“We’re on the way to a worldwide financial dictatorship governed by bankers,” said Peter Gauweiler, German Member of Parliament. “We don’t support Greece. We support 25 or 30 worldwide investment banks and their insane activities.”
The Bundesbank lashes out at the ECB for its decision to print money and buy crappy bonds of eurozone countries that lived high on the hog for years but are crumbling under a pile of debt. This puts it on collision course with the German industrialists that got rich off those countries. Angela Merkel is caught in between.
All Tax And No Play. But they still can’t balance their budget or bail out Italy.
While we’re having all the fun.
… if you can print money and are in control of the credit markets. Look at Japan. That doesn’t mean the underlying problems don’t matter.
The litany of layoffs among the largest banks continues. And it’s ugly. After announcements and rumors from Wall Street, the first European banks have come out to air their dirty laundry. And now, per the Financial Times, Royal Bank of Scotland (RBS) is adding 2,000 layoffs to the list. 63,000 by eight European banks so far. Something big is afoot.
Just when you thought the Euro crisis couldn’t get nastier, it gets much nastier: Germans unleash their tongues (but not officially).
So people ask me that after reading the post below. All sorts of researchers are studying this phenomenon, and they’re coming up with a laundry list of reasons, which I may or may not buy, but here is a thought from memory lane.
Germany, country of the Reinheitsgebot (Beer Purity Law), and cradle of beer as we know it, where, at the age of fifteen, I regularly drank a few Helle too many at any pub I wanted to, well, that very country not only has failed to export its beer, but now, Germans have stopped drinking it themselves, apparently.