by John Galt
April 14, 2013 23:30 EDT
Everyone seems to think that Angela Merkel, the current Führer of Germany, is an angelic saint who wishes to retain and improve the European Union and capitalism within the borders of her nation and beyond. Yet nobody wishes to publish, disclose, or review her communist past and work within the Soviet Union’s empire. I first looked at this in September of 2011 where I stated:
Think any of the talking heads had their staff investigate her writings, collegiate records, her father or political appointment within the Soviet bloc? Uh, that answer would be a resounding “no.” In fact very little effort has been made to explore President Obama’s pre-Congressional career travels, especially during the 1980’s to find out if his education included a bit more than the dab of ‘red’ he received under Bill Ayers and others of that ilk.
Fast forward to the crisis in the Eurozone today and the headlines from Die Welt in Germany and the UK Telegraph, respectively, warn of the ultimate goal:
(translated via Google)
In the first article above from the German newspaper the following statement speaks volumes:
“In the future, banks may be settled, like other companies,” said Finance Minister Wolfgang Schäuble.That meant taking also owners and creditors in the duty.”This is the normal economic life that way.”
A “packing order” called the Asmussen, Board Member of the European Central Bank (ECB).
Know what investors should: Who pays his money to banks that promise high returns – as about the financial institutions in Cyprus did and before the local system collapse also in Iceland – rather than the fixed deposit account of local savings, which must be the associated be aware of risk.”It is clear that interest rates and risk are related,” said Weidmann.
In other words, “capitalists” who risk their investments on the banks will now be directed to pay other nation’s mistakes, be they regulatory or government corruption to correct the ills nad preserve the European Union status quo. That is not going to and never has floated the boat of any investor, especially those large enough to expand or destroy any nation’s economy. Considering the corruption in Europe and the level of taxation plus capital controls, when money can flee the Old World, it will and shall cause a larger expansion of Asia and South America’s economies in very short order.
Meanwhile, in the second piece linked above, Ambrose Evans-Pritchard highlights the folly of the concept with these two statements from his article:
Any attempt to enforce a wealth tax in future rescue talks will be seen by Club Med as further evidence that the Northern powers will try to impose all the burden of crisis adjustment on those in trouble rather than accepting their own shared responsibility for the failings of the EMU. This comes a day after Germany said over the weekend that their could be no banking union after all without a fresh EU treaty, effectively kicking the issue into touch for years.
Critics have long argued that North Europe is equally to “blame” for the crisis since it flooded the South with cheap credit, and they accuse Germany of destabilizing the intra-EMU trade system by screwing down German wages and running a current account surplus of 7pc of GDP.
In other words the people who wanted to make money but help the poorer nations are now to blame for the inability to pay it back and want the responsible taxpayers to cover their misery and losses with more welfare. It almost appears as if Herr Merkel wants capitalism to fail in Europe and become part of a greater state managed system as her experience and education demonstrates the knowledge of how to do so.
How very American of our European brethren.