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The Stability Pact – A European Fairy-tale

The French President François Hollande and the Italian head of state Mateo Renzi, who won 40.8% of the vote in the European elections and since 1st July holds the Presidency of the European Council of Ministers, have called finally to be allowed to undertake further borrowing, and suspend the saving decree. This would not have led to further growth; the Italians at least now believe that growth will require higher national expenditure, and therefore also greater debts. In order to achieve their goal, they want a relaxing of the Stability Pact; Mrs. Merkel however says “No”.
France’s national debt has increased since 2008 until today from 65% to 94%. Italy has a debt level of 135.2% of the gross domestic product. The trend in both cases is increasing. According to the Maastricht Treaty, the Euro countries are allowed to incur debts of up to 60% of GDP; France has not managed to achieve a budget surplus since 1974, and Italy not since 1924. Both countries, like all other Euro countries too, have had to be assisted by various support and aid programmes in order to keep their banks solvent. In view of these figures, it is absurd to refer to them as strong countries who also called themselves supporting countries. Exacerbating the situation even further, the rescue of the Euro has ensured that the financial markets have become hopeless cases, which are on the point of dying.
The ECB decided in 2012 to legalise the (disputed) OMT programme, which according to the Maastricht Treaty is supposed to be prohibited: to offer government bonds of Euro countries with debt problems on the secondary market. All Euro countries are therefore now threatened with what happened to the Greeks and the Cypriots, namely that national debts (and also private debts) could no longer be capped by the banks of the country.
Thanks to the low level of influence enjoyed by the Germans at the roulette table of the ECB, it is therefore of no matter what Mrs. Merkel says. We should rather complain that the Chancellor, through almost extortionate machinations, now finds herself in the situation that from 1st January 2015, the ECB can vote every five months without the German representative, the head of the Bundesbank Jens Weidmann.
Thus it is to be feared that Weidmann’s influence, and therefore also Merkel’s and Germany’s influence, will be diluted, and that the ECB will nod through at these votes all the topics which Germany has so far prevented. Thus, the way would be clear for the eventual abolition of the Stability Pact, and also that the currency of the Euro can exhaust itself, and the crash will then be perfect. Of course, the German taxpayer will pay whatever is possible and what the coffers still hold, because Merkel gambled away the parliamentary decision according to German rules at the moment when she forced her faction to follow the will of the party and to agree to the ESM/Fiscal Pact, and also when she voted to allow further countries to join the Euro, which detracted the German share of the voice in the committees of the ECB. In this case, Merkel must have known that quantity does not necessarily imply quality, and that the Euro community had failed to try and enrich itself from German tax funds, and had tired of Merkel’s squabbles and hubris, and was trying to circumvent them. Policy is just a game. From the German perspective, we have sometimes lost, and others have sometimes won. Mrs. Merkel has anyway maintained her face, and has in return had to allow the wool to be pulled over her eyes. To say at some point that she wanted things to be different makes little sense, because no one has been shown to be so politically undeserving as the Chancellor, who more than once has had the chance to put an end to European debt incurrence, but who unfortunately used it only to be able to cover up her sins, and wash her hands as thoroughly as possible in innocence. But that will not succeed.
Actually, it is boring to listen to such demands, which might only be fulfilled in fairy-tales such as “Rumpelstiltskin”. In real life it is also a matter of greed, but also that the heads of state of the Euro-European debt union would like to avoid the crash a little longer, and therefore lie through their teeth.
The financial markets, on which all Euro-European national budgets meanwhile depend, have appeared quiet over recent weeks. During such holiday periods, bankers profits from consultation business, which always ends in the investor losing and the bank winning, and politicians in their ignorance therefore draw the conclusion that the crisis is over, and growth must come from somewhere, like the light that God sends, or anyone whosoever.
Politicians thereby gladly overlook that the crisis arose because all national budgets wrote off and got rid of part of their debt via the Euro, naturally at the costs of the citizen, and the one-time gains from this secret currency reform have long since become infinite, no longer supportable debts. Not quite such a happy ending.
After the Lehman crash, when the world threatened to sink into the greatest financial crisis of all time, and the extent of the political swindle over the actually empty national coffers of the western world resulted in further debts as rescue measures in the form of loans (so-called rescue packages), in order to keep the financial market stable, the ailing national finances were like something out of a fairy-tale. And impermissible, because the multi-billion aid packages pretended by the so-called five supporting countries of Germany, France, Spain, Italy and Finland were all lies, which destroyed the financial market and the Euro. Since then, these countries have been living off the hard work of their citizens: from tax payments, pension returns, investment returns and through cuts for the poorest of the poor. These falsely supporting countries rambled on about the reduction of debt, and thereby transgressed legal standards, treaties and laws that had once been created for the maintenance and stabilisation of the Euro, like the one by which no other country was allowed to lend money to another country in financial straits ( No Bail-Out).
In this way, long since bankrupt countries received funds from other equally bankrupt countries, and were therefore condemned to debt reduction programmes that were just as untenable as the loan payments were financed. Regulations were reformed and broken, reforms were regulated and broken, and from all this arose a shambles that nobody can understand any more. Then there were politicians who wanted to believe in a miracle, or who did their work and simply followed the party line and ratified the ESM and Fiscal Pact, while actually understanding too little about how these two instruments should be used. This is demonstrated by letters from the Alliance for Democracy, which we sent to the parliamentarians. In contrast to the politicians, the bankers knew exactly what the Fiscal Pact might be good for: for the incurrence of further debt, and that corresponds to happenings all around the globe, and whopping profits in the face of the daily loss in value of the Euro.
If it is now demanded of politicians that we should and must stick to the Stability Pact, as Mrs. Merkel wants, that is only one side of the coin; the other is represented by Hollande and Renzi, who perhaps like to believe that all previous agreements for the preservation of the Euro have been broken sooner or later, and it is no longer a matter of relaxing this Pact, which in any event has for several years only existed on paper, but means that the national budgets of all Euro countries are farces, which can be continued by means of tricks, and provide excellent discussion fodder for television commentators, and ultimately mean that countries which circumvent (self-imposed) debt brakes, and must still borrow at low interest rates, so that the system of the Euro deception can be kept alive. This is all happening with full intent, and the real reasons for the delaying of the national costs are concealed by political wrangling and Grand Coalition theatre (no relaxation of the stability limits).
The actual Stability and Economic Pact, which was suspended and then broken in favour of the Fiscal Pact, will now be followed by another pact: This time, this Pact will hopefully be called the Debt Pact or Fraud Pact, because it will be this last Pact of all Euro-bankrupt countries which abrogates debt limits, which in any event has already been taking place by the back door, such as the suspension of the rules of the Fiscal Pact, since bankrupt countries can only commit their citizens to payments to a certain limited extent which can delay bankruptcy a little longer. If the talk is now about the relaxation of the Stability Pact, this means: The countries who call for this are no longer in the position to brush up their national finances and budgets in line with the Fiscal Pact so that bankruptcy can be prevented. This also applies to France, as well as to Italy, and also Germany, even if with a small time delay, because only the still affluent middle class and the citizen still have money in their pockets, and can be robbed by the state.
The Fiscal Pact has now made itself obsolete, even if Mr. Gabriel of the SPD would like to warm himself with this idea, and Chancellor Merkel (CDU) still rejects it, and tells the press that everything is still going according to plan. The financial crash is unavoidable, the political crash happened long since, and a Fiscal Pact can do nothing to change this, even if it is called something else, and were abrogated completely without Merkel’s involvement, e.g. by the ECB. The stable currency must remain a fairy-tale, at least in times of the Euro and the greatest financial fraud of all time.
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