Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

EU: Germany shocks EU with fiscal overlord demand
The Telegraph ^ | 10/16/2012 | Ambrose Evans-Pritchard

Posted on 10/16/2012 9:42:26 PM PDT by bruinbirdman

Germany has stated its exorbitant price for keeping Greece in the euro and agreeing to mass bond purchases by the European Central Bank.

There must be an EU “currency commissioner” with sweeping powers to strike down national budgets; a “large step towards fiscal union”; and yet another EU treaty.

Finance minister Wolfgang Schaeuble dropped his bombshell in talks with German journalists on a flight from Asia, and apparently had the blessing of Angela Merkel, the chancellor. “When I put forward such proposals, you can take it as a given that the chancellor agrees,” he said.

Officials in Brussels reacted with horror. “If that is the demand, they are not going to get it. Nobody in the Council wants a new treaty right now,” said one EU diplomat.

“We’ve got the fiscal compact and quite enough fiscal discipline. Not even the Dutch want a commissioner telling them how to tax and spend,” he said.

The new demands risk another stormy summit in Brussels on Thursday, pitting Germany against the Latin bloc. The last summit in June ended with an acrimonious deal in the small hours on a banking union that began to unravel within days.

Mr Schaeuble said the currency chief should have powers similar to those of the EU’s competition commissioner, a man “feared around the world”.

The competition Tsar is the arch-enforcer of the EU machine, with powers to launch dawn raids, deploy SWAT teams, and block mergers on his own authority. The job was the making of Italy’s Mario Monti a decade ago when he blocked the GE-Honeywell merger after it had been cleared by Washington.

The Schaeuble plan is highly provocative. The EU can set deficit targets but it cannot manage budgets, unless a country requests a bail-out and gives up fiscal sovereignty.

Nor is it clear

(Excerpt) Read more at telegraph.co.uk ...


TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs; News/Current Events
KEYWORDS:

1 posted on 10/16/2012 9:42:27 PM PDT by bruinbirdman
[ Post Reply | Private Reply | View Replies]

To: bruinbirdman

For God’s sake, when is this abomination going to die?


2 posted on 10/16/2012 9:43:37 PM PDT by Shadow44
[ Post Reply | Private Reply | To 1 | View Replies]

To: bruinbirdman

Didn’t we fight a war so that Germany wouldn’t rule Europe a while back?

“Deutschland, Deutschland über alles”


3 posted on 10/16/2012 9:49:39 PM PDT by garjog (We do not want another four more years of the last four years.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Shadow44

Perhaps before the end of the year. If Samaras in Greece agrees to this, the government will be overthrown by force. I genuinely believe that, looking at what’s going on on the ground there. Finland sure as hell won’t be saying yes to this either. Game over, Eurozone. GAME OVER.


4 posted on 10/16/2012 9:56:59 PM PDT by Viennacon
[ Post Reply | Private Reply | To 2 | View Replies]

To: garjog

Germany is winning Europe’s WW-III without firing a shot.


5 posted on 10/16/2012 9:57:42 PM PDT by Iron Munro (Psalm 109:8 "Let his days be few, and let another take his office.")
[ Post Reply | Private Reply | To 3 | View Replies]

To: garjog

“Didn’t we fight a war so that Germany wouldn’t rule Europe a while back?”

Yeah, but it’s their money, so why can’t they demand controls on how it is spent?
I guess the alternative is for Germany to go it alone and let the rest of it sink like the rotten turd that it is. Greece is just going along it’s merry way pissing away what it’s been given. Who’s next Spain? Italy? Germany is the only country in Europe that’s run be sane, productive people!


6 posted on 10/16/2012 9:57:59 PM PDT by vette6387
[ Post Reply | Private Reply | To 3 | View Replies]

To: vette6387

“Yeah, but it’s their money, so why can’t they demand controls on how it is spent?”

Well if I lived in Continental Europe I would rather live under German rule than Italian, Spanish or Greek rule for sure.

The Germans know how to run an economy and control budgets it would appear.


7 posted on 10/16/2012 10:02:13 PM PDT by garjog (We do not want another four more years of the last four years.)
[ Post Reply | Private Reply | To 6 | View Replies]

To: garjog

Wolfgang Schaeuble Ist der Sieg .


8 posted on 10/16/2012 10:06:37 PM PDT by Jan Hus
[ Post Reply | Private Reply | To 3 | View Replies]

To: bruinbirdman
Angie, baby.
9 posted on 10/16/2012 10:10:09 PM PDT by tumblindice (America's founding fathers: all armed conservatives)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Iron Munro

“Germany is winning Europe’s WW-III without firing a shot.”

It was probably inevitable once they reunified. They are accomplishing economically what the Kaiser & Hitler could not militarily. And why not? They are the only ones working.


10 posted on 10/16/2012 10:14:30 PM PDT by henkster (If you let them do it to you, you got yourself to blame.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: bruinbirdman

The EU demands fiscally sound Germans bail them out, by just giving them money without conditions. This is like a broke relative needing you to save them financially, but demanding you write a check for them to spend as they see fit.
Amazing.

And no, we didnt fight a war to prevent Germen domination through better trade and smarter government. We only insisted that nobody invade each other.
An example of a war fought to prevent German domination through commerce was WWI. The British REALLY didn’t like intensely growing German competition.


11 posted on 10/16/2012 10:16:00 PM PDT by DesertRhino (I was standing with a rifle, waiting for soviet paratroopers, but communists just ran for office.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: garjog

12 posted on 10/16/2012 10:28:59 PM PDT by bruinbirdman ("Those who control language control minds." -- Ayn Rand)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Shadow44

All Hail Ceasar!


13 posted on 10/16/2012 10:29:24 PM PDT by GeronL (http://asspos.blogspot.com)
[ Post Reply | Private Reply | To 2 | View Replies]

To: henkster

The German people don’t want to keep sending the money to Greece. This is the point. Merkel wants to keep sending more money against the will of her own people, all to save this disastrous EUSSR.

Also, Germany aren’t the only ones working. Finland is doing well. Estonia is doing even better.
The fact is, this entire socialist, globalist ploy for destroying the nation states never took into account how radically different the two halves of Europe are. How was Greece to know that it would all eventually fall apart, when France and Germany had kept telling it how great and perfect the Eurozone was? Now they’re stuck with debt and a lazy population who expect the government to feed them.

If the architects of this crap had cared a lick about Southern Europe, they would never have let them join in the first place. It’s like letting a six year old play men’s football. Of course he’s going down. The end result is, no political power should be consolidated at all. No German funds should be going to Greece or anywhere else. The entire project has to go, and the Greeks will just have to bite the bullet and learn the harsh realities, hopefully coming away with the lesson that it can only rely on itself if it wants to retain its sovereignty.


14 posted on 10/16/2012 10:30:32 PM PDT by Viennacon
[ Post Reply | Private Reply | To 10 | View Replies]

To: Viennacon; Travis McGee

The whole end game of running up massive debts and the so-called bailouts was a federalized EUSSR! This was all part of the plan by the central planners.


15 posted on 10/16/2012 10:32:12 PM PDT by GeronL (http://asspos.blogspot.com)
[ Post Reply | Private Reply | To 4 | View Replies]

To: bruinbirdman

i guess that’s it for the euro then. germany isn’t in it to keep bailing out supposedly sovereign welfare states who don’t want to curb their own entitlements and bank bailouts.


16 posted on 10/16/2012 10:33:10 PM PDT by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: vette6387

exactly. germany isn’t going to keep bailing out bankrupt countries that keep on spending n entitlements and bank bailouts.

as i see it, germany is the makers, greece and spain are the takers, and they have no desire to stop being takers.


17 posted on 10/16/2012 10:35:30 PM PDT by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
[ Post Reply | Private Reply | To 6 | View Replies]

To: Viennacon

and since they wil be broke, greece wil not be a military threat to anyone.


18 posted on 10/16/2012 10:37:20 PM PDT by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
[ Post Reply | Private Reply | To 14 | View Replies]

To: Secret Agent Man

“as i see it, germany is the makers, greece and spain are the takers, and they have no desire to stop being takers.”

You mean they are Europe’s 47%


19 posted on 10/16/2012 10:47:44 PM PDT by vette6387
[ Post Reply | Private Reply | To 17 | View Replies]

To: Secret Agent Man

“as i see it, germany is the makers, greece and spain are the takers, and they have no desire to stop being takers.”

You mean they are Europe’s 47%


20 posted on 10/16/2012 10:49:41 PM PDT by vette6387
[ Post Reply | Private Reply | To 17 | View Replies]

To: Secret Agent Man

Nobody in Europe is a credible military threat to anyone (except Russia). Might that change? Who knows. One thing is clear. Greece will never be free of misery unless it defaults and starts again.


21 posted on 10/16/2012 10:53:29 PM PDT by Viennacon
[ Post Reply | Private Reply | To 18 | View Replies]

To: Viennacon

Re: “Greece will never be free of misery unless it defaults and starts again.”

Agree.

No country is going to voluntarily leave the Euro Zone.

And no country is going to work harder just so it can send its surplus earnings to Germany or the EU Central Bank.

Printing your own currency and inflating your way out of debt is absurd.

It’s just a more complex and more long term way to default.

Default now, Greece!

No interest to pay, no principal to roll over.

You will have to borrow short term at very high rates to keep your banks liquid and your government functioning.

But in a year in two, tax receipts will equal government spending, and yes, you can start again.


22 posted on 10/17/2012 12:29:17 AM PDT by zeestephen
[ Post Reply | Private Reply | To 21 | View Replies]

To: DesertRhino

The Kaiser and German Government were looking to achieve global domination: they were extremely happy to launch WW1.

When they invaded Belgium the Germans threatened to take control of the Scheldt and so gain the ability to amass an invasion fleet.

The Scheldt (easily as strategically significant in its way as the Golan heights, the Rhine or the island of Okinawa) is the key reason why Belgian neutrality was guaranteed by Britain in the first place, and why the invasion of Belgium forced Britain into the war.

Four years later the Germans were starved into signing the Armistice by the naval blockade. But twenty years later they were at it again with the same mad dream of conquest.


23 posted on 10/17/2012 1:39:48 AM PDT by agere_contra
[ Post Reply | Private Reply | To 11 | View Replies]

To: Shadow44

Isn’t it a real belly laugh that the EU just won a Nobel?

Such is the hubris of the elites.


24 posted on 10/17/2012 4:13:47 AM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
[ Post Reply | Private Reply | To 2 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson