The two criminal incompetents who created the Euro crisis; debate on the BBC

In Tokyo, on the fringes of the IMF meeting, the BBC has hosted a truly mind-boggling debate between the two prime perpetrators of this present, now near terminal phase of the Euro Crisis.

Read the archive from May 2010 of this blog, when these two characters put in place the structures designed to deliver Economic Governance to Germany of the entire EU, just as I stated in the last posting of that month from which comes the following:

Monday, May 31, 2010

Economic Governance was always the EU objective!

There is a rather startling article in the Market Watch section of the Wall Street Journal this morning. It is written by David Marsh, linked here, titled "Germans to the front in Europe"and includes this assertion: The irrefutable message being relayed at home and abroad is that Germany is seeking gradually to take control of the European economy -- in a last-ditch response to what Berlin sees as other countries' widespread failure to put their house in order. Regular readers of this blog and its forerunner cannot help but be aware that non-democratic economic governance and its consequent tyranny of corporatist totalitarianism (once called national socialism now mutated to become an intra-national version of economic fascism) has been the objective for years as the progress towards this end has been clearly recorded and commented upon on an almost daily basis right here over many years. Given these blogs archives the following facts can thus not now be convincingly disputed: The common currency had to fail without fiscal union and social harmonisation. Greece never met the currency criteria and its present crisis was not only foreseeable but therefore became a desired objective. The emergency measures designed to save Greece were never going to succeed and were thus implemented to destroy the Treaties and therefore the rule of law within the EU. The silence of all governments, both within the Eurogroup and those outside the Eurogroup but within the EU since 10th May speaks for itself. If I, as a non-economist and merely interested commentator, have been able to chronicle and foretell these events down the years, how come the Wall Street Journal columnist and author of the linked article remains so blind?

Labels: Euro collapse

posted by Martin at 8:34 AM

Moody's warns on France - Schauble must be ecstatic!

Read the warning from here. EU ongoing incompetence seems set to deliver another traumatic week on the markets, just what Wolfgang Schauble told the New York Times he thought was necessary to drive Germany's ambitions for Europe, as blogged below this last weekend!

“This is off the table,” ["Das ist vom Tisch"] Wolfgang Schäuble

Finland's Government maintains that their Collateral Deal with Greece stands, while German Finance Minister Schäuble states it is off the table. Interesting! FT Alphaville Blog is still on the case, the following is quoted from there:

From Handelsblatt on Thursday:

The eurozone will not agree the agreement between Finland and Greece on collateral. “This is off the table,” ["Das ist vom Tisch"] Wolfgang Schaeuble, the [German] finance minister, said to a meeting of the CDU/CSU parliamentary group, sources told Handelsblatt.

Financial experts have warned [the Eurogroup] against allowing donor states to receive collateral on EFSF loans. In this case, Greece could get a wave of lawsuits from private creditors, the Handelsblatt learned from diplomatic circles in the EU. Private investors could rely on a so-called “negative pledge clause” in Greek government bonds

It seems a happy chance event that the markets presently only have eyes for Bernanke again in Jackson Hole,  see this amusing image, from here.

Are Cameron, Clegg and Osborne sufficiently treacherous to accept Financial Transaction Tax?

The German Finance Minister is in Paris today, fleshing out the details of a Financial Transaction Tax, designed to ease the French budget cuts, to be announced by the French PM tomorrow, and the ever deepening crisis in the Euro Group of countries.

Aimed directly at the City of London, as reported here, the tax will no doubt initially be resisted by the British Government, but they have been already shown as more willing, even than any of their craven predecessors, to eventually roll-over and accept anything the Euro Group 17 leaders propose.

Trying to understand the Germans

A Daily Telegraph report this morning, appears to signal yet another about face by Angela Merkel's administration over bailouts, read from here, this follows the collapse of Cyprus, as I reported on this blog last evening.

More on the total confusion over what the Euro Groupe actually agreed last week may be read from here in EurActiv and here from the WSJ!

In response to my posting on Frederick Forsyth's newspaper article last Sunday, warning of a German Fourth Reich, I was contacted by the author of "Sorry I Am German", a Polemic, by Detlef Gürtler, via his publisher  with a pdf of his book. which may be purchased as an e-book from here. It is worth the read, at only €3.99 but throws little light on where the EU might go next, I am sorry to say!

German Finance Minister Schauble did not attend yesterday's ECOFIN meeting!

The fact that Germany was not properly represented at last nights crucial meeting seems to be ignored in the English press, although there are many reports in Italian. One link stating the following is here: epa02150528 Illustration picture shows the entrance to the Emergency Room, at the 'Clinique Parc Leopold - Ziekenhuis Leopold Park', where German Finance Minister Wolfgang Schauble is supposedly hospitalised, 09 May 2010. Schauble was to attend the Extraordinary Ecofin Council meeting in Brussels today, but he was taken to hospital, and is replaced by German Interior Minister Thomas de Maiziere at the Ecofin meeting. EPA/NICOLAS Is this fact extraordinarily significant? In view of the outcome of the meeting, I believe that it is!!!!