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No agreement and hopeless bankruptcy delay

After the last summit, at which the Finance Ministers of the Euro countries on Thursday (June 28, 2012) once more or still continued to discuss how they intend to deal with the Euro crisis, calls were made for a banking union, or in other words, plans for the improvement of the supervision of banks. Such plans would have to be worked out, but this banking union is dividing Europe. Some want the banks to be placed under joint supervision, while others, including Germany, reject such a move, because they fear that other countries will then be able to help themselves to German savings.

In contrast to the Federal Government, EU circles expect an agreement on a banking union. The “master plan” of Council President Herman van Rompuy provides for a union, which should include three elements: A European banking supervision body, the common security of deposits for private accounts, as well as a rescue system for unsteady banks financed by the banks themselves. Christine Lagarde, head of the International Monetary Fund (IMF), and the European Central Bank (ECB) amongst others, had already pressed for the introduction of a banking union.

While it is being discussed throughout Euro circles how the crisis of the Euro can be brought to an end, one thing is clear to the Alliance for Democracy: Since the Maastricht Treaty was violated, there has been no prospect of bringing the crisis under control. Irrespective of whether a banking union, ESM/fiscal pact or Euro-bonds are introduced, disputed and voted on, none of these instruments can counteract the crisis, or finally save the Euro. All these discussion subjects are only intended to exacerbate the crisis and delay the insolvencies of the individual countries, including the national insolvency of Germany. <

Mrs. Merkel may continue to vehemently resist Euro-bonds or the debt union (that says it all: debt union!. So deeply have the Euro countries fallen into doubt that they now proudly present a debt union – which no one can pay for, not even the interest. This is outrageous and can hardly be in the interest of a national community.) With the approval of the decision at European level (in the March 2012), she has contributed to the fact that the Bundestag/Bundesrat (vote on the 29.6.12) waved through the ESM and the fiscal pact “on the nod”.

And all this despite the fact that the Federal Government must have known: all national budgets since 2010 have been doctored budgets, the federal budget for the year 2013 is voided by the guarantees that Germany intends to make to the ESM (€ 310 billion). When the real thing occurs and a Euro country, such as Spain or Italy, declares national bankruptcy, the Germans will have to stand security for this country with their tax funds, even to the level of the national budget (which is already financed only by credit because implicit and explicit public debt mean that no viable budget can be passed), and all in contravention of legal principles that the Euro community actually conceived for the protection of the Euro. This would be followed by German national bankruptcy, and one that the Government could no longer conceal, as it has done so far from the Germans (and also the Europeans). The German press ignored this failure of politics to let the people know what it is doing: That the game is up. Investments and savings have long since been gambled away. And it also fails to mention also that all addition debts incurred in excess of the ESM, or by possible cash injections by the ECB or the additional purchase of ailing Government bonds, can further delay national bankruptcy, so that political / economic lobbying can survive and profit. In case of the introduction of Euro-bonds, the existing bankruptcy would immediately become apparent in the national budgets, because the interest for German bonds would have to be paid and could no longer be settled by means of rescue packages.

This financial aid act as a lever to super-super indebtedness, because in addition to the use of rescue package contributions (ESM) also by banks, this would involve higher rescue package contributions to the detriment of the Europeans, since the (future) amount of support given by the ECB will further worsen the situation of the people (in Germany and the so-called supporting countries). In view of this increase in monetary supply or flooding of the market, there can remain very little question of a stable currency. We must instead speak of and expect sharply rising inflation above and beyond recessive phenomena. The ECB has thereby lost its status as an independent institution. To now confer supreme bank supervision on the ECB would be the final cherry on the cake, and could hardly be beaten for stupidity and ridiculousness. And it is therefore all the more amazing when Angela Merkel still guarantees a stable Euro under these circumstances. The situation thus created weakens the Euro, making proper, undoctored national budgets impossible.

All this must have been known to the participants at the summit, including Mrs. Merkel. And so everything she said at this summit can only have served the purpose of delaying German national bankruptcy further. The sacrificial lamb that Mrs. Merkel is supposed to have become at this summit, as claimed by the German press, is by no means the right image. The fact is: If Euro-bonds are introduced, German bankruptcy will become obvious, and that is why Mrs. Merkel is against it. This will conceal a similar function of banks and further indebtedness of the people. That concerns all European nations, especially Germany, because all bank losses are ultimately borne by the people, and those which are not borne by the the banks, increase the debt and reduce the currency conversion rate in the event of a crash, which is no longer avoidable. By this means, the people have since 2010 been saddled with costs for a state apparatus, politics, parliament and national government whose sole reason for being is the delaying of insolvency. By this means, the people will be robbed of their last cent, leaving them with nothing of the investments and savings garnered over the last 60 years.

Nevertheless, the credit rating agency Egan-Jones, known as the specialist service-provider for major investors, reclassified Germany from “AA-” to “A+” – a further downhill step for Germany. As reasons, the money market analysts, according to the news agencies mmo and AFP, stated the intentions of Germany to take over Greek debts and the debts of other Euro countries, which restricts Germany’s financial power and German creditworthiness.

And the banks too are preparing for possible bankruptcies. At least if the following report in the ‘Stern’ is accurate. According to this report, nine major international banks have been instructed by the US financial market regulator to submit emergency plans on how quickly and efficiently they could be wound up in the event of their own failure. The Deutsche Bank would also have to give consideration to its own failure. The Frankfurt Institute is one of the largest on Wall Street with its US subsidiaries. All this can mean only one thing: The world economic crisis which will follow the Euro crash should at least be made controllable! We will see to what extent the globalisation of the banking world can help to save the world. The Alliance for Democracy believes that this will require other heroes; not cowards who simply shrug off their guilt onto the people – as usual!
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