BANKFURT MOLE: Merkel ‘in a prison of her own making’

Merkel: “she can’t control Draghi now”

“Germany must desert the eurozone, and the Chancellor must engineer that”

The German Chancellor returns from holiday next week. The Slog’s veteran Frankfurt banking mole says she has made the task of educating the Germans about Euroblown extremely difficult…and has only a limited window in which to do it.

“The ordinary German has no idea what we are taking on,” The Slog’s long-serving Frankfurt Mole ‘Maulwurf’ told me this lunchtime, “They see a grand project and Germany at the centre of a strong Europe eventually. Of all the European nations, they are perhaps the worst informed about the realities of the euro disaster”.

In many ways, the Bankfurt Maulwurf is right. German public opinion is strongly opposed to Greece staying in the eurozone and getting “yet more” help as they see it, but comprehension of why Greece is in the mess it is (and, for example, the role of Franco-German arms sales in the collapse) doesn’t figure highly – if at all.

Yet Brits and Americans shouldn’t extrapolate from this that the German voter has a problem with the euro. The irony is that, the naturally secretive nature of Wolfgang Schäuble and Angela Merkel being what it is, the Berlin government would now have a problem should it ever wish to point out to the electorate just how big a mess the eurozone is in. The average voter didn’t notice today, for instance, that German Bund yields rose on the uncertainty surrounding the ECB/ESM future moves, and some poor export data showing even Germany now having a hard time of it.

“The government should finally be honest about it to the people,” said Frank-Walter Steinmeier yesterday, SPD floor leader in the Bundestag and one-time  foreign minister in Merkel’s first government, “If we want to prevent the breakup of the euro zone, it won’t be without risks for Germany…she [Merkel] fails to say that Germany is already exposed to losses from the debt crisis through the European Central Bank’s bond purchases.”

“Steinmeier is right about the dishonesty,” the Maulwurf insists, “but like all social democrats he thinks the impossible can be made possible. It can’t: Germany must desert the eurozone, and the Chancellor Angela Merkel must engineer that.”

Angela Merkel returns from holiday next Monday, but the pressure she faces then will be from the very pro-EU SPD Opposition to ‘get off the pot’. Her Government grudgingly backs Mario Draghi’s proposal to help lower borrowing costs in Spain and Italy with more direct bond-buying, but the SPD wants her to be more pro-active, and assume greater risks, to avert a breakup of the single currency.

To the likes of the Bundesbank’s Jens Weidmann and The Slog’s Bankfurt Maulwurf, this represents idiocy of the highest order.

While a potentially smart political move by the SPD, the Party may be yelling at a brick wall. An Infratest dimap poll for ARD television last week showed that 76% of Germans think a breakup of the euro would be bad for Germany, but 64% were confident the euro would survive. And 56% said the government should “do everything” to save the euro. Replace ‘everything’ with ‘nothing’, and you’d have the UK sentiment spot on.

“Their confidence is based on ignorance,” says the Maulwurf, “that, and Merkel’s easy facility with the smoke and mirrors”. But whether she is sparing with the truth or not, Merkel is not in that much trouble with the electors right now: the Infratest poll showed 68% of Germans approving of her overall approach – her best score since December 2009. Roughly the same number feel that saving the euro is “in good hands” with Merkel.

This is all good news for the CDU Chancellor…until a major can of worms opens. Or even worse, she has to tell the Germans that they are quitting the eurozone.

The Karlsruhe Constitutional Court might wake some people up….especially if President Gauck were to weigh in around the time the Court rules on ESM legality on September 12th. Most observers think this unlikely, but I’m not so sure: an Osti himself, Joachim Gauck has never trusted Merkel. Let’s face it, there’s a lot about her not to trust.

More likely can openers lie along the Spain/Italy nexus. Cleverly positioned thus far as Draghi’s programme of bond-buying (‘don’t mention the bailout’) most Germans once again see the problem as soluble. But The Slog’s Maulwurf speaks for many in Frankfurt when he observes, “The problem is not soluble, not as the eurozone is now constructed. And [Merkel's] dash for Fiscal Union would put Germany effectively in the position of being a sovereign. There are many in Frankfurt you know who say ‘thank God for Hollande’”.

I think our Bankfurt chum is being over the top when he says Germany would be the sovereign power – this is my gag about Berlin-am-Brussels being taken to an extreme – but I sense he’s right that Germany may well be the last sovereign standing when the dust settles. And it’s not hard to understand why he sees Hollande as a welcome saboteur: the Maulwurf is very much of the Jens Weidmann ‘stop chucking good money after bad’ school.

“The balance of power has changed markedly – everyone can now see this,” the Bankfurt Maulwurf continues, “but not the German people. Everything Merkel has done has been to the detriment of Germany, but now she is in a prison of her own making. She will have to shout through the bars of her cell, ‘Wake up! Get out! It is out of our hands!’ I hope she does this in time, but I have my doubts.”

We shouldn’t see the Maulwurf’s view of life as in any way typical of German opinion: in many ways, that’s his point. But he is well-informed, cosmopolitan, and on the whole a good judge of trucks coming down the road. The reality he grasps is that Greece will default after further haircuts, Spain will need a full-scale bailout, Italy’s bonds will suffer once that becomes clear, and Mario has already accepted that more money must be printed – be it in Athens or Berlin.

These kinds of events have a habit of happening more quickly than politicians think: and far more quickly than most politicians can think. My source has always maintained that other forces in Germany will steer Merkel away from the rocks. He may well be proved right again. And the only way for her to go would be out of the euro….or a drastic reformulation of its membership.

We should all watch out for the signals from Angela Merkel next week.

74 thoughts on “BANKFURT MOLE: Merkel ‘in a prison of her own making’

  1. There will be another fudge, just like the last time and the time before that, the fudges are endless, and, as I have said before, they will just monetize the debt, we all know it, don’t we? This bollocks has a long way to go yet IMHO.

  2. Besides, if Germany leaves and take the credit card with it, they are all screwed, and Germany doesn’t want its fingerprints on the Dagger of Death of the EU.

  3. ‘The Karlsruhe Constitutional Court might wake some people up’
    Mmmm, roll over is more likely, I think. I read more and more that Germany is not in the financial position it would have some believe, and that even if it had the will, it does not have the clout.

  4. And then you’ll have 27 brands of wild inflation
    and trillions lost in Soros-styled currency attacks
    to “complain” about with glee.
    Throwing the Greek out means zero return to the banks from Greece thereafter and an ultimate (in civilian terms) negotiating card for the rest of the GIPSI and Frogs vs. the same banksters global vampire Mafia.
    It is Greko-Roman wrestling the Banksters are so afraid of,
    to the extent they have day-dreamt the above article.

  5. “The government should finally be honest about it to the people,” …………………!!!

    Don’t make me f**king laugh.

  6. the Constitutional Court can and should force a form of Habeas-Corpus for this financial debacle i.e. a FOIA (Freedom Of Information Act) on all members of the Eurozone, construing a pre-condition for any further judgment on the case including a fresh round of lateral FOIA
    per every request for any funding/commitment at all.
    Otherwise it would be the free-fall society the USA is notorious for,
    which is exactly the Banksters dominion and master plan,
    and which utterly negates the ancestral culture of Europe,
    by which it has been leading humanity by far and large
    for over a Millennium by now.

    • @desideriuserasmus
      “Otherwise it would be the free-fall society the USA is notorious for,
      which is exactly the Banksters dominion and master plan,
      and which utterly negates the ancestral culture of Europe,
      by which it has been leading humanity by far and large
      for over a Millennium by now.”

      Your comment is sweet – thank you – and I wish I had your faith!

  7. I’d agree with the some of comments above. The EZ will print though it will just not be obvious – like the Greek printing this month or LTRO. The Germans will be hoodwinked and in true don’t rock the boat fashion – won’t. I originally had the view that printing was verboten but as we’ve seen over 1.3T so far I can’t see that another few more trillion will disturb anyone. I have no idea what Merkel thinks she is doing. Any logical person could see that the Germans were going to be on the hook for transfers into eternity and high inflation as soon as this whole snafu kicked off. But here we are. Glad I’m not German. Maybe one could adopt me and set up a monthly standing order for my regular subsidy!

  8. This post is spot on. A German friend came to stay with us for a few days in early June, a very well read and educated ex Uni student of mine, now just 30. She definatly thought that Greece was messing up the EZ and should leave at once and that there should be no more bale outs to anyone, but seemed amazed to hear about about Target 2 debt, how much Germany was into already whatever happened, what its actual national debt might be and how much of any ESM’s or Eurobonds would come from their taxpayers.

    Since she has started reading The Slog after her visit, I’d better be careful what more I say here……but yup, Maulwurf is dead right and well worth the posting!

    We sometimes blame the BBC and other UK Media for under-reporting EZ issues, but the German people really do seem to be sleepwalking into this cess-pit through total lack of awareness of their own deteriorating situation. Whatever is their German Media doing ?….You start to wonder if it is being gagged !

    • Graham

      in no small part, the German media is controlled by Washington (Viking Jack supplied the evidence some time ago). If you read the German press, it is certainly better quality than most of the British – even Bildzeitung comes up with Telegraph style commentary, and to a similar intellectual level.

      Most Germans simply want to keep their heads below the parapet and keep their jobs. They have lost money year-on-year in the last 10 or so years, which has led to their retaining competitiveness. The PIGS have let their wages run riot (and a few other things too – no small thanks to Deutsche bank trying to off-load its profits from the unregulated US mortgage market: what else could they do? Plus the PIGS were gagging for it).

      • the US media and to a large extent the UK media is corporate media advancing proprietor’s interests. This was most sharply brought home to me at a conference in Asia a few years ago when the publisher of the Asian Wall Street Journal spoke, mostly about taxes, exchange rates and regulation. I approached her afterwards to correct some errors she had made. She imperiously brushed my comments aside saying ‘ my job is not to advance the truth but to advance the interests of the Dow Jones corporation’. ( it was before the Murdoch takeover.)

      • OAH

        to me “advancing the proprietor’s interests” is a moral cop-out of the first order. Having said that, what else can they do and still keep their job? Buy the newspaper themselves??

    • I have followed the Eurocrisis for a couple of years in English, French and Spanish media in several countries. I, too, have wondered if the MSM is not being gagged everywhere but not necessarily as a coordinated conspiracy. Here in Canada the press has woken up to the situation and people are now far better informed than they were just a few months ago about this banking, sovereign debt and Euro crisis.

    • “the German people really do seem to be sleepwalking into this cess-pit through total lack of awareness of their own deteriorating situation.”

      History has proven that this tendency can lead to horrible things…

      “Most Germans simply want to keep their heads below the parapet and keep their jobs.”

  9. In many ways you have to feel sorry for Merkel. The chickens have come a home to roost on her watch. She is caught in a mess of her own making to some extent, but she is between a rock and a hard place and that is the legacy Kohl etc have bequeathed to her.

    I have long thought that the problems of the Eurozone are basically insoluble as the currency is constructed. But I always felt that the Euro was a load of nonsense and have never deviated from that view. Why ? I’m a lover of Greece, and my frequent visits there – the evidence of my own eyes – have shown that the currency doesn’t work, or not in the way we were told it would work. The political elite have created a monster.

    Another point is why, when the evidence of their folly is as plain as a pike staff, do so many supposedly intelligent people insist that the Euro is the best thing since sliced bread ? And why do morons like Clegg etc want us to join the damn thing ‘at some future date’ ? Insane.

    • “And why do morons like Clegg etc want us to join the damn thing ‘at some future date’ ? Insane.”

      Except that it is for their benefit not ours. Clegg is an ex employee of the EU, his pension depends on him continuing to support it.

  10. You British love to laugh at the Euro but we will be changing nothing at all here in German because we are very proud of our motor car which you peoples only want to drive from us.

    • The way things are going Luca, reading the German PMI etc. etc.,
      you will be making far less of those cars.
      Germany has already caught the euro contagion,and is in
      the incubation stage of a full blown outbreak.
      Best of luck if you think you are immune.
      It will wipe the smirk off your face.

    • @Luca. Without wishing to get bogged down in a “wheels” discussion, in Canada discerning buyers buy “Japanese”. Japanese cars are less expensive to buy, are more reliable and less expensive to fix when they do need fixing than Audi, MB and BMWs. My 13 year old Honda/Acura 3.2TL still runs beautifully even after 13 winters on salted roads.

      • Jaime

        Don’t forget that large numbers of parts that go into making German vehicles come from Japan. However, German cars still have a name for themselves, even in Japan where a LHD model has a higher price simply for the prestige value.

        For the ordinary person, Japanese vehicles are a very good buy indeed, however most cars over 15 years old are either Opel or VW from what I see around me here in Holland. Most new cars (bought privately) are Kia.

      • Parts for German cars come from Japan?? No, they do not. The gearboxes come from ZF in Ludwigshafen. The electronics & electricals come from (inter alia) Bosch, Continental, Delphi (in Germany), Hella, Siemens and so on and on. Almost the entire sub-assembly supply chain is within Germany.

        As so often Gemz, you don’t know what the hell you’re talking about.

      • Sebastian

        Goodness, you do say some arrogant things. This from the FT.

        BMW voiced concern over possible disruptions of its supply chain from the earthquake, tsunami and nuclear crisis in Japan, but said it did not face any problems yet.

        Herbert Diess, the world’s top-selling premium carmaker’s head of purchasing, said the group was assessing how possible delivery stoppages of semiconductors and other electronics parts would affect the group’s production.

        http://www.ft.com/cms/s/0/3704ddf6-4f0f-11e0-9c25-00144feab49a.html

        The amounts are not large, and so could fall under your rather coarse radar. That does not stop them being important to the production line.

      • I see you approve of the ‘American-controlled’ MSM when it happens to coincide with your witless comments.

        Was the supply chain for the German auto industry actually disrupted, in the actual real world? No. Was Fukushima a good excuse for sh*tty corporate results for a couple of quarters? Oh yes, in spades. The area around Fukushima has a number of specialty chemical factories that produce materials (eg acrylate resins and epoxies) that go into other materials that are used ultimately to make semiconductor components in Korea, Taiwan and the Phillippines and hard disk drives in Thailand. These eventually end up in electronics made in Germany for their auto industry. By contrast the supply chain for the Japanese auto industry *was* severely disrupted, in actual reality. I’ve worked in the specialty chemicals/electronic materials business for 30 years. I know about this. You, clearly, do not. Neither does some f***wit MSM journo from that dire excuse of a rag, the FT.

        “A gentleman is never unintentionally rude” When I am rude, I mean it. I make no claim to being a gentleman. I’m a rude mechanical from Glasgow who’s never acquired an English patina of smarm. The veneer of civilisation is thin on me.

      • Julian

        thanks. Actually I was referring to the older vehicles!

        I can understand what you are saying though – but the car-making industry is not one that responds well to cries of “we want quality”. Things like having an image are far more important.

        I haven’t looked at your survey – I am off out for a mo. apols it will have to wait – but is there a kilometers/days out for repair metric? Some BMWs do a lot of kilometers, and would need the appropriate maintenance.

      • Sebastian
        I am glad that you are at least honest in your bearing. I would add that character goes to the core: your thinking will be as abrupt and crude as your manner.

        I quoted from the FT because it was the first article that came to hand. The point I was trying to make was to counter your claim that no Japanese parts were used in BMWs. Producer parts (as they are known in the industry) are a staple of Japanese industry. Perhaps you should read up on them? Just claiming thirty years’ experience does not entitle you to be rude about it. But of course, in your little world, holding information back gives you an advantage, doesn’t it?

        If only you knew.

  11. Pingback: John Ward – Bankfurt Mole : Merkel ‘In A Prison Of Her Own Making’ – 9 August 2012 | Lucas 2012 Infos

  12. but comprehension of why Greece is in the mess it is (and, for example, the role of Franco-German arms sales in the collapse) doesn’t figure highly – if at all.

    That could be said of most of Europe, including Britain.

    Another thought: what is the view of the Bankfurt Mole on debt forgiveness? Or need I not ask …

  13. Don’t know if anybody else has seen this?
    ‘Historic Vote for EU Referendum in Lib Dem Seats in Manchester
    Record 35% turnout in Cheadle and Hazel Grove Constituencies
    Cheadle Referendum
    Numbers voting AGREE 13,606 (86.6%)
    Numbers voting DISAGREE 2,068 (13.2%)
    Turnout: 15,674 (35.4%)
    Hazel Grove Referendum
    Numbers voting AGREE 12,043 (88.5%)
    Numbers voting DISAGREE 1,559 (11.5%)

    Turnout: 13,602 (34.93%)
    From the People’s Pledge.

  14. “[Merkel's] dash for Fiscal Union would put Germany effectively in the position of being a sovereign.”

    This is absolutely correct, and a sovereign is a untenable position to be in for Germany, those swastikas of WW2 will not fade from memory, as a result their leadership will not be trusted, so Germany must leave the Euro no matter what the German polls indicate.

    • How is it that the Germans always get the blame for being militaristic – when all the evidence points across the Atlantic? I believe that Germany posted one of their aircraft carriers in the Straits of Hormuz. Just replace one word in that sentence for a better idea of who the aggressors are.

      The Americans are not your friends.

      • Gemz …….. just look at the Greek newspapers and how they depict Germans, these wounds are slow to heal.

      • Gemma,
        The sad reality is that Germany was born out of War (Franco-Prussian War 1870) and there has been nothing but trouble in Europe since. My family sought German in two World Wars, and we were there when you surrendered. I’m afraid the stain of the Nazis will never be totally removed from Germany. This is one reason I always felt that in 1945 Germany should have been broken up and returned to the smaller states of previous centuries.

        English and then British policy in Europe has always been that of the balance of power, creating alliances with other states to oppose, or balance the dominant power, which has sometimes been Spain, sometimes France and more recently Germany. We should revert to that historic role and create a balance to what has become Franco-German arrogance.

      • Andy

        English and then British policy in Europe has always been that of the balance of power, creating alliances with other states to oppose, or balance the dominant power

        So where are they when they are needed? Cowering behind their banks for safety? Or behind piles of freshly printed money perhaps?

        As to European wars – it has not just been Germany. I think any sensible look at history will tell you that. France has had its moments, just like Spain – oh, and Britain too! The British have had their expeditionary forces to Archangel and other places. So, cool it when it comes to Germany, please.

        Today – that is 2012, worldwide – who is doing the sabre rattling? Germany? or America? or Russia? or China? There are two amongst that list who are on the warpath, and I will give you a clue, the answer does not begin with R or G. Think “Spratley Islands” and you won’t be too far wrong.

        Just look them up, okay?

        BT

        Thankfully, I was never a commodity worker in a US Multinational. My father worked for a few when outside Academia, but that was before I was born. As to what America has brought the world – what has Britain brought the world? Quite a bit more I would think!!

        My son lives in America, so I do have a pretty good idea of how they think. Going to school in Canada didn’t help, I was only a little kid.

        Bill C

        Oh, the media again? Are they not part of the problem here. They most certainly are not part of the solution! Weak-minded impressions determined by selling hard copies on the streets of Athens is a long way from being genuine sentiment.

        I will agree that the Germans are not looked on favourably by the Greeks: but that is in part due to their own inability to balance their books effectively since … 1982? 1962 or was it 1922??? The problems in Greece have been going on for a very long time, and if there is one thing that seems true of the Greek government and administration, it is that they have no intention of remedying the situation. In short, they need an effective tax administration that is simple and clear. Slovakia would be a simple and effective case in point. It also brings in the dosh.

      • Gemz,
        Afraid it is not possible to ‘cool it when it comes to Germany’. You seem to forget that within living memory Germany almost destroyed civilisation. How can we forget, for we must always be alert to prevent that happening again. And do you not think that the vile crimes of the Nazis cast long shadows ?

        I well remember elderly Greeks would spit when they heard German spoken. And given the crimes and the way the Germans treated the Greek people one is not surprised. No matter what anyone says Germany will never be free of that stain from the Nazis. It colours many things.

      • Andy

        I am well aware of the shortcomings of the Germans. What you do not seem to be aware of is that there are others who can be quite as nasty.

        I grew up in Thailand, at the time of the Viet-Nam war. Have you any idea of what the Americans did there? Sure, they didn’t kill six million Jews, and goodness knows how many other people – but they threw agent orange at practically the entire country, and napalm over the bits they missed. When you flew over Thailand, it was green, dense forest. Over the border and ten minutes in, it was totally brown.

        If that is not the same thinking I do not know what is.

        Sure, it does not forgive the Germans for what they did under a leader who was to all intensome purposes completely mad. That does not mean that the country who produced Beethoven and Goethe is completely evil.

        Believe me, the British, Americans, French and Greeks could be as easily persuaded given a similar leadership. Oh, and what about Stalin? He killed quite a few people in his time. Does that mean the Russians are about to kill us all?

        Come on! Look at things with a mind that is not so closed and prejudiced.

  15. “Duplicate comment detected; it looks as though you’ve already said that!”

    What the hell is going on? Let’s try it in 2 segments

    John, a feller you need to keep your eyes/ears on is Peter Gauweiler. This from todays PI -

    “Gauweiler extends lawsuit against ESM treaty.

    The mass legal action against the ESM treaty, the pitfalls of which are peremptorily explained in a FAZ guest post that is well worth reading, has in the meantime been boosted to 35,188 citizens in the association “More Democracy”. Meanwhile, the individual plaintiff Peter Gauweiler (photo) has expanded his lawsuit.

    With it the banking license that France and Italy are calling for within the ESM, and which would be implicitly possible with the ESM treaty blindly approved by the Bundestag, should be stopped. The risks that Germany would take on through the ESM treaty have been figured by Gauweilers lawyer in the FAZ as follows: “It could go into costs of not just billions, but trillions.”

    For the following reasons:

    1. German taxpayers are liable with their share of the ECB to at least 27 percent – in the event of a bankruptcy of other states, up to 100 percent
    2. The risks from the target balances at the Bundesbank have not yet been taken into account, currently they amount to 310 billion euros
    3. The liability of Germany for the ESM is not – as claimed by Finance Minister Schäuble – limited to 190 billion euros, because articles 9 and 25 of the ESM treaty permit “revised higher capital calls” – through these supplementary funding obligations Germany’s share of the ESM could increase to 700 billion euros

      • Carys

        they might just have a balance of trade surplus still. It means a lot when it comes to economic thinking.

        You could say the same thing about the Americans or the British with all their stacking up of debts on computers. As to their banks? Last October, Bank of America parked some toxic derivatives on a tax-payer backed arm of theirs. A small matter of $76 trillion. Not very much if you say it quickly. That is a cool quarter million per head of population … in one morning. That is some headache to wake up to – - – from one bank!!!

  16. In the FAZ article “When will Germany tip over”, the current orders of magnitude for the debt crisis are given:
    1. Greece exiting the Eurozone costs € Germany: 82 billion euros
    2. Greek bankruptcy without leaving Eurozone costs Germany: 89 billion euros
    3. Eurocrash costs Germany: 771 billion euros
    4. Financial requirements of Spain + Italy to the end of 2013: 750 billion euros
    5. Current liabilities, Eurozone area to Germany: € 2.8 trillion

    According to FAZ, Gauweilers legal representative Dieter Murswiek has also submitted to the Federal Constitutional Court, in addition to the extended complaint, a temporary injunction for the event that the Court does not prohibit Federal President Gauck from signing the ESM Treaty. Therein, international legal reservations are included:

    “The highest court should now at least force the head of state to make reservations valid at the ratification. In particular, Germany must secure a right to termination of the “rescue policy”. The “automatic liability” of the Target-System must be ended. The additional funding requirement to the ESM must be limited and the “urgent ruling procedure” of the ESM-Organs, which impedes approval by the Bundestag as designated for in the German acillary laws, must be prevented. Decisions reached without participation by the German representative must be declared invalid.”

    A further problem is still the fact that the German finance minister enjoys, as a member of the Board of Governors, complete immunity according to the ESM Treaty and thus, in ESM affairs, is not required to abide by the decisions of the Parliament, nor be accountable to the Parliament.”

  17. Amongst the threads submitted:

    “I can be brief!!
    Peter Gauweiler for Federal Chancellor”

    “Merkel has sold and betrayed us all with her signature to the ESM and Fiscal Pact!
    I demand 30 years in prison for this traitor!
    Merkel has betrayed and sold us! She betrays and sells her own people! Throw her into the pokey forever!
    (…)”

    “It would not surprise me if Gauweiler has a fatal car accident soon, or suffers a deadly heart attack!”

  18. So, it would appear that WordPress is refusing to accept links to Politically Incorrect! Now that is something new

    • VJ

      you yourself provided evidence of American interference in German media affairs. Why should it surprise you that an American owned company should seek to further those aims?

  19. Sir,

    Thank you for posting this article which has given me the chance to respond in my usual style – anti Anglo America, pro Germany and with the odd personal insult thrown in , which my Swiss Finishing School taught me years ago.
    As an attractive, intelligent lady of today I love to have the chance to air my own views as all I have as company is the American television and the BBC radio 4 long wave.
    I must run along now and make my cocoa and then get ready for bed.
    I have another busy day tomorrow.

    Goodnight everyone.

    gemma babes, xx

  20. I keep hoping that Merkel will finally come out of her shell and do something, or at least speak on the subject. Her preoccupation with the domestic political situation is clearly a problem, and she may (correctly?) feel that her power is more illusory than real when faced with Monti, Rajoy and the southern tiddlers. But she holds the purse strings. Either she will open them or she won’t, but when she gets back from her hols she needs to get together with her allies and work out which it is. Endless prevarication solves nothing.

  21. Pingback: BANKFURT MOLE: Merkel ‘in a prison of her own making’ | Last Generation News

  22. As a German I can only say, it is disheartning how stupid, uninformed and sheepish most Germans are. They are totally hypnotized by this foolish idealism of a EU superstate. At the heart, it is just the WW2 guilt and the deep desire to simply stop being German and drown in a European mishmash.

    It will all crash down, simply because while Germans may be all too eager to give away their nationa souverenity, no other nation will do that. I can hardly imagine proud nations like France or Italy give away a dime of the souverenity. The German politicians like many of the people here are totally deluded by some emotional Europe-hype. In the end, it is German self hate, the desire to dissolve Germany.

  23. Sidenote: Feeling more Prussian than German, I immediately agree: Germany should never have existed! Prussia should have remained an independent state. I would support any movement to break up Germany in return for giving Prussia back it’s territory.

    • What an interesting thought. However, you may not find the Kaiser agreeing with you, were he around to do so.

      Mind you, are you including Konigsberg, and the states that Prussia owned to the east of the Oder as well?

      • Yes, Prussia as it was. I am not wicked, the Polish people could stay. I would even support Polish as equal language in the East-Oder regions. A restored Prussia with mixed German-Polish identity from Königsberg and Memelland to the Rhine Province. And then the South states of “Germany” could join Austria, if they wish.

  24. Pingback: THE SATURDAY ESSAY: Forget the debate…Germany will have no choice but to leave the eurozone | A diary of deception and distortion

  25. BT, Quite so. The Euro is not (in that stupid phrase) ‘building Europe’ but destroying it. One European Prime Minister told Sir John Major over a drink at an EU summit that ‘everything you said is true’. So they all knew and yet still when ahead. The ERM should have been a warning to them because it didn’t work, but they didn’t care. As you say it was and is all about building this ‘Socialist nirvana’ but it looks far more like a Fascist nightmare. But then again the two things are the same: it is a meaning without a difference.

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