GREECE --- I HOPE THEY'LL ESCAPE THE GERMAN BOOT
--More fighting talk from Greece's leftist leader. Alexis
Tsipras has insisted that Greece's bail-out deal would
be "history" after Sunday's vote. He told reporters: The bailout deal is
already in the past. It will be history for good on Monday....More from
Mr Tsipras's news conference, where, according to AFP,
he refused to take questions from the foreign media: "A process of peaceful
revolution is underway [...] On Monday, the forces of internal corruption and
global usury will stop writing (bailout deals) because our people are about to
write history." ....Germany's central bank has shot down EU proposals for a European banking union,
warning categorically that eurozone liabilities cannot be shared without a
fundamental shift towards fiscal and political union. "A genuine, democratically
legitimated fiscal union" At last some sense...it will never happen, the
populations of countries such as Holland, France, Spain and especially Germany
will never swallow it.....a pan-EMU deposit-guarantee scheme and a debt
resolution fund would require "a genuine, democratically legitimated fiscal
union" and a new treaty. Never I hope..... Sooner or later and hopefully it
will be Greece this weekend, A country will say we would rather pay the price
of starting again and the world will be delighted. What a sham this
all is, imagine waking one morning to vote away the heritage of your
nation.
6 comments:
Italian law professor and elder statesman Antonio Padoa-Schioppa wrote in an open letter to Mr Schaeuble that "the German government is playing with fire" by blocking the crucial steps needed to halt the immediate crisis and restore faith in monetary union.
"The German federal republic has a heavy historical responsibility, more than any other country in the union," he said, warning that the current course threatens "a catastrophe comparable to a third world war."
Yet Germany is in an extremely difficult position. Bundesbank support for fellow central banks in southern Europe and Ireland through the ECB's internal Target2 payments system has rocketed to €699bn, mostly to cover capital flight and emergency liquidity support for lenders. This alone is 27pc of German GDP.
If holocaust denial is a crime so should threatening the blaming of Germany for causing a third world war by failing to write ever bigger checks to pay for the unearned lifestyle of everyone else.
Let banks fail, en masse, confine bailouts to the depositors up to say EUR 100k per customer and let unsecured bond holders and shareholders go to zero before recap and refloat privately.
We are watching to real cost of moral hazard on taxpayers unfold before our eyes. LET THE MARKETS CLEAR and move on.
Peter Jay, economics editor of the BBC at the time the single currency was gestating, described it as "a nuclear bomb" being placed at the heart of Europe. Not a description he used on the EUphile BBC of course, but in a public lecture.
Today John Major explained to the Leveson Enquiry that his stubborn determination to support the birth of this nuclear bomb, this single currency, this "third world war" had not been to Rupert Murdoch's liking. Murdoch had explained to Major that government support for Maastricht would mean Murdoch could no longer support Major's government.
The answer is obviously to give people something else - another European project - to think about rather than an approaching economic melt-down; and to realise that further European progress is on the way and that the project remains irreversible. We need some imagination here from the Commission, or Omission, or Emission, or whatever we shall henceforward call it.
My suggestion is the European Lettuce Project. The problem with our current national lettuces is that transporting them wastes space, because they are not cubes, and that they tend to spoil easily if not transported and sold fairly quickly. The obvious answer is to develop a lettuce which is a perfect cube, and which not only tastes of cardboard but is made of cardboard (metal would be too heavy and increase transport costs), and to ban all other types of lettuce.
This should be enshrined in a Treaty, so member-states would have to ratify the Project, with a referendum in Ireland. Not only will the glorious European Project show that it is still on the road to a Brave New World, but all those concerned about the alleged economic crisis in the EZ (alias the economic "blips") - including those reactionaries who wonder whether a flying pig like the Euro can fly sustainably - will have something more important to think about. Crisis over.
Once again, for the nineteenth time, we shall have found the final, sustainable, and comprehensive solution.
You make a very good point. To me, the uncertainty and policy reversals in the Euro-zone, plus their inability to get a real fix on the scale of the problem have been just as worrying as the actual events.
"We can't take part in things that lead us into an even deeper disaster," she said. "We want more Europe, but a Europe in which joint liability and joint control go hand in hand. What is not acceptable is shared liability and control remaining in national hands."
Mrs Merkel said the failure of the European Banking Authority to uncover festering losses in Spanish banks in a series of stress tests showed that national regulators -- acting out of "misguided national pride" -- cannot be trusted to do the job.
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