Germans on the Edge

2011 September 17
by drdog09

Merkel has her hands full in more ways than you can imagine. She may see a Putch if she does not watch it —

For the first time ever, a clear majority (60%) of Germans no longer sees any benefits to being part of the Eurozone, given all the risks, according to a poll published September 16 (FAZ, article in German). In the age group 45 to 54, it jumps to 67%. And 66% reject aiding Greece and other heavily indebted countries. Ominously for Chancellor Angela Merkel, 82% believe that her government’s crisis management is bad, and 83% complain that they’re kept in the dark about the politics of the euro crisis.

“There cannot be any prohibition to think” just so that the euro can be stabilized, wrote Philipp Rösler, Minister of Economics and Technology, in a commentary published on September 9 (Welt, article in German). “And the orderly default of Greece is part of that,” he added. Instantly, all hell broke loose, and Denkverbot (prohibition to think) became a rallying cry against the onslaught of criticism that his remarks engendered.

Its not that Merkel herself is a bad leader. The German people are just tired of being rolled every 4-5 months by a bunch of loutish Greeks —

Meanwhile, on his visit to Rome, Rösler had to face down Italian Finance Minister, Giulio Tremonti, who’d “vehemently” demanded the creation of Eurobonds, sources of the German delegation said (Zeit, article in German). President of the European Commission, José Manuel Barroso, supported Tremonti’s demands. But Rösler, like Merkel and others, rejected the idea. Transferring liabilities to other countries would remove pressure from debtor nations to reform, he said, differences in yields being a market-driven incentive to get the budget in order. Eurobonds are also legally impossible, he added, based on a recent decision by the German Federal Constitutional Court.

Eurozone must be honest: Big haircuts for bond holders, debt limits for all, says Die Zeit (article in German). The drama of saving European banks that hold Greek debt, and the debt of other tottering Eurozone nations, has been going on for a year and a half. Each effort to keep Greece on track follows the familiar script. Politicians promise spending cuts. Greeks demonstrate. E.U. inspectors check things out and leave angry. Germans declare that Greece will not get any relief until it fixes its problems. Then Greece notices that it needs yet more money and threatens to default. Germany nods. And the next installment gets paid.

By now, all hope for a happy ending has dissipated. Greece is suffering from a multitude of problems that defy quick fixes, among them a huge pile of debt, an inept and corrupt fiscal system where taxes are simply not collected, dysfunctional institutions, and a government-dominated economy. Even unlimited amounts of money can only defer the end game.

Sounds like to me the Germans are getting ready to bail out of the EU. They are tired of being the banker in a fixed game of Monopoly. The Greeks no longer have any properties on the board but still are collecting $200 a run everytime they pass `street riot`.

Once Germany pulls out, the Merry around the May Pole ends. The French will be left holding the bag to the European Central Bank unless they jump first.

18 Responses leave one →
  1. 2011 September 17 9:50 pm
    drdog09 permalink

    OT, an interesting aim of F&F?

    If that was the aim, this rises to treason of the first order. My memory maybe foggy, but to my recollection a standing President has never been officially terminated by firing squad. Right?

  2. 2011 September 17 10:06 pm
    bc3b permalink

    The last Christian Democratic Prime Minister before Merkel, Helmut Schmidt, was one of the leading architects of the Eurozone.

  3. 2011 September 18 6:45 am
    justrand permalink

    greetings from JM’s “bat cave”!! Mrs. Justrand and I are down here for a couple days…so my posting will be sporadic (a good or bad thing depending…)

    that said…the Germans appear to be waking up. That is also a good or bad thing, depending on what they do next. The Germans “woke up” in the 1930s, and that didn’t turn out so well. But they do finally appear to be “tired of being the banker in a fixed game of Monopoly”…which means the Monopoly game could be over for all the kiddies.

    And then the “fun” starts as the world economic system tries to reset itself. Obumbler will naturally blame Bush for all this.

  4. 2011 September 18 6:46 am
    justrand permalink

    and the F&F link you put up drdog REALLY got my blood boiling…I can only pray it gets Issa’s boiling as well!

  5. 2011 September 18 6:55 am
    justrand permalink

    one of the best recaps of Solyndra that I’ve seen:

    hattip HotAir for the link

    the impeachable offenses are stacking up F&F these days

  6. 2011 September 18 8:58 am
    judyt2009 permalink

    #5 — Absolutely amazing. I can only hope that there are some diligent and ethical civil servants at DOE and OMB that will step forward and tell the truth. However, given what they did to people at ATF I wonder if there are any so ethically inclined.

    There was a person in our office who moved over to work on the “green” investments. I hope they have not participated in this unethical behavior, but I can’t be sure (Arkansas Democrat). Maybe I can be sure and they have the same ethics as the Clintons.

  7. 2011 September 18 9:26 am
    JBoz permalink

    What do you think is happening with all the boxes shown here?

    Wonder what conversations between Mueller and his boss have been regarding the contents of these boxes. Think Mueller can be an honest agent?

  8. 2011 September 18 9:31 am
    judyt2009 permalink

    o/t — news reports of three women who died at age 51: Mondale’s daughter (brain cancer return … not unexpected); Ted Kennedy’s daughter, heart attack while at her health club — very unexpected; and, Chicago Bears lineman Brain Urlacher’s mother, age 51, died unexpectedly (no reports on this woman’s general health condition).

    All so unnerving as I am 52. Is this just a part of aging that you start noticing the departing folks who are younger?

  9. 2011 September 18 9:43 am
    JBoz permalink

    Judy #8 – I’m 52 as well, at least for the next 2 months. Only as unnerving as you let it me. My parents are still around, as are Mrs Boz’s parents. The number of funerals they attend is pretty staggering really. They are in their mid to late 80’s, and no longer view these events as somber occasions. In fact, it’s become kind of a running joke – when we visit them, we always ask “any funerals this week?”

  10. 2011 September 18 9:47 am
    judyt2009 permalink

    So you are a Thanksgiving baby … so am I.

  11. 2011 September 18 9:53 am
    booshkindoggin permalink

    Me too, but this year is the big 6-Oh. Mom going strong just turned 87, but same age Dad passed way.

  12. 2011 September 18 10:18 am
    drdog09 permalink

    Two months till the big 6oh myself. God it feels like yesterday I was wondering who I might arrange a Friday night date with.

  13. 2011 September 18 10:23 am
    judyt2009 permalink

    okay.. early or late November?

  14. 2011 September 18 12:00 pm
    JBoz permalink

    I’m November 6th. Which happens to be election day 2012. Anyone want to hazard a guess what my 54th birthday wish will be? 🙂

  15. 2011 September 18 12:05 pm
    JustMary permalink

    I’m November 5th. Guess how awesomely awesome my birthday was in 08??????? >_<

  16. 2011 September 18 12:10 pm
    JBoz permalink

    Seems like a disproportionate number of BJGers are November babies.

  17. 2011 September 18 12:32 pm
    JustMary permalink

    #16 Indeed. Half my family was born in November. I guess Valentines Day is a popular day for baby making? LOL!

    My Hubs is also an early November- but he was due on Christmas day. His mom tried to lift a fish tank, and went into labor.

  18. 2011 September 18 2:38 pm
    drdog09 permalink

    Nov 10th. Marines and I share the same birthday. Semper Fi.

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