* * *
Why is Wolfgang Schaeuble (Schäuble), of all people, now calling for Muslims to accept European values?
Oh wait, …. there is an election coming up in Germany!
Muslim migrants who refuse to embrace European values must realize there are better places for them to reside than in the EU, Wolfgang Schaeuble, the German Finance Minister has said.Muslims who don’t want to change their ways after arriving in Europe must be told, “you’ve made the wrong decision,” Schaeuble said during a round table discussion in Berlin on Wednesday.
“There are better places in the world to live under Islamic law than Europe,” he said as cited by Reuters.
* * *
Masonic signs of recognition:
Hand necktie/neck sign edition (sign of distress) …
(They are all making many other masonic hand signs as well, so this can NOT be seen as a coincidence.)
On the same day Matteo Renzi suffered a crushing defeat at the hands of alleged “populists” in Italy, German finance minister Wolfgang Schäuble ruled out debt relief for Greece ahead of a eurozone finance minister meeting.
Schäuble says Greece Must Reform or Leave Eurozone.
Greece must implement economic reforms if it is to keep its place in the eurozone, Germany’s finance minister has insisted, ruling out debt relief for the country ahead of a crucial euro group meeting on Monday.
- Why refugees are commiting far less crime (10 Jun 16)
- Brexit would shut UK out of single market, Berlin warns (10 Jun 16)
“Isolation is what would ruin us – it would lead us into incest,” the finance minister told Die Zeit, doing a good imitation of a doomsday preacher.
The comments were meant as a resolute defence of his government’s migration policies, against the hostile attitudes of many Germans towards the Muslim faith practised by many migrants who move to Germany.
“Muslims are an enrichment of our openness and our diversity,” he continued. “Look at the third generation of Turks, especially the women. That is an enormous innovation potential.”
“If national budgets or the EU budget are insufficient, let’s agree to set up, for instance, a tax of a certain amount on each litre of petrol,” Schaeuble said.
– Complete Humiliation: Greek Parliament Pressed To “Approve” German “Coup” (ZeroHedge, July 14, 2015):
Months ago we said the following about the future of Greek politics:
It is becoming increasingly clear that the Syriza show will ultimately have to be canceled in Greece (or at least recast) if the country intends to find a long-term solution that allows for stable relations with European creditors although it may be time for Greeks to ask themselves if binding their fate to Europe is in their best interests given that some EU officials seem to be perfectly fine with inflicting untold economic pain upon everyday Greeks if it means usurping the ‘radical leftists.’
At the risk of overstating the case, that assessment has now proven to be almost entirely accurate.
– Everything You Need to Know About the Greek Crisis and ECB Fascism in Two Paragraphs (Liberty Blitzkrieg, July 13, 2015):
Yanis Varoufakis just sat down for his first interview since resigning as Finance Minister of Greece. He talked frankly with Harry Lambert of the New Statesman. Here are the two most important paragraphs from the transcript.
There is no democracy in Europe. None.
Varoufakis said that Schäuble, Germany’s finance minister and the architect of the deals Greece signed in 2010 and 2012, was “consistent throughout”. “His view was ‘I’m not discussing the programme – this was accepted by the previous [Greek] government and we can’t possibly allow an election to change anything.
“So at that point I said ‘Well perhaps we should simply not hold elections anymore for indebted countries’, and there was no answer. The only interpretation I can give [of their view] is, ‘Yes, that would be a good idea, but it would be difficult. So you either sign on the dotted line or you are out.’”
– Schauble Proposes “5 Year Grexit With Humanitarian Support”; What The Other Eurozone FinMins Are Saying On Greece (ZeroHedge, July 11, 2015):
As we await the verdict on whether Greece will be in or out, here are the earlier comments from the Eurozone finance ministers and others attending the Eurogroup meeting, via Reuters:
GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE
- “We will have exceptionally difficult negotiations.”
- “The problem is that that there was a situation at the end of the year that was very hopeful, despite all the scepticism of previous years, and that this was destroyed in an incredible way in the last months and hours.
- “We are dealing with financing gaps which exceed everything we have dealt with in the past.”
- “We are talking about a completely new three-year programme.”
LUXEMBOURG FINANCE MINISTER PIERRE GRAMEGNA
- “We, as Luxembourg, because we hold the EU presidency right now, are definitely ready to discuss debt restructuring, finalising is another issue.”
– In Big Boost To “No” Vote, Schauble Hints Greece Can Default And Stay In Euro (ZeroHedge, June 30, 2015):
In waht appears to be some level of German backing down, fiery FinMin Schaeuble has, reportedly said the following:
*SCHAEUBLE SAID TO SAY GREECE MAY BE ABLE TO TAP EU SUPPORT FUND
*SCHAEUBLE SAID TO SEE GREECE STAYING IN EURO EVEN IF ‘NO’ VOTE
Thus spurring the probability of a consequence-less “no” vote on Sunday enabling the increased negotiating position that The Greek government had hoped for. Of course, desperate for any excuse, stocks and EUR are rallying on this and bonds are selling off.
– Russia Summons German Ambassador After Schaeuble’s Hitler-Putin Analogy (Zerohedge, April 3, 2014):
“Hitler took over the Sudetenland with such methods,” warned German Finance Minister Wolfgang Schaeuble over the weekend, drawing parallels between Putin’s push into Ukraine and the start of the Nazi occupation of Europe. This did not go down well in Moscow and German Ambassador Ruediger Freiherr von Fritsch was summoned to the Russian Foreign Ministry as the Russians lodged an official protest. Merkel was quick to distance herself from the remarks (which Russia calls a “trick”) demanding that “a high-ranking official should take more responsibility for his words.”
“Nobody will be there to maintain order [in Ukraine],” Schaeuble said. Should such chaos ensue, Russian authorities may reason that “now we have some fascists threatening the population; now we have to protect them. We all know this from history. Hitler took over the Sudetenland with such methods.”
That battle is already lost:
… an incredulous 57.2% of under-25s out of work, Spain is closing in on Greece, according to official data, for the worst youth unemployment situation in Europe.
Prepare for the collapse of the entire global financial system.
– Germany fears revolution if Europe scraps welfare model (Reuters, May 28, 2013):
German Finance Minister Wolfgang Schaeuble warned on Tuesday that failure to win the battle against youth unemployment could tear Europe apart, and dropping the continent’s welfare model in favor of tougher U.S. standards would spark a revolution.
Germany, along with France, Spain and Italy, backed urgent action to rescue a generation of young Europeans who fear they will not find jobs, with youth unemployment in the EU standing at nearly one in four, more than twice the adult rate.
“We need to be more successful in our fight against youth unemployment, otherwise we will lose the battle for Europe’s unity,” Germany’s Schaeuble said.
While Germany insists on the importance of budget consolidation, Schaeuble spoke of the need to preserve Europe’s welfare model.
If U.S. welfare standards were introduced in Europe, “we would have revolution, not tomorrow, but on the very same day,” Schaeuble told a conference in Paris.
– German FinMin Warns “I Never Said The Euro Crisis Was Over” (ZeroHedge, Feb 27, 2013):
Following on the heels of Merkel’s adviser Lars Feld’s comments, German finance minister Schaeuble has raised concerns over the results of the Italian elections. His comment that,“I never said the euro crisis was over,” stands in contrast to the claims of Monti, Draghi, Lagarde, Barroso, and Sarkozy who all have. along with the market’s “doubts that a stable government can be formed,” raises the risk of turmoil spreading to other euro countries. Schaeuble commented further that, “now it is up to those who were elected in Italy on Sunday to form a stable government. The faster they do this, the quicker the uncertainty will be overcome.” The problem, as Reuters reports, appears to be not just Italy’s public dissension over Germany’s demands for austerity but his French counterpart’s comments that “austerity has gone far enough,” to which the German rebuked, “France must also do more here, Hollande knows this and so does Pierre Moscovici.” Tension is certainly rising in the depression-addled union, even as Draghi explains – it’s all ok, he promises.
- Barroso (The Guardian): “we can say that the existential threat against the euro has essentially been overcome”
- Monti (Bloomberg): “the euro area crisis is almost over”
- Draghi (BBC): “the worst is over, the situation is stabilizing”
- Lagarde (Voice of Russia): “eurozone crisis largely over”
- Sarkozy (China News): “I think we came out of the financial crisis”
– The Myth Is Over: Europe Fails To Agree On Greece (ZeroHedge, Nov 20, 2012):
Given our earlier comments, it is hardly surprising but the Eurogroup meeting just ended and there is no agreement; headlines via Bloomberg:
- *FRIEDEN SAYS NO DECISIONS REACHED TODAY ON GREECE BY EUROGROUP
- *FRIEDEN SAYS EURO FINANCE CHIEFS TO CONTINUE TALKS ON MONDAY
- *SCHAEUBLE SAYS EUROGROUP UNABLE TO REACH CONCLUSIVE AGREEMENT
- *LAGARDE SAYS MORE WORK NEEDED FOR GREEK SOLUTION
EURUSD is tumbling (as are S&P 500 futures in their oh-so-correlated manner)
Of course, Juncker has his own spin:
The truth Mr. Schäuble is that …
– The ESM Violates The Law And EU Treaties (Welt, Sep 4, 2012)
– Overnight Sentiment: Hoping There Is Hope (ZeroHedge, Sep 4, 2012):
Yesterday we dedicated significant space to the most recent piece of perfectly ludicrous propaganda out of the ECB, namely that monetizing debt with a maturity up to three years is not really monetization but is instead within the arena of “money market management” (images of Todd Akin defining when something is ‘legitimate’ and when it isn’t swimming our heads). The implication of course is that debt under 3 years is not really debt, but some mystical piece of paper that nobody should be held accountable for. Hopefully all those consumers who have short-maturity credit card debt which nonetheless yields 29.95% APR are made aware of this distinction and decide to follow through with Mario Draghi’s logic, which is about to take the war of words between Germany and the ECB to the next level. Sure enough, this is precisely the news item that is dominating bond risk markets this morning, if not so much futures, and sending Spanish and Italian 2s10s spreads to record wides on hopes Draghi will definitely announce some sub 3 year monetization program for the PIIGS. Bloomberg summarized this best last night when it commented on the move in the EURUSD, since retraced, that we now have speculation Draghi’s move will bolster confidence. In other words: the market is now hoping there is hope. Sure enough, even if Draghi follows through, for the ECB to monetize Spanish bonds, Spain still has to demand a bailout, which however is now absolutely out of the question as mere jawboning has moved the entire highly illiquid curve so steep Rajoy (and Monti) have absolutely no reason to hand over their resignations (i.e., request a bailout). And so we go back to square one. But logic no longer matters in these markets.
– “The Euro Crisis May Last 20 Years” – The European Headlines Are Back (ZeroHedge, Aug 18, 2012):
In Europe, the “no news” vacation for the past month was great news. The news is back… As is Merkel.
- “The Euro Crisis May Last 20 Years” – Welt
The first five years of the global crisis are over, investors flee from complex financial products and into gold, silver and commodities. Experts warn against a false sense of security. “We should not give us the illusion that the crisis will soon be over,” says Patrick Artus of the French bank Natixis. Years of negative developments such as the growing debt, or the de-industrialization of specific sectors should now be reversed. “Such a process takes time.” Arthur looks to get politically and economically unstable savers years. “Investors have to live with depressed markets and considerable fluctuations learn.” In his view, it must not remain in a lost decade. “The euro crisis may also last 20 years,” says Arthur.
- German finmin: no new aid programme for Greece – Reuters
German Finance Minister Wolfgang Schaeuble said on Saturday that there were limits to the aid that could be granted to Greece and said the crisis-stricken country should not expect to be granted another programme.”It is not responsible to throw money into a bottomless pit,” Schaeuble said at a government open day in Berlin. “We cannot create yet another new programme.”
- Euro Countries Plan Strategies to Prevent Break-Up: Sueddeutsche (via Bloomberg)
Euro-currency area countries are evaluating a multitude of reform options, Sueddeutsche Zeitung reports, citing unidentified people with knowledge of the plans.
These are to be whittled down into a coherent strategy in the “coming weeks”. If Greece exits, members will boost plans to support other vulnerable countries. Options include increasing aid to Ireland and Portugal. ECB would consider supporting Italy and Spain through bond purchases. Greece’s new start would be supported by EU funding. These questions will be discussed “in the autumn”.
- Deutsche Bank Among Four Said to Be in U.S. Laundering Probe – Bloomberg
Deutsche Bank AG (DBK) is among four European banks being investigated by U.S. regulators for alleged money-laundering violations, according to an attorney with knowledge of the matter. Federal regulators, including the U.S. Treasury’s Office of Foreign Assets Control, the Federal Reserve, the Justice Department and the New York District Attorney’s office are all involved in the probe of Deutsche Bank and three other European banks, said the attorney, who asked not to be identified because the investigations are confidential.
- German Industry Group Head says No Place for Greece in Eurozone: WiWo (via Bloomberg)
If Greece doesn’t meet IMF and EU requirements, it must leave the euro, Hans-Peter Keitel, president of Germany’s BDI industry federation, says in an interview with Wirtschaftswoche magazine. Keitel previously said Greece must stay in the euro at all costs: WiWo
Keitel says clear progress is being made in combating the euro crisis. The German federal government is not ambitious enough in its savings program, Keitel says.
- German Taxpayer Association Head Criticises ESM: Euro am Sonntag (via Bloomberg)
Rainer Holznagel, head of German taxpayer association, says payment of Spanish bank debt would require 3% VAT increase in Germany, Euro am Sonntag reports, citing interview.
ESM reduces the rights of the German parliament and the independence of nation states, Holznagel says: Euro am Sonntag
- Bundesbank Vice-Head Opposes Schaeuble’s Banking Proposal: WiWo (via Bloomberg)
German Finance Minister Wolfgang Schaeuble’s proposal to separate traditional banks from their investment banking units isn’t possible, Bundesbank Vice- President Sabine Lautenschlaeger tells Wirtschaftswoche magazine.
Both types of banks would still be dependent on market confidence, Lautenschlaeger says. Lautenschlaeger favors an investigation into the relationship between lenders and those banks which trade in unregulated financial products.
- Westerwelle Opposes Relaxing Greek Aid Terms: Tagesspiegel
Relaxation of the agreed on terms for Greek assistance would be misunderstood by countries such as Spain, German Foreign Minister and FDP member Guido Westerwelle told Tagesspiegel am Sonntag in interview.
Spanish prime minister would have difficulty passing reforms in parliament if terms were eased for Greece, Westerwelle says. Westerwelle gives his “solidarity” to the people of Greece. Greek Prime Minister Antonis Samaras to visit Berlin on Friday
And just to prove that Europe’s beggars continue to refuse to get the memo…
- Spain says there must be no limit set on ECB bond buying – RTRS
The European Central Bank must take forceful and unlimited steps to buy sovereign debt to help Spain reduce its refinancing costs and eliminate doubts over the euro zone’s future, Spain’s economy minister said in comments published on Saturday. “There can be no limit set or at least (the ECB) can’t say how much they will use or for how long,” when it buys bonds in the secondary markets, Luis de Guindos told Spanish news agency EFE.
- France Favors Greece Rescue Package, Opposing Germany: Welt (via Bloomberg)
France and southern European nations are in favor of a third rescue package for Greece should it prove necessary, Welt reports, without saying where it got the information. Germany rejects a new rescue package. Germany opposes giving Greece more time to enact cost cuts. Preparations underway for Greece possibly leaving the euro. Main consideration is how to protect other euro crisis countries from the fallout.
Not just one generation will be thrown into poverty.
To prop up the euro – whose survival is vital only for the banks’ balance sheets – a generation is thrown into poverty
– Eurozone crisis: the bankers are happy to play Nero as Europe burns (Guardian, July 31, 2012):
While Rome burned, Nero put on fancy dress, stood on a tower and played his lyre. He sang of the Sack of Ilium and roasted Christians at the stake to light up his party. The people were taxed to pay for his extravagance, but he appeased them with games of ever increasing spectacle and sadism. He clad slaves in deerskins and had lions eat them. It was immensely popular. When Nero duly fell from grace and committed suicide, he cried: “What an artist dies in me.”
I like the Olympics now that athletes have taken over from fatcats on centre stage, but the media coverage is disproportionate, idiotic and Orwellian. Never has the BBC in particular purveyed such nationalistic opium to the people. Is it really necessary to ignore all news of the city burning for the duration?
Last weekend a small island off the coast of Schleswig-Holstein saw the American treasury secretary, Tim Geithner, and the German finance minister, Wolfgang Schäuble, attempt a feat as yet unknown to the Olympics. It is called “save the euro”. This marathon is being played simultaneously and in real time by bankers and politicians in all Europe’s capitals, while a claque shouts “two weeks to save the euro” over and over again.
– Schauble Just Says Nein Again: German FinMin Denies Rumors Of ECB Bond Buying (ZeroHedge, July 27, 2012):
When day after day, for three days in a row last week, the ECB spread rumors that it would commence buying Spanish debt in what was in retrospect nothing but a massive bluff (just as we suggested yesterday), what passes for a market postulated that since there was no official German denial, and with Merkel on vacation that would mean a statement from her finance minister sidekick Wolfgang Schauble, that Germany was ok with the reactivation of Spanish bond buying and as a result ramped risk by over 4% in 3 days. All of that is about to wiped out as Schauble has finally spoken. Quote Spiegel: “For days, it is rumored that the ECB will buy Spanish government bonds in a big way. Now Finance Minister Wolfgang Schaeuble has rejected such reports – there was “no truth“. And scene. Luckily all the momo chasers who bought stocks last week on hopes their prayer-based strategy will finally play out, will be able to sell ahead of all those other momo chasers who bought stocks last week on hope their prayer-based strategy will finally play out. Or maybe not.
For days, it is speculated that the European Central Bank (ECB) is planning, together with the bailout fund EFSF Spanish government bond buy – so come back to Spain to cheaper capital. The “Sueddeutsche Zeitung” According to the euro countries willing to support this approach . Federal Finance Minister Wolfgang Schäuble (CDU) has now dismissed the reports in an interview with the newspaper “Welt am Sonntag”.
Message to the people of Greece: Got physical gold and silver?
– Germany, Greece Quietly Prepare For ‘Plan D’ (ZeroHedge, Feb. 18, 2012):
For several weeks now we have been warning that while the conventional wisdom is that Europe will never let Greece slide into default, Germany has been quietly preparing for just that. This culminated on Friday when the schism between Merkel, who is of the persuasion that Greece should remain in the Eurozone, and her Finmin, Wolfgang “Dr. Strangle Schauble” Schauble, who isn’t, made Goldman Sachs itself observe that there is: “Growing dissent between Chancellor Merkel and finance minister Schäuble regarding Greece.” We now learn, courtesy of the Telegraph‘s Bruno Waterfield, that Germany is far deeper in Greece insolvency preparations than conventional wisdom thought possible (if not Zero Hedge, where we have been actively warning for over two weeks that Germany is perfectly eager and ready to roll the dice on a Greek default). Yet it is not only Germany that is getting ready for the inevitable. So is Greece.
Full article here:
– As Greece Crashes And Burns, Troika Arrives In Portugal With “Soothing Words Of Support” (ZeroHedge, Feb. 15, 2012):
What is better than a one-front European war on insolvency? Why two-fronts of course. But not before many “soothing” words are uttered (no really). From Reuters: “Portugal’s international lenders arrived in Lisbon on Wednesday to review the country’s bailout, with soothing words of support likely to dominate as Europe gropes for success stories to counteract its interminable Greek headache. As the euro zone’s second weakest link, Portugal’s ability to ride out its debt crisis will be key to Europe’s claim that Greece is a unique case. Despite a groundswell of concerns that Portugal – like Greece – may eventually have to restructure its aid programme, the third inspection of Lisbon’s economic performance in the context of its ongoing 78-billion-euro rescue should make that contention clear. “The review will be all about peace and harmony,” said Filipe Garcia, head of Informacao de Mercados Financeiros consultants. “The important thing for Europe is to isolate Portugal from Greece, to put it out of Greece’s way in case of a default or even an exit from the euro.” That makes sense – after all even Venizelos just told Greece that the country is not Italy. And if that fails, the Don of bailouts, Dr Strangeschauble will just give the country will blessing to use a few billion in cash. Oh but wait. It can’t. Because as as we pointed out in late January, and as the market has so conveniently chosen to forget, Portugal, unlike Greece, has simple, clean and efficient negative pledge language in its non-local law bonds. Which means “no can do” to any additional bailouts under its current capitalization. Which may very well mean that Portugal is stuck with its existing balance sheet unless the country succeeds in doing an exchange offer which takes out all UK- and other strong-protection bonds. All of them. And as Greece has shown, that is just not going to happen.
Got gold and silver?
– Greek President (And Nazi Resistance Fighter) Lashes Out At “German Boot” For Pushing Country To The Brink (ZeroHedge, Feb. 15, 2012):
The following extract from a Bloomberg article suggests that the German mission of getting Greece to file for bankruptcy on its own, thus removing the perception that Europe has given up on the first (of many) terminal patient, own has almost succeeded. “Greek President Karolos Papoulias slammed Germany’s finance minister for recent comments about his country as stalled bailout talks stoked tensions between Greece and the northern European countries funding its rescue. “I don’t accept insults to my country by Mr. Schaeuble,” Papoulias, who fought in the resistance against the Nazis during World War II, said in a speech today. “I don’t accept it as a Greek. Who is Mr. Schaeuble to ridicule Greece? Who are the Dutch? Who are the Finns? We always had the pride to defend not just our own freedom, not just our own country, but the freedom of all of Europe.”
“The only solution for Greece is to arrest the Goldman Sachs bankers immediately and all those involved in the fabrication of Greek economic data in 2000, when you became a member of the eurozone. The next step is to nationalize all banks like Sweden did in 1993. The International Monetary Fund is that last thing you need. You will lose your sovereignty. It exercises terrorism. You will be raped in such a way, that it will be the worst pain you have ever felt.
If someone burns down your house in order to sell you charcoal, would you consider this logical? That is exactly what Goldman Sachs did to the Greek economy. They burned you down like arsonists and then they tell you not to worry they’ll give you charcoal. It’s outrageous. The IMF has said that it can provide Greece with help. The Wall Street investment hedge funds are attacking Greece’s bond market so that the Greek economy collapses. And they’re doing this for a simple reason; to force the Greek people to ask for help from the IMF. The IMF will say, we came because you asked for our help. Wall Street bankers work very closely with the IMF. It’s a financial mafia and the hedge funds are the assassins. Research conducted on Goldman Sachs in the USA and in Europe show how big a mafia it is. They are involved in illegal activity throughout the world.
– Schauble Says Greece Has Been A “Bottomless Pit” And Its “Promises Are No Longer Enough” (ZeroHedge, Feb. 13, 2012):
When discussing the Greek vote to pass a request for cash which is based on nothing substantial but merely more pledges to fix its economy in exchange for fresh billions in secured debt (aka bailouts) which will prime at least 136% of the country’s GDP with a direct lien, we said all that matters is Germany’s response. In which case ths following statement from German FinMin Schauble is likely indicative that this time around Greece will need to literally move mountains to convince Europe it will comply. From Reuters: “Greek promises on austerity measures are no longer good enough because so many vows have been broken and the country that has been a “bottomless pit” has to dramatically change its ways, German Finance Minister Wolfgang Schaeuble said. In a hard-hitting interview with the Welt am Sonntag newspaper, Schaeuble also said it is up to Greece whether the country can stay in the euro zone as part of its efforts to restore its competitiveness. “The promises from Greece aren’t enough for us anymore,” Schaeuble said. “With a new austerity programme they are going to first have to implement parts of the old programme and save.” Yet one wonders just how will Greece first implement the measures from the first one if Europe has to vote tomorrow (or Wednesday, it is all a blur now), on ratifying the second bailout. Or was this weekend’s entire Greek exercise merely one of complete irrelevance. In other news, we are fairly confident that February budget revenues are going to come in well below projections, and make the already disappointing January numbers seem like gangbusters.
And if Wolfgang Schäuble (or any other politician) says so, then it surely means NOTHING:
Prepare for collapse. Got physical gold and silver? (BTFD!)
– Germany ‘won’t give more to EU bail-out fund’ (AFP, Oct. 1, 2011):
German Finance Minister Wolfgang Schaeuble ruled out Germany contributing any more money to the beefed-up EU bail-out fund than the 211 billion euros approved by parliament, in an interview published Saturday.
“The European Financial Stability Facility has a ceiling of 440 billion euros ($590 billion), 211 billion of which is down to Germany. And that is it. Finished,” he told the magazine Super-Illu.
He also suggested the European Stability Mechanism, which is due to replace the EFSF by 2013 at the latest, would be smaller.
“Then it will be only a matter of 190 billion in total, for which we will be guarantors, including interest,” he explained.
Germany’s lower house of parliament, the Bundestag, on Thursday approved the beefing up of the eurozone bailout fund, which cleared its final hurdle on Friday when it was rubber-stamped by the Bundesrat (upper house).
The vote had been seen as a crucial test of Chancellor Angela Merkel’s authority amid fears of a backbench rebellion. However she secured an overwhelming majority of her own deputies to back the move.
A majority of Germans (58%) consider it was a mistake to boost the EFSF, according to a poll to be published Sunday in the weekly Bild am Sonntag.
(As if ‘Bild am Sonntag’ readers would know anything about economics and politics.)
– Schaeuble rules out larger German EFSF contribution (Reuters, Oct. 1, 2011):
Oct 1 (Reuters) – Finance Minister Wolfgang Schaeuble was quoted on Saturday ruling out a higher German contribution to the euro zone’s rescue fund beyond the 211 billion euros approved by parliament last week.
In an interview with the Super-Illu newspaper published on Saturday, Schaeuble said Germany would not contribute more than that amount to the 440 billion euro European Financial Stability Facility (EFSF).
“Germany will take on 211 billion euros in guarantees and that’s it, that’s really the end of it with the exception of the interest costs on top of it,” said Schaeuble, who has faced criticism recently for revising upwards earlier pledges on ceilings for the guarantees.
Criminal elite puppet governments all over the world are bankrupting their countries, funneling billions and trillions of euros and dollars to their elite puppet bankster friends.
That money ends up into the hands of just a view elite criminals that planned all of this.
The perfect elitist government-bank robbery and the people are footed with an unpayable bill that completely destroys their financial future.
The escalating debt crisis on the eurozone periphery is starting to contaminate the creditworthiness of Germany and the core states of monetary union.
Credit default swaps (CDS) measuring risk on German, French and Dutch bonds have surged over recent days, rising significantly above the levels of non-EMU states in Scandinavia.
“Germany cannot keep paying for bail-outs without going bankrupt itself,” said Professor Wilhelm Hankel, of Frankfurt University. “This is frightening people. You cannot find a bank safe deposit box in Germany because every single one has already been taken and stuffed with gold and silver. It is like an underground Switzerland within our borders. People have terrible memories of 1948 and 1923 when they lost their savings.”
The refrain was picked up this week by German finance minister Wolfgang Schäuble. “We’re not swimming in money, we’re drowning in debts,” he told the Bundestag.
While Germany’s public and private debt is not extreme, it is very high for a country on the cusp of an acute ageing crisis. Adjusted for demographics, Germany is already one of the most indebted nations in the world.
Reports that EU officials are hatching plans to double the size of EU’s €440bn (£373bn) rescue mechanism have inevitably caused outrage in Germany. Brussels has denied the claims, but the story has refused to die precisely because markets know the European Financial Stability Facility (EFSF) cannot cope with the all too possible event of a triple bail-out for Ireland, Portugal and Spain.
True, but Schaeuble is also an elite puppet, who supported the bankster bailouts and he is the greatest public supporter of the German ‘Big Brother STASI Police State’, now called ‘Schaeuble 2.0’:
That is easily the Quote Of The Day, and it’s from German Finance Minister Wolfgang Schaeuble regarding Ben Bernanke’s quantitative easing.
He added: “(The problem) is not a shortage of liquidity. It’s not that the the Americans haven’t pumped enough liquidity into the market and now to say let’s pump more into the market is not going to solve their problems.”
Joe Weisenthal | Nov. 5, 2010, 7:30 AM
Source: Business Insider