tag:blogger.com,1999:blog-36227136.post6350807800665950338..comments2024-01-16T08:40:53.682+00:00Comments on <a href="http://www.openeurope.org.uk">Open Europe</a>: Germany's Summer of discontent?OEhttp://www.blogger.com/profile/00556463374230498875noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-36227136.post-41194472501929777782012-08-16T08:28:37.555+01:002012-08-16T08:28:37.555+01:00@Idris Francis says:
"A trade policy of lendi...@Idris Francis says:<br />"A trade policy of lending money to enable poor customers to buy one's products has never struck me as sensible, and the more obvious it becomes that the customers are bankrupt the less sense it makes."<br /><br />Very sharp, I couldn't agree more.<br /><br />But we need to dig a little deeper with the german trade surplusses. For the most part of the last years, german export has been repaid within the emu by the PIIGS with so called ecb target2 liabilities. The Bundesbank sits on target2 claims against the eurosystem in the amount of more then 700 billion euros.<br /><br />So the PIIGS customer gets its german product, real estate or company. The german seller gets its Euro money, but the Bundesbank and therefore the german people are getting not really paid. So the PIIGS get real wealth from Germany by printing effectively euros.<br /><br />So basicly Germany finances parts of its own export, and might get paid in the end. But I doubt it highly. The big german exporters are very happy with this EMU of course, but they are not Germany.<br /><br />At one day in the not so far future, this whole sick Eurosystem will implode ... and will take all ecb stuff with it. Nobody will care about all the target2 claims the Bundesbank holds.whoknowsnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-87695106294739958822012-08-15T20:46:57.080+01:002012-08-15T20:46:57.080+01:00Notice it has been a long-term struggle but specif...Notice it has been a long-term struggle but specifically who is pushing the EU/euro framework has always been hidden. The idea is actually quite simple--shackle the Protestant Ethic to the corpse of Catholic Europe, enlivening the corpse as it were and hobbling the great competitor to the American Empire. In the end, disintegrating the Germanic idea into a federal regime that is actually controlled from New York and London without the least endangering their own powers. No matter how long it takes, that is what the game is--wear down the opposition, if any, but push steadily until the game is won.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-25723725427169836262012-08-15T12:10:36.752+01:002012-08-15T12:10:36.752+01:00A trade policy of lending money to enable poor cus...A trade policy of lending money to enable poor customers to buy one's products has never struck me as sensible, and the more obvious it becomes that the customers are bankrupt the less sense it makes.<br /><br />To an extent, giving mortgages to people who could never expect to repay them made more sense than this, if only for the smart-alec bank shysters who knew that they could take their inflated salaries and bonuses and run before the whole thing collapsed - but countries necessarily have to take the long term view.<br /><br />Late afternoon one Friday soon the first departure from the euro will be announced - its inevitable and has been since the day the euro was launched.<br /><br /><br /><br /><br /><br />#<br /><br /><br /><br /><br /><br /><br /><br />Idris Francisnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-84125768950283377012012-08-14T11:40:08.351+01:002012-08-14T11:40:08.351+01:00Germany has enjoyed a 16 Billion Euro per month tr...Germany has enjoyed a 16 Billion Euro per month trade surplus with the rest of Europe, much of it financed by feckless reckless borrowing made possible by Euro membership. The German interest is to let this go on for as long as it can. When the ability to borrow more to spend more on German products wanes, the Germans will pull the plug. Greece first; Portugal and Sapin and Italy and Cyprus coming up; then France and Belgium. Curiously, though deep in the muck, Ireland has a positive balance of trade, and may survive.Rollohttps://www.blogger.com/profile/18255460090580758354noreply@blogger.comtag:blogger.com,1999:blog-36227136.post-45605562010207502012012-08-13T20:28:23.527+01:002012-08-13T20:28:23.527+01:001. Looks clearly more opposition than before and a...1. Looks clearly more opposition than before and a lot more. Also more from mainstream politicians.<br />2. SPD is the combination Eurobonds and democracy (asking the German people and say Merkel is doing everything in a stealthy way (but the SPD so far has supported everything she suggested, so hardly sound convincing).<br />3. Might be a further extension of the Constitutional provisory ruling because of the Irish E-Court case. See Handelsblatt today.<br />4. Also a lot of problems/opposition with the ECB possibly buying bonds.<br />5. Merkel is very unactive. Seen the opposition also in own ranks, I woukld expect a semi-u-turn.<br />6. Greece also looks to become very difficult. As said earlier Merkel might have to give something in return for further approval. And Greece is the easiest thing as it is expendable and the ESM for insyance not.<br />7. Also a lot more voices pro-referendum. Please note that some of the against referendum are not simply in order to avoid voters killing the thing off. Substantial part looks to be to have the Constituion stop excessive guarantees. Riknoreply@blogger.com