Yesterday we had the Bundesbank making a very strong case for why a pan-European bailout (funded by Germany), would need a "fundamental change of regime occurs involving an extensive surrender of national fiscal sovereignty" (beneficial for Germany), today we see the next and final stage of the proposed annexation of Europe by Germany - that which focuses on procuring that which is really important. Hint: not spam. From Spiegel: "Minister Ursula von der Leyen pushes the hard line: any financial aid for euro countries should only come against collateral - as gold reserves or industrial holdings." More google-translated conditionality: "The CDU politician wants to ensure future aid allocations from the rescue fund through extensive security of the country. The ARD Berlin Studios said the minister, who is also vice-chairman of the CDU party, many of these countries had large reserves of gold and industrial holdings, which they could use for such collateral." And now we know the next steps: i) Eurobonds will come after there is a change to the European constitution which make Germany supreme ruler, and ii) at that point Germany will have all the gold in Europe pledging its bailout. Yes, gold.... not spam.
More from Spiegel:
"Some states are making great efforts to service their debts," she said. "This must be honored. This, however, efforts are also required to maintain long term, it is the collateral," argued the politician. "In fact we have such an effective European debt brake," said von der Leyen,the "Hannover Allgemeine Zeitung".
Thus, von der Leyen, the first cabinet member who has made such claims publicly. The former family minister belongs to the new CDU Commission, which was set up in response to the intra-party debate about the euro crisis. The Panel is to 24 October a Leitantrag work for the party in November. He is also Finance Minister, Wolfgang Schäuble.
Lies with their demands for collateral von der Leyen, however, not on the official cabinet line. For the federal government counts the linking of aid and strict conditions, it said on Tuesday from the U.S. government. Should provide collateral in the form of cash reserves or industrial holdings, the recipients of such aid by von der Leyen's idea, in these circles was not mentioned.
And so on. The gist is more than clear.