

You won't find it in the history books, but millions of Germans died between May 1945 and 1947, mainly of starvation. Soviet soldiers went on a rape spree in east Germany right after the war, if you were a German woman in Soviet-occupied Germany between the ages of 13 and 53, odds are you probably got raped at least once, and maybe got shot afterwards for your trouble. Most German POWs held by the Soviets didn't get released until 1952, and hundreds of thousands of German POWs died in Soviet prison camps or uranium mines between 1945 and 1952.

The Germans already paid the bill for WW2.

Fri, 08/10/2012 - 11:18 | 2694165 Stackers
Stackers's picture

Lets not forget FDR's intentional firebombing of civilians.

Fri, 08/10/2012 - 11:40 | 2694226 Ghordius
Ghordius's picture

if you go back further, you'll notice that Germans were starving in 1919. Yes, this is not a typo, starving began after the end of WWI, thanks to a blockade by the winners to better extract further war reparation payments.

it does not pay to be on the wrong side of the collision between empires.

Fri, 08/10/2012 - 14:00 | 2694686 Totentänzerlied
Totentänzerlied's picture

There's that whole East Germany thing too. I heard that was not so good either.

But Germany made amends with America by giving us its finest military-industurial minds via Operation Paperclip, allowing us to launch the Cold War. So that's something.

Fri, 08/10/2012 - 13:07 | 2694475 AnAnonymous
AnAnonymous's picture

Reparations for everyone !!!!

____________________________________

Germany's debt is a story that satisfies 'American' taste for fantasy.

In reality, the debt was revised down very fast (cut in half after one year) and quickly cancelled.

The story appeals to 'Americans' because it somehow confirmed them in their infinite growth mantra (while crushed by an unrepayable debt, the Germans still managed to get out of the crisis and even rebuild a powerful war machine) and second, it also hides the fact that Germany was on the path of Nazism way before the treaty of Versailles was signed.

But, hey, an 'American' world is one world of fantasy and propaganda so...

Fri, 08/10/2012 - 14:02 | 2694700 Totentänzerlied
Totentänzerlied's picture

Recently completed reparation payments to Israel are a fantasy as well, appealing to Chinese US Citizen taste for German Israeli Citizenism. Or something.

Sun, 08/12/2012 - 06:24 | 2698473 AnAnonymous
AnAnonymous's picture

The debt refered to is pre WW2, not post WW2.

Cant US citizens do anything but use strawsmen?

Fri, 08/10/2012 - 14:57 | 2694902 caconhma
caconhma's picture

It is the high time for Germany to break loose from Zionist terrorist banking mafia. Otherwise, Germany will be destroyed as a nation.

As for the USA, it must also make a decision whether to start a WWIII protecting & promoting these banking terrorists or to have American people interests at the core. In any case, regardless of how stupid American people are, early or later they will revolt. The only question is how many billions people will have to die to liberate the world from these gangsters?

 

Fri, 08/10/2012 - 10:22 | 2693968 DUNTHAT
DUNTHAT's picture

YEP !!  Why is so difficult to understand that all these bailouts are just intended for a few banks??  Amazing!! Sheeple haven't yet figured this out and have risen up and burned those companies to the ground.

Fri, 08/10/2012 - 13:08 | 2694478 AnAnonymous
AnAnonymous's picture

The bailouts are intended to protect the level of consumption as generalized by US citizen middle class and therefore aim at protecting the US citizen middle class.

In US citizenism, the middle class is the king class.

Fri, 08/10/2012 - 15:02 | 2694921 Disenchanted
Disenchanted's picture

 

 

"the middle class is the king class."

 

shiiittt...you haven't been here lately have you?

Sun, 08/12/2012 - 06:25 | 2698474 AnAnonymous
AnAnonymous's picture

It is such way since the inception of 'Americanism'

All people living on Earth have been here long enough to know that in 'Americanism' the middle class is the King class...

Fri, 08/10/2012 - 10:01 | 2693906 The Wizard of Oz
The Wizard of Oz's picture

YOU DIDN'T INVADE POLAND!

 

 

Fri, 08/10/2012 - 10:22 | 2693972 magpie
magpie's picture

Molotov-Ribbentrop Pact made it happen.

Fri, 08/10/2012 - 10:44 | 2694045 hedgeless_horseman
hedgeless_horseman's picture

 

 

You didn't build that Autobahn...

Fri, 08/10/2012 - 10:50 | 2694074 Carl Spackler
Carl Spackler's picture

You didn't make that Mercedes Benz.

Fri, 08/10/2012 - 11:02 | 2694118 knukles
knukles's picture

You didn't get elected president

Fri, 08/10/2012 - 15:45 | 2695077 Lohn Jocke
Lohn Jocke's picture

You didn't come up with that witty comment.

Fri, 08/10/2012 - 10:32 | 2694003 HarryM
HarryM's picture

I think a division of old school SS Nazi's might be what we need right now to straighten out the banksters.

 

 

Fri, 08/10/2012 - 11:20 | 2694170 Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

SS Nazi Zombies?

Sounds like a plan!!

Fri, 08/10/2012 - 11:41 | 2694222 Dingleberry
Dingleberry's picture

I suggest the reading of Engdahl.  Essentially, the Brits are in constant competition with the Germans, who are indeed the best, brightest and most advanced class of people in Europe.  This is not going to change.  No one can legitimately compete with them due to their work ethic and intelligence, so the Brits are constantly getting others to do their dirty work for them.  When one looks at history in a continuum, instead of time-specific events,  the evidence and correspondin history is quite clear: the Brits are evil parasites hell bent of maintaing empire, and the City is the financial HQ of these sociopaths.  Since they cannot occupy others physically, they do it financially.

Fri, 08/10/2012 - 13:02 | 2694464 AnAnonymous
AnAnonymous's picture

As a consequence of the apartheid imposed on Celtic people in Britannia after their conquest by Anglo Saxons, the british are Germans, biologically speaking (the only dimension mattering to Germans)

Most volumes of war has been generated by German people during the last two centuries.

Fri, 08/10/2012 - 15:09 | 2694950 caconhma
caconhma's picture

England always was and is a criminal nation of pirates and gangsters. Their crimes against humanity many times exceed the Nazi crimes. They are responsible for the both WWI and WWII. Their colonial crimes are just despicable.

The same goes for France. Remember that more than millions Algerians where slaughtered by their colonial masters.

The entire Western World prosperity has been built and sustained by plundering the rest of the world.

 

Fri, 08/10/2012 - 16:51 | 2695306 4horse
4horse's picture

ADL
      *the little foxmen is The 1Squeeeeeky Wheeel getting-the-oil that's heard scratching-the-blackboard any time anyone here speaks of "Germans"italians.irish.french.british.spanish etc&et al. because The Greatest Library In History rather quickly still allows one to fully recover from fullspectrum cultural dominance and all its disseminated dHS history texts even if only for the reading of just this:blackedout http://www.theoccidentalobserver.net/articles/MacDonald-Solzhenitsyn-200-Years-Together-18.html

 

*that spoil the vines : 4 vas deferens our vines have tender testicles
here so easily emasked                                                                     SS

 

Insane Bolt out-of-the-blue is the fastest way to that finish caught-in-a-battle which is either victory or extinction

Animal Defense League is all it is faster.faster as you here play possom : your decision. sit still.pp your descendents enslaved

 

4those even at this late date who might somehow honestly think otherwise:
http://www.iamthewitness.com/books/George.Armstrong/Rothschild.Money.Trust.htm

                  

                H8

N.M. Rothschild of London
Rothschild Bank of Berlin
Warburg Bank of Hamburg
Warburg Bank of Amsterdam
Lazard Brothers of Paris
Kuhn Loeb Bank of New York
Israel Moses Seif Bank of Italy
Goldman Sachs/JP Morgan Chase of New York

H8 is their Animal Defense League : kill-one-anotherTM . or Kill Them

 

 

TMdiscuss. discuss amongst yaselves

Fri, 08/10/2012 - 09:43 | 2693826 vinu02
vinu02's picture

http://stks.co/h93L Why should germany bailout when Greece and spain kept spending without having fund ?

Fri, 08/10/2012 - 09:44 | 2693832 slaughterer
slaughterer's picture

Greece, Italy and Spain did not shame Germany for WWII.  Somebody else did. 

Fri, 08/10/2012 - 09:50 | 2693853 WhyDoesItHurtWh...
Fri, 08/10/2012 - 10:30 | 2694000 NotAMathWhiz
NotAMathWhiz's picture

http://youtu.be/V8lT1o0sDwI

Face it, it was all over as soon as the Germans bombed Pearl Harbor...

Fri, 08/10/2012 - 12:33 | 2694398 hannah
hannah's picture

to bad we cant solve the financial mess by hijaking a parade and throwing marbles in the street.

Fri, 08/10/2012 - 10:09 | 2693935 Hype Alert
Hype Alert's picture

What they really need to flash back to is The Weimar Republic and how printing fiat currency isn't the solution.

Fri, 08/10/2012 - 09:54 | 2693828 Mercury
Mercury's picture

Central planning and authoritarian statism have the most shameful legacy of all...and they know no ethnic or national bounds.

It's ironic that Germany, having recovered and actually learned lessons from the evils of both national socialism and communism, is being cast as the malefactor here for trying to distance itself from similar political structures.

Fri, 08/10/2012 - 10:06 | 2693926 NidStyles
NidStyles's picture

That is Dialectic Philosophy at work. They have to blame someone for preventing their changes from working to get the actual changes that they want. 

Fri, 08/10/2012 - 09:46 | 2693836 slaughterer
slaughterer's picture

OT:

Ah, god thank the algos for giving me the opportunity to initiate another short position in JCP at $24.40  See you down below Bill and Whitney. 

Fri, 08/10/2012 - 09:51 | 2693863 slaughterer
slaughterer's picture

Covered at $23.40.  10 minute trade. 

Fri, 08/10/2012 - 09:46 | 2693837 Ralph Spoilsport
Ralph Spoilsport's picture

Wonder how long it would take Germany to start turning out some Tiger tanks and those really cool artillery pieces mounted on rail cars? Just for nostalgia's sake of course.

Fri, 08/10/2012 - 10:52 | 2694081 Carl Spackler
Carl Spackler's picture

Those were some incredible artillery pieces...able to lob a shell the size of a Volkswagen.

 

 

Fri, 08/10/2012 - 09:47 | 2693838 magpie
magpie's picture

Like i've said before, those damn Greeks are just too damn lazy to dig up dirt on the Italians Dutch and Finns, so only the German bailout it is.

Fri, 08/10/2012 - 09:48 | 2693842 Dr. Engali
Dr. Engali's picture

I for one am tired of hearing about it. Germany in my view should tell the extortionists to take a flying leap.

Fri, 08/10/2012 - 09:50 | 2693850 Charlie
Charlie's picture

It's funny when you consider Spain was a fascist state until 1975 and Italy was an axis power during WWII..

Fri, 08/10/2012 - 10:08 | 2693932 NidStyles
NidStyles's picture

It's even funnier because it was Italy that actually started WWII. 

Fri, 08/10/2012 - 14:14 | 2694752 rayban
rayban's picture

Nazi Germany invaded Poland on 9/1/39. Italy remained neutral until May 1940.

Fri, 08/10/2012 - 22:57 | 2696200 Bringin It
Bringin It's picture

When did WWII start?

Fascist Italy invaded Ethiopia 10/?/35.

Fascist Italy invaded Albania 4/7/39.

 

Sun, 08/12/2012 - 10:27 | 2698637 rayban
rayban's picture

Maybe you forget about the Sudetenland. And the Anschluss. Or the re-occupation of the Rhineland...

Fri, 08/10/2012 - 09:50 | 2693851 mrktwtch2
mrktwtch2's picture

meanwhile back in the usa snooki was seen outside in the fresh air..lol

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