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bombLetter to the IMF relation to the
Headbombno-value-ECM - 05/12/16
bombLetter to the CDU Youth Union - 14/11/16 bombLetter to the IDW regarding
Headbombthe EFSF’s Financial
HeadbombStatements – 19/10/16
Headbomb+ Correspondence IDW -> MFD 15/11/16
Headbomband MFD -> IDW 16/11/16
bombLetter to the european Financial
HeadbombSupervision relation to the
Headbombno-value-ECM - 03/10/16
bomb14th Letter to the Parliament for Judicial
HeadbombReview of the Free-Trade
HeadbombAgreements - 27/05/2016
bombApplication to the Constitutional
HeadbombCourt for Judicial Review of the
HeadbombFree-Trade Agreements - 27/05/2016
bombBILD - Pillory of Shame - 21/12/15 bombCriminal charge of making a false
Headbomballegation against - 17/09/2015
Headbomb+ response of Public Prosecutor in
HeadbombBerlin - 20/05/2016
bombLetter to the Ifo President - 05/11/14 bombComplaint to the German
HeadbombPress Council - 21/11/13
bombLetter to the IMF - 17/10/13
Headbomb+ Supplementary letter 22/11/13
bombLetter to the EU Commission - 17/10/13 bombLetter to the Presidium of the ECB - 17/10/13 bombAgainst the dismissal of
HeadbombFederal President Wulff - 13/06/13
Headbomb+ Response from the Hannover
HeadbombPublic Prosecutor's Office 25/07/13
Headbomb+ Opinion of the Alliance for
HeadbombDemocracy 21/08/13
Headbomb+ Letter to Celle General State Prosecutor’s
HeadbombOffice 10/10/13
bombPetition for the independence of the
HeadbombJudiciary and State Prosecutor - 06/05/13
Headbomb+ response by the Petitions Committee of
Headbombthe German Bundestag - 08/06/16
bombPetition for the introduction of genuine, direct
Headbombdemocracy - 25/04/13
Headbomb+ reply of the Bundestag - 14/11/16
bombPetition against corruption - 25/03/2013 bombCriminal complaint re. Target 2 10/11/2012 bomb1st Constitutional Complaint - against the
HeadbombFederal Government - 21/03/12
bomb2nd Constitutional Complaint - ESM incl.
Headbombsupplement - 12/06/12
bomb3rd Constitutional Complaint - ESM incl.
Headbombsupplement - 18/09/12
bomb4th Constitutional Complaint - Federal
HeadbombGouvernment against the ECB (by CJEU)
Headbomb+ response of Federal
HeadbombConstitutional Court - 06/06/16
bombPress reports 27/6/12 + 24/10/12 bombSpringer complaint 28/09/11 bombDelayed insolvency bombPetition to the German Parliament 31/05/11 bombPetition to the European Parliament 21/06/11 bomb1st Letter to Members of Parliament 23/06/11 bomb2nd Letter to Members of Parliament
bomb3rd Letter to Members of Parliament 19/05/12 bomb4th Letter to Members of Parliament 23/05/12 bomb5th Letter to Members of Parliament 20/06/12 bomb6th Letter to Members of Parliament 27/06/12 bomb7th Letter to the Parliament 27/9/12 bomb8th Letter to the Parliament 15/10/12 -
Headbombagainst Corruption 15/10/12 in addition to
HeadbombPetition 25/03/13
bomb9th Letter to the Parliament 24/10/12 bomb10th Letter to the Parliament 05/12/12 bomb11th Letter to the Parliament - 20/05/13 bomb12th Letter to the Parliament - 16/10/13 bomb13th Letter to the Parliament - 10/12/15 bombQuestions to the Bundestag 27/28/06/12 bombTo the members of the Bundesrat 14/06/12 bombTo the minister of finance 12/06/12 bombSecond Letter to the Finance
HeadbombMinister - 27/02/15
bombObjection to Hartz IV - Judicial Review
HeadbombComplaint BVerfG
bomb1st Lawsuit against Federal government
bomb2nd Lawsuit against Federal government
bombOpen letter 16/18/02/11

HeadbombDelayed insolvency

The rating agencies are controlling the crisis. Politics and the economy are hanging on the shirt tails of the rating agencies. The three largest – Moody's, Standard & Poor's and Fitch – are closely allied with the banks. The banks are their paymasters. Their aim is to preserve the power of the banks. They support the greed and lust for power of the banks.
On Friday 12th September 2008, Lehmann Brothers Bank, soon to become famous, or rather notorious in the financial crisis, still had an AA+ rating, comparable with a school mark of 1-. On Monday 15th September 2008, Lehmann Brothers had to file for insolvency. The financial crisis was underway.
Will the same story now be repeated for Greece, which until recently also still enjoyed excellent ratings? And other bankrupt countries? And what about the supposedly (!) safe countries? Why does Germany still have a AAA rating, although the debts continue to pile up? The US Treasury Secretary announced weeks ago that the USA will be bankrupt from 1st August of this year if the Congress does not give its permission to increase the permissible national debt. Why does the USA still have a AAA rating?

We demand honesty, instead of unending eyewash. Let's face the facts: Greece is bankrupt, and it is not the only bankrupt country – this must finally be reflected in genuine ratings. But now there are even worse things to come. Following the wish of our Chancellor Dr. Merkel, European rating agencies are to compete with their American counterparts with soften and dishonest ratings, so that none of the bankrupt European countries are downrated. This madness is to be supported by supervisory harassment of the American rating agencies: the truth must be suppressed at all costs.

This will fail. The small investor will have to pay, as his shares and bonds lose all their value. Every citizen will pay, as their taxes now go to rescue companies, banks, and now whole countries with gigantic sums of money.

The ones who profit are the banks. They receive generous commissions for junk bonds, and pay much too little interest for bonds which are rated as safe by the rating agencies, but which in reality are extremely risky. A top banker, Ackermann, of the Deutsche Bank has stated in the media that Germany would never get back the money contributed to the rescue of Greece. In this he is right, but this is nevertheless pure cynicism, because at the same time, banks have made good profits out of these ailing Greek bonds.

Now the banks want to participate (German government rescue package contribution: € 690 billion / participation of the banks: € 3 billion, i.e. just over 0.4%) "voluntarily" with a few "peanuts", as Mr. Kopper, former Board and Supervisory Board Chairman of the Deutsche Bank would say, in the rescue of Greece. We must not deceive ourselves. It is always the taxpayer who foots the bill in the end. Even the 60th birthday celebration of Mr. Ackermann was paid for out of taxes: he blithely accepted the invitation of the government, and was royally entertained!

We demand a clear break. Instead of ever new debts and ever higher loans, there must be a 'zero hour', a new beginning, a new chance: a debt cancellation! Only in this way can the Greeks and other countries get back onto their feet! The "carry on regardless" approach simply postpones insolvency. The worst form of postponing insolvency is the European rescue package. Here politics is gambling with gigantic sums, and risking the prosperity of whole national economies. For private companies, delay in filing for insolvency is a criminal act – for good reason: anyone who deliberately delays insolvency damages investors and business partners. Rating agencies and politics should finally be brought to book for delaying insolvency.

Whereas every director of a limited company, however small, ca be prosecuted for delaying insolvency, the government screens itself against any punishability and responsibility. The delayed insolvency of whole countries however is not a criminal offence under current laws. The Alliance for Democracy will nevertheless act. We are applying to the European Commission and the German government for so-called breach of contract proceedings against debtor states which ignore and abuse the Maastricht criteria, to which all countries of the EU have committed themselves. We are also referring the matter to the European Ombudsman – because here the interests of European citizens are being jeopardised.