Frau Merkel knows well - and if she has forgotten, the many irate German
taxpayers posting on German newspaper websites can inform her - that if she she
is going to 'protect' anything, it is to follow the oath she took on becoming
Chancellor. 'To protect the German people and to avert their harm." ("das
deutsche Volk zu schuetzen, und von ihm Schaden abzuwenden.") There was a reason
for this oath. A previous Chancellor (can't recall who) had pursued a policy
that was likely to result in the wholesale death of German citizens and the
destruction of their wealth. So the post-war founding fathers of the BRD worded
the oath veeery carefully. Of course, being a socialist technocrat from
(communist) East Germany, and a loyal citizen of the GDR, she may not have
noticed the wording of this oath of what is, after all, for her a foreign
country. I'd just like to remind her. 'To protect the German people and to
avert their harm." Nichts zu ungut, Frau Kanzlerin. If she carries on like
this, Mrs Merkel will have created the most misery in the whole of Europe since
once of her predecessors tried to unify the continent under a single government.
That failed, too..... The EEC/EC/EU was designed to be run by the French and
paid for by the Germans. We know this. The German population are now finding
this out and are beginning to object. With a few exceptions, the rest of Europe
cannot keep up economically with Germany. The Germans should realize that as
each of the various EZ countries come under pressure and needs a bail-out, then
they will eventually be left trying to deal with the whole cost. They could not
afford it and therefor want the rest of the countries to reform their
economies. What the Germans also do not realize is that as more power goes to
the center "More Europe" they will have less control over their future and their
finances. They would be outvoted by the "club med/Latin" countries including
France and Belgium. Position reinforced with France in charge and Germany
paying. Their best route forward would be to leave the Euro, and for it to be
based on the Latin Bloc led by France. Would involve losses but rest of existing
EZ would have a better chance to paying for the debts. If, and it is a big if,
Germany and a few other countries were planning this they would hardly say this.
Perhaps Finland will be the first Country to say enough is Enough and leave.
Access Investments-Building Awareness - European Union-ROMANIA
Tuesday, July 31, 2012
Perhaps Finland will be the first Country to say enough is Enough and leave.
Frau Merkel knows well - and if she has forgotten, the many irate German
taxpayers posting on German newspaper websites can inform her - that if she she
is going to 'protect' anything, it is to follow the oath she took on becoming
Chancellor. 'To protect the German people and to avert their harm." ("das
deutsche Volk zu schuetzen, und von ihm Schaden abzuwenden.") There was a reason
for this oath. A previous Chancellor (can't recall who) had pursued a policy
that was likely to result in the wholesale death of German citizens and the
destruction of their wealth. So the post-war founding fathers of the BRD worded
the oath veeery carefully. Of course, being a socialist technocrat from
(communist) East Germany, and a loyal citizen of the GDR, she may not have
noticed the wording of this oath of what is, after all, for her a foreign
country. I'd just like to remind her. 'To protect the German people and to
avert their harm." Nichts zu ungut, Frau Kanzlerin. If she carries on like
this, Mrs Merkel will have created the most misery in the whole of Europe since
once of her predecessors tried to unify the continent under a single government.
That failed, too..... The EEC/EC/EU was designed to be run by the French and
paid for by the Germans. We know this. The German population are now finding
this out and are beginning to object. With a few exceptions, the rest of Europe
cannot keep up economically with Germany. The Germans should realize that as
each of the various EZ countries come under pressure and needs a bail-out, then
they will eventually be left trying to deal with the whole cost. They could not
afford it and therefor want the rest of the countries to reform their
economies. What the Germans also do not realize is that as more power goes to
the center "More Europe" they will have less control over their future and their
finances. They would be outvoted by the "club med/Latin" countries including
France and Belgium. Position reinforced with France in charge and Germany
paying. Their best route forward would be to leave the Euro, and for it to be
based on the Latin Bloc led by France. Would involve losses but rest of existing
EZ would have a better chance to paying for the debts. If, and it is a big if,
Germany and a few other countries were planning this they would hardly say this.
Perhaps Finland will be the first Country to say enough is Enough and leave.
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UBS has seen net profits plunge on sharply lower trading revenue and a drop in commissions and fees from clients.
The Swiss bank was cautious in its outlook, saying it would continue to explore avenues to improve efficiency, without detailing further measures. The bank, which employed 63,520 staff at end June, is currently cutting about 3,500 jobs.
UBS saw net profits fall to Sfr425m (£276.4m) from Sfr1bn, Reuters reported.
As in the first quarter, UBS highlighted that the eurozone debt crisis, the economic outlook globally and the US fiscal "cliff" were likely to hit its business.
"Failure to make progress on these key issues, accentuated by the reduction in market activity levels typically seen in the third quarter, would make further improvements in prevailing market conditions unlikely and would thus generate headwinds for revenue growth, net interest margins and net new money," UBS said in a statement.
The strong rally in Europe's financial markets in the wake of the European Central Bank's pledge to save the euro showed signs of running out of steam on Monday as investors raised doubts about the ability of the Frankfurt-based organisation to deliver on its promises this week.
With markets anxiously awaiting the outcome of the ECB's policy-making meeting on Thursday, stock markets in Madrid and Milan continued their rallies but the euro lost ground on the foreign exchanges and interest rates on Italian bonds rose marginally.
But fears were raised about the possibility that strong German opposition to the radical steps being floated to end Europe's two-and-a-half-year-long sovereign debt crisis would lead to a disappointing outcome after the tough talking by the ECB's president Mario Draghi last week.
Tim Geithner, the US Treasury secretary, expressed America's concern about the state of the European economy in informal talks with Germany's finance minister, Wolfgang Schäuble. But a statement issued after the meeting contained no specific measures for easing the pressure on the eurozone's weaker economies.
Martin Koehring at the Economist Intelligence Unit describes Greece's additional austerity measures as "not only economically and socially damaging but also politically highly controversial". More from Mr Koehring:
The new three-party coalition came into power on the basis of promising to renegotiate the terms of the EU/IMF bail-outs, and the government does therefore not have the democratic legitimacy to vigorously implement further deep budget cuts. The two-left leaning parties in the three-party coalition (Pasok and DIMAR) are particularly reluctant to implement further cuts and want to focus on easing the social pain caused by austerity. The centre-right New Democracy party will find it increasingly difficult to continue backing the austerity agenda without risking a collapse of the fragile coalition. A new election would probably lead to a victory of the left-wing Syriza party that could take Greece out of the euro zone.
On balance, however, the troika of international lenders will try to help Greece find the necessary cuts in the next couple of weeks to ensure that Greece gets the next bail-out tranche in September. The euro zone is currently not prepared for a Greek euro exit, and neither the new Greek government nor Greece's international lenders are willing to risk a Greek exit over the latest austerity plans. This makes an eventual compromise likely in August.
Unemployment in the eurozone has hit a record level of 11.2pc, overshadowing Italian prime minister Mario Monti's belief that Europe is starting to see the light at the end of the tunnel for the euro.
To get Britain out of the EU, free to determine its own future and with a government with experience and patriotism I would happily sleep in a hedge at night and beg in the daytime. Never mind 5.2 per cent. Take it all.
I want my country back and I want people like Blair, Cameron and all those who have deceived us severely punished by the people.
You have the right to protect anyone. Of course you. But what is not right is when you protect those who don't protect their country too. That would not be fair.
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